Plus500 is still considered the best broker even though it has several shortcomings. What are the reasons?
Plus500 proved that a not-so-high score can still allow it to maintain its ranking as the 58th Best Forex Broker in 2023, according to Traders Union. While the overall score is 6.3 out of 10, the multinational brokerage can still achieve a notable position, as it managed to distinguish itself through its adherence to stringent regulatory standards, user-friendly WebTrader platform, and strong emphasis on account security.
There are positive points of Plus500 that deserve attention. The first thing is about the license. Established in 2008, the platform is widely recognized for its strong regulatory framework within the Forex industry. It has been regulated by respected authorities such as the UK Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investment Commission.
Secondly, security features. Financial experts have praised this platform for its secure and user-friendly environment. One notable aspect of Plus500 WebTrader is its two-step login security, which protects trader accounts and personal information.
Thirdly, the broker is user-friendly for CFD traders. The platform provides detailed reports on fees, transaction history, current positions, and essential activity information. It also allows users to search for specific assets and receive notifications via email, SMS, and push notifications when significant price changes occur.
Plus500's Limitations
Plus500 has some limitations, particularly in terms of built-in tools for comprehensive trading analysis, automated trading functions, back-testing capabilities, trading algorithms, and options for third-party fund management. More experienced traders may find it necessary to supplement their strategies with external tools not provided by this broker.
Additionally, the broker does not provide trust management features or offer any accrual percentage based on an account's balance. It is also disappointing for many traders that there is no deposit bonus and no cent account option.