Plus500 is a leading forex and CFD broker, that was established in 2008, and is listed on the London Stock Exchange (AIM section). The broker is also regulated in several jurisdictions by various regulatory agencies such as the UK’s Financial Conduct Authority (FCA), the Cyprus Securities Exchange Commission (CySEC) and the Australian Securities and Investments Commission (AISC). This broker is regarded as one of the fastest growing broker for Asia and Europe and serves more than one million clients. This is hardly surprising as Plus500 is able to offer their clients the assurance that their money is safe with this broker. In addition, Plus500 is also able to offer a user friendly trading platform and tight spreads to their clients.
To meet the varied trading needs of their clients, Plus500 uses a proprietary trading platform that is available in 3 different versions. The first version is called the Plus500 Windows Trader and is available for download for desktop computers. The second version of their trading platform is the Plus500 WebTrader. This version of the trading platform is web based and requires no software installation or download. Since the platform doesn’t require any installation, traders can start trading the markets immediately merely by accessing with any web browser. For traders wanting to trade using their mobile devices such as their smartphones or tablets, Plus500 has also provided trading apps which are optimized for iOS, Android and Windows powered mobile devices.
FX Empire’s Awards Received
In terms of trading account types, Plus500 has only one standard type of live trading account. To open the live trading account, only a minimum initial deposit of $100 is required. For those who want to test out Plus500’s trading facilities, a demo account is also available. The good news is there is no time limit on the demo account meaning it can also be used to backtesting trading strategies. Since trading forex with leverage is highly risky, Plus500 has limited their leverage ratio to a maximum of 1:100.
Commission & Spreads
One of the key attractions for traders at Plus500 is the tight spreads offered by the broker. The trading costs are very competitive, Plus500’s spreads starts from a minimum of 2 pips. CFDs trades are also commission free.
Although Plus500 customer support service is available on a 24/7 basis, it is only accessible by email. To make matters worse, the typical response time is 2 to 3 days. This means if the client’s computer crashes or loses internet connection, he will not be able to get in touch with customer support.
Low Minimum Deposit Requirement
User Friendly Platform
Wide range of assets
Lack of trading account choices
Lack of trading tools
No localized Telephone support
No Support for MT4 platform
There is no doubt that Plus500 is a broker which traders can count on. Their low deposit requirement makes this broker ideally suited for beginner traders. Experienced traders will also appreciate the wide range of markets that are covered by Plus500’s trading portfolio. Nevertheless, the lack of telephone support is a major weakness for this broker. However, with all the strengths that Plus500 possess, it is easy to forget that this broker doesn’t provide telephone support.