One of the biggest decisions traders need to make is to choose the best forex platform for their needs; one that can help set them on the path to trading success. However, no trader wants to be the victim of a notorious Forex industry scam. With the number of Forex brokers on the rise, traders need to be even more careful. Safety and security is more important than ever. In our Compare Forex Brokers Plus500 Review, we placed Plus500 fourth out of five top brokers. The company is regulated in Australia and probably offers one of the best Forex trading platforms for beginners.
Benefits of Plus 500 Trading Platform
(1) Top in house platform with great easy to use, user interface
(2) 50 currency pairs available for trading
(3) Up to $10,000 trading credit on first deposit
(4) Lots of tradable currency pairs on offer
(5) Little cash required to open a trading account
(6) Regulated in Australia and by the Financial Conduct Authority (FCA) in the UK
(7) Mac & Windows compatible
Criticisms of Plus 500 Trading Platform
(1) Slow execution speeds.
(2) Does not support MetaTrader
(3) Incorporates a dealing desk
(4) Does not offer an ECN
(5) Spread from 2 Pips which is quite high
Plus 500 Review: Company History
The broker was established in 2008 and has gone on to be regarded as one of the best in the business with over 6 years experience. It has carved a niche for itself with its unrivalled service, taking the market by storm. It is by far the largest broker operating in Europe. It is a regulated broker that is governed by regulatory bodies in Australia and the FCA (Financial Conduct Authority) in the UK.
Upon Plus500 review, one is immediately made aware of their UK origins. Further, not only does the company offer currency trading but also CFDs and Exchange Traded Funds. Since its inception the broker has served more than 1 million satisfied clients across the globe. At present Plus 500’s best trading platforms are not offered in the United States due to regulatory restrictions.
Plus 500’s Best Forex Trading Platform
Although the broker is extremely popular in Asia and Europe, Plus 500 is different from other Forex brokers because it provides a single trading platform for ALL customers. It offers an in-house trading platform that is developed by experts in the industry. It comes in 3 different versions including a mobile trader, a web-based platform and as a downloadable package. Users can select the one they believe is the best forex trading platform for them.
Comparison of Plus 500 with Other Brokers
Different Forex brokers offer different leverage ratios. In our Compare Forex Brokers Plus 500 review, we found that their 200:1 leverage is in line with that of Easy Forex’s and FXCM’s. Other better-ranked brokers such as Pepperstone and ThinkForex provide 500:1 leverage options. As far as promotion bonus is concerned, Plus 500 provides up to $10,000 trading credit on first deposit. They also offer traders a free $25 bonus which does NOT require depositing funds first. This offer is the best available in the market currently. Please note however that in order to obtain the highest bonus amount with Plus500 a $60,000 minimum deposit must first be made.
We didn’t rank Plus500 that highly in our best forex trading platform category due to them not offering MetaTrader 4 which has almost become industry standard. Furthermore, upon Plus500 review we deemed their execution speeds to be quite slow due to the involvement of a dealing desk. If not for Pepperstone and FXCM offering an Electronic Communications Network (ECN) Plus500 would have placed higher.
In terms of the philosophy behind their best Forex trading platform, Plus500 does not offer a myriad of trading accounts to its customers. The broker provides a single account type believing all traders’ needs are satisfied within that one account. A minimum deposit of $100 is required before customers can start trading. The best thing about the trading account is that it offers a demo account with unlimited expiry time. It is rare to find a broker who provides unlimited access to their demo account.
Payment Methods and Customer Service
One can make deposits or withdrawals through standard payment service providers like eWallet, PayPal, BitCoin, electronic wire transfer, MoneyBookers or via credit card. Payments can be made easily and in our Plus500 review money arrived in our account and was processed within 3-5 days.
As far as customer service is concerned, it is rated one of the best in the industry with a minimum response time of less than 30 minutes. One can contact the customer care executives via telephone only at present. However, the broker is striving hard to incorporate live chat and email as a part of its customer service and quest to offer one of the best forex trading platforms around.
Where We Believe Plus500 Can Improve
An earlier version of our Australian best Forex trading platform comparison had Plus500 higher up the list than 4th. However, when we revisited the area of trading platforms on January 7th 2016 we found some new, superior players in the space. This is not to say Plus500 are a bad option. On the contrary, we’ve deemed them an excellent broker for beginners but due to them not supporting MetaTrader we had to relegate them to fourth. Should the company at some point start offering MT4 or 5 instead of their proprietary software we’d be happy to promote them.
Summary of Plus500
The truth is Plus500 do a lot right. As highlighted above, their promotional bonuses are the highest in the niche. New traders can take advantage of a 30% trading credit bonus on first deposit which is an excellent incentive for beginners who are just finding their feet and may not have too much capital to trade with. Furthermore, the company although founded in the UK are Australian regulated; they would not feature on this site if they weren’t. They also offer 50 currency pairs for trading which is towards the higher end.
If you’re wanting a simple, no nonsense Forex broker with easy to use trading platform, Plus500 is an excellent provider and well reviewed by consumers worldwide. Their customer service is second to none with competent staff manning phones, email even instant messenger (we often asked their support staff questions this way). Even though they don’t offer more common trading platforms such as MetaTrader 4, their privately designed platform if highly functional, effective and one of the best for trading on mobile that we’ve seen.
Plus500 is an international Forex & CFD provider regulated in the UK and in Australia.
Reviewed by Noam Korbl