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Plus500 WebTrader is a trading platform of UK-based company Plus500UK Ltd, which has offices in London. It was founded in 2008 and has since then grown rapidly into a leading CFD provider and gained a reputation for its innovative trading technology. The platform allows traders to manage their investments securely in forex.
It began as a desktop application, but in 2009, it evolved to include a web-based platform. More recently, it has launched as an app. To help you get the most out of the platform, here we will cover:
Info: A trader with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Cryptocurrencies, Commodities, Options and Indices.
76.4% of retail investor accounts lose money when trading CFDs with this provider.
One of the unusual features of Plus500 WebTrader is that it is one of the few online-only front ends. This means there is nothing to download or install on your device. This is a key advantage for those without a secure proxy server.
Additionally, the intuitive nature of the platform makes it easy to understand and use, even for those new to trading. It offers exchange abilities on more markets than many other platforms and has a low minimum deposit.
While it is tempting to think that a web-based trading platform is available only for forex exchange, this is not the case. Certainly, it is how most traders start with the platform, but it can also be used to trade with other CFD sources, including the S&P, the Nikkei and the FTSE, stocks, commodities exchange and EFTs.
This has the advantage of allowing the trader to maintain a broad portfolio. Because it is web-based, it is possible to access the platform from any computer, and the more recent app development has increased these options. The Plus500 mobile platform can be accessed from an iPad or iPhone, an Android device or a Windows device, meaning that trades are not limited to the office but can be carried out during a commute, in a café, or anywhere else your mobile device can connect.
You may be wondering does Plus500 support MT4?
The short answer is no.
Using MT4 with Plus500 is not possible, which proves that they have the highest confidence in their own system.
One of the advantageous features of Plus500 WebTrader is a range of tools to help with risk management. One of these is the option of ‘Close at Profit’ or ‘Close at Loss’ rates. These can be applied when opening a new position or pending order, or they can be added when editing an existing position. These allow you to set a rate when your position will close, preserving the profit or minimising a loss.
Although this is a useful tool, it does not protect against slippage, so there are circumstances when the loss may be greater than you anticipate. The platform does offer another tool to get around this, called ‘Guaranteed Stop’, though it is not always available.
This can only be applied to a new position or pending order, not edited to an existing one. If it is applied, even if slippage does occur, your position will be closed automatically at the specified price. Another useful tool is a ‘Trailing Stop’. This allows your position to remain open as long as the price moves in your favour.
However, if it changes direction by a specified number of pips, it will automatically close, locking in the profits. However, due to slippage, the price cannot be guaranteed. The ‘Close at Profit or Loss’ rate and the ‘Trailing Stop’ are offered free of charge, while the ‘Guaranteed Stop’ has a non-refundable additional spread charge.
In the fast-paced world of trading, events can change quickly, and keeping up to date with what is happening is crucial for success. When considering whether Plus500 is the best forex broker, a point to consider is the tools they offer to keep you informed of all the fluctuations of the market. These include:
All this information is easy to access, giving you an advantage as you react to events in the market.
The new trader’s first contact with Plus500 is likely to be a look at its website. This is easily accessed and navigated, and it presents the information simply and comprehensively. The trading platform has a well-deserved reputation for being user-friendly, allowing even the most inexperienced of traders to trade with confidence. The risk management features can offer reassurance to novices. Using them is often considered a good way to get started in trading, as any losses made are not likely to be significant.
And if you need any help, customer services at Plus500 is available 24/7, allowing any questions or problems to be addressed immediately. However, it is only available via email or live chat. There is no phone number listed for customer services on the website. While there are plenty of FAQs listed on the website, Plus500 does not offer any ongoing training or educational webinars or videos to assist you in honing your skills. If you are tempted by Plus500 WebTrader but are not certain that it is the right platform for you, a good option is to set up a Plus500 demo account.
Plus500’s demo account is a key advantageous feature and aims to come as close as possible to the real experience. There are no risks involved with the Plus500 WebTrader demo. When you set up an account, you are given virtual money to trade with, so any profits or losses are virtual ones. The demo platform offers real market conditions, allowing you access to the same tools as in the real account.
This allows you to get to know the platform and test strategies without worrying about loss of capital. While some brokers only offer a demo account for a fixed term, Plus500 allows unlimited access to the demo account. Even experienced traders will make use of the demo account on occasion to test new strategies. Customer support is available to those on the Plus500 WebTrader demo, just as on the real platform. However, while it is a useful tool, success in the demo may not lead to real success. There is a lack of slippage in the demo account; there is a different emotional response to losses and fluctuations when no real money is involved; and the amount of money given to trade is likely to be more than the new trader will have.
If the demo account has convinced you to start trading for real, you will need to set up an account, and you will likely be keen to know what costs are involved. The minimum deposit amount varies depending on what method you use to make the deposit. However, it ranges from $100 using BPAY to $500 using bank transfer. Most services are offered to Plus500 WebTrader account holders for free, with the company making money through the buy/sell spread. Other fees that may be added to your account include:
Unless the monthly limit for withdrawals is breached, Plus500 does not charge for making deposits or withdrawals. However, some banks and cards may charge their own fees.
In our Plus500 review, we listed many advantages in trading with this company. The main draws are:
However, the Plus500 WebTrader does also throw up some downsides:
CFDs are a high-risk product and there are lots of scams available, so for those wishing to trade in CFDs, it makes sense to select a reputable broker, and Plus500 WebTrader certainly fits that description. For the experienced trader, Plus500 WebTrader has plenty to offer. The intuitive, web-based platform with its impressive mobile offering makes trading easy from anywhere, while the innovative tools can help reduce the risks.
Newer traders will also enjoy the easy platform, but the lack of ongoing training may be off-putting, as the only way to develop your skills is through experience. Customer service is available 24/7, but with no option of phone contact, gaining advice through direct conversation is not an option. However, by making use of the demo platform, those wanting to trade in CFDs would certainly benefit from taking a closer look at Plus500 WebTrader.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .