Welcome to the thrilling world of CFD trading, where the stakes are high, the market never sleeps, and choosing the best trading app UK platform can dramatically influence your trading success. Enter Plus500, not just any platform, but a beacon for those who dare to engage in serious trading. It’s not designed for the faint hearted or for those who think CFD is merely an abbreviation for “Considerable Financial Dilemma”.
Here at Nexus Investor, we will conduct a comprehensive Plus500 review, to show how this CFD trading platform has emerged as a towering presence in the financial world, anchored firmly in the heart of London and regulated by the Financial Conduct Authority (FCA). This platform is more than just a trading platform; it’s a portal to a world of over 2800 CFD instruments.
Whether your a beginner looking to speculate on the price of gold or a seasoned trader diving into tech stocks, Plus500 offers something for everyone, reinforcing its reputation as one of the best trading app UK platforms. In all instances, beginners must use the demo account and the Trading academy to gain experience before trading with real capital due to the risks involved.
Founded under the umbrella of Plus500 Ltd, which proudly lists itself on the London Stock Exchange on the FTSE250, this platform is anything but a backyard operation. It stands on a foundation of stringent regulatory standards, providing traders with a robust, secure, and efficient trading environment. With Plus500, the thrill of trading is perfectly matched by a commitment to professionalism and transparency.
As we delve deeper into the capabilities that make Plus500 stand out as possibly one of the best trading apps in the UK; from its user friendly interface to its extensive toolkit for traders, we’ll assess whether it’s the ally you’ve been looking for or just another contender in the crowded market of online trading platforms. So, strap in and let’s explore the unique features of Plus500 – where every click could open the door to your next big financial adventure.
Overview of Plus500
Company Background
Plus500 is distinguished not only by its comprehensive array of financial instruments but also by its reputable foundation. Established as a subsidiary of Plus500 Ltd, the platform benefits significantly from the backing of its parent company, which is a noted entity on the London Stock Exchange. Located in London’s vibrant financial hub, Plus500UK Ltd mirrors the city’s dynamic and robust financial culture. This lineage is a testament to a strong heritage and reassures traders of the platform’s unwavering commitment to maintaining the highest industry standards, making it a strong contender for the best trading app UK.
Regulatory and Safety Information
The importance of regulatory oversight in the world of online trading cannot be overstated. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909), one of the most respected regulatory bodies globally. This ensures all trading practices on the platform are transparent, fair, and designed to protect investor interests. For traders, this translates to peace of mind, knowing they are engaging with a platform that not only meets but exceeds stringent financial and ethical standards, reaffirming its position as potentially the best trading app in the UK.
Platform Offerings: A contender for the Best Trading App UK Platform
Plus500 in the UK, boasts a diverse portfolio of over 2800 instruments, including CFDs on Forex, stocks, commodities, ETFs, and options. This breadth ensures that traders of all styles and investment strategies can find markets that align with their goals. Plus500’s commitment to providing access to a broad range of markets makes it a versatile choice for global traders and underscores its role as a leader in the industry, continuously striving towards being the best trading app UK.
Key Features of the Plus500 Platform
User Interface: One of the standout features of Plus500, who is regarded as having one of the best trading app UK offerings, is its user friendly interface, designed to cater to both novice and experienced traders. Although, as previously mentioned, we must emphasise that beginners must use the demo account and the Trading academy to gain experience before trading with real capital due to the risks involved.
The platform boasts a clean, intuitive design that simplifies navigation and enhances user experience. With clear and concise layout choices, traders can quickly access different markets, view their portfolios, and execute trades without unnecessary complications. This simplicity does not come at the expense of functionality, as all the necessary tools and information are readily available at a click, ensuring that users can make informed decisions efficiently.
Trading Tools and Resources: Plus500 equips its users with a robust array of trading tools that are essential for sophisticated market analysis and decision-making. These include advanced charting tools that offer a variety of technical indicators and graphical objects to aid in analysing market trends and price movements. The platform also includes risk management features such as stop-loss, take profit, and trailing stops, allowing traders to better manage and mitigate potential losses. Additionally, Plus500 provides real-time alerts and financial news updates directly on the platform, keeping traders informed of the latest market events and price fluctuations, which is a key feature in helping build its reputation as one of the best trading app UK platforms.
Account Types: Plus500 offers a streamlined account setup that can be adapted to different levels of trading experience and investment. While primarily providing a single trading account, the platform also offers a demo account. The demo, ideal for beginners, provides a risk free environment to practice trading strategies and get acquainted with the platform’s features without any financial commitment. For seasoned traders, the platform offers leverage options and a professional account, subject to eligibility, which provides higher leverage and a different fee structure, strengthening its reputation as a strong contender for the best trading app UK.
Mobile Trading: Recognising the needs of modern traders, Plus500 also offers a comprehensive mobile trading app available for both Android and iOS devices. This app allows users to manage their trading accounts on the go, providing full functionality that mirrors the desktop version. Traders can execute trades, monitor markets, and see their positions all from their mobile device, ensuring they never miss a market opportunity. The app is designed with the same attention to user experience, maintaining the platform’s standard for simplicity and efficiency, further solidifying Plus500’s status as one of the best trading app UK.
Fees and Charges
Fee Structure
Trading costs are an essential consideration for any trader, and Plus500 ensures transparency in its fee structure. Operating primarily on a spread based model, means traders pay through the market spread, which is the difference between the buy and sell prices of an instrument. Plus500 prides itself on offering competitive spreads that often compare favourably within the industry, allowing traders to maximise their potential returns.
Commission Fees
One of the most attractive aspects of trading with Plus500, a contender for the best trading app UK, is that it does not charge commission fees on trades. This policy can significantly reduce the cost of trading, particularly for frequent traders who might otherwise accumulate substantial fees. Eliminating commission fees simplifies the cost structure, making it easier for traders to calculate potential profits and losses without worrying about additional charges on each transaction.
Overnight Fees
Traders holding positions overnight should be aware of the ‘overnight funding’ fee, also known as the rollover rate. This fee is applied to positions that remain open after a certain cut off time and is based on the leverage provided, not the full value of the position. The specific rates vary depending on the market and the type of instrument being traded but are clearly listed on the Plus500 platform to ensure traders can consider these costs when planning their trading strategies.
Currency Conversion Fees
For trades involving currency pairs, Plus500 applies a currency conversion fee if the account’s currency differs from the quoted currency in a trading pair. This fee is typically a small percentage of the trade’s value and is incorporated into the real-time exchange rate shown on the platform. It’s crucial for traders to be aware of these fees, especially those trading on international markets frequently, as they can impact overall profitability.
Guaranteed Stop Loss
In order to minimise losses on a deteriorating trade, especially during high market volatility, a guaranteed stop order can be used, which will guarantee a close out of the trade, however, this is subject to a wider spread, hence will cost a little more than normal.
Inactivity Fee
Plus500 encourages active trading with an inactivity fee of $10 applied to accounts that have not engaged in trading activity for a set period. This fee is only charged if there are still funds in the inactive account, and traders can reactivate their account at any time to avoid this fee by making a trade.
Pros and Cons
Pros:
No Commission Fees: One of the standout benefits of using Plus500, which has by some, been cited as the best trading app UK, is the absence of commission fees on trades. This feature is particularly appealing as it allows traders to retain a larger portion of their earnings, especially beneficial for those who execute multiple transactions.
Tight Spreads: Plus500 offers competitive spreads on a wide range of instruments, which helps to lower trading costs. Tight spreads are particularly beneficial for day traders and those who trade frequently, as they reduce the cost of entry and exit in the markets. This is just one of the features that bolster Plus500’s reputation in the industry.
Robust Regulatory Environment: Being regulated by the Financial Conduct Authority (FCA), one of the most respected financial regulatory bodies, provides a level of security and peace of mind. Traders can feel assured that they are dealing with a reputable provider that adheres to strict regulatory standards, further affirming Plus500’s status as one of the best trading app UK platforms.
Comprehensive Range of Trading Instruments: With over 2800 instruments available, including CFDs on Forex, stocks, commodities, and more, Plus500 caters to a diverse audience. This extensive range allows traders to diversify their portfolios and explore various markets from a single platform.
User-Friendly Platform: Plus500’s trading platform is designed for ease of use, making it accessible even to those new to trading. The interface is straightforward, and navigating through trading options and managing accounts is intuitive.
Trading Academy Education Resources: Plus 500 has an extensive array of educational resources to help you in your journey to becoming a more informed and competent trader, including a Trader’s Guide, Trading Guide for beginner’s, Webinar’s, and a free Ebook. These resources are highly informative and new traders may otherwise have found it challenging to learn the ropes without these materials.
Cons:
CFD Trading Risks: The primary focus on CFDs might not suit every trader, especially given the risks associated with leveraged products. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
No Cryptocurrency offerings in the UK: Unfortunately within the UK, Plus500 no longer offers CFD trading on Cryptocurrencies. It could be related to the strict Cryptocurrency stance from the UK government, however, there are other platforms such as Trading 212 and eToro who do offer trading in these markets.
Inactivity Fee: The platform charges an inactivity fee to accounts that remain dormant for certain periods. This could be a downside for casual traders who do not trade frequently or those who take a break from trading.
Customer Support: While customer support is available, it’s primarily through email and live chat, with no direct phone support. Some users may find this less personal or slower compared to direct voice communication.
Customer Support and Services
Plus500 understands the importance of reliable customer support in the fast-paced world of online trading, which is crucial for maintaining its status as the best trading app UK. Here’s how they ensure that their users can get assistance whenever they need it:
Availability: Customer support at Plus500 is available 24/7, aligning with the non-stop nature of global financial markets. This around the clock support ensures that traders using the best trading app UK can resolve issues and receive answers to their queries at any time, whether it’s during the trading week or over the weekend.
Communication Channels: The primary methods to contact customer service at Plus500 are via live chat and email. Plus500 has optimised these channels to handle inquiries efficiently, aiming to provide quick and effective responses. The absence of phone support might be a drawback for some users who prefer speaking directly to a support agent. However, the robust functionality of their live chat often compensates for this, offering real-time assistance that’s just a few clicks away.
Support Quality: Feedback from users generally highlights the professionalism and responsiveness of the Plus500 customer support team. Support representatives are knowledgeable about the platform and trading issues, enabling them to provide competent assistance for a wide range of problems. While most users report positive experiences, there are occasional mentions of delays during peak times, which is not uncommon in the industry.
Languages: Reflecting its global user base, Plus500 provides support in multiple languages, making it accessible to traders from different regions. This multilingual support is crucial for non-English speaking traders and enhances the overall user experience by making help available in users’ native languages, contributing to its reputation as one of the best trading app UK.
Additional Services: Apart from handling inquiries and issues, Plus500’s support team also assists with account management tasks, such as account verification, deposit and withdrawal help, and guidance on using the platform’s features. This comprehensive support approach helps traders manage their accounts more effectively and encourages smoother trading operations.
How to Get Started with Plus500
Step 1: Account Registration: The first step to trading with Plus500 is creating an account. Prospective traders can start the registration process by visiting the Plus500 website or downloading the mobile app. The process is straightforward: you will need to provide your email address and create a password, or you can sign up using an existing Google or Facebook account for even quicker access.
Step 2: Verification: Once your account is created, Plus500 requires you to complete a verification process to comply with financial service regulations. This step is crucial for ensuring the security of your transactions and adhering to anti-money laundering laws. Verification involves submitting documents that prove your identity and residency, such as a passport, driver’s license, or a recent utility bill. The platform’s support team is available to assist should you encounter any issues during this process.
Step 3: Making a Deposit: After your account is verified, you can fund it to start trading. Plus500 supports multiple deposit methods, including credit cards, bank transfers, and e-wallets like PayPal and Skrill. The platform ensures that all transactions are secure and encrypted. It’s important to note the minimum deposit amount, which varies depending on the chosen payment method but is generally accessible to a wide range of traders, underscoring its status as possibly the best trading app UK.
Step 4: Exploring the Trading Platform: With your account funded, you can explore the Plus500 trading platform. Familiarise yourself with the layout, available instruments, and various trading tools. You can also use the demo account feature to practice trading without risking real money. This is an excellent way for new traders to gain confidence and for experienced traders to test new strategies.
Step 5: Starting to Trade: Once you feel comfortable with the platform, you can start trading. Select the instrument you wish to trade, set up your trading parameters such as lot size, stop loss, and take profit orders, and then execute your trade. Plus500 provides real-time price feeds and alerts to keep you informed of market movements and opportunities.
Step 6: Monitoring and Adjusting Your Trades: As you continue trading, monitor your positions and market conditions regularly. Plus500’s tools allow you to modify your trading parameters in response to changes in the market. Effective monitoring and adjustments are key to managing risk and maximizing your trading potential.
Conclusion
Throughout this detailed review, we’ve explored various facets of the Plus500 trading platform, recognised repeatedly as one of the best trading platforms in the UK, which has received a solid 4.1 rating on Trustpilot. From its comprehensive regulatory background and extensive range of trading instruments to its sophisticated yet user friendly interface, Plus500 consistently stands out in the crowded field of online trading platforms. Offering a blend of reliability, diverse market access, and a commitment to user experience, it caters to both novice and seasoned financial traders.
Plus500 is highly diligent in ensuring that novice investors start their journey by accumulating sufficient knowledge through the Trading Academy and initially practicing with a demo account. This approach allows beginners to gain experience without risking their own capital, given the risks involved.
The platform’s strong adherence to regulatory standards, particularly its oversight by the Financial Conduct Authority (FCA), ensures a secure trading environment that values transparency and trader protection. This is a crucial consideration for anyone looking to engage seriously in the world of CFD trading with the best trading app UK. Furthermore, Plus500’s competitive spreads and no commission fees structure make it an economically attractive option, minimising trading costs and maximising potential returns. Even with this in mind, the team at Nexus Investor must stress that success in trading Contracts for Difference is not guaranteed. We strongly advise our readers to be fully aware of the risks associated with trading on the Plus500 platform.
On the down side, in terms of customer support and offerings, there are some areas where Plus500 could improve. They do not offer any Cryptocurrency CFD products in the UK, which is in contrast to some of it’s competitors. Additionally, there is no direct phone support to better serve it’s user base. And similarly with every CFD trading platform on the market, potential traders should also be mindful of the inherent risks associated with this type of trading, especially due to the leverage involved, which can amplify both gains and losses.
For some investors, leverage trading will not be a suitable option, and it may be better for them to focus on buying the underlaying assets within a standard investment account.
In conclusion, if you’re seeking a reliable CFD trading partner, Plus500 offers a solid platform that balances functional sophistication with ease of use. For those looking to start trading or switch from another platform, Plus500 provides a compelling option worth considering, solidifying its status as possibly the best trading app UK. We encourage you to explore Plus500 further and perhaps even take the first step by trying out their demo account to see if it fits your trading style and needs.
Remember, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. It’s important to understand how CFDs work and whether you can afford to take the high risk of losing your money. For those interested, follow through on our affiliate link to learn more and join the vibrant community of traders at Plus500, the best trading app UK.
Disclaimer
This review is intended for informational purposes only and does not constitute financial advice. Trading Contracts for Difference (CFDs) involves a significant risk of loss and is not suitable for all investors. The nature of CFD trading means that both profits and losses can be magnified; you should not invest money that you cannot afford to lose. Before deciding to trade, please ensure you understand the risks involved, taking into account your investment objectives and level of experience.
The views expressed in this review are based on Nexus Investor’s personal experience and analysis of Plus500. They do not necessarily reflect the official policy or position of Plus500 or any of its affiliates. The information provided here is accurate at the time of writing; however, the trading environment can change rapidly, and performance noted in past periods is not a reliable indicator of future results.
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Please visit the Plus500 website to view their terms of service and to obtain the most recent and detailed information about their offerings.
