Plus500 Review – Learn More About Plus500.Com
Plus500 Ltd is an Israeli-based company that offers customers a range of trading products including forex, indices, shares, commodities, ETFs, and many more. It is a rapidly growing provider and currently has in its portfolio over 2800 instruments.
The company was founded in 2008 and operates via several subsidiaries throughout Europe and the Asia-Pacific region. Additionally, it is authorized and regulated by the Financial Conduct Authority (FCA) for offering CFDs. Besides this, it follows many more regulations set by ASIC, CySEC, FSCA, and more.
With all of this being said, in this Plus500 broker review, we will give you even more reasons why you can trust this broker when it comes to your money.
Plus500 Pros and Cons
The Plus500 broker has been operating for many years and it’s said to be a great place for individuals that seek access to a wide range of financial markets with low trading costs.
On the bright side, Plus500 offers over 2,800+ CFDs on its trading platform with competitive spreads and no commissions. It also has easy-to-use software that is good even for total beginners.
On the downside, this broker does not offer MT4 or MT5 platforms that are an industry standard now, and many people complain that customer service is lacking.
- Regulated by FCA in the UK.
- Listed on the London Stock Exchange.
- Offers commission-free trading on all accounts.
- Has no deposit or withdrawal fees.
- Has negative balance protection.
- Does not offer MT4 or MT5.
- The broker has no phone support.
- Slow processing of deposits and withdrawals.
|FCA, ASIC, CySEC, FSCA, MAS, FSA Seychelles
|Forex and CFD
Plus500 is a globally recognized CFD broker that has won many awards. In 2019 the broker won the award for having the best trading app.
They also won the title of being the best overall broker three years in a row (in 2019,2020 and 2021)
How Safe is Plus500? Regulation and Security
Since its creation back in 2008, Plus500 has earned a reputation among traders in the online community as being reliable and trusted. Plus500 Ltd is listed on the Main Market of the London Stock Exchange, which also helps boost the broker’s reputation as being financially stable.
As we already mentioned, the broker has many subsidiaries which are all regulated entities under the UK’s FCA, ASIC in Australia, and CySEC. This is how Plus500 is able to work with traders from Australia, Europe, and the UK. Clients can therefore take advantage of the rights and benefits of being protected under the Financial Services Compensation Scheme (FSCS) and Investors Compensation Scheme.
The company is also a licensed investment firm in Estonia under the oversight of the country’s Financial Supervision Authority (FSA).
The leverage on Plus500 is determined by the type of account you have and the asset you are trading.
The maximum leverage they offer for retail account holders is 1:30 for major currency pairs, and 1:20 for minor currency pairs, gold, and major equity indices. For other commodities is 1:10 for equity indices, 1:5 for individual equities, and 1:2 for cryptocurrencies.
As for professional accounts, the maximum leverage is 1:300 for forex and indices, 1:150 for commodities, 1:100 for ETFs, 1:20 for shares and cryptocurrencies, and 1:5 for options.
Plus500 Account Types Offered
Plus500 broker offers 4 different account types in addition to their demo account.
You can start with an unlimited demo, then deposit $100 if you want to switch to a live account. These are the accounts you can choose from:
- Retail Account
For this account, a broker does not charge any fees when you make deposits or withdrawals, but you are charged a monthly account inactivity fee of $10 if 90 days pass and you do not log into your account.
- Professional Account
This account allows for maximum leverage of 1:300, compared to the 1:30 leverage limit of the retail account. You can trade foreign exchange currency pairs and CFDs on indices, shares, commodities, ETFs, and options using this account.
- Islamic Account
This is an account type designed for Muslim traders in certain regions. The leverage here is the same as using any of the previous two accounts.
- Premium Account
This is an opportunity for active traders to upgrade their accounts. As a premium account owner, you will have a personal account manager and priority support.
Trading Instruments Offered by Plus500
While conducting this Plus500 review we checked the broker’s website and took a look at the trading instruments section. We found that they offer access to 2800+ CFDs across a wide range of different asset classes, including:
- Individual shares
- Cryptocurrencies (availability subject to regulation)
Funding Methods at Plus500
This broker charges no deposit fees and there are a lot of depositing options including:
- Bank transfer
- Credit/debit card
It is important to note that not all options are available in every country and which e-wallet options are available depends on your region. A bank transfer can take several business days, while payment with a credit/debit card and e-wallets are instant.
The minimum deposit at Plus500 is $100 or equivalent to this in the currency you use.
As for withdrawals, they are also free of charge, but you can make only 5 withdrawals per month. If you exceed this number, Plus500 may charge you $10 for each additional withdrawal. There is also a minimum withdrawal amount, which is $50 for PayPal/Skrill and $100 for bank transfers and credit/debit cards. The same methods are available as for deposits.
Plus500 Trading Platforms Overview
Plus500 offers a web trading platform, WebTrader, which is an excellent choice for both experienced traders and beginners.
The platform is easy to use and focuses on providing just the essentials. The web platform features 110 indicators, over 20 drawing tools, and 13 different chart types. The few advanced features available within this platform include trailing stops and guaranteed stop-loss orders (GSLO), which can be helpful risk management tools for casual traders.
Plus500 does not support algorithmic trading, social copy trading, or the MetaTrader platforms.
This broker offers some resources to help you get started with trading on their platform. They have Trading Academy which has:
- video traders guide.
And it is all in order to ease trading for both beginner and experienced traders. Additionally, they have risk management resources and market news.
The broker does provide one legally-required “Key Information Document” (KID) that outlines the basics of what each available instrument is and the risks associated with trading it. The KID has summary information on commodities, cryptocurrencies, ETFs, forex, indexes, options, and equities.
The Plus500 offers a Live Chat function along with existing 24/7 WhatsApp chat and email support. One complaint many people had, and we already mentioned, is the lack of a phone number for any inquiries.
In order to contact the support, you must first submit an inquiry through chat messages or an email ticketing system that is available 24/7. On the bright side, all those who submit any questions will likely receive the response in just a few minutes. So, despite some flaws, the broker isn’t hard to reach.
Plus500 Overall Summary
Plus500 is a highly trusted award-winning broker that is widely considered safe for traders. This is largely due to the fact that they are regulated in multiple jurisdictions by Top-tier regulators including the FCA in the UK and the CySEC of Cyprus. They are also listed on the London Stock Exchange’s Main Market.
Even though the broker does not provide access to the trading platforms like MT4 or MT5, they do have an easy-to-use web trader.
On top of that, with its many international subsidiaries, Plus500 offers leverage as high as 1:300 and no fee on deposits or withdrawals. That is yet another reason to choose Plus500 as your trading partner.
The range of account types, a platform with advanced tools, and decent customer support will ensure you have an enjoyable experience and good trading conditions.
FAQs About Plus500 Broker
What Account Types are Offered at Plus500?
The broker offers 4 account types. They are- retail account, professional account, Islamic account, and premium account.
Is Plus500 Broker Good for Beginners?
Plus500 is a good broker option for beginners as it has easy-to-use software.
What Is Plus500 Minimum Deposit?
The minimum deposit in order to start trading with this broker is $100.
Does Plus500 Charge Fees?
No, Plus500 does not charge any fees on deposits, withdrawals, or opening and closing trades.
How Long Does It Take to Withdraw Money from Plus500?
All withdrawals no matter the payment method will be processed within 3 business days. But it still may take 3-7 business days for you to receive the funds depending on the payment method you are using.