Many CFD brokerages offer a variety of third party platforms to prospective clients, with platforms like MetaTrader and cTrader being particularly popular. Recent months have seen a number of big names add the MetaTrader platform to their offering, in order to attract customers who are keen to use the hugely popular platform. Plus500 has taken a different approach, authorised and regulated by the Financial Conduct Authority, the CFD brokerage only offers their own proprietary platform to prospective customers. Those who wish to trade with Plus500 have no other option than to use the Plus500 trader platform. Today, we are going to take a look at the Plus500 platform and see how it compares with other major trading platforms. Plus500, is a CFD Service. Contracts-For-Difference, are a financial derivative that allow individuals to speculate on financial instruments without owning the underlying asset. When depositing with Plus500, it is important to be aware that that your capital is at risk.
Design and Function
The platform has a sleek and crisp design which is easy on the eyes. While the design of the platform is hardly breathtaking, it is clean and functional which is all that is really needed. Navigating through the huge range of trading instruments isn’t particularly difficult, with a left sidebar displaying the different asset types which are further broken down into sub-sections. If you are looking for a particular asset, it is possible to use the search bar to direct yourself to the instrument in question. The search function is much improved on earlier versions, and is quicker than navigating through various sections and sub-sections to find the instrument you are looking for.
Once you have found the instrument you are looking for clicking the Details button will bring up additional details about the instrument. This screen lets you see the max leverage available, overnight premiums and other important information about the particular instrument.
It is possible to open the Buy/Sell window form either the main platform window or the details screen. It is pretty simple to Buy/Sell a particular instrument or asset, with it being possible to setup stop-losses and take profits before you open a position. In addition to Stop-losses and Take profits, traders can also set up trailing stops and pending orders. Once opened positions can be managed in the Open positions tab with it being easy to close or modify positions. Placing trades on the Plus500 platform is simple enough and traders should be able to get the hang of it, with a little practice.
Charting and Indicators
The Plus500 platform isn’t particularly impressive when it comes to charting. Charts are available for all the assets featured on the platform, with traders being able to opt for charts to be displayed in line or candlestick format. A drop down menu makes it possible to change the time frame displayed, with the platform supporting a decent range of timeframes. It is also possible to zoom in and out on the charts, using the zoom buttons. My main concern regarding charting on the platform is that the charts are rather grating on the eyes and are not particularly easy to read even when maximised. The charting area is also rather small when you compare the Plus500 platform with some of its competitors.
Adding indicators to various instruments on the platform is simple. The setup indicators tab allows users to setup a decent range of technical indicators, by simply moving the indicator they want to use over into the active indicators column. Users can adjust the calculation period and set the method of calculation when possible. Setting up indicators and removing indicators is easy and less experienced traders should have little trouble setting up technical indicators. But again the rather garish nature of the charts makes reading indicators tougher than it should be. I would definitely have to say that I prefer other platforms when it comes to charting. One solution might be to use a separate charting program and simply place trades on the Plus500 platform.
The platform is rather light when it comes to unique selling points. While it is possible to do all the standard account management stuff, there is little if anything that sets the trading platform apart from its competitors. For instance there is no support for those wanting to create or implement automatic trading strategies.
The Plus500 platform is functional and allows traders to trade a wide range of assets. The platform is lacking when it comes charting and unique features. The biggest selling point of the Plus500 brand is the ability to trade a wide range of instruments all in one place, with many traders being less concerned with the quality of the platform. Plus500 does risk being left behind with many other CFD brokerages offering MetaTrader and other popular platforms to their clients. Overall, the Plus500 platform is unremarkable but functional and will appeal to those who want to manually trade a range of different markets using a single account and platform. You can find a more thorough review of Plus500 here.