Plus500 WebTrader – The Advantages of This Intuitive Platform

Plus500 WebTrader is a trading platform of Plus500 Ltd, which has its headquarters in Israel. Plus500 was founded in 2008 and is one of the leading online trading platforms. It has gained a reputation for its innovative trading technology. The platform offers SSL security against hacker attacks.

It began as a desktop application, but in 2009, it evolved to include a web-based platform. More recently, it has launched as an app. To help you get the most out of Plus500 WebTrader, here we will cover:

• An initial overview of Plus500 WebTrader Platform
• Does Plus500 Offer MT4
• Where to find vital information
• The costs of the account

Info: A trader with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Cryptocurrencies (*availability subject to regulation), Commodities, Options and Indices.

A Look At The Plus500 WebTrader Platform

One of the unusual features of Plus500 WebTrader is that it is one of the few online-only front ends. This means there is nothing to download or install on your device. This is a key advantage for those without a secure proxy server.

Additionally, the intuitive nature of the platform makes it userfriendly, for all trader. It offers exchange abilities on more markets than many other platforms and has a low minimum deposit.

While it is tempting to think that a web-based trading platform is available only for forex exchange, this is not the case. Certainly, it is how most traders start with the platform, but it can also be used to trade with other CFD sources, including the S&P, the Nikkei and the FTSE, stocks, commodities exchange and EFTs.

This has the advantage of allowing the trader to maintain a broad portfolio. Because it is web-based, it is possible to access the platform from any computer, and the more recent app development has increased these options. The Plus500 mobile platform can be accessed from an iPad or iPhone, an Android device or a Windows device, meaning that trades are not limited to the office but can be carried out during a commute, in a café, or anywhere else your mobile device can connect.

Does Plus500 Offer MT4

You may be wondering does Plus500 support MT4?

The short answer is no.

Using MT4 with Plus500 is not possible, which proves that they have the highest confidence in their own system.

Tools To Manage The Risk

One of the advantageous features of Plus500 WebTrader is a range of tools to help with risk management. One of these is the option of ‘Close at Profit’ or ‘Close at Loss’ rates. These can be applied when opening a new position or pending order, or they can be added when editing an existing position. These allow you to set a rate when your position will close, preserving the profit or minimising a loss.

Although this is a useful tool, it does not protect against slippage, so there are circumstances when the loss may be greater than you anticipate. The platform does offer another tool to get around this, called ‘Guaranteed Stop’, though it is not always available.

This can only be applied to a new position or pending order, not edited to an existing one. If it is applied, even if slippage does occur, your position will be closed automatically at the specified price. Another useful tool is a ‘Trailing Stop’. This allows your position to remain open as long as the price moves in your favour.

However, if it changes direction by a specified number of pips, it will automatically close, locking in the profits. However, due to slippage, the price cannot be guaranteed. The ‘Close at Profit or Loss’ rate and the ‘Trailing Stop’ are offered free of charge, while the ‘Guaranteed Stop’ has a non-refundable additional spread charge.

Keeping Up To Date

In the fast-paced world of trading, events can change quickly, and keeping up to date with what is happening is crucial for success. When considering whether Plus500 is the best CFD broker, a point to consider is the tools they offer to keep you informed of all the fluctuations of the market. These include:

• An economic calendar. This keeps you abreast of the known or expected events, with useful information such as where they take place and an userfriendly key of the impact that it has or is likely to have. You can select which day you want to check with useful options, including ‘today’, ‘yesterday’, ‘tomorrow’ or ‘this week’.
• Price alerts. Set an alert to notify you of when an instrument reaches a specified buy or sell price. This reacts to the price movement and will send you a notification by email, text or push.
• Change %. This alert notifies you when an instrument’s absolute price change reaches a certain level. This alert can be set to notify you on a daily or hourly basis.
• Traders’ Sentiments. With this, you can find out when a percentage of buyers and sellers among Plus500 customers reaches a specific level.

All this information is intuitive to access, giving you an advantage as you react to events in the market.

Customer Service

If you need any help, customer services at Plus500 is available 24/7, allowing any questions or problems to be addressed immediately. However, it is only available via email or live chat. There is no phone number listed for customer services on the website. While there are plenty of FAQs listed on the website, Plus500 does not offer any ongoing training or educational webinars or videos to assist you in honing your skills. If you are tempted by Plus500 WebTrader but are not certain that it is the right platform for you, a good option is to set up a Plus500 demo account.

Using The Demo Account

Plus500’s demo account is a key advantageous feature and aims to come as close as possible to the real experience. There are no risks involved with the Plus500 WebTrader demo. When you set up an account, you are given virtual money to trade with, so any profits or losses are virtual ones. The demo platform offers real market conditions, allowing you access to the same tools as in the real account.

This allows you to get to know the platform and test strategies without worrying about loss of capital. While some brokers only offer a demo account for a fixed term, Plus500 allows unlimited access to the demo account. Even experienced traders will make use of the demo account on occasion to test new strategies. Customer support is available to those on the Plus500 WebTrader demo, just as on the real platform. However, while it is a useful tool, success in the demo may not lead to real success. There is a lack of slippage in the demo account; there is a different emotional response to losses and fluctuations when no real money is involved; and the amount of money given to trade is likely to be more than the new trader will have.

How Much Does The Real Account Cost?

If the demo account has convinced you to start trading for real, you will need to set up an account, and you will likely be keen to know what costs are involved.  The minimum deposit amount varies depending on what method you use to make the deposit. However, it ranges from $100 using BPAY to $500 using bank transfer. Most services are offered to Plus500 WebTrader account holders for free, with the company making money through the buy/sell spread. Other fees that may be added to your account include:

• Overnight funding, which may be applied if holding a position after a certain time
• Currency conversion fee – up to 0.7% of the realised net profit and loss of a trade
• A guaranteed stop order
• An Inactivity fee of $10 if the account is inactive for more than three months. This fee can be avoided by logging into your account.
• Plus500 does not charge for making deposits or withdrawals. However, the broker may charge fees after the 5th withdrawal of the month. Some banks and cards may charge their own fees.

Unless the monthly limit for withdrawals is breached, Plus500 does not charge for making deposits or withdrawals. However, some banks and cards may charge their own fees.

The Key Advantages And Disadvantages Of Plus500 WebTrader

In our Plus500 review, we listed many advantages in trading with this company. The main draws are:

• The userfriendly, intuitive trading platform, which all traders can access.
• The mobile platform is also impressive, providing access to the platform at any time.
• Unlike some brokers, Plus500 WebTrader also offers a mobile platform on a Windows device.
• The spreads are competitive, making this an attractive option to investors.
• It is possible to open an account with a wide range of base currencies, and the website and trading platform offer support in multiple languages, beyond those that are usually offered.
• Advanced risk management tools.

However, the Plus500 WebTrader does also throw up some downsides:

• It trades only in CFDs, which are leveraged products with a high risk to capital.
• With the fee structure built into spreads, it is not always easy to calculate what this will be. Details of the overnight funding rate can be found on the broker’s site.
• There are also some major omissions from the platform at the time of writing, such as a relevant news feed, fundamental data and analyst recommendations.
• Other than the economic calendar and alerts that you set, research is lacking.

Plus500 WebTrader: The Bottom Line

CFDs are a high-risk product and there are lots of scams available, so for those wishing to trade in CFDs, it makes sense to select a reputable broker, and Plus500 WebTrader certainly fits that description. For the experienced trader, Plus500 WebTrader has plenty to offer. The intuitive, web-based platform with its impressive mobile offering makes trading userfriendly from anywhere, while the innovative tools can help reduce the risks.

Newer traders will also enjoy the intuitive platform, but the lack of ongoing training may be off-putting, as the only way to develop your skills is through experience. Customer service is available 24/7, but with no option of phone contact, gaining advice through direct conversation is not an option. However, by making use of the demo platform, those wanting to trade in CFDs would certainly benefit from taking a closer look at Plus500 WebTrader.

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