Plus500 Trading Software
Plus 500 is a CFD trading software which provides the user with simplified tools that make CFD trading easy, effective and productive.
Plus 500, is the brainchild of the Plus 500 group which was found in 2008 and listed on the London Stock Exchange.
This software has striking similarities with other CFD softwares hat utilizes the marketplace protocol system.
Another thing is, this trading platform does not have advanced tools or educational materials.
Let’s take a look at its main features:
- Plus 500 is one of the leading CFD trading platforms in CFD trading.
- It allows profit and loss management, and advanced trading tools like stop loss, stop limit, and guaranteed stop loss.
- Plus500 offers CFDs on crypto, indices, with real-time index quotes, forex pairs, commodities, shares, ETFs, and options
- Plus 500 is registered and regulated by the Cyprus Securities and Exchange Commission and the Financial conduct authority
- It uses basic market protocol system
- Compatible with all operating systems, Mac Os, windows, and Android. They have the web trader as well
- It uses the marketplace protocol system and gives you access to over 2000 trading instruments on the financial market.
- CFD trading services in 50 markets
- Friendly user interface for both beginners and experts.
- You can trade in 32 languages and currencies
- Basic tools such as earning calendars etc.
The platform mainly operates two types of accounts
- Demo account
- Live account
Plus500 Trading Demo account
As the name depicts, this is an account which is not funded by real money, let’s say a dummy account but has all the features of a real account. This is a gold mine for beginners as it allows them to test the waters and understand how the Plus 500 software and CFD trading works before launching out into the deep.
A live account is simply a real account that has been funded by money. When you move from using a demo account and deposit some money to make real trades and earnings, then you have a live account. It allows the trader to trade and make profits.
From my checks, you can fund your account with a minimum of $100, which is not a bad deal as compared to other trading platforms
However, they also added the Gold and pro account which are both possible upgrades of the live account.
Traders have the opportunity to upgrade to a Gold and Pro account, which offers more benefits.
What is a Gold Account?
- The Gold accounts have different units of trade size
- It offers a 5% discount on all overnight funding charges.
- Each instrument has a different unit of trade size.
- Traders can choose the ones that best fit their trading goals.
Plus500 Pro Trading Account offers:
- Higher leverage amounts on some instruments
- Client money protection advantages offered with a Retail Account
- Negative balance protection offered with a Retail Account
- Traders can revert to a Retail Account at any time.
Prices & commissions
As stated before, you need a minimum of about $100 to upgrade from demo to a live account.
There are no commissions, most of their services are free. I guess the next question you might be asking is, how do they get their cut? They get their compensation from Bid/Ask spreads.But they have certain charges which goes with peculiar services or conditions such as;
- They charge an inactivity fee of $10. This amount is charged when the account is left without trading for more than 3 months.
- They either add subtract or add an overnight funding amount.
On the other end, new traders, receive a welcome bonus of $25.
You can fund your account or deposit through the following payment methods:
- Credit card
- Bank transfer
There are no particular educational tools with this platform as stated earlier on. Therefore beginners have to get their materials from other sources to improve their trade. However, they provide basic brokerage services for CFD trading.
They also provide real-time forex quotes, dynamic charts and graphs, live share CFD prices, rolling positions,earning calendars and simple trading indicators.
Plus500 Online CFD Trading FAQs
How to Withdraw Funds?
To successfully withdraw funds, you’ll have to do the following:
Click “Fund Management” → Click “Withdrawal” → Choose your withdrawal method → Fill the required fields and click the "Submit" button (For mobile devices, “Funds Management” screen is accessible through the menu button.)
Here is a demo on how to execute a withdrawal.
Company Policy for Credit Card Refund
If you ever use a credit card to send funds to Plus500, we’ll always make efforts to refund the money as soon as we discover, irrespective of the withdrawal method you may have submitted to request a refund. The method you chose will turn out as a backup should we fail to effect the refund in the first instance. After getting through the approval and submission stages, a request for a credit card can be made possible before your upcoming monthly billing/charging date.
What Documents Am I Expected To Send?
A client who wants to trade with us for the first time is only eligible to place a trade after we have concluded our residential address and identity verification. In some instances, the residential address can be electronically verified while in other cases it will be mandatory that you produce specific hard copy documents to stand as proof. Furthermore, due to our due diligence process, we may ask you to provide evidence to support your residential verification and other sensitive information concerning your payment method.
We Require The Following For Identity Verification:
- A government-recognized identification (ID) that comprises the below information
- A picture of you (photo)
- Identification number
- Full name
- The date you were born
- Expiry date.
- A document of residential verification that bears your entire name and address. It will be more appropriate if the said document is issued by any of the following: utility company, financial institution, the judicial authority or a government agency.
- Credit card statement
- Bank statement
- Gas or water bill
- Electricity bill
- Tax letter
- Council tax letter
- Bill for television services
- Internet bill
- Phone bill
- Source of funds verification. To prove the legitimacy of your Plus500 trading account funds, you may be requested to provide a scan or a copy of one or more of the following documents (varies by payment method): credit card/bank statement or the front of your debit/credit card.
Why Is It Necessary To Upload Sensitive Documents And Photo ID?
Due to legal and regulatory obligations, Plus500 is expected to confirm your residential address and identity, which normally requires residential information and photo ID along with other sensitive documentation.
Upon the successful opening of a Plus500 account, you automatically agree to all the stipulated terms and conditions against terrorism financing and money laundering, which requires the submission of an official proof of residence, source of funds, identity, etc. Plus500 will not undertake transactions with any individual until their residential information and identity have been adequately confirmed. Such processes are necessary to protect both parties (you and us) from being exploited by any fraudulent tendencies and to ensure your privacy, making it a compulsory part of our due diligence process. You should equally bear in mind that as part of our rights, additional requirements to execute a stricter due diligence process may be requested from you whenever necessary.
Why Is It Good To Trade With A Company That Is Regulated?
What Differentiates The Demo Account From The Real Account?
How To Access My Plus500 Trading Account?
You can log into the Plus500 trading platform via any of the following: windows phone app, Web trader, iPhone/iPad, and Android.
More information is available on this at the bottom of our page.
How To Open A Plus500 Demo Account?
How To Verify Payment Method?
The personal information and details of the source depositing the fund into your Plus500 trading account must match with your Plus500 trading account name.
Accordingly, it is our responsibility to confirm that you are the same person that deposited the funds into the Plus500 account. Hence, if you made deposits by:
- Credit/debit card: you could be requested to upload a photo or scan of your credit card along with a documentation from the bank or a credit card statement.
- Bank transfer: you could be requested to provide proof of your transaction or bank statement.
- Skrill/PayPal account: we can execute any form of online confirmation immediately or in the course of a few business days.
Note: It is possible that some of the above-mentioned payment methods are not available in your country.
Do Plus500 Do Overnight Charges?
Overnight funding account is usually added to or subtracted from your account whenever a trading position is left open after the usual cut-off time or overnight funding time.
To calculate the amount of a position’ daily overnight funding, use the formula:
Trade Size * opening rate * Daily overnight funding %
The daily overnight funding percentage and overnight funding time can be accessed via the “Details” link close to the instrument’s name on the platform’s main screen.
Does Plus500 Cater For Payment Processing Fees?
Due to our efforts to provide our clients with the most convenient trading conditions, we take care of virtually all payment processing fees.
However, there are very few occasions where a Plus500 trader may be expected to cater for extra charges incurred during the transfer from or to a Plus500 account. The fees are usually decided by your issuer or bank and not Plus500.
You may incur third party charges for the following:
- International credit cards – transacting payments via non-local acquirers.
- Outgoing/incoming bank offers – the process of transferring money from and to your Plus500 account.
- Forex conversions –depositing with a currency that is not listed by a particular payment method.
Note: We are likely to demand charges when you exceed the stipulated number of withdrawal for a month. Refer to the User Agreement for more information on this.
How much does plus500 charge?
Do Plus500 Do Overnight Charges?
Plus500 normally gets rewarded for their services when a “spread” is deducted from every trade order you place. For instance; if you are trading EUR/USD and the buy rate and sell rate are 1.3128 and 1.3126 respectively, a market spread of 2 pips will have been automatically realized. In stark contrast to some other platforms that collect fees for every trade, we at Plus500 do not collect any extra charges for your trades.
Nevertheless, some additional fees may apply as stated below:
- Overnight Funding: when you hold a position overnight after a specific cut-off time, overnight funding will be deducted or added to your Plus500 trading account as the case may be. You can always access the daily overnight funding percentage and overnight funding time via the “Details link.”
- Inactivity Fee: if you do not use the trading platform for up to 3 months, you could be requested to pay $10. This is to help us pay for maintenance services although it was not used by you. However, you should be aware that we only deduct this fee when there is sufficient money in your Real account. If you log into your Plus500 account frequently, then you wouldn’t have to pay this fee anyway.
- Guaranteed Stop Order: if you select this option, be aware that your position will be closed at a specifically requested price with the cost of a widespread.
What Is A Guaranteed Stop Order?
In the course of specific market conditions such as experienced on highly volatile trades, your stop-loss order may fail to execute at the exact price. But the guaranteed stop order option will coerce the market to close at the price you have selected whether or not the market price exceeds it. Once it reaches the level you indicated, the market closes automatically. You are entitled to a wider spread when you activate this feature.
Features of Guaranteed Stop Orders:
- It is only effective in a new position.
- You can only edit or activate it during trading hours.
- The moment you activate a guaranteed stop order, you cannot cancel it, you can only change it.
- The wider spread charge which is due to the use of a guaranteed stop order is non-refundable after it has been activated.
- There are regulations regarding how you can set a guaranteed stop order.
To successfully understand how guaranteed stop order functions critically understudy the example below:
- Alphabet’s exclusive Buy/Sell rates are $500/$498.
- You secure 10 of Alphabet’s CFDs shares; assuming that the guarantee wider spread is $10
- You put a guaranteed stop order at the $450 sell rate
- Alphabets sell rate slumps to $400 – your position will close at $450 and not $400.
- P&L and Guaranteed Stop: ($450 - $500)*10 - $10 = a loss of $510.
- P&L minus Guaranteed stop: ($400 - $500)*10 = a loss of $1000.