The Plus 500 platform primarily specializes in CFD trading and is a relatively new platform. The company was created and is based in Israel. Apart from Israel, there are branches in South Africa, Australia, Singapore, Bulgaria, New Zealand, Cyprus and the UK.
Using an online trading platform with a diversified range of instruments, Plus 500 offers day trading, swing trading and long-term trading. Plus500’s main specialty is trading in forex (foreign exchange). Also available are commodities, indices, stocks and all types of currency pairs. You can trade either on a pip basis or indices on points.
According to this article by Macroaxis.com this platform has a stellar reputation and is rated as trustworthy by many reviewers. It is recommended mostly for people outside the US. Here are some of the features it has that makes it a worthwhile investment:
- It has a demo account
- It uses proprietary Plus500 trading software
- You can deposit and withdraw
- There is customer support
- It is available for international clients
- There are safety levels available
The Plus500 platform offers you two account options. A demo account and a live account. With the demo account you have no time limit and it is free as well. The demo account allows you to get familiar with the Plus500 platform as well as with forex in general.
The live account on the other hand needs an investment of $100 as minimum deposit, a very low entrance rate in comparison with many other trading platforms. With a demo account to practice first before going live, and a low investment of $100, you can’t go wrong.
Forex accounts enjoy a maximum leverage of 300:1. When trading with leverage it is important that you understand the risks as you’re using borrowed debt. Make sure that you view the fees and spreads tables before you start trading. If you would want to check a more in-depth comparison with other platform we recommend to check out this article by techbullion.com
If you’re just starting out and are a beginner, first hone your trading skills by using the unlimited demo account. You can download this account after registration with Plus500. Take note that the demo account comes with no limitations and allows you to practise with “fake money” for an unlimited time.
Trading Software and Proprietary Plus500 Technology
The Plus500 platform is easy to use. It is a proprietary platform on which you can carry out technical analysis as well. On the platform you receive real time quotes for all traded products. Not only can you trade forex on Plus500, but you can also engage in commodities, stocks, CFDs, indices and EFTs. The main platform software of Plus500 is part of the setup you will receive. Extra charts will appear one at a time as the software does not have multiple graph capabilities.
The Plus500 software comes in 3 versions:
- A mobile version which is great for trading from your mobile device and any other portable devices
- A web platform that you can have access to from anywhere in the world
- A version to download for installation on your desktop or laptop
This platform also boasts quite a broad and diversified instrument panel. When you log in, all you have to do is choose an instrument that you’d like to trade in and then click either buy or sell. As a first-time trader the demo account will give you substantial guidance and training on how to proceed.
Deposits and Withdrawals
Plus500 accounts can easily be funded through a Visa credit card, a MasterCard, a wire transfer and through the Moneybookers (Skrill) e-wallet. Out of these the quickest is to fund your account through a Visa or a MasterCard. To do that you only need to log into your Plus500 account, venture to your casher screen and fill in your credit card details.
To fund your account via Moneybookers, is just as easy. All you need to do is go to the “Funds Management” screen, choose Moneybookers, and type in the Moneybookers email. A popup window will appear, from where you can confirm the Moneybookers transaction.
Transferring via a wire transfer is straightforward and easy to do. Only annoying thing is that it might take up to 3 days before the money will appear in your Plus500 account. A deposit by wire transfer is accomplished by going to the “Funds Management” screen, choose “Wire” and then choose “Send Me Wire Details”. Plus500 will send you wire details via email.
Minimum deposit is $200, and maximum deposit is $100,000. In order to withdraw money from Plus500, it is an FCA (Financial Conduct Authority) regulation that you should present an official photo ID. This identification document could be in the form of your government ID, your passport or your driver’s license.
Review of files will take about 24hours. In case you’re not able to scan your photo ID, you can also take an image with your phone or with a digital camera.
As is the custom amongst many other trustworthy financial services organizations, Plus500 Pty Ltd also possess the right licensing of the countries it trades in. In the United Kingdom (UK), Plus500 fall under the regulation of the Financial Conduct Authority (FCA).
In Australia, Plus500 is regulated by the Australian Securities and Investment Commission (ASIC) , under the license number AFSL #417727. With this, Plus500 has gained approval to offer over 2000 CFD financial instruments.
When a broker is regulated by an industry body, it ensures that your funds are protected, as the broker must take the right actions in order to ensure that trading is done with a high level of integrity and professionalism. As an example, ASIC has a requirement that all funds should be kept in a different bank account.
This ensures that the broker does not make use of your funds for other purposes, which in turn helps you from losing all your money.
Plus500 offers support via email and through live chat in a number of different languages. One differentiator for Plus500 is that they do not offer telephonic support. This fact alone leaves them at a disadvantage in comparison with other companies like IC Markets, IG Markets and Pepperstone that does offer this type of support, as you could experience a computer crash in the middle of a trade or lose internet connectivity.
However, they do have an active customer support desk, that promises to help you out as best as they can if you get into a fix. They also have an FAQ board which aims to answer many of the questions customers might have prior to routing them to a live chat.
The Plus500 platform is available in 32 different languages, making it accessible to almost every nation on earth except certain Middle Eastern countries and the United States. This platform is one of the biggest on earth and has in excess of 1900 different global financial instruments.
Amongst these instruments are CFDs, such as commodities, equities and indices. Plus500 was listed on the London Stock Exchange in September 2014 in the AIM section and entered with a market cap of over $800 million dollars.
As an approved trading platform, by both the Australian authorities as well as the Financial Conduct Authority in the UK, According to vintagevalueinvesting.com – Plus500 is a safe, reliable Australian forex broker.
This platform is a splendid choice for an easy to use, multiple assets trading tool. The unlimited demo account gives ample time to learn how to position yourself in order to benefit from the markets. Those traders with more experience will enjoy the tight spreads and the bonuses they receive with a funded account.