Plus500 is a relatively popular European broker. Located in London, this company provides a wide variety of brokerage services to Forex traders from Europe and Asia. Plus500 is reputed for its attractive trading conditions for currency pairs and CFDs. Many novice traders consider it one of the most interesting choices for the Forex market. In this article, we are going to make a brief overview of its main features and fee structure to find out whether it is really a suitable option for unexperienced traders.
Main features
Plus500 has been providing numerous kinds of financial services since 2008. It is well-known for a wide range of available trading assets and competitive fee system, and Plus500 uses these advantages to grow rapidly and spread its influence in Asia and America. The variety of assets is really impressive: the broker offers many currency pairs, CFDs on commodities, an assortment of stocks, options, ETFs — and a couple of major cryptocurrencies.
The minimum deposit is set at just $1, so you can test your trading skills while not risking any significant amounts of cash. The leverage for Forex operations goes all the way to 1:300, which may be dangerous for novices but pretty profitable for experienced traders. What’s especially important for newbies, Plus500 has a responsive customer support working 24/7, so you’ll be able to ask them any questions about Forex trading even at night.
Basically, the broker focuses more on manual trading. Plus500 is not that suitable for utilizing bot-based strategies, and the trading services this broker provides emphasize this focus. Maybe the most useful of these services is the economic calendar that helps traders schedule position changes and transactions based on information about current and future economic and finance event.
Fee structure
This broker is widely known for its attractive fee structure, so let’s take some time and check out the Plus500 fees. While the broker sets a variety of both trading and non-trading fees, most of them are lower than the market average. There are no withdrawal or deposit fees — but be wary of the additional payments that may be required by your payment processor. The fee for inactivity is almost non-existing: you will be charged just $10 monthly after not using Plus500 for three months in a row.
Summing up, this broker offers you all the necessary trading features and attractive fee system, but it doesn’t seem to favor scalpers.