Plus500 uses a proprietary platform which means that they were able to develop their own software and applications that you can install on your computer or device.
As of this writing, here are the platforms that they offer:
- Web Trader
- Android App
- Windows Phone App
- Windows 10 Trader
Look: The Web Trader platform is the best to use if you’re usually using a web browser such as Google Chrome, Mozilla Firefox, Microsoft Edge and even mobile browsers like Safari and Opera.
Using the Plus500 Web Trader platform
Login to your account and click on “Real Money”.
Find Trade on the menu on the left side. You will be shown a list of tradable instruments.
Click on the instrument you want to trade in, you will be shown information about the instrument.
For example, if you want to trade Bitcoins, go to Trade, then Crypto, search for Cryptocurrencies and find Bitcoin on the list.
Your trading options
You only have two options:
Buy and Sell
Selling (or going short) means that you predict that the stock price will go down.
Buying means that you predict the opposite which means that the price will go up.
So are there fees for trading using Plus500? The good news is that there’s none.
So how does Plus500 make money?
Unlike other brokerages, Plus500 does not charge trading fees as its income is made from the spreads.
Non-trading Fee Charges
Plus500 has three non-trading fee categories:
- Inactivity fee: US $10 quarterly fee after three months of inactivity
- Withdrawal fee:
-US $6 withdrawal fee for bank transfers
-5 free of charge withdrawals in a month for other methods (e.g. cards). In excess of 5 withdrawals, a fee of US $10 per withdrawal is charged
-US $10 withdrawal fee for withdrawing under the minimum withdrawing amount, except for credit /debit cards.
- Premium (also called overnight funding): This is applied when you hold positions for over an hour.
This covers the funding costs associated with the leverage and is three times higher if held over the weekend.
Day Trading and Long Term Investment
So is Plus500 good for day trading? Absolutely yes!
Their trading platform is able to execute trades quickly and in real time.
On the other hand, CFD’s are not suitable as long-term investments because holding CFD contracts open for a long period of time off may dramatically increase the associated costs.
Restricted Trading Methods
You can trade on the Plus500 platform but there are trading methods that are prohibited:
- Scalping – a strategy where the aim is to make quick profits by buying and selling assets instruments on very short durations.
- Automated data entry system
- Insider trading
Plus500 reserves the right to void trades and/or close your account if you are found to be using these methods.
The maintenance margin requirement depends on the specific financial instrument chosen. On the Plus500 trading platform, you can view this by selecting the financial instrument and click on Details.
Expiry Dates in the Instruments
The instruments have expiry dates. However, Plus500 has a rollover function.
Once the expiry date is reached, the contract is automatically extended to the new date and with the corresponding price.
Other information on expiry dates can be viewed by clicking on the Details link on the trading platform screen.
Plus500 Trading or Market Hours
Market Hours are the window of time in which a trading instrument is open for trading.
More information on this for each instrument can be viewed by clicking on Details on the trading platform screen.
The Plus500 Demo Account
The demo account is a feature that you can use to test the platform without the need to risk your real funds.
You can use this tool to be more familiarized with the user interface and try out different strategies since the trading environment is the same as the real or live mode.
It has no limit. You can use the practice account for as long as you like!
If you want to open a demo account, you can do so by choosing “Demo Mode” in the “Select Account Mode” window during the registration process.
You can easily go to live trading by clicking on “Switch to Real Money” on platform’s screen.