By: DailyForex
When first encountering Plus 500, my first impression was how clean and user-friendly their website is. They have a very organized way of displaying their offering and all its features. Each category is displayed in its own tab, including Forex, commodities, indices, stocks, and CFDs.
Depositing funds could not be easier with almost any option open to you. These include money transfer, credit card, and money bookers. Registering for Plus 500 was also completely seamless and surprisingly, so was withdrawing my funds.
The actual trading was relatively straight forward, however, the lack of a Web-based platform might be a disadvantage to some Forex brokers. Their service is offered in 14 different languages, which is a relatively high number, something some might see as a sign of Plus 500's accountability.
In terms of funding, Plus 500 offers a mini account enabling you to trade with as little as $100 and a 200:1 leverage. When trading, you have access to the world's financial markets and real time quotes. The platform is very responsive and includes the standard Entry Limit, Stop Loss, Profit Limit, Trailing Stop, and Market Orders. They also offer an unlimited free demo account, which should be taken advantage of by every Forex trader interested in opening an account with Plus500.
However, not everything is so rosy when it comes to Plus 500. Their customer service is available 24/7, but only by phone and email. They do not offer the basic feature of live chat, something that has become completely trivial in the world of Forex Brokers. Not only is it trivial, live chat is also very necessary. For example, as I am writing this review, I am still awaiting a response from their customer service regarding some questions I had. Another disadvantage of Plus 500 is that they are now awaiting FSA approval, which once again, might be a sign to wait some time before trading with them.
Their site offers very helpful training videos explaining and displaying their trading platform and exactly how to trade with it. I found these to be very helpful and a resource that should definitely be used before trading with Plus 500.
When opening an account with Plus 500, you will be surprised by some very nice and helpful bonuses. For one, their demo account is not limited by time, something that is quite unusual in the Forex market. In addition, Plus 500 offers a 30% bonus on your first deposit, as well as a $50 gift toward your trading account.
Plus500 is an impressive broker and they give you the feeling they really want your business with all their offered bonuses. However, for some odd reason, they do not offer live chat, something that raises a red flag and gives you the impression that they might want your business, but they do NOT want to talk to you about it, a theory magnified by the fact that they do not take phone orders.
An In Depth Review of Plus 500
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.