Plus500 is a top rated brokerage service providing trading facilities on shares, forex, commodities and indices. It’s a leading provider of Contracts For Difference (CFDs) focusing mainly on forex markets and, unlike similar service providers, does not charge commissions.
Plus500 is a Contract For Difference Service and when using the brokerage your capital is at risk.
Register with Plus500 and receive £20 no deposit welcome bonus with unlimited access to a free demo account to help get accustomed to its proprietary software. Traders can create a live account, leverage up to 200:1 on forex accounts and take advantage of low spreads which start from 2 pips.
Plus500 is a UK based company founded in 2008 with headquarters in London. The company is authorised and regulated by the Financial Conduct Authority and protects customer money by holding funds on a segregated basis. Plus 500 has over one million clients worldwide using its trading platform which is available in three different versions. Traders can access a web based version, download the software to desktop or use the mobile version which is one of the highest rated CFD trading apps on Apple’s AppStore and Google Play.
New customers will receive £20 no deposit bonus when opening an account with Plus500. Just download the trading software, select ‘Real Money’ and enter your new account details. Validate your phone number and enter the 3 digit code received by SMS, your account will be credited with £20 and you can start trading. Once you’ve earned 60 trader points, the bonus can be withdrawn.
Traders will also receive a bonus when making the first real money deposit, the bonus varies from £20 for making the minimum £100 deposit up to a maximum £6,000 bonus. Bonuses can be withdrawn once the required number of trader points has been met. Trader points are allocated per amount traded and vary depending on instrument traded.
Plus500 Trading Software
The proprietary trading platform and technical software is comprehensive and easy to use. Traders can use the same screen to trade in multiple markets and Plus500 provides free real-time live streaming quotes for all products.
In addition to forex, Plus500.com clients can also trade commodities, stocks, indexes, ETFs and CFDs from the same trading platform, a significant advantage to using Plus500.com as a broker.
Besides its ease of use, the main advantage of the Plus500.com trading platform consists of an all-inclusive trading screen with clearly labeled tabs on top for details on past trades and current positions, as well as multiple market trading capabilities. Charting software is included with the trading platform, but charts appear individually, since the charting software does not allow for multiple graphs on the same screen.
Overall, traders should enjoy the clean cut and easy to operate platform and the low spreads offered by Plus500, starting from 2 pips.
Accounts are USD only. Leverage varies from instrument to instrument; Forex up to 1:200, Commodities up to 1:100, ETF’s up to 1:30 and Shares up to 1:20. The lowest spread is 2 pips on the EUR/USD, increasing on other major Forex pairings, and the minimum stop/limit order is 15 pips but no trailing stops.
There’s nothing in the user agreement to say hedging is not allowed but scalping is a no-no although there is no precise description of what is considered ‘scalping’.
Plus500 Customer Service
Plus500 Accounts can be funded by credit card, Skrill, PayPal or wire transfer with a minimum deposit of £100 required. Support is available 24/7 available by email or fax, which is somewhat limited in the modern era where Live Chat and/or freephone support is expected.
Withdrawals are made to the original source of payment and customers are required to provide PhotoID for a withdrawal request to be effected.
Plus500 is a CDF service. Contracts For Difference are a financial derivative that allow people to speculate on financial instruments without owning the underlying asset.
Newcomers to the world of trading should be aware that trading foreign exchange on margin carries high risk/reward and the elevated degree of leverage can cause positive and negative outcomes. Plus500 is aimed at experienced traders and is not best suited to beginners. When trading on a live account it’s important to understand – your capital is at risk.