Aside from being a forex broker, Plus500 is also a platform developer and instead of relying from third party providers, they’ve taken a different approach to entice traders by creating their own proprietary platform that can be used for trading CFDs in forex, stocks, indices, commodities and ETFs.There’s an option to use the web-based application or a downloadable program which basically have the same features. Included in this package is a demo application that has no time limit.
Trade Speed and Reaction
Plus500’s platform is very quick and responsive to every command and provides real time quotes which are very important for trading especially when markets are moving very quickly. The entire platform doesn’t have too many graphics which is an advantage since it won’t use too much system resources. This allows fast execution of orders which then helps in minimizing the occurrence of slippages.
The user interface may not be rich in graphics but it is actually a great benefit for traders because it might only cause distractions and could even cause some delays to the platform. It may not be the most visually appealing platform in the market but its simplistic design makes it even more engaging. Even the choice of colors was perfect for the layout as the light blue theme has a mainstream appeal and easily catches attention.
Included with the trading platform is the charting software which is available for all the listed assets. There’s an option to display them in line or candlestick format which can be used for making technical analysis. It’s also easy to view the fine details since there are zoom in and zoom out buttons on the charts. A good range of timeframe is available and this can be viewed by clicking on the dropdown menu located on the left side on top of the graph. What’s lacking though is the ability to view multiple charts and graphs on the screen but this is just a minimal issue.
Navigating the platform is not a problem thanks to the simplified layout and structure. The 4 tabs at the top which includes the trading scripts, open positions, orders and closed positions can be easily identified and recognized. The trading scripts can be found on the left side and on the bottom of it is the summary of the account which lists the available capital, equity and profit/loss. There’s also a button for switching between real money and demo accounts in case trades need to practice. The bigger column on the right side lists the instruments that have buy and sell options while the technical charts and indicators can be seen at the bottom of it.
Plus500’s platformhas some unique features that are lacking in most forex brokers today. One of which is a demo account that doesn’t have any time restrictions. That means making practice trades is possible anytime because there is no time limit and the demo account doesn’t expire. This can be easily accessed from the lower left corner of the platform where there is a button to switch between real money and demo accounts.Tradingforex, CFDs, ETS,indices and commodities using a single account is also possible and offers the opportunity to analyze various markets.
Plus500 has a very comprehensive account tracking system that lists all the transactions that were made using the account and all the important details about these dealings. Open positions can be viewed from the second tab and closing or editing a position can be done straight from this window. The orders and closed positions on the other hand can be viewed from the third and fourth tabs respectively.
Plus500’s has fully taken the opportunity of creating their own proprietary platform by incorporating a lot of useful features that are needed for forex trading. With an intuitive and easy to useinterface, exceptional charting package, unlimited demo account and comprehensive account tracking system, I could definitely say that they were able to create a complete solution for traders who are more focused on forex. It’s a feature-rich platform that is definitely hard to beat.
Average Score: 9.43/10