It goes without saying that good FX brokers are worth their weight in gold. For this reason, today we would like to review one of the renown veterans of the brokerage industry – Plus500.
About the company
Plus500 has been offering its services since 2008 and succeeded in building successful long-lasting relationships with clients. Its brand is highly recognizable, even in soccer as they are the official partners of Atletico de Madrid football team. What’s more, this broker is one of the few in the industry to be listed on London Stock Exchange AIM.
Plus500 Ltd is the company behind the website and the trading platform. Although the company has headquarters in 1 Siafi Street, Limassol, Cyprus, it enhanced its presence globally via different subsidiaries. Such include the Plus500CY, Plus500UK, Plus500AU as well as Plus500SG Pte Ltd. Is Plus500 legitimate? Certainly so. Plu500 brand is regulated and licensed by CySEC, FCA, ASIC and MAS. Unfortunately, the company does not provide its excellent services to the clients from the US due to the regulatory restrictions.
Plus500 is open and transparent. In case you want to learn additional information about the company, you can easily access such data on their website. For example, Plus500 recorded the total of 37 million positions opened, 317,000 active traders and $1,27 trillion of traded value.
Plus500 Reviews: Account Types
When registering an account, Plus500 will offer you to choose between the real money and demo account. Yes, there are only two account types, but this is a great solution with simplicity in mind. The real trading account can be opened once the minimum deposit requirement of $100 or the equivalent in other currencies like EUR, GBP, AUD or PLN. On the other hand, with the demo account, Plus500 will grant you around $50,000 of virtual money to do some practice before you indulge in the full-fledged trading or just to test the strategies. The demo account is unlimited and you can enjoy it as long as you like.
A notable competitive advantage of Plus500 over other brokers is their splendid trading software. Plus500 focused on making their platform as intuitive and user-friendly as possible. While Plus500 platform is unsophisticated, it does not constrain the functionality. All the platform information is displayed on the all-inclusive single screen, which is quite comfortable.
Available in multiple languages, the platform enables the client to trade hundreds of assets, belonging to such classes as stocks, commodities, indices, Forex, cryptocurrencies, ETFs and options. Traders can choose between fixed or variable spreads, no commissions apply. As for the leverage, it can be up to 1:300 depending on the selected instrument. Remember that leverage is the double-edged sword, that magnifies the gains but also amplifies the losses. For this reason, Plus500 Forex broker included the risk management tools such as limit orders, stop-loss orders, guaranteed and trailing stops.
Additionally, the platform provides a constant access to the extensive library of the technical indicators. As for the charting, Plus500 platform allows viewing your charts in 9 different styles and in 11 different time frames to suit the individual preferences. On top of that, there are drawing tools to assist in the chart customization.
The platform is available in multiple versions. You may choose between the desktop and web-based versions and in case you prefer mobile variant – Plus500 got you covered. It is possible to download the Plus500 trading platform application for iOS, Android and Windows. Furthermore, you can utilize Plus500 platform on Apple Watch.
Another advantage of trading with Plus500 broker is their customer support. The customer support is multilingual and ready to assist 24/7. In case the issue is not covered in FAQ, it is possible to contact the agents via email or better – live chat. The agents are resourceful and respond in a timely manner, almost instantly if using the live chat. Let us know about your personal Plus500 opinion about customer support in the comments.
Overall, the website has a great design and it is easy to navigate. The fact that it is available in 32 languages makes it even more appealing for the traders around the globe.
Making deposits and withdrawals is a seamless procedure at Plus500. As we found out when making this Plus500 review, the broker provides multiple payment methods, such as credit/debit cards, wire transfers, Skrill and PayPal. Once you complete the necessary KYC procedure upon account opening, you can make the deposit easily. The funds you keep with Plus500 is protected against insolvencies or other financial hardships, as it is held on segregated accounts. There is no reason to worry about the safety.
You can make the deposits almost instantaneously in case of the cards, Skrill or Pay Pal. Wire transfers, however, take up to 5 business days to reach the account. On the other hand, making the withdrawals shouldn’t be a daunting task as well. It takes 1 to 3 business days to process the withdrawal request, the rest is based on the method you have previously chosen for funding.
For credit/debit cards, it depends on the bank, while the wire transfers usually take 5 business days for the money to reach the account. In case you utilize eWallets, expect between 3 to 7 business days for the withdrawal to occur.
We heard a lot of positive Plus500 opinions and decided to check how do they live up to the reality. After making this review, we would like to confirm that Plus500 deserves the trust. Top-tier service quality, global recognition and full-fledged trading platform are just some of the numerous advantages to go with Plus500. In case you were hesitating to sign up with Plus500, wait no longer. Give this broker a try.