Beginners and professional investors often seek the assistance of forex brokers for a variety of reasons. Mainly it’s because online brokers provide real-time news and interactions with other forex traders, both amateurs and professionals. In forex trading, experience is necessary, so it is a valuable thing to get advice from others who have been there. Experience in trading using a demo account is also a valuable thing.
Plus500 Platform Characteristics and Features
Plus500 broker offers their clients a powerful and comprehensive trading platform and technical analysis software. The comprehensive and all-inclusive platform of the Plus500 broker allows the client to trade in multiple markets using the same screen. It offers over 2,000 instruments such as 50 forex pairs and ETFs, shares, commodities, and indices from more than 20 markets around the globe. The client is also able to see details of past trades. Charts are available for the clients, and there are technical tools to help in the trading process. Although all these information in the Plus500 broker website are present, it is clutter-free and clean looking, so it does not look crammed and daunting for the first time trader. The website also has straightforward data that makes navigation simple. The no-frills platform of Plus500 is useful for beginners and intermediate traders. However, experienced traders may find it quite restrictive.
The Plus500 broker Risk Management tools
Plus500 offers better risk management tools compared to its competitors like iforex, Xtrade, and FXCM. These risk management tools offer traders peace of mind because they are able to better control their leverage. They are also able to trade with high, low, or no leverage depending on their total position value and equity. These tools are all valuable especially for novice traders. Although iforex provides a personal training session for their new account holders, they are pretty much left to their own devices once trading in the live marketplace.
The Plus500 broker lets traders set a guaranteed Close at Profit Limit or Close at Loss price level for instruments of their choosing. This limits the trader’s risk. Traders can also set price alerts so that they can be notified when the market reaches a specific buy or sell price. Competitor FXCM does not offer alerts but has a separate news website that provides free trading news, educational videos, and market research. So again the trader is given information, but is left to his or her own devices. In Plus500, a price alert keeps the position open to give the trader a chance to decide what action to take when the market moves. There is a bell icon on the platform that will open the Price Alert screen.
Another risk management tool that is provided at Plus500 is the trailing stop, which is designed to protect profits. When a trader places a trailing stop when opening a trade, it has the ability to lock in profits by closing a position at a new level and not the level that was originally placed. A trader won’t need to manually monitor a position and adjust the stop price.