Plus500 began as an Israeli company in 2008 and has since expanded to several countries around the world including Singapore. In this Plus500 Singapore review, we’ll explore the benefits of using this platform to trade CFDs, as well as some of the drawbacks and features.
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Getting Started with Plus500 Singapore
Signing up for Plus500 Singapore is quick and easy. All you need to do is provide some basic information including your name, email address, and phone number. Once you’ve registered, you’ll need to upload a government-issued ID and a proof of address document. Depending on the document you upload, you may be able to start trading right away, or you may need to wait for the documents to be verified.
One of the advantages of Plus500 Singapore is that it offers a free demo account. The demo account is an excellent way to get started if you’re new to trading or if you want to test out a new trading strategy. The demo account provides you with virtual funds that you can use to trade on the platform without risking any real money.
Plus500 Singapore Trading Platform
The Plus500 trading platform is easy to use and has an intuitive interface. Navigation is straightforward, and you can quickly find the different instruments you want to trade. The platform provides you with several analytical tools and charts to help you make informed trading decisions. You can also use the platform’s built-in risk management tools such as stop-loss and limit orders to help you manage your positions.
Plus500 Singapore offers several order types, including market orders, limit orders, stop-loss orders, and trailing stop-loss orders. Market orders are executed at the current market price, while limit orders are executed at a specific price you set. Stop-loss orders are used to close your position once the price reaches a specified level, and trailing stop-loss orders move with the price to provide protection against unexpected market movements.
Plus500 also offers a mobile trading app for iOS and Android devices. The mobile app provides the same features as the desktop platform, allowing you to trade on the go.
Trading Instruments on Plus500
One of the significant advantages of Plus500 Singapore is the wide range of trading instruments it offers. You can trade forex, stocks, indices, commodities, ETFs, and cryptocurrencies. Plus500 has over 2,000 financial instruments available to trade.
- Forex: Plus500 Singapore offers forex pairs from major currency pairs like EUR/USD to minor and exotic pairs.
- Stocks: Plus500 provides access to the stock markets including Nasdaq and the New York Stock Exchange. You can trade popular companies such as Google, Amazon, Facebook, and Apple.
- Indices: Plus500 Singapore offers CFDs on the world’s major stock market indices such as the S&P 500, Nikkei 225 and the FTSE 100.
- Commodities: Plus500 Singapore provides access to a range of commodities including gold, silver, crude oil, and natural gas.
- ETFs: Plus500 Singapore also offers CFDs on ETFs, which are a basket of securities that track an underlying index.
- Cryptocurrencies: Plus500 offers a range of cryptocurrencies including Bitcoin, Ethereum, and Ripple.
Plus500 Singapore Fees and Charges
Plus500 Singapore does not charge any commission on trades, but it does have a spread, which is the difference between the buying and selling price of an asset. The spread is variable and depends on the underlying asset, with spreads for major assets such as EUR/USD as low as 0.6 pips.
Plus500 Singapore also charges an overnight funding fee, which is the cost of holding a position overnight. The fee varies depending on the instrument and the duration of the position.
Customer Support
Plus500 Singapore offers customer support via email and live chat 24/7. The live chat is the fastest way to get in touch with customer support, with response times usually within a few minutes. The email response times vary, but Plus500 Singapore aims to respond within 24 hours.
Plus500 Singapore provides customer support in multiple languages including English, Spanish, German, French, Italian, and Chinese.
Plus500 Regulation
Plus500 Singapore is regulated by the Monetary Authority of Singapore (MAS). The MAS is the central bank of Singapore and is responsible for regulating financial institutions in the country. Being regulated by the MAS means Plus500 Singapore is held to high standards when it comes to transparency, security, and fairness.
FAQ about Plus500
Is Plus500 Singapore a reliable platform for trading CFDs?
Yes, Plus500 Singapore is a reliable platform for trading CFDs. It is regulated by the Monetary Authority of Singapore (MAS), which means it is held to high standards when it comes to transparency, security, and fairness.
Does Plus500 Singapore offer a demo account?
Yes, Plus500 Singapore offers a free demo account. The demo account provides you with virtual funds that you can use to trade on the platform without risking any real money.
Does Plus500 Singapore charge any commission on trades?
No, Plus500 Singapore does not charge any commission on trades. However, it does have a spread, which is the difference between the buying and selling price of an asset.
What trading instruments are available on Plus500 Singapore?
Plus500 Singapore offers a wide range of trading instruments including forex, stocks, indices, commodities, ETFs, and cryptocurrencies. It has over 2,000 financial instruments available to trade.
Wrapping Up
Plus500 Singapore is a reliable and user-friendly platform for trading CFDs. Its range of trading instruments and the availability of a demo account provides traders with a great opportunity to explore different trading strategies.
Traders can easily manage their positions and use built-in risk management tools to protect themselves against unexpected market movements. Plus500 Singapore is regulated by the Monetary Authority of Singapore (MAS), which ensures that it is held to high standards when it comes to transparency, security, and fairness.
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