For a company that was established in 2008, Plus500 has certainly come a long way. It has its head seat in Cyprus and branch offices have been established in the UK and Australia. Plus500 is licensed by three very strict organizations, namely the ASIC (in Australia), FCA (in Great Britain) and CySEC (in Cyprus). This Plus500 review will give you an insight about everything you need to know, from the regulators of this broker to the company’s policy and characteristics. Plus500 is one of the most desirable brokers, and this review explains why.
FCA, ASIC and CySEC
These three organization count to the world’s most recognized background regulators of broker companies. They are very powerful individually; now just imagine that Plus500 is monitored by a threefold power. All of the three organizations employ similar methods in controlling the market, i.e. maintaining market integrity, consumer protection, and fairness. Their main duties:
- Tracking down crooked Forex brokers
- Announcing publicly the names of companies that should be avoided
- Maintaining a list of Forex brokers which work regularly (providing detailed reports on the businesses and finances of the company)
- Making sure that clients’ finances are kept separate from the company’s operational funds
- Requiring all broker companies under their regulation to comply with the law and regulations concerning the Forex market and business.
- Prohibiting misleading promotions of broker companies
The above mentioned reasons speak to the success of Plus500. The company has many satisfied clients, and they know that their investments are safe and that they will get their money if they make a profit. Now, let’s see what this Forex broker offers to their clients.
Plus500 Trading Platform
Plus500 offer their own, in-house built trading platform in three versions: downloadable, web-browser, and as a mobile app. Their platform is equipped with all the basic necessary features. These features include an overview of the history of the market, the currency pair range, graphic illustration of the market trends, and many other options that traders need to place or stop their trades. The downloadable and web-versions are pretty much the same. It is a matter of preference which one you like better. Both versions are supported by LINUX, Mac and Windows computers. The Plus500 mobile app is easy to download and use. Whether you have an Android, iPhone, iPad or Windows phone, the app is adjusted to all of the different devices. Plus500 gives you an opportunity to always have access to your trading and an overview of the market events.
Account Types with Plus500
As a professional broker, the Plus500 Forex broker offers, of course, a Demo account for the beginners who do not know how to trade. This is a good opportunity to practice without the risk of loss. Simply register with the Demo account and start trading virtual money. The Demo account provides great introductory assistance, but still, it is important to know that it does not and cannot reflect the real market conditions. It is a fine imitation of the market (a pretty good one, in fact), yet it cannot reflect the true situation. Demo account is intended to familiarize yourself with the features and to gain an insight of how the market works. The Plus500 Forex broker also offers a standard live account with a minimum deposit of $100. This account is for experienced traders (or traders who mastered the Demo account) and offers all conveniences one would expect like:
- multiple currency pairs
- leverage (which is 1:100 at Plus500)
- Stop Loss
- Take Profit, etc
The leverage is significantly lower than with other brokers, but it can work to your benefit. A lower leverage means lower risk of loss.
The Plus500 bonus includes a $25 welcome (no deposit) bonus for both, registering with the Demo, as well as with the Standard account. Besides this bonus, the first deposit bonus can go up to $7,000, which depends on the amount of the deposit.
Deposit and Withdrawal Methods
One of the most important things for Forex trading in general is the broker’s banking policy. Clients need to know exactly what methods are accepted, as well as how fast will they get their profit. Of course, credit and debit card, wire transfer, and electronic payment methods (Skrill, Moneybookers, PayPal) are accepted. The account has a simple navigation, so you will easily find the “Funds Management” section with further instructions. Withdrawals work just as smoothly. Simply send out a withdrawal request, whereby you have to verify your account by providing an ID document with your photo. The processing of the request takes up to 24 hours. The time of money transfer to your account depends more on your payment method than on the broker.
Plus500 Customer Support
The Plus500 Customer Support is available 24/7 in multiple languages. You can contact them via e-mail, fax, or live chat. The only disadvantage is that no telephone support is offered, and if the live chat is inactive you can use the “Contact Us” form on their website. Customer support is very important to the clients and they appreciate efficiency and competence. According to some tests conducted by reviewers, Plus500 are capable of answering very difficult questions concerning the market with a response time of one hour. This sounds very promising and shows competence and efficiency.
Other Top Forex Brokers
|Rating||Broker||Bonus||Regulator||Open Account||Read Review|
|xm||$5000||CYSEC||Open Account||Read Review|
|HYCM||$5000||FSA||Open Account||Read Review|
|eToro||UP TO $1000||CYSEC, FCA||Open Account||Read Review|