Updates

Our Alternative Trading Platform

So as many of you know, I have been checking for supplementary platforms to complement our social trading. I tried many platforms over the last month, as many of you who followed my experiment on the forum will know. It took a long time because I wanted a platform that would offer features that would be good for this group. In order to meet these requirements a platform had to:

1.) Be regulated and trustworthy.
2.) Not have massive deposit conditions.
3.) Have multiple platforms and instruments.
4.) Be simply to deposit, confirm id and withdraw.
5.) Be reliable and not have down time.
6.) Have negative balance protection.
7.) Have competitive spreads.
8.) Have a responsive support team.
If any of these conditions were not satisfied, I failed it from the list and moved on to the next one.

I am happy to say that after lots of trial and error, I found the perfect platform for us and it meet all the above conditions:

1.) Be regulated and trustworthy:

Plus500 Ltd is listed on the AIM, section of the London Stock Exchange as you can see here: (http://www.plus500.com/Investors/Investors.aspx)’. It is also regulated by the Financial Conduct Authority. This is very reassuring.

2.) Not have massive deposit conditions.

You can deposit varying amounts from $100 to several thousands. This makes it suitable for all of us, as I know that our budgets vary greatly in the group.

3.) Have multiple platforms and instruments.

There are excellent feature rich products for PC, tables and phones. These platforms are also more reliable than the ones we are used to. They do not lag and do not give login errors. They have charts that stream along side your trades in real time that can even have technical indicators added to them. All of this on your mobile. Brilliant!

There are multiple CFDs available encompassing emerging currencies, global equities from most stock markets(e.g. Individual polish companies). There is also every type of commodity you can imagine, from both types of oil, gas (which we are going to have a special section of the forum dedicated to), cotton, iron etc. You name it, chances are they have it. This is very important as it means we can capitalize on every opportunity and we are not limited to just a few choices.

4.) It is simple to deposit, confirm id and withdraw.

Deposit is simple, from Credit Card, Paypal or Skrill and is instant (I did not try the Wire Transer option, so I do not know how fast it is.)

To confirm your ID is very easy and took only two days to get it all approved.

Withdrawal had no fees and took 4 days (actually took less than 3, but had 4 written in the draft). One day to be approved and 3 days to arrive. Of note, they refund your money to the source of deposit. They say they do this to comply with Anti-Money Laundering, which is required of them since they are regulated. This is a bonus in my book as it protects your account from theft at the same time.

5.) Be reliable and not have down time.

The systems have never lagged on me. I see prices (tick) in real time and they are accurate.

6.) Have negative balance protection.

You can not lose more than your deposit. This means that you know fully the extent of the financial commitment that you are getting yourself into, should it all go wrong.

7.) Have competitive spreads.

3 for oil, 2 for EURUSD etc. Its not the greatest, but its better than what we use socially. I do not think I need to say more on this.

8.) Have a responsive support team.

Whenever I have a query, the support team has gotten back the same day and with an answer and a solution. It was a personal response, not a generic email. This makes me feel valued as a customer but also means I know that if something goes wrong, I can get in touch with a human being (not an autoresponder) who actually solves the problem.

In addition to all of this, there were two features that I thought were absolutely excellent:

A.) Guaranteed Order and Stop:

The orders have guaranteed entry and exit points. This is amazing. Imagine no longer losing more than you wanted because the market blazes past your SL, or orders not being opened as a result of this. This is amazing control and is something long overdue. I wish Etoro had this.

B.) Trailing Profit:

Automatically moving SL’s to lock in profit so you are protected from spikes.

Conclusion:

Therefore I have no hesitation in announcing to you that the platform I pick for us to complement our Etoro adventure is Plus500. The time spent finding this platform was totally worth it, and I am glad to be able to recommend this to the community. Of course remember, as you trade on your own or with advice of the group, your capital is at risk and this platform is more suitable for those who have experience of trading alone. You can create an account at Plus500 today by signing up below.

 

Plus500 Trading Platform

 

Unlike Etoro, there is no social aspect to this platform. Its just reliable, available to all and covers A LOT of markets and that is the point. Eventually in a year or two, everyone here is going to be vastly more experienced. Each one of us can cover a pair or niche and support each other, discuss etc. I do not think that given enough motivation and effort from everyone and patience and willingness to learn this an impossible task. We can do THIS! Then everyone can decide what they want to invest in, how much. The point is that we will be organised, effective and very broad in our expertise and we should not be limited by having only a few trade choices or having unreliable programs. Ideally, the end game plan here is to use both Etoro and Plus500.

1.) We have a social account all together on Etoro where we compound for 2 years and leave to grow.
2.) We have individual accounts with Plus500 where we trade many more CFDs. This can be each persons individual “pocket money”.

Either way, I am happy with this and think that we have the ideal solution.

Regulatory bodies (So you know we can trust them):

Plus500UK LTD is authorised and regulated by the Financial Conduct Authority.
Plus500 CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission.
Plus500 AU LTD is regulated by Australian Securities and investments Commission – Australia only

Honesty Disclaimer:

As many of you know, I am not after this for personal gain. I declined multiple invitations from Etoro to join their popular investor program and multiple commission deals from other brokers who wanted me to refer people to them. Quite frankly, I do not believe in misleading those who trust me for personal gain.

I wish to make two things clear. I am referring this platform after trying it and many others because I believe it to be the most suitable for our purposes based on the criteria above. However, it does have a referral program where I get a small bonus added to my balance if people sign up using my link and I figured since people are going to sign up anyway, why not claim the bonus. Better than letting it go to a billion dollar stock trading company right? I hope none of you will blame me for this, I am being fully honest and transparent about it in public here.

16 Comments

  1. Hi Mohamed,

    I would love to trade on this new platform and as you said, I will need improve my skillset before to be able to trade alone especially when it comes to commodities like Cotton which the season will start in December..
    Looking forward if you can still guide us until we mature up also on this platform.
    Thanks
    Bassam

    1. There is no copy option but there will be trade plans and details posted on them forum. This platform is going to help everyone trade by themselves and become alot more confident in placing trades.

  2. My referral link isnt working, I really don’t want to sign up without giving you your much deserved referral bonus 🙁

  3. Awesome, many thanks Mo for putting in the hours to research this. I wouldn’t have known where to start. Etoro was really just an expirement for me so I put just 2k in to get a feel for trading as I was a total novice to this. As I find my feet I wanted to put in more money and I am slowly getting more confident in trading as well as my own judgments so I will put some more money in this new platform rather than etoro and slowly spread my wings! And it’s all thanks to you!

    There’s one market I may have an edge over your average trader and thats palm oil and rubber (having worked for a big agro industrial company in Africa for the past few years – now i’m with an NGO to clear my karma 😉 ) so I pretty much know those markets inside out. Does Plus500 offer instruments that allow me to trade on that? I couldnt really find it on the site. As you mention,this community could be one with people specializing in different aread, complementing each other, this could be the first step towards that. Anyway, I plan to be there every step of the way!

  4. Thanks Mo for testing all the different trading platforms.
    I already have another account with Alpari.
    Out of curiosity, are you able to tell me which of your testing criteria Alpari did not fulfill?
    I will definitely check out Plus500.

    Thanks again

  5. Thanks Mo! thanks for the days of research you put in for our community’s benefit! As I UK citizen I would prefer SPREAD BETTING over CFD as its tax free, so would you know if Plus500 offers SPB as well or only CFD?

  6. Sounds great, I wish I can signup using your referral link to give you your deserved referral bonus, but unfortunately no trading available for Algerians in plus500, I will check if I can trade using my Egyptian nationality from Algeria.

    As a total novice to trading, I will investigate more to understand the difference among the other platforms you recommended here like; anyoptions.com ; iqoption.com ; and of course PAAM account on Hotforex.com

    I also should go live and make my first deposit to etoro soon which is my first time to make a deposit as an investment =) make my virtual copy to you official 😉 and let’s see what the next 2 years is hiding for us, maybe we all hit the target 7949%.

    By the way Mo, any thoughts about Dukascopy?

    Thanks Mo for such high standards.

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