7 Steps to Choose the Best Plus500 Account
Table of contents:
1. Introduction
2. Determine Your Investment Goals
3. Check Regulatory Compliance
4. Analyze Trading Platforms and Tools
5. Review Available Assets/Instruments
6. Evaluate Fees and Charges
7. Look for Additional Features
8. Conclusion
1. Introduction
Plus500 is a popular trading platform used by traders all around the world. One of the most important decisions while starting your journey on Plus500 is to select the best account that suits your trading style, budget, and investment goals. With multiple account options, choosing the best account could be challenging. In this article, we will guide you through the 7 steps you should follow to determine which Plus500 account is best for you.
2. Determine Your Investment Goals
Before creating an account on Plus500, it’s important to identify your investment goals first. The trading strategy, budget, and account type largely depend on what you intend to achieve with your investments. For example, if your mindset is short-term, you may want to choose a standard or professional account. If your investment vision involves a long-term approach, a premium or VIP account could be the most suitable choice.
3. Check Regulatory Compliance
Another important factor you should consider is regulatory compliance. Check if your country of origin has authorized Plus500 to provide trading services in your region. Plus500 is a renowned trading platform but it’s always beneficial to do a background check on their credibility and regulatory compliance.
4. Analyze Trading Platforms and Tools
The trading platforms and tools offered by Plus500 are crucial in determining the account you should select. Analyze each account type to know the trading platforms and tools available. A professional account, for example, offers features such as an economic calendar and trading alerts which are not accessible in a standard account. Choose the Plus500 account that provides the necessary toolset to meet your trading needs effectively.
5. Review Available Assets/Instruments
Plus500 grants traders with a variety of instruments such as shares, currencies, crypto, indices, and more. The instrument selection plays a vital role when choosing the right account type. If you want to trade equities, a professional account would be perfect. On the other hand, strategic traders who prefer short-term trading can opt for a standard account with lesser options.
6. Evaluate Fees and Charges
Plus500 offers a commission-free trading system but traders should always look out for additional fees and charges. Check for maintenance fees, withdrawal fees, and any other cost that may arise before selecting the account type. Each account type has its fee structure, and conducting market research is essential to avoid hidden charges.
7. Look for Additional Features
Aside from trading platforms, Plus500 grants its clients access to additional features such as trailing stops, negative balance protection, and more. Though these features may come with specific account types, evaluating them before opening an account is vital.
8. Conclusion
Choosing the right Plus500 account type is an essential decision. Identifying your investment goals, reviewing account types, evaluating fees and charges, and some additional features should help you make the best decision while selecting your account type. Conducting thorough research is crucial to avoid any complications during trading.