Plus500 CFD Broker Review
The broker Plus500 was founded back in 2008 and has since established itself as a real heavyweight in the Online Trading Industry. The company has been listed on the London Stock Exchange since 2013 and today has branches and subsidiaries on all continents with the corresponding official regulation. In this review, we focus on the subsidiary responsible for the EEA, which is authorised and regulated by the Cypriot Securities and Exchange Commission (CySEC) under licence number #250/14.
The underlying assets at Plus500 for CFD trading
At Plus500, traders have the opportunity to trade CFDs on around 2,800 underlying assets across seven asset classes. The vast majority of the underlying assets are shares from global stock exchanges. Starting with blue chips through to more unknown stocks that may offer potential for traders. In addition to the range of individual shares, traders will also find a sufficiently large selection of global indices. Overall, the underlying assets are made up of:
- Stocks
- Indizes
- Currencies
- Commodities
- Options
- ETFs
- Cryptocurrencies
Thanks to the very wide range of underlying assets, you can plan your positions carefully and without pressure, as you are not only dependent on the price movements of a few standard values. The range of CFDs on ETFs and Options in particular sets Plus500 apart as a broker from many of its competitors on the market.
The Plus500 Trading Platform
The CFD broker Plus500 relies entirely on its proprietary trading platform for CFD trading. It can be accessed either via the browser or via the Plus500 mobile app. Other platforms, such as MT4, are not available. However, this should not be a problem for the vast majority of traders, as the Plus500 platform's performance is absolutely convincing.
Asset information in the Plus500 trading platform
The information on the assets in the Plus500 trading platform is more than extensive. This naturally includes the charts. There are 6 different display formats available for these, from the simple line to the bar chart and the Japanese candlesticks. When it comes to information on the individual underlying assets, the strengths of the platform become apparent. In addition to the standard information such as current prices for buying and selling, there are also high and low prices as well as daily price changes. However, clicking on the small "i" on the right-hand side opens up a veritable treasure trove of information on the respective asset.
By default, the area with the basic information on the asset opens. In addition to the daily percentage price change, you will also find the changes in the last 5 minutes and the last hour as well as the respective high and low prices. Further down, all events from the economic calendar that could influence the price of the respective asset are listed.
Clicking on "+Insights" at the top opens a wealth of information on how traders on Plus500 are currently behaving towards the asset. This includes the buyer/seller ratio, the presence in the media and a general assessment of the asset.
Trading features and tools in the Plus500 Trading Platform
All trading features and tools in the Plus500 trading platform can be accessed on the same page as the chart and information on the respective asset. The usual buy or sell order at the current market price is, of course, available for trading, where a position is executed immediately after confirmation. There are also pending orders, which are only executed when the price of the asset reaches a level set by the trader.
Traders can use the take-profit (close at profit) and stop-loss (close at loss) orders as risk management tools. The Plus500 broker offers the special feature of a guaranteed stop loss. This is guaranteed to close the position at the price set by the trader. However, unlike the normal stop loss, the "guaranteed stop" is not free of charge; instead, a fee is charged for its use, which is displayed when the order is set up.
The costs for trading CFDs with Plus500
For trading CFDs, the broker Plus500 only charges relatively narrow spreads for opening a CFD position, i.e. the difference between the buy and sell price. In addition, the so-called swap may be incurred if a position is held overnight into the next trading day. This can either be negative and is then debited from the customer's account, or it can be positive and is credited to the customer's account. What applies to the traded underlying asset can be found in the asset specific information.
Other fees that may apply:
Currency Conversion Fee: This can be up to 0.7% of the realised profit or loss of a trade and is reflected in real time in the unrealised profit or loss of a position.
Inactivity Fee: An inactivity fee of USD 10 (or the equivalent in another account currency) will be charged if the client does not log into his/her account for a period of at least 3 months. The fee will only be charged for the real money account and only if sufficient funds are available in the account. If the balance is less than USD 10, this will be used for the fee.
Guaranteed Stop Order: If this feature is selected, the position is guaranteed to close at the requested price, but the trade is subject to a wider spread.
Usability of the Plus500 trading platform
Even though the Plus500 platform is packed with functions, experience has shown that the menu bar on the right-hand side is still very well organised. All functions can be accessed from here, from account and equity management to trading functions, the trading academy and support. And to search for specific instruments, a search function is integrated directly into the interface, which allows you to find any underlying instrument on offer in no time at all
Plus500Futures Platform (available for US-Clients only)
Only for clients in the United Staates Plus500 offers the Plus500Futures Plattform. This exclusive Platform allows traders in the US to trade Future contracts on Commodities, Crypto, Equity Indices, Agriculture, Energy, Metals and Interest Rates. New US-Traders on the Plus500Futures platform can get a bonus with their first deposit on the platform, which is dedicated to commissions and fee for transactions on the platform.
Visit the Plus500Future Website
Customer service and support at CFD broker Plus500
Customer service is an aspect that many traders only get to know when they need it. We therefore consider it important to inform potential customers of a broker before they open an account.
The customer service and support at Plus500 usually respond quickly. For basic questions, there is a generous FAQ section in the Trading Academy, where you can find answers to almost 90 frequently asked questions. If you want to contact Plus500 support directly, you can do so in three different ways:
- Live Chat
The customer service staff at Plus500 are consistently friendly and competent. And even if a somewhat more difficult question arises, they always endeavour to help the customer with their concerns.
The payment methods for deposits and withdrawals at Plus500
Plus500 does not offer a very large selection of payment methods. Nevertheless, the range is sufficient to enable most traders to transfer their funds without complications. In addition to the classic bank transfer and payment by credit/debit card, traders have the option of depositing or withdrawing funds from their account via the e-wallets Skrill, SOFORT and PayPal. When paying by credit/debit card and one of the e-wallets, the minimum amount at Plus500 is 100 euros, and 500 euros when paying by bank transfer. There is also a maximum amount for deposits. For card payments, Skrill and PayPal this is 45,000 euros and for SOFORT 19,000 euros. No maximum amount is specified for payment by bank transfer.
Conclusion on the Plus500 CFD Broker
Plus500 is basically a classic CFD broker. However, it convinces on the one hand with a very large selection of underlying assets, and on the other hand with a really smartly designed trading platform. For beginners, the broker offers a demo account that has all the same functions and underlying assets as the real money account. This is a way for beginners to gain initial experience in CFD trading. The available Plus500 app offers the opportunity to always keep an eye on your trades or to make trades even when there is little time available for trading on your desktop at home.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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