This page contains a detailed review of the ‘Plus500 software trading platform‘ having tested this product ourselves for a number of months.
Plus500 is a CFD service
Your capital may be at risk – See page footer
Plus500 is Authorized and regulated by the Financial Conduct Authority
Plus500 Executive Summary
Plus500 Trading Platform
Established in 2008, Plus500 has quickly grown into one of the most popular and largest of the online financial trading platforms which provide a downloadable software on which research can be conducted and orders placed. The software communicates with the online platform making real time and delayed orders possible on all types of financial markets including forex, stocks, commodities, indices, CFDs, ETFs and other financial instruments.
Once you open a free account with Plus500 you get full access to Plus500’s suite of services, research and training tools.
1. Opening An Account
Opening a Plu500 account was quick and easy. Additionally I was able to connect my bank account to the Plus500 system without any problems and my first $100 deposit was in and ready to use within 24 hours. Additionally I was immediately approved to trade with leverage, making my working capital go much further. Withdrawing funds is just as easy once the account are set up and verified.
Plus500 also accept withdrawals and deposits using credit cards, Moneybookers and PayPal. This makes further funding of the account a breeze for full time forex traders. I have often found taking money out of my account full of hurdles with many of these trading platforms, not so with Plus500. Yes, there are security checks in place but I’m glad they are there considering what today’s hackers are capable of, and anyway, once you’ve made a couple of withdrawals and the ‘system’ is in place then further withdrawels are quick and easy.
2. Platform Interface
The interfaces are clean and easy to use with tabs separating each CFD category. This really takes out the complicated navigation which plagues most platforms, particularly when you need access to all the types of order types one would expect from a full service broker such as standard entry limits, stop loss limits, trailing stops, and market orders. Oh, and with Plus500 the order limits are guaranteed, unlike most other forex trading platforms.
3. Platform Testing
When testing trading platforms one of the most important aspects I look for is response speed and stability. If you are being offered real time quotes in all the major international markets (as you are with Plus500) then there is little point in trusting the numbers if the system response time is slow or hangs. I did not experience any of this and I travel internationally constantly. One thing I would recommend however, is having access to broadband if you are going to trade from wherever you are in the world.
We tried all three interfaces to make trades, namely the desktop software and the web-based platform using a browser as well as an iPad and smartphone. It felt pretty good when I was in Hong Kong airport the other day waiting for my flight home. I had about an hour in lounge and made more from a quick couple of trades using my iPhone than the cost of my flight – and I always sit in the sharp end.
By the way, for our international readers their are versions of the software and web platforms in just about all languages of the world, showing without doubt the international scope in which Plus500 operates. Again something which no other online trading platforms can match.
4. Training Section
If you are new to trading (or even if you’re an old hand looking for ways to test and trial your methods) then I would highly recommend you make full use of the demo account. In fact, once you have registered for an account you not only get access to the demo, you also get access to hours of training videos which teach you everything from the fundamentals of forex trading to how to use the platform, to some of the more advanced trading techniques you can use to give yourself an edge.
A word of warning if you are new to forex trading and you’re here to find out how to get started, then please bear in mind that over 95% of forex traders consistently lose when they trade. Most do this because they are too impatient or lazy to learn first and have a few practice (no real money) trades before they try it for real. Most jump in feet first and wonder why they get scalped so quickly.
Don’t let that be you. Plus500 has a superb training set up in all the languages, you would be very wise to make full use of it. And don’t worry, you can use the demo account for as long as you like. Unlike other trading platforms you are not pressurized to move over to real money trades before you are ready, by putting a time limitation on the demo account. With Plus500 it lasts forever.
5. Customer Service and Support
Support is available at all times which is important if you’re on the road a lot like I am, although at time of writing it was only available through email. The response was very fast though, I received a reply within five minutes, although my ‘problem’ was only a simple one, and was in fact fictitious.
6. Trading License
Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority.
7. Welcome Bonuses
We’ve set up some great bonuses for you if you open a free Plus500 account through this link. You’ll get all the details on the other side however they include a 30% bonus on your first deposit plus a special cash joining gift in your trading account to get you started – and that’s even before you put in any of your own money.
8. Plus500 Conclusion
Of all the trading platforms we’ve tried and tested, Plus500 seems to have it all. The free training courses and demo account make it ideal for those trying forex trading out for the first time, to professional traders who maximize every advantage made available to them such as guaranteed stops, high reliability, powerful software and huge variety of financial instruments made available to them.
For the first time, the tools and access to markets which have only been available to commercial organizations are now available to every individual on the planet, through Plus500. Finally remember: Your capital is at risk!