Plus 500 Review For Forex Trading Australia

In 2019 an Australian forex trading comparison measured Plus 500 against other brokers based on fees, leverage and trading features.

View our Plus 500 review and comparison in relation to other top Australian forex broker below.

Curency Movements Image

Our Plus500 platform review found that the platform is used worldwide with several versions created for different devices and situations including:

1) Windows Trader (which requires a download)
2) Webtrader for desktops (no downloads needed)
3) iPhone App
4) Android App
5) Windows Phone App

plus500 platform device options

Below focuses on the five Plus500 platform. Click on the link to view the full Plus500 review vs EasyMarkets including spread, leverage and execution speeds.

plus500 windows forex trading platform1) Windows Trader Plus500 Platform

The Plus500 forex trading platform offers CFDs trading for Microsoft Windows compatible devices. The forex platform has been created to be intuitive with an elegant interface that allows forex trading across:

  1. Currencies
  2. Stocks
  3. Indices
  4. EFTs
  5. Gold, Oil & Silver

Across all five of these areas, no commission is charged by Plus500. The platform allows forex traders to get real-time market quotes across each financial product. Demo accounts also also allow practice forex trading which are unlimited to trial the Plus500 platform before trading real money.

Shares that can be traded include the New York Stock Exchange (NYSE), NASDAQ, LSE and other leading exchanges world-wide. As all financial products are traded through CFDs, there are options to set limits (and place guaranteed stops) to protect investments. The platform has real-time charting and allows traders to view their balance margin and equity all within the application.

Languages supported include English, German, French, Italian, Hebrew and Spanish which explains the Plus500 review popularity.

Plus 500*Your capital is at risk

plus500 webtrader2) WebTrader Platform

Our Plus500 platform review found that the Plus500 WebTrader platform is for traders who need temporary access to the markets. The tool can be accessed through Mac, Windows and even Linux platforms. The platform doesn’t require any downloads as it is completely online, unlike the other options.

The Plus500 WebTrader platform has similar markets and trading features as the windows trader, but making trades can take longer. It’s strictly designs for those who can’t either access the markets through their phone (as discussed later) or from a computer which allows a software download.

On the positive note, the Plus500 WebTrader is fast, especially for straightforward traders.

plus500 iphone forex trading australia platform3) iPhone/iPad App

The most popular forex trading solution for those away from their personal computer is the iPhone app. It provides full search functionality to find the instrument one is wishing to trade.

The device provides advanced features, including charting. It also is very easy to use, allowing traders to buy or short with just a few clicks. For those familiar with sports betting, the interface will be quite familiar and similar.  There is the option to close positions based on profit or losses figures, and price alerts and other notifications are available (even after the app is closed).

The markets that can be traded are similar to the Windows trader, with more than just forex trading been available. EFTs, CFDs and Indices are a options available. The app can also be downloaded from the app store at no charge.

4) Android App

Similar to the iPhone app, the android app can be downloaded when a forex traders searches for “Plus500” within the store. As the below reviews show (11/08/18), the app has positive reviews based on reliability, speed and the features offered. More than 5 million installs have occurred globally with updated occurring bi-monthly. Technological advances have resulted in innovative updates to the app, such as fingerprint security as well as connection to Facebook or Google accounts.

Plus500 android

5) Windows Phone App

The windows Phone Store allows those with these devices to download. The device needed is Windows 8.1 or higher and allows practice forex trading or real-live trading. All features on the Plus500 windows phone app are real-time with the ability to get quotes on major currency pairings, stocks and commodities.

Plus 500*Your capital is at risk

Other Key Features Of Plus500

1) Leverage

Plus500 offer the leverage up to 1:300. This means at a minimum deposit of $100can allow a forex trader to trade the equivalent of $30,000 worth of a currency pairing. The Plus500 platform allows traders to choose their forex trading leverage on currency markets. It’s critical to understand the risk involved with leverage which can amplify profits but also lead to higher losses.

Plus500 Leverage

2) Balance Protection

Only a few Australian forex brokers offer balance protection. In Plus500 situation, they state the traders “cannot lose more than the balance of your trading account”. When forex trading, guaranteed stops are also offered on specific pairings and markets. The Plus500 platform has an extra step to move from a ‘stop loss’ to a ‘guaranteed stop loss’. Effectively this means you can’t lose more than the amount set despite how turbulent the market may become.

Plus500 balance

3) No Commission

Plus500 fees are purely pegged to the spreads of every currency pairing. These change frequently as the markets move but at least provide a visual way for forex trading costs to be understood. The opposite is commissions where an additional amount may be charged based on turnover. This is a charge that Plus500 doesn’t implement when forex trading.

Plus500 commission

Customer Service

Plus500 offer 24 Hours Customer Support 7 days a week. Users can contact their customer support via email or with live chat. Their customer service has a 4.5 out out 5 start rating from 8052 reviews as of December 2018 according to LiveChat.  In addition to customer support, Plus500 also have a FAQ page which answers a wealth of commonly asked questions regarding forex and other financial instruments on offer such as commodities, metals, indices, shares and cryptocurrencies.

About This Plus500 Review

This review was completed in January 2019 and was based on information shown on the Plus500 website. Please note that when information wasn’t complete, third party sites were use and some follow up questions were made to Plus500.

Prior to choosing Plus500 or any forex broker such as Pepperstone, IG Markets or IC Markets, it’s recommend to view the forex broker comparison charts which within this site are based on leverage, costs, bonus offers and region.  It is also important you select an authorised and regulated broker by a reputable industry body. When choosing a broker,  Understanding forex trading and finding the right forex broker are the keys to successful currency trading. The authors recommend all future traders to try demo accounts first and then small deposits with lower leverage. While a forex broker like Plus 500 does provide some protection through guaranteed stops and refunds when a client goes negative, it’s still recommended to trader conservatively at first. Understanding the risks and trading within your limits are critical when forex trading in Australia.