Plus500 Forex review 2020 – Trade with more than 61 FX-pairs

Plus500 CFD broker specializes in offering online traders trading services for CFDs. CFDs are financial instruments that have their value based on the price of a physical asset. With CFD trading, you can speculate on the price movements of major investments assets such as currency pairs, crude oil, Gold, stocks and market indices without actually having to purchase the asset itself.

This also allow investors to invest in the markets with a smaller investment capital than previously possible. For example, traditionally an investment in crude oil requires investors to purchase a future contract to take delivery of 1000 barrels of crude oil. With the price of a barrel trading at $40, this meant the minimum investment amount is $40,000. With CFDs, an investor can trade with an amount as low as $10 per contract.

Tradable:

EUR/USD

USD/JPY

GBP/USD

USD/CHF

AUD/USD

NZD/USD

USD/CAD

Otherkey benefits of trading with Plus500include the wide coverage of markets and the high leverage offered by the broker. In total, you can trade with 6 d1ifferent currency pairs at Plus500. They include all the majors, minors as well as a selected range of exotic currency pairs such as EUR/MXM and EUR/RUB. In addition, these instruments are available for trading at a leverage ratio of 1:30. Popular cryptocurrencies such as Bitcoin, Ethereum, and Monero are supportedby Plus500.

At Plus500,you only have a choice of a standard trading account and a demo account. Forex brokers generally differentiate between different categories of traders. Plus500 however does not practice this. The minimum deposit requirement for the live account is 100 units in local currency. So depending on where your trading account is registered at, the minimum deposit can be $100 USD, 200 AUD or £100 GBP.

If you want to try out the Plus500 forex trading platform, you can sign up for the free Plus500 forex trading demo account without any obligation. It comes preloaded with virtual cash which you can use to practice forex tradingor as forex trading simulators without having to risk your money.

To open an account at Plus500, simply fill up the registration form and select between “Demo Mode” or “Real Money Mode” on the “Select Account Mode” window. If you have selected the demo mode, then you will be trading from the Plus500 forex trading demo account using virtual cash. From the demo mode, you can also easily switch to Real money mode on the platform screen or App’s Menu.

Our Plus500 forex review shows that the broker has designed its navigation interface well. He overall appearance of the website is neat and not overwhelming with too much information. All the main navigation tabs are strategically placed at the top of the page and clearly labelled. We like the fact that the broker uses drop down menu for further navigation as this avoid cluttering up the website.

As for trading functionality, Plus500 has also made easy for you to switch between the demo account mode and real account mode with just a single click of the mouse. The demo mode is also a true reflection of what you will experience when you start trading with real money.

As for the trading screen, the layout is kept simple with menu located on the far left of the trading screen. Under the trading screen menu, you will be able to manage your funds, execute trades or review past trades made or change your security settings. You also have the option to set up trading alerts for any assets that you want to monitor. As a further convenience to its clients, the Plus500 website is available in 32 different languages such as Arabic, Chinese, Dutch, German and Bahasa Melayu. Our only complaint is the fact that it is not easy to locate the information regarding the trading conditions.

Take note that before you can initiate any withdrawal request, your account must first be verified. For funding and withdrawals at Plus500, you have several options. They include the following:

As a matter of policy, Plus500 does not impose any fees for deposits. Neither does it passes any charges that are levied on it by the payment processors. The only exception is when a deposit is made in a different currency of the trading account. In this case, Plus500 will pass on to you the commissions and charges that are related to converting the deposited funds into the currency of the trading account.

For withdrawals, Plus500 offers 5 free withdrawals a month. For subsequent withdrawals after the initial 5 free withdrawals, a $10 withdrawal fee will be imposed for each subsequent withdrawal. For bank transfer, Plus500 charges a fee of $6. The typical processing time for each withdrawal request is 1 to 3 business days. As for the time required for the funds to appear on your eWallet or bank account balance, it takes an average of 3 to 7 days for former and 5 to 7 days for the latter.

One of the main strengths of Plus500 is the legal protection which the broker is able to offer to you as a trader. The subsidiaries of Plus500 are regulated. UK traders are covered by the UK’s Financial Conduct Authority (FCA). The FCA specifies a minimum standard on all the products marketed by Plus500. In addition as Plus500UK lTD is a regulated entity under the FCA, you will be covered under the Financial Services Compensation Scheme (FSCS). The FSCS is an independent body established under the Financial Services and Markets Act 2000 (FSMA) and is funded by financial services providers regulated by the FCA. Under the FSCS, should ever Plus500 UK becomes unable to fulfil its contractual obligations, you can file a claim for compensation under the scheme. The maximum amount covered under the scheme is 50,000 pounds.

If you reside in Europe, then your investor protection will come under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC). The kind of protection offered by CySEC is similar to that offered by the FCA. For more information, investors should visit the Plus500 website.