- Spread Fee – AUD/USD
- Guaranteed Stops?
- Ease Of Use
- Speed of Execution?
- Unlimited Free Demo Account?
- Promotional Bonus?
- MetaTrader Supported?
- Minimum Deposit?
- Compatible Devices
- Regulated By
- Payment Methods
Plus 500: Recommended Broker For Risk Averse, Beginner Traders
In January 2016 Compare Forex Brokers, Australia’s leading forex broker comparison website, found Plus 500 to be the best forex broker in Australia for risk averse beginners. This was due to factors such as:
- An Easy To Use Trading Interface
- Guaranteed Stops To Protect Newbies
- A 30% Promotional Bonus – The highest on the market
- Australian Financial Services Licences (AFSL)
- Up To 200:1 Leverage
Please note, we decided to select Plus 500 as our broker of choice for beginners with little tolerance for risk despite OANDA offering far less leverage. However, the reason we chose Plus 500 is due to the presence of guaranteed stops which OANDA could not match unfortunately. Guaranteed stops allow traders to limit their losses if market forces turn against them by selling a currency pairing at a predetermined limit. Without this absolute limit, losses can severely deplete trader capital.
The Plus 500 Sign Up Bonus
Another big reason for selecting Plus 500 for beginners just learning the Forex trading basics, was because they offer 30% trading credit on first deposits, the biggest bonus on offer in the market. Companies such as Easy Forex and Go Markets offer 20% and 10% first deposit bonuses respectively by comparison. As an example, if you open an account with $400, then you can get a bonus of $120. On the other hand, trading accounts opened with a minimum amount of $5000 are entitled to a bonus of $1,500.
Due to the bonus being dependant on the size of the opening deposit the more money you deposit at first the more bonus capital you get to trade with. This is perfect for beginners as they can take advantage of the added bonus and learn the forex trading basics without depositing as much personal capital as they ordinarily would with the brokers that don’t boast a promotion.
How to Claim The bonus Offer With Plus500 In Just 5 Easy Steps:
- Download the Plus500 proprietary trading software
- Go to “Trading for Real”
- Click “Open a New Trading Account”
- Choose your trading deposit method
- Enter the bonus code and the money will instantly be added to your account
Typical Spreads Offered By Plus 500
Plus 500 offers fairly average priced spread fees starting a roughly 2.0 pips for the AUD/USD currency pair while Easy Forex spread fee is fixed at 1.8 pips and does not charge any sort of commission for withdrawal. While 2.0 pips seems quite high, especially for beginners, the fact that Plus 500 affords forex trading Australia participants an easy to use trading platform and guaranteed stops is the reason why we recommended the company to risk averse beginners.
The Plus500 Forex Trading Australia Platform
A real feature of Plus 500’s business is that they offer state of the art services to all customers, ticking all the trading forex basics boxes. We compared the Plus 500 software with other forex trading Australia providers’ platforms and found the company’s trading platform to be highly intuitive and quite sophisticated. They offer two different types of trading platforms; a downloadable application and a web trader which allows users to access Forex markets online without the need to download any additional software. An unlimited free demo account is also available for those beginners just learning the forex trading basics in Australia. Demo accounts are incredibly important for beginners as it affords them a risk free introduction into the world of Australian Forex trading. After some time most brokers restrict users access to their demo accounts, ushering them towards opening up a live account. However, this is definitely not the case with Plus500; they are committed to assisting users grasp the trading forex basics, no matter how long it takes them to master.
Plus500 also gives traders the ability to continue trading when they are away from their desks with trading on smart phones readily available. While trading on a mobile phone is often not as comfortable on a mobile phone in comparison with a computer, traders are still able to do all the necessary forex trading basics on a mobile phone.
Plus 500 is Australian Financial Service Licences
We always like to bring to the attention of our customers, that every single broker that appears on this site is licences. Plus500, although based overseas, is no different with the Australian subsidiary operating out of Sydney. It is listed in London with it’s share price here.
Deposits and Withdrawals
Plus 500 cares about their traders and this is why they offer payment methods for deposits and withdrawals that suits any trader. Traders can transfer money in or out of their accounts via electronic wire transfer, credit cards, PayPal, BitCoin, Moneybookers, Neteller, Debit Card, Liberty Serve or even via American Express. Deposits are always made available to traders on the same day while it takes between three to five days upon funds withdrawal for the money to appear in your designated account.
Low Fee Forex Trading Basics For Low Risk, Beginners
A trading forex basics comparison with an emphasis on beginner traders.
Reviewed by Noam Korbl