In its ongoing mission to keep traders informed, Traders Union has unveiled its latest broker rankings, accompanied by a detailed review of the companies featured on the list.
One of its most talked about assessments, the Plus 500 reviews, provides a detailed breakdown of the London-headquartered broker’s offerings, licensing status, prerequisites, trading conditions, and genuine customer feedback.
After a meticulous evaluation of 350 companies using the TU Methodology, Traders Union traders decided that Plus500 Trading is a moderate-risk broker. The platform has achieved a TU Overall Score of 6.3 out of 10, securing the 58th position among the shortlisted 350 firms.
Notably, Plus500 excels in the realm of regulation and safety, boasting a remarkable score of 9.88 in this category. The broker is backed by a number of licensing bodies, including the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySec), and the Australian Securities and Investment Commission (ASIC).
However, it has its own share of shortcomings, as reflected in low user satisfaction ratings, a lack of educational materials, and subpar customer support.
Traders Union’s comprehensive evaluation process encompasses over 100 parameters, categorized into five core areas.
In financial and economic viability, experts have leveraged 38 criteria to gauge the financial stability of these brokers, considering factors such as solvency, trade performance trends, and the company’s current economic health.
In terms of reliability, the level of trustworthiness has been assessed through 27 comprehensive criteria, including the reputation of brokers and overall customer satisfaction.
In assessing security of funds, experts have examined 18 criteria to determine the safety of investor funds held in the broker’s accounts, considering factors such as licenses and regulatory compliance.
In looking at reading conditions, there has been an analysis of 15 criteria which evaluated how well the trading conditions align with real-world trading scenarios.
Lastly, in client service, Traders Union assessed the quality of technical and customer support using nine focus areas.
Benzinga highlights Traders Union’s use of the TU Overall Score to simplify the process of identifying reliable brokers for traders.
Brokers with scores between 8.0 and 10.0 are deemed the most dependable platforms in the Forex market, highly recommended for opening and funding accounts.
Brokers scoring between 7.0 and 7.99 are considered highly reliable and trustworthy, while those in the 5.0 to 6.99 range fall into the mid-level category, suggesting the need for thorough research before opening an account. With a score of 6.3 out of 10, Plus500 Trading falls into the moderately risky category.
Brokers with scores between 3.0 and 4.99 pose significant risk, requiring comprehensive analysis before considering an account, and those that scored 2.99 or lower are not favorable, and Traders Union strongly advises against engaging in trading activities with them.
Based on the recent assessment, traders are urged to exercise due diligence before considering opening an account with Plus500. Experts advice the use of demo accounts before going all in, especially for beginner traders.
Disclaimer: The content of this partner post is provided by Traders Union. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.