With a presence in more than 50 countries, Plus500 is about the most reliable broker in Europe. Plus500 is a regulated financial services company in the United Kingdom, Cyprus, Australia, and Israel,
How Plus500 works
Plus500 offers CFD contracts in several financial markets. The company created a brand new market when it offered Bitcoin trading to investors and becoming the first broker to do so. CFD which is an abbreviation for “Contracts for Difference” is a contract between a buyer and a seller, which stipulates that a buyer will receive payments from a seller being payments for the difference between the current values of an asset at the time of the contract. CFD’s in effect are financial contracts which allow traders to leverage prices of commodities moving up or prices moving down without actually possessing those commodities.
Let’s take Bitcoin, for example, the platform allows an investor to guess the Bitcoin price without having to purchase and retain it. There is an increasing demand for this type of service in the financial market for some reasons. First of all, the Bitcoin financial market is still largely unregulated, and more so, there aren’t many trading sites that are trustworthy. There is also a nagging issue of scams and cyber-attacks from hackers on Bitcoin exchanges. To add to that, you need some background knowledge to safely buy Bitcoin. Hence, it is safer to use Bitcoin CFD’s if you desire to trade Bitcoin without actually possessing Bitcoin.
Plus500 offers various trading tools. Margin trading is one of the most useful tools which a Bitcoin trader can possess because, with it, you would be able to leverage your positions appropriately. There are a limited number of trading sites that offer margin trading on the crypto-market and even those are not reliable.
Types of Account
Plus500 has two account choices, these include a demo account, with no time limit and can be opened for free, and also a live account which accepts a deposit. The maximum Leverage for forex accounts is 1:30.
Plus500 offers a complete and user-friendly exclusive trading platform and technical analysis software for its users. The trading platform lets a trader trade in several markets from a single screen and provides a real-time quote for all products. Scalping (making many profits on little or no price changes) is not permitted according to the terms and conditions of the company.
The Plus500 trading platform has four versions: a version that may be downloaded or copied to a desktop or laptop. A web version which lets users log in and trade from other computers, Application versions for Windows, Android and IOs, and a version which may be used on Apple smartwatches.
How much does it cost to use the Plus500 platform?
Unlike typical CFD where providers take charges and commissions, Plus500 only charges spreads (this is the asking price and bid price of a financial instrument). There are also premium charges that apply if positions are held open for an hour. This “premium” time basically means the market close. If the account is unused for a long period of time, users are charged an inactivity fee of $10.
How quickly will withdrawals be processed?
Depending on the method of withdrawal chosen, it normally takes 1 to 3 business days to process withdrawals. When Withdrawing to electronic wallets, e.g. PayPal and Skrill, withdrawals are usually cleared within 3 to 7 business days. Transferring to Banks can take up to 5 business days. The processing time for Credit cards depends on the bank.
Funding and Withdrawals
A Plus500 account may be funded using a credit card such as Visa card or MasterCard; MoneyBookers or by doing a wire transfer. Although, the fastest way to deposit and start trading is by using a Visa card or a MasterCard. To complete the deposit process, a user has to click the “Funds Management” prompt then click on“Deposits” and just follow the prompt from there.
With Moneybookers, the process is just as simple. A user needs only click on “Funds Management” window on the platform, click on the option that reads “Moneybookers” instead of Visa or MasterCard, and type in the e-mail address of the Moneybooker. A new window will pop up where the transfer will be confirmed.
Payments through wire transfers are pretty straightforward to use but would normally take around 5 days before it is reflected in the account. To make a wire transfer, a user has to click on the “Funds Management” window, and from there click on “Deposit”. A prompt will show up with payment options. Simply pick “Wire”, then choose the “Send me Wire Details” option. After that, the user will receive a mail with the details of the wiring. This email will also include the least and most amount which a user can deposit using the wire transfer.
Plus500 has a 24/7 customer support service. Users or customers can contact the customer support by email or live chat.
Plus500 is a great choice for non-American traders who are looking for an easy-to-use trading platform. The Plus500 trading platform offers multi-asset trading avenue. There is an unlimited time demo account for new users who would like to get into CFD trading and experienced traders can take advantage of great spreads. Lastly, the Plus500 trading platform gives traders an avenue to integrate their trades into other financial markets.
80.6% 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.