Plus 500 Broker: Best for Trading CFDs on Forex

Plus500 is one of the UK’s top trading platforms, and it is the largest CFD provider across Europe, particularly in the UK, Germany, and Spain.

With Plus500, investors of all skill levels can start trading CFDs for a variety of instruments, including stocks, indices, cryptocurrencies, ETFs, options, and forex currency pairs. Though you can use Plus500 to trade the actual instruments, the focus is primarily on CFDs, so it’s best for traders who want to work in this arena.

As a reminder, with CFDs, you don’t actually own the stock, commodity, or currency. Instead, you’re betting on the direction that the price of the asset will move and collecting a profit or sustaining a loss based on the accuracy of your prediction.

Trading Platform Overview

The Plus500 interface is clean and fairly intuitive, so you may feel comfortable navigating it whether you’re a beginner or a forex pro. There is an Android app available for mobile trading, and they recently launched an app for iOS and Mac. If you’re choosing the web application, Plus500 is compatible with Chrome, Firefox, Safari, and Internet Explorer browsers. Keep in mind that the web app is not available in the United States.

To run Plus500’s Windows 10 Trader platform natively, you’ll need a device that runs Windows 10 or higher or an Xbox One.

Plus500 also offers a free demo account, so you can experiment with different trading strategies without putting any of your own money at risk or incurring any trading costs.

Key Features

Access to global markets: Plus500 currently gives traders access to over 2,000 financial instruments, and the list continues to grow.

More than 60 forex pairs: Plus500 makes our list as a best forex broker option because they offer more currency pairs than most platforms, including exotic forex pairs like EUR/TRY and GBP/ZAR. Plus, the common currency pairs like EUR/USD are also available.

Stop limits and guaranteed stop losses: Take control of your trading without having to sit at your trading terminal into the wee hours. Set automatic stop limits and losses to get peace of mind while locking in profits with this forex platform.

Trailing stop: Exercise even more control over profits or losses with a trailing stop. This feature adjusts your stop loss as the price of the asset fluctuates. As a result, you can both lock in profits and minimize losses.

Negative balance protection: If the markets make an unpredictable swing in the wrong direction, you’ll avoid incurring a negative account balance.

Alerts: Customize your alerts to be notified whenever something of interest happens. Get alerts for price movements, percent changes, and a shifting trader sentiment.

From a regulation perspective, the company is both authorized and regulated by the Financial Conduct Authority (FCA) for offering CFDs (contracts for difference).

Overall, this online trading platform is intuitive to use and well-suited for all levels of traders, including beginners. With market spreads as low as 0.6 pips, fees are very fair. There are no actual trading fees other than the spread. One thing to note, however, is that you’ll incur a monthly $10 inactivity fee if you go three months without trading.