Plus500 Review 2023: Is This Platform Right for You?
You were looking for a trading platform, and you saw Plus500, or you heard it from a trader friend of yours. You might ask: “What is this Plus500? I want to trade, but is it the right platform for you?” No worries, we got you covered. In this Plus500 review, we will discuss its features, benefits, and potential cons that might be a problem for you. And you don’t have to be a finance expert to understand this guide. To help you make a more informed decision, we will explain everything that you need to know about Plus500 in a simple manner. Let’s get straight into it, then.
Let’s Start with the Easiest to Explain: What Is Plus500?
Well, as you might have guessed, Plus500 is an online trading platform that offers a safe and easy-to-use trading area for you to trade various assets like stocks, cryptos, commodities, forex, and more. The company was founded in Israel in 2008, and FCA, CySEC, ASIC, and some other financial regulators are regulating it. It is one of the most accessible platforms, being used via mobile and desktop devices in more than 50 countries as of May 2023.
One of the most appealing features of Plus500 is its user-friendly interface. You don’t have to be a finance expert to use this. As simple as its, many experienced customers said that the features that they provide for expert traders are also satisfactory. As you might expect from such a platform, Plus500 offers a huge library of tools and resources to help people make more informed decisions. Some of the most interesting are real-time price quotes, advanced charts, technical analysis tools, and economic calendars.
For asset safety, Plus500 also provides you with a range of risk management tools like stop-loss orders, limit orders, trailing stop orders, and many more. Of course, the biggest risk management tool is your own actions, so be careful when trading.
Why Is It So Popular?
The recent data shows that over 400,000 people across 50 countries are actively using Plus500. That’s an impressive bunch, to be honest. But why? Why do people use this platform this much? Well, there are a couple of reasons.
First of all, Plus500 offers a nice, neat, and user-friendly user interface that aims to make trading accessible for all kinds of traders. The platform is designed to be intuitive and easy to navigate. Its range of tools is also easy to use, and they are supported by educational materials that help people to make more informed decisions. If you want to try the platform without spending your own hard-earned money, Plus500 offers a free demo account where you can practice and experiment with virtual money.
Another feature of Plus500 is its huge range of assets. The platform has over 2000 stocks, 70 forex pairs, 20 commodities, nearly 50 indices, and over 15 cryptocurrencies to offer for trading. Also, its tight spread and low fees are quite a big attraction to traders.
Strong regulation is one of the main selling points of Plus500. The platform is registered, authorized, and regulated by some of the most prestigious financial authorities in the world, such as FCA, CySEC of Cyprus, and ASIC in Australia. This means that there are several big reasons why you should trust this platform with your money.
Lastly, in contrast with some of the biggest players in the game, Plus500 offers various risk management tools to help traders protect themselves against the bane of all traders, which is market volatility. Some of the tools are quite well-known: stop-loss orders, limit orders, trailing stop orders, and negative balance protection (or margin call).
“Is It the Perfect Platform?” Well, Not Exactly…
Plus500 might sound like the perfect platform when you read the first part of this review, but unfortunately, this is not the case.
One potential drawback is Plus500’s relatively high inactivity fee. The platform charges you $10 per month after three months of inactivity. And the scary thing is that it keeps building up until you remember that you had a Plus500 account.
Another potential drawback is that while the platform offers some simple, entry-level educational content, it lacks the comprehensive guides that some other platforms have. These might be enough for entry-level traders, but the existing guides might need to be more satisfactory for more experienced players.
We mentioned that over 400,000 people use the platform, and sometimes it shows… Customer service can be a bit slow to respond at times. While it is available 24/7 via email and live chat, sometimes you must wait longer to be answered.
When All Things Considered…
Should you use it? Yes and no… It really depends on your needs and preferences.
YES; if you’re looking for a user-friendly platform with a huge range of financial instruments, a strictly regulated platform that offers huge risk management tools, Plus500 might fit you like a glove.
NO; if you want a platform that provides more education opportunities, or you have the patience to wait a couple of minutes in the queue while waiting for customer service, you should consider another platform rather than Plus500.