The Company
Plus500 is owned by Plus500UK Ltd, a UK based company with its main offices located in London. The company is authorized and regulated by Financial Conduct Authority.
The company has been a rapidly growing CFD Service provider in Europe and Asia and currently offers its portfolio of over 1000 instruments to over a million clients. It is also one of the highest rated CFD trading apps on Apple’s AppStore and Google Play.
Plus500 was founded in 2008. It introduced the first Trading Platform which enabled traders to trade on movements in the price of shares, indices, commodities and forex without having to buy or sell the underlying instrument. The company was listed on London Stock Exchange in 2013.
The Trading Platform
If you review other forex brokers, you would realize that most of them offer multiple trading platforms. Plus500 differs in this regards, and only has one platform on which you can easily make a trade. For traders who only like to use specific platforms like the MetaTrader 4 platform, this can be a blow. Despite this fact, this broker has still received a very good review. The reason behind this is that their platform is extremely impressive and is definitely worth a try.
CFDs are the only products available on Plus500. Please note that by trading CFDs customers can lose all the funds deposited. Please be aware of the risks involved.
Available in three different forms, downloadable, web based and mobile, the Plus500 platform offers you convenience and portability. Though it is available in different versions, all of them are identical and bear the same features, and so it is easy for you to switch between them whenever the need arises.
The platform lets your review all vital information on a single screen. Tabs located on the topside of the screen easily let you gather any details you want without having to conduct extensive searches. The new traders will particularly find the platform very useful for their first time forex trading experience.
No Commission
Plus500 offers very tight spreads, for example a 2 pips spread for EUR/USD trading. You never pay commissions: the spread of the instrument that you are trading and the funding premium cover all the costs. You only pay the funding premium if you hold on to your position for longer than 1 day. It’s a specific percentage per day that varies from the instrument that you are trading.
So trading EUR / USD with a 10 000 euro position only “costs” the spread, which is 2 euro. This is a huge advantage! Other brokers or regular banks mostly ask a fixed commission and you would pay more than 20 euros for opening and closing such a position.
Bonus Offer
When you first sign up with Plus500, you will be entitled to one of the best introductory offers on the market. The company currently provides all new clients with £20 free (no deposit required) plus an additional bonus worth up to £6000 (depending on how much you deposit). For more information on the promotion and how to open an account, just click here.
Conclusion
Plus500 offers a no frills approach with a simple yet robust trading platform. Yet even the website has a slightly sparse look to it and the lack of telephone dealing means that for some traders, it may simply be too basic. It could be argued that what Plus500 lacks, it makes up for in its tighter spreads, but this is only occasionally true. All in all, Plus500 offers a lot to beginners but is a fairly standard entry into the world of forex trading.