Product name: Plus500
Founder: Gal Haber, Alon Gonen, Elad Ben-Izhak, Shlomi Weizmann, Omer Elazari and Shimon Sofer
Level of experience needed: Medium
Plus500 provides Contracts for Difference (CFDs), different trading facilities and many innovative technological innovations to retail customers.
The company was founded in 2008 by 6 alumni from Technician Institute of Technology. It may be registered in Israel but it has its head offices in Cyprus, UK, and Australia.
Since it launched its iOS app and android app in 2011 and windows app in 2014, it has been making itself more available to the traders out there to use its facilities on shares, forex, commodities, ETFs etc. with convenience.
With strong links with some of the largest banks in the work, Plus500 provides an ultimate trading platform to all its customers.
The company believes in transparency.
All the deals that it offers to its customers are transparent in their nature with no hidden charges.
With links in the banking sector, the company provides its customers better deals and prices but all these deals are out in the open.
It hides nothing from its users and ensures to provide a safe trading platform to trade financial assets anywhere in the globe.
Who is it for?
Anyone who is into financial trading can make use of this platform. With links in USA, UK, Australian, European and Asian exchanges, it provides its users a wide range of facilities that they can make use of.
So thinking of trading shares, ETFs, Indices, commodities or currencies? Then head over to plus500.
With over a thousand other users on the same platform, you might as well land up with some great deals.
The website is quite informative for someone who knows what he is going in for. Anyone with a little know-how of the trading business can make use of this platform.
It provides support to its customers as well where they can get better insight into the financial world and the deals Plus500 offers.
The support system answers the most basic questions so that anyone who thinks that he doesn’t have enough knowledge of this field can start the trading too.
All you would need to do is setup your account with the company. Once it is verified, you will be good to go.
Personally I downloaded the app back in 2014 to see what it’s like to trade on a mobile platform and get a bit familiar with the whole trading world.
As you get to use a free account and also some joining bonus (for me it was €25) you can have a bit of fun.
It gave me an idea and I understood how the money could move into different directions.
I don’t typically recommend it for beginners to gamble money away but to try and test it out with paper money (fake money).
Training and tools:
The company does not provide training of any sort to its users. However, it does answer the very basic questions in its “Support” tab so that the most frequently asked questions are answered for the users before they step into the field of financial trading.
This support is enough for any amateur to start up in this business and make a headway for success.
Other than this, the website allows its users many tools as well that will further facilitate its users.
Risk Management tool: These tools allow you to manage your risks before getting into a trade. It allows you to calculate your leverage, different prices that are available so that you can make a calculated risk.
Technical analysis tool: These tools make you understand the risks involved in the trade that you are using your capital for. The website discloses all kinds of risks that are involved in the transaction you will be getting into.
Video: To further facilitate the new users that login to this website, the company offers them a tutorial website as well to show them how their system works. It gives them a tour of the whole website and a better insight of how it all works.
Pros VS Cons
The platform here is good for many reasons, whilst, on the other hand, it has it’s drawbacks as well.
- With links with the largest international banks, Plus500 provides you with better deals, prices with a superior execution of the process.
- The website is available in 29 different languages so that it can reach out to users from different backgrounds.
- It offers different mediums through which you can deposit and transfer your funds e.g. skrill, PayPal, MasterCard etc.
- It is open about all the risks that will be involved in the trade that you are about to invest in.
- Initial support is provided to all the customers so that they can get the initial push to get them rolling.
- The website has applications that are supported by all android and iOS devices so that you can access your account no matter wherever you are. These applications are user-friendly and quite advanced in their design so that you a good trading environment.
- The company has been hit with many controversies over the past few years that has made the users a bit wary about it. In 2015, it tried to offer a bid of $703 to an online gambling company. The gambling company walked away from it after failing to get a regulatory approval from Plus500. Other than this, in the same year, the company’s stocks faced a downfall of 60% after it went on to freeze 55% of its UK based customers’ accounts for anti-money-laundering review.
Plus500 is an effective medium for all sorts of financial trading. It provides robust solutions to the retail customers from all over the world to all their trading problems by getting them under one roof and providing them with all the help that they would need.
Surely it has its ups and downs as well but what makes it a preferred choice is the fact that the company is making headways into success.
With it getting into affiliate programs, getting into sponsorships with the countries, it sure has the potential to grow bigger and stronger.
The website allows you to create a demo account so that you can learn the basics before you get into this business with all your capital.
Do you want to get into financial trading? Then download Plus500 on your systems and get started.
However if you want to start trading effectively and get proper education, I’d highly recommend to look at something more powerful and linear in terms of training.
Jumping into the trading world without the right guidance can be a bit of a ticking time bomb.
Have a look at the review written for Tim Sykes course and reconsider your options. Plus500 is great to have a bit of fun with fake money but you’ll most likely not make a giant breakthrough.
Especially when trading on a smartphone it can be very inaccurate and somewhat slow.