Plus500 is an online CFD broker platform which has been operating for just over seven years. It has established a high level of popularity and loyalty from a client base of traders who are mainly based in Europe and Asia.
One of the reasons why Plus500 appears to be so popular with traders is that it is able to offer in excess of 1000 different trading instruments. The site is owned by plus500 Ltd and is fully authorised and regulated by the Financial Conduct Authority based in the United Kingdom.
The question for any considering opening an account and starting to trade through Plus500, is how easy, reliable and effective is this trading platform?
Here is a look at what you need to know about Plus500 and how easy and effective it is to use.
Simple to get started
The Plus500 site aims to offer traders the opportunity to get started with their trades as quickly and easily as possible.
The above demo video guides your through the basics and points out the risks attached to CFD’s, which are a leveraged product and may not be suitable for everyone.
One of the key selling points of the Plus500 is the fact that you can follow a link and open up the platform for the market you want to trade and choose the asset you wish to buy or sell, without the need to download anything onto your own computer.
If you were selling EUR/USD for example, you would manually enter the amount you wanted to trade in the window that you have just opened. Set the stop loss or stop profit parameters that you want to close the deal out at and click the sell button to make the trade.
As with a lot of trading products similar to the Plus500, there is a demo account you can use, so that you can get used to the site and how you want to trade without actually risking any real money, until you are comfortable with what you are doing.
The Plus500 offers an unlimited demo account, which is either a platform you can download or you can use a web-based version if you prefer. Learning how to trade CFD’s and trying out strategies without using your own cash is a definite advantage and is way to get started that is highly recommended, before you go live as it were.
One of the reasons why Plus500 has proved popular with traders is probably not just the ease of use but the fact that the website seems to have been designed with less experienced traders, offering platforms that are noticeably clutter-free and easy to follow and understand.
A drawback with a number of rival sites is that their platforms can be daunting to navigate almost to the point of being off-putting to use, especially if you are new to trading CFD’s.
If you want to use a platform that is mainly clear and concise as well as easy to navigate, the Plus500 site does manage to tick quite a few boxes in that regard.
Choice of trading platforms
You have a choice of trading platforms with the Plus500 site and you can choose to either download the trading platform onto your device or you can simply use the one that is provided on the website.
The trading software normally only takes a matter of minutes to download and it will then allow you the chance to trade a vast array of the most popular instruments, simply from the one platform.
The in-house platform provided on the web normally gets good reviews from traders who consider it to be simple to navigate and intuitive enough for their needs.
Many of us are connected to the web via a variety of different devices and there is a trading platform available for most requirements, meaning you can download the software on your iPhone, smartphone, iPad or tablet and unlike some competitors, Mac and Linux users are catered for at Plus500.
The trading platforms are available in twenty different languages and when compared to the popular MetaTrader 4 platform, the Plus500 does have some potential advantages, especially for novice traders, as you don’t have to switch through different windows to pull up the information you need as the essential information is normally presented in one simple screen.
Charting is always a popular feature amongst traders and although the charting software on the Plus500 does not offer multiple graphs on the same screen, it could be viewed that it makes this process easier.
If you are a more advanced trader, there is a chance that you will find the charting options on the Plus500 a little too basic or restrictive for your more sophisticated needs.
Plus500 offers you access to a good range of tradable CFD assets.
Trading on stocks is categorized by by country, which makes navigating and focusing on specific regions easier to do.
You can expect to find all of the main commodities available to trade on the platform as well as being able to trade some perhaps more exotic commodities such as corn, wheat and sugar.
As you would expect, all the main Forex currency pairs are available to trade and and there is also access to some less liquid currencies too.
You will be able to trade on the movement of all of the major indices in the world, so you can expect to be able to trade the S&P 500, the Nikkei 225 and the FTSE 100 amongst others.
Exchange-traded funds are also available on Plus500, so when you take a look at the trading markets available on the trading platform, there is every opportunity to build a diverse investment portfolio.
You will find that a number of trading platforms and sites offering your investment trading facilities, will often try to entice you to open an account with them by offering you a deposit bonus or maybe some other incentive.
The Plus500 is no different in that it offers you a $25 welcome bonus when you open an account with them, although you can actually get the bonus without need to make a deposit when opening your account.
These offers are always subject to change so you should check the website to see what special offers are currently available and there is also a regular deposit scheme that is seemingly always available, which is a tiered bonus system, which adds an amount to your initial deposit of anywhere between $25 and $10,000.
The Plus500 is easy to use and is properly regulated by the financial authorities, so these are two definite positives to start with.
The platforms offer a user-friendly interface that is designed with the novice in mind, although more experienced traders still have plenty of useful tools at their disposal, with the exception of the charting facilities, which some might find a bit basic.
A couple of small negative are also the lack of live chat support and the site could do with an education section too. However, the overall impression of the Plus500 is that it offers users a powerful and easy-to-navigate trading platform.