Features
Plus500.com offers a complete integrated multi asset software trading platform. A trader can trade commodities, stocks, indexes, ETFs and CFDs, all from the same trading platform. In addition the broker offers a £20 real money "welcome bonus" on all new accounts, regardless of the new user not making an initial deposit. Also, Plus500.com offers an additional bonus of up to 30% on initial deposits which can be as much as $7,000.
Plus500 requires a minimum initial deposit of $100 and accounts can be funded through Visa/MasterCard, MoneyBookers or through a wire transfer. The maximum leverage on Plus500 accounts is 50:1 and they offer two types of accounts: a live funded account and a free unlimited-time demo trading account complete with a trading platform. Keep in mind that increasing the leverage as part of your strategy also increases risk! Trading on margin is high-risk and is not suitable for all investors.
Unlike most online broker’s demo accounts, the Plus500.com demo account does not have a specified time period, giving the prospective trader the advantage of an unlimited training period before beginning to trade a live account.
The company makes their commissions on the dealing spreads, which are two pips for EUR/USD.
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Platforms
The Plus500.com trading platform is fully compatible with Windows XP, Windows Vista and Windows 7 and comes in three different formats: a downloadable version which can be downloaded directly to your desktop or laptop, a web based version, which allows you to log on to any computer and access your trading account, and a mobile trading interface that can be accessed on cell phones...iPhone, iPad, android tablet and mobile.
The chief advantage of the Plus500.com trading platform — besides its ease of use — consists in the fact that the trading screen is all inclusive with clearly labeled tabs on top for details on past trades and current positions. In addition, the multi asset trading platform includes menus for commodities, stocks, indexes, ETFs and CFDs as well as standard forex real time quotes.
Charts for the different trading vehicles appear individually, since the software does not allow for multiple graphs on one screen. Nevertheless, most new traders do not generally use more than one chart at a time.
The Plus500.com trading platform maintains consistency in its presentation and looks the same in all three versions, making it easier for the trader to input and execute trades from any machine or cell phone. Nevertheless, Plus500.com does not offer support for MetaTrader 4 or any other third party trading platform.
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Deposits and Withdrawals
Deposits to fund an account at Plus500.com are accepted through Visa or MasterCard, MoneyBookers, or through a wire transfer.
The fastest way to begin trading is by depositing through a Visa or MasterCard. The customer can go to the Plus500 cashier screen, fill out the necessary credit card details and begin trading immediately.
Depositing through Moneybookers can be just as easy. The client must go to the “Funds Management” window, select Moneybookers and enter the Moneybookers e-mail address. A new window will open where the Moneybookers transfer can be confirmed.
Deposits through a wire transfer generally takes up to three days at Plus500.com, although the process to deposit is straightforward: in the “Funds Management” window, click on “Wire” and then click on the “Send me Wire Details” option. An e-mail from Plus500.com is then sent to the client with the wiring details.
The e-mail sent from Plus500.com gives their bank wiring specifics and the minimum and maximum amounts they can accept through the wire transfer, with a minimum amount of £300.00, and a maximum amount of £100,000.
As per Plus500.com’s regulators, Plus500.com’s withdrawal policy requires that the customer provide a copy of a current identification document, such as a passport, driver’s license or other official photo identification before being allowed to make a withdrawal.
The client can send this information via e-mail or by uploading a pdf, tif, jpeg or doc type file with the upload function provided on the trading platform. Clients should allow up to 24 hours for the files to be reviewed. If scanning the identification document is unavailable, the client can photograph the ID with a mobile phone or digital camera instead.
Risk disclaimer: Forex trading involves substantial risk of loss and is not suitable for all investors. You may lose more than your initial investment.
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Customer Support
Plus500.com offers 24/7 e-mail and fax support in multiple languages. Nevertheless, they do not offer telephone support or online chat, which can be a disadvantage if the customer loses Internet service.
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Conclusion
Plus500.com offers a complete online brokerage service for non U.S. traders that includes forex, commodities, stocks, CFDs and ETF execution. Their trading platform is easy to use and ideal for new traders and available in three different versions. In addition, the trading platform can be used to trade multiple assets, allowing the trader to consolidate all of their trading to one screen.
Another advantage of using this online broker consists of a very generous bonus program, giving their clients $25 whether they fund an account or not. In addition to the welcome bonus, depending on the level of initial funding, Plus500.com offers up to 30 percent of the initial deposit as a bonus.
Plus500.com could be an excellent choice for a new trader, with the ease of use of their trading platform and multi asset trading capabilities. Nevertheless, the lack of online chat or telephone support may make trading difficult in the event of an Internet disconnection.
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Best Features
- Very low $100 initial minimum deposit
- Regulated by authorities; FSA & ASIC
- Multi asset trading platform
- iPhone, iPad, android tablet and mobile platforms
- Current Offer: $25 FREE Welcome Bonus... No deposit required.
- An additional bonus of up to 30% on initial deposits (maximum $7,000)
