Lauded as an intuitive trading experience with the added benefit of low trading commissions and fees I decided that the best way to find out what Plus500 is really like was to try it out for myself. So I clicked on over to the website for a test run.
The first thing I noticed on reaching the website was the clear warning across the front entry page to potential users: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”
Very clear so no argument thereafter if you lose your coat!
The platform has a good clean look to it and clearly a good deal of thought and no doubt UX studies carried out prior to launch, which is what you might expect of a company that has been around in this market for just over 12 years now.
Most financial instruments are accessible to cater for the broadest spectrum of trader demands, so that’s a huge positive.
I’m not so sure that sponsoring the likes of Atlético de Madrid, Legia Warsaw, Atalanta B.C. and the Brumbies is going to add to their usage although will undoubtedly raise their profile - but is it in the right arenas? Well, only time will tell on that one.
So on with the trial of Plus500.
As mentioned already, it has a very clear interface, great user menu positioning, all very intuitive. I found it ‘fun’ to use and easy to track my investments with clear labelling, interfaces, graphs, profit and loss close limit settings, multiple chart and table views and so forth - pretty much everything you could want to make and follow your trades without having to use multiple screens. I liked it, a lot!
If I HAD to offer a criticism it would simply be that it is almost too easy to use. With such a relaxed platform there is the real possibility that many a new and inexperienced user could easily get drawn in by the very simplicity of it.
Perhaps a harsh observation but a fair one nonetheless - so I would recommend it, but underline the warning mentioned in para 2 above!