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CYSEC, FCA, ASIC
Plus500 broker review
Selecting your first financial trading brokerage is pretty much similar to choosing your first car. While we all want to drive a certain high end brand like a Lexus or Mercedes, it is obvious that getting such a ride as your first one will not be the smartest move. Today we are going to take a look at the Plus500 brokerage, a Volkswagen in the world of trading.
Plus500 license & regulations
Firstly, you always want to settle for a brand you can trust. All of the bells and whistles are not really important as long as you know that the thing can be trusted. This is where plus500 excels. This brokerage holds EU license from the Cyprus Securities and Exchange Commission (CySEC) though Plus500AU Pty Ltd. Its UK license issued by the Financial Conduct Authority to Plus500 Ltd, and Plus500CY Ltd is regulated by the Australian Securities and Investments Commission.
Similar to 1987’s VW Golf advertisement that said – “If only everything in life was as reliable as Volkswagen”, Plus500 is a brokerage you can count on.
How fast can you get from 0 to 100?
Plus500 gives you access to online trading via its tailor-made platform. It comes as a web application, hence you do not need to download any software to get started. Simply register an account and you are ready to go, no matter what operating system you use.
Unlike most of the brokers that provide MetaTrader 4 and require you to install a Windows-friendly software, with Plus500 you can get started in no time.
This is also a great feature for the MacOS users, as most of the CFD trading platforms are nearly impossible to install on this operating system.
Is it fully loaded?
Plus500 is a brand that gives you all of the moderate options. It does provide some convenience, yet you should not expect anything luxurious. This brokerage provides some basic charting features:
- 10 time-frames
- 7 chart types
- A handful of various technical indicators
- Ability to save the charting template
- Basic zoom options
You will not be able to try out algo-trading, access market depth, or even get 1-click trading option, yet Plus500 does have all of the basics.
What’s under the hood?
Now we are coming to the main dish. Plus500’s slogan is “The World’s Trading Machine” and, in fact, it is truly a beast when it comes to available trading assets.
Plus500 is a broker that enables access to all type of the financial markets though its wide offer of available CFDs.
If you are into commodity trading, you choose from any possible metal.
You can also get your hands on the whole list of the soft commodities:
Energies are also available:
- Heating Oil
- Brent Oil
- WTI Oil
- Natural Gas
One of the best things about Plus500 is that it was one of the first brokers to integrate crypto trading, and so far it has been doing the best job in terms of the variety of various coins.
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
The variety of the crypto currencies offered by Plus500 is certainly hard to beat.
Next to this, Plus500 offers the most popular Indices (like S&P500), and a few local that are really hard to find elsewhere (Danish C25). Same goes for the currency pairs, Plus500 offers all of the majors, minors, commodity pairs, and quite many exotic ones too. Finally, major stocks and some ETFs can be traded with this broker too.
Plus500 has got a great setup under its hood, a true beast.
Services and Maintenance
Even though Plus500 is a reliable brokerage and offers some great set of the available assets, sometimes things go wrong or simply work not as expected. Plus500 takes quite a different approach here when compared to the other brokers.
With this brokerage you can find the answer on your own, and this is done quite easily. There is an extensive database of the most common questions and answers, which is really easy to navigate. In case you were not able to find an answer, there is a contact form – the support relies very fast! However, you will not be able to get access to the Live Chat. Well, you would not expect park assistance in your VW Polo, would you?
How economic is it?
Plus500 is just an average when it comes to your wallet. It won’t save your money like Tesla. Neither it will suck your wallet dry like Mercedes G-Class.
A typical spread on EUR/USD is anywhere between 0.5 and 1 pip. When it comes to other assets, the costs of trading are rather average too.
Rounding it up
Plus500 is a great brokerage for those who do not ask for a lot, yet want to start quickly. Its web interface and a small scope of the useful features gets you started in no time. This broker does not give you headache, you know that its regulation can be trusted. However, you will not be able to try out trading robots and other advanced features. On a flipside, you can trade nearly any asset you can think of.