Wednesday, 26 January 2011

Trading platforms: Plus500

Choosing a suitable trading platform for yourself is an important part of the journey towards riches. To make the choice easier for you I'm going to review a few of them like Plus500, eToro and InstaForex. I'll start with what I am currently using.

Let's begin with the Plus500 platform, my personal favourite.

Plus500UK Ltd is a company registered in England and Wales. It's regulated by the FSA so you should be safe using their broker services.
With Plus500 you can trade currencies, commodities, indicies, ETF'sCFD's and shares of course. They have a downloadable platform that you can get Here, but if you don't want any extra programs on your PC, you can use their WebTrader as well. Both work almost the same and have the same features. Plus500 also offers a free €25 gift to those who register and start using their platform, which can be very attractive to low budget traders like me.

The platform takes less than a minute to download and as soon as you've registered you're ready to start trading. Supported languages are English, Swedish and Finnish. If you want to change the platform language, you will have to go the Plus500 website, switch the site language and then download the software again.

The minimum deposit limit per a single transaction is €100 and the maximum €9200. For a low budget trader a €100 investment may be scary, however, depositing does not mean you have to invest it all. For me there are five depositing options; Online Bank Transfer, Credit Card, Nordea Solo, Moneybookers and Wire Transfer. This might vary by your country though.

To withdraw any funds you will have to supply Plus500 with a document to verify your identity. You can scan or take a picture of the document, upload it straight using the platform, email it or fax it to Plus500. Accepted documents are a passport, ID card or a driving license.

If you feel that you are not ready to trade with real currency yet, you can always use the Demo mode to practice.

Now what I love about this program is the ease of use, intuitiveness and lightweightness. It feels a bit like Google Chrome. There's no extra bling, the beauty lies in the simplicity.


You can quickly access any investment option you want to trade from the categories on the left panel. Information on that item is displayed in a clear manner in the chart panel. Buying or selling is fast and have several options like Close at profit, Close at loss and Trailing stop. Additional information like when the market for that item will close can be accessed in the Details window. All the tools are close at hand without having to go through a bunch of menus.

The yellow boxes are a bug hiding the chart tools. It can become quite annoying
if you like to keep multiple charts open.Hopefully they will fix it soon.
The time frames in the chart are easily modifiable by dragging and they range from one tick to one week. There are 18 analyses tools available that are either applied straight on the chart or put on their own separate chart below the main chart. Plus500 also offers a price alert feature that sends you an email or SMS when an item of your choice hits the price you define.

The spreads are fairly low, for example EUR/USD and USD/JPY have only 2 pip spreads. These can be subject to change so don't forget to check them. The leverage for major currencies is 1:50 and for minor currencies it ranges from 1:25 to 1:50. Commodity leverages range from 1:14 to 1:20.

Plus500 unfortunately doesn't offer direct support or help for any issues you might have. The only way to contact them is by email or fax. This may feel like a turn off in the case that you need quick support with issues regarding fund transfer.

In summary:


Pros
  • Information is delivered to you in a clear and concise manner.
  • Low spreads
  • Easily customizable time frames.
  • €25 sign up bonus.
  • Ability to put items in the favourites category
Cons
  • Lack of direct support
  • €100 minimum deposit
  • No instant buy/sell button
  • No drawing tools or ability to put down markers on charts
  • No option to choose between low or high leverages
If you're a trader who does a few trades in a day then you will appreciate the effectiveness and simplicity of this platform and the low spreads.

If you're a trader who wants to make many small gains in a day with many short term invests, then I'd advise you to find another platform because of the low leverages and the lack of instant buy/sell button. In addition it's clearly stated in the Plus500 User Agreement that scalping is not tolerated and will probably first result in a warning and then a ban.

Although the amount of pros and cons is the same I'd still give this platform a 4 out of 5 stars in particular because of the ease of use and a clean interface.

If you want to give this platform a go, you can access it straight from Plus500 or this download.

16 comments:

  1. I like to recommend exclusively fine plus efficient information and facts, hence notice it: plus500 review south africa

    ReplyDelete
  2. Acknowledges for penmanship such a worthy column, I stumbled beside your blog besides predict a handful advise. I want your tone of manuscript... Fitbit

    ReplyDelete
  3. Has your swimming pond lost its splendor and announced a redesign or renovation? Gardens Hendrix repairs your garden and swimming pond in all its glory. The renovation of swimming ponds and gardens is part of our expertise. With the amount of swimming ponds and gardens in Belgium, renovating gardens and swimming ponds is an activity that we carry out more and more often. Zwemvijvers

    ReplyDelete
  4. For this web site, you will see our account, remember to go through this info. Viking, Sub-Zero, GE ICE MAKER REPAIR in Escondido

    ReplyDelete
  5. This is important, though it's necessary to help you head over to it weblink: temp phone number

    ReplyDelete
  6. This is very interesting content! I have thoroughly enjoyed reading your points and have come to the conclusion that you are right about many of them. You are great. dm atmak

    ReplyDelete
  7. Bd Railway related all the information you will get here. Train ticket Bd all schedule, train ticket price, train tracking & more information we update for. Train ticket bd

    ReplyDelete
  8. Will Lamar Jackson and the Baltimore Ravens, who have an NFL-best 13 players represented at the annual all-star exhibition, bring enough firepower to lift the AFC over the NFC? Or will Russell Wilson, Dalvin Cook and Michael Thomas light up the scoreboard for the opposing conference? We'll find out soon enough. super bowl 2020 live stream

    ReplyDelete
  9. The model crushed its NASCAR picks last year, calling Daytona 500 champion Denny Hamlin a top-four contender from the start. It nailed eight of the top 10 drivers at the Pennzoil 400, which included putting winner Joey Logano in its projected top five, and then hit nine of the top 10 drivers at the Go Bowling at The Glen.
    Daytona 2020 Live Streaming

    ReplyDelete
  10. Cryptocurrency trading bots are computer programs that automagically buy and sell various cryptocurrencies at the right time with the goal of generating a profit. Crypto bot

    ReplyDelete
  11. Eyal Nachum is a fintech guru and a director at Bruc Bond. Eyal is the architect of the software that SMEs use to do cross-border payments.

    ReplyDelete
  12. Bruc Bond endeavor to lead the financial sector with sustainability, customizable product offering, and open communication. At Bruc Bond we aim to make 21st century banking straightforward, simple, and transparent.

    ReplyDelete
  13. Bruc Bond endeavor to lead the financial sector with sustainability, customizable product offering, and open communication. At Bruc Bond we aim to make 21st century banking straightforward, simple, and transparent.

    ReplyDelete
  14. I check your blog every day and also attempt to discover something from your blog. Thank you and waiting for your brand-new message.

    payday

    ReplyDelete
  15. I exploit solely premium quality products -- you will observe these individuals on: https://wevino.store/

    ReplyDelete