The Plus500 WebTrader is a proprietary trading platform that requires no download or installation to operate. It is fully accessible via a web browser and is popular among novice traders for CFD trading of forex, indices, ETFs, equities and commodities. The Plus 500 WebTrader is available in two modes, demo mode and real money mode. The demo mode is free of charge and has no time limit. As for the real money mode, you will need to make a minimum deposit of $100 before you can engage in live trading.
One of the main attractions of the Plus500 WebTrader is its ability to let users trade multiple markets in the same window while at the same time receiving real time quotes. The user friendly interface is clearly labeled, allowing for easy and precise navigation. The platform also comes with its own charting capabilities and the financial indicator feature, which is located on the left side of the screen, allows traders to overlay different indicators onto their analysis and see what their impact will be like. While the more experienced traders might find the charts basic, the setup is actually ideal for beginners as they will not suffer from information overload.
Using the Plus 500 WebTrader
Below is a step by step guide to the WebTrader
Step 1: Creating A Trading Account
Before you can use the platform, you need to create a trading account. When signing up, you can choose between a Demo Mode and a Real money account. With the demo account, you will get $50,000 virtual cash to trade with. In order to trade in real money mode, you will first need to fund your account.
Step 2: Selecting your Instrument
The second step is to select the instrument that you want to trade. The available instruments are all displayed in the panel located on the left of the screen.
Step 3: Choosing the direction of the trade
After you have decided which instrument to trade with, you need to decide on the direction of your trade. You can either buy, in the expectation that the price will rise or go short (sell) in the expectation that the price will fall.
To help you make up your mind as to the direction of your trade, you can use the chart that is located at the lower section of the screen. You have the option to switch the time frame of your chart from 5 minutes to 1 week. In addition, the chart lets you choose between a line display and a candlestick chart display. Technical indicators can also be superimposed on the chart by clicking on the indicator tab located on the right of the candlestick tab.
Step 4: The Investment Amount
Once you have decided which direction your trade will take, simply click on the “Buy” or “Short” button described in step 3. A separate window will pop up on the screen letting you enter the amount that you want to trade. Then, simply click on the “Buy” or “Sell” located at the bottom of the pop up window to execute your trade.
Stop Loss and Take Profit
Before you complete the transaction you have the option to put a stop loss and Take profit limitations on it. On the same pop up window just click on the stop loss or take profit options and choose the amount for their execution.
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Please be aware that trading the financial markets is one of the riskiest investment forms possible and may result in substantial losses.