Plus 500 is a public listed company on the London Stock Exchange founded in 2008.
Our Plus500 review found the key strengths of the forex broker is their:
– Low Fees
– Fixed Spreads
– An Easy To Use Platform
– Guaranteed Stops
Key Advantages Of Plus500
1) No Fees & Low Spreads
A unique feature we found in our Plus 500 review is they don’t charge dealing commissions on each trade.
The only fee is for long term currency holding (1+ hour or overnight) and a amount of $5 USD if you don’t use your forex broker account for 3 months.
2) Fixed Spreads
Unlike other Australian forex brokers that have variable spreads that change throughout the day, a Plus500 account has fixed spreads starting at 2 pips.
With fixed spreads Australian forex traders traders can have confidence in the fees they will incur when trading to help determine profits/losses throughout the day.
3) Ease Of Use
When our forex traders reviewed the Australian forex brokers they found that Plus500 has the easiest to use forex platform and interface.
Unlike it’s competitors, our Plus500 review found it doesn’t offer MetaTrader 4 but instead offers its own trading platform which can be downloaded for a PC, used as a webtrader based platform or on any mobile device. The platform focuses on ‘no frills’ trading with only the key information required to trade on a single screen. This can be useful for a beginner or intermediate trader with just the critical information at their fingertips although for expert traders this may be too restrictive.
4) Guaranteed Stops
Plus500 is one of the only forex broker firms in Australia that offer guaranteed stops on trades.
This is not automatic but needs to be attached to a trade and means that you can place an absolute limit on a loss from a trade. This is an excellent risk management tool but will lead to a slightly higher spread which will be shown when activating the feature.
While all other traders offer ‘stop loss’ features, only a guaranteed stop means you can’t lose more than the designated amount. A standard stop-loss can be subject to ‘slippage’ in volatile positions which could mean that you can’t exit the market at the predefined ‘stop order’ leading to greater losses.
Plus500 Review of Key Disadvantages
1) Low Leverage Levels
Plus500 only offers a maximum leverage level of 294:1. While this may be adequate for a beginner/intermediate forex trader an expert conducting a Plus500 review would find this level to be too restrictive as the best Australian Forex brokers offer levels of 500:1
2) Unique Broker Platform
As explained before in our Compare Forex Brokers’ Plus500 review advantages, the company uses its own trading platform interface. Expert brokers that are used to other platforms such as MetaTrader 4 may find this too restrictive with no option to use features such as an API feed and advanced charting. Overall, the Plus500 platform is great for those looking for just the data that matters, not those experts who require advanced features.
Other Information About Plus500
Bonus and Promotions offered by Plus500
The bonus and other promotions that are provided by this broker are dynamically changing and temporary. One needs to visit the official website of Plus 500 to keep themselves abreast with the latest offers available with the broker. The bond amount offered is variable and depends upon the type of trading account opened by the individual concerned. Like for instance, if you open an account with $400, then you can avail a bonus of $30. On the other hand, trading accounts opened with a minimum amount of $7,500 are entitled a bonus of $1,000, so the bonus varies with the account opening trends, the more capital you invest in opening, the more bonuses you can avail. Apart from that, Plus 500 provides a special promotion policy named “No-Deposit Bonus of €25”. In order to claim this offer, one needs to confirm their cellular number by linking it with the trade account.
The table below was updated in January 2017. Bonus expires in three months and is per household.
Reliability and Customer Service
As a global player, our Plus500 review found that it is is one of the most reputed fx brokers with high turnover and outstanding corporate governance. The firm has a mission and motto named “Sustainable and Perfectionist Trading Services” and the company strives hard in order to match the standards of the market. The broker makes use of the latest security protocols and latest technology to provide the best trade environment with minimum security loopholes. As far as customer service is concerned, Plus500 offers bilingual support which is comprehensive, fast and satisfactory at the same time.
When making this Plus 500 review of staff members found they were very cordial and provided immediate attention to our enquiries and we didn’t encounter any downtime. There was no live-chat which was a negative but on a plus side there was no waiting times when contacting the call centre and we received e-mail responses within hours of any enquiry or request for help. Another features we liked was the numerous educational journals for the rookie traders to give them ample knowledge and understanding about Forex and how it operates.
Plus 500 Australian Forex Brokers Compliance
Plus500 AU is the Australian regulated subsidiary of Plus 500 for Australian traders.
The head office is in Sydney (1 O’Connell Street) and trades under AFSL Number 417727.
Other Trading Products
Plus 500 provides the opportunity for trading CFDs products. These range from shares, indices to options. Trading CFDs is similar to forex with leverage provided to amplify any movements in either direction for traders. This increases the opportunity and risk of trading but is necessary for something like indices CFDs trading which normally only moves a few percentage points each day.
For both CFDs and currency trading, a Plus500 account can be funded by:
- Mastercard & Visa
- Skrill (formally Moneybookers)
- Wire Transfer
Withdrawals can be made to the same four funding sources shown above. PhotoID will be required and in some cases, additional documentation to avoid fraud and scams. Any deposit bonus will be accepted from any of the funding sources above.
Our Plus 500 review found that this company among other Australian Forex brokers is perfect for Beginner to Intermediate fx traders. This is because they have low fees and fixed spreads and a simple to use platform combined with a guaranteed stop offering. Expert forex brokers though may not like these features and prefer more mainstream forex platform options and higher leverage to increase their risk profile. Overall, the broker is worth considering for those looking to make their first steps towards currency trading.
About Compare Forex Brokers
All reviews and forex broker comparison tables were created by Australians who don’t work for any of brokers compared. The forex broker comparisons information was gained from each provider’s website (including this plus 500 review) or from demo & trading accounts. The forex broker comparisons looks at elements including the Australian forex brokers platform used, spreads and features such as bonuses. They were designed to make forex trading setup easier providing pros/cons of different providers. The brokers selected for comparison were also all nationally certified with strong market share to avoid scams or other poor conduct of some smaller unregulated brokers.
Plus500 trades under Plus500 AU in Australia. The company is one of the top Australian regulated, Australian Forex brokers.
Reviewed by Noam Korbl