As one of the leading global Contract for Difference (CFD) brokerage firms and online trading platforms, Plus500 is one of the biggest and most trusted CFD brokers worldwide. It offers the opportunity for CFD trade in a range of financial markets, including commodities, stocks, cryptocurrencies, forex, ETFs and market indices.
It boasts of its easy-to-use platform with its slick and simple interface, enhancing the trading experience of investors. Having been achieved many accolades and awards, Plus500 is according to dailysquib.com among the highest-rated CFD trading apps on both Google Play and the Apple App Store. Having said all these, is Plus500 truly safe and effective for trading? Lets break it down in the next sentences below.
Why are we doing a Plus500 review?
We are doing it because it is so awesome! In a nutshell, Plus500 has many impressive traits and characteristics that have successfully appealed to both retail and professional traders. Having scored a total of 90 out of 100 in trust ratings based on Finyears review, a large majority of traders turn to Plus500 as their go-to trading platform.
The variety of different versions available on desktop, mobile app and online are all extremely user-friendly and offer a seamless experience when traders switch from one version to another. With access to over 50 markets to trade in, Plus500 offers a wider choice of commodities that most brokers, increasing the appeal to traders.
Furthermore, Plus500 offers a demo account for beginners who want to try their hand at CFD trading without involving real money, thus giving them a chance to try out their trading strategies and the range of tools available.
Is It Safe?
As it is a publicly-traded company that is regulated in multiple jurisdictions, all trade executions are highly protected with Plus500’s amplified security. Plus500 subsidiaries are individually regulated by the Financial Conduct Authority (FCA), Cyprus Securities Exchange (CySEC) and the Australian Securities and Investments Commission (ASIC), where all client funds are held in a segregated client bank account, ensuring that assets and funds are well safeguarded.
Boasting for their wide range of financial instruments that Plus500 offers, traders can look forward to trading with indices, commodities, cryptocurrencies shares, options, ETFs and forex through the use of CFD. Commodities include oil, gold, natural gas, silver, cocoa, coffee, and sugar, while cryptocurrencies on Plus500 cover ethereum, bitcoin, bitcoin cash, NEO, monero, ripple, litecoin, and IOTA.
Furthermore, Plus500 cover all major currency pairs like EUR/USD, GBP/USD and EUR/GBP for forex trading, while they offer options contracts on stocks and indices including Germany 30, France 40, UK 100, Netherlands 25, USA 500, Italy 40, Alphabet, Facebook, Apple, Hong Kong 50, Deutsche Bank, SNap and Europe 50.
Striving for simplicity, Plus500 only offers a standard live trading account as well as a demo account. All account holders have been recently upgraded to Gold accounts as part of the platform’s recent upgraded system, and can now benefit from exclusive perks. As of late, Plus500 now offers a Professional Client Account (Pro Account) for selected individuals who have met certain criteria, which includes sufficient trading activity, a large enough portfolio size, and relevant work experience.
Pro Accounts also have access to a range of benefits, including higher leverage amounts on certain instruments, the ability to revert back to a Retail Account at any time, as well as the same client money protection and negative balance protection for all Retail Accounts. However, one downside is that Pro Account holders lose access to the Financial Ombudsman Service (FOS) that helps to resolve disputes between customers and financial institutions.
As for the demo account, beginners will be relieved to know that this key feature can help them test out their abilities and strategies without having to risk losing real money. They can also familiarize themselves with the interface and tools available, and determine if Plus500 are able to meet their specific needs as a trader, before signing up for a standard live trading account.
Spreads and Fees
The underlying financial instruments determine the spreads that are offered to traders, where Plus500 the data is obtained from reputable third-party sources. Compensations are received through the market bid or ask spread, but customers may still incur additional costs like overnight funding, inactivity fee, and guaranteed stop order.
- Overnight funding—This amount is either added or subtracted from an account if the position is open past a stipulated time period.
- Inactivity fee—If accounts have not been used for more than a period of three months, traders will be charged with a $10 fee. This fee only applies to real money accounts and if there is a sufficient balance in the account. To avoid this, traders have to log into their accounts every now and then.
- Guaranteed stop order—Traders who make use of guaranteed stop orders may have to pay wider spreads to limit their losses.
For all account withdrawal requests, there is a minimum withdrawal amount of $50 USD for PayPal and Skrill. For bank transfers and credit cards, the minimum withdrawal fee is $100 USD and typically takes about one to three business days for Plus500 to process them.
All the withdrawal methods each have a minimum amount threshold, that can be found on the withdrawal screen on the trading platform. It is also part of the Plus500 policy that funds have to be withdrawn to the same payment method from which that have originated, and hence withdrawals cannot be done through other methods.
In a nutshell, it is an agreed fact that Plus500 is a reputable and recognized platform that traders trust and rely on also when you compare it to other platforms. The extensive tools and range of financial markets that are accessible to traders are a huge plus point, and their user-friendly trading platform makes it extremely hassle-free for traders to execute trades with ease.
The demo account also offers a convenient way for traders to try their hand out without incurring any potential losses, for beginners to familiarize themselves with CFD trading and the user interface. All in all, Plus500 is one of the top leading CFD trading platforms, that offers an enhanced and pleasant trading experience for all.