- Regulated by some of the most serious authorities.
- Highly intuitive platform.
- There are no commissions or deposit/withdrawal fees.
- Customer support through live chat, email and WhatsApp in 16 languages.
- U.S. and Canadian residents cannot open an account.
- There are inactivity fees.
- The product portfolio may be a bit limited for more advanced traders.
- There are no fixed spread accounts.
|📈 Demo Account||Yes|
|📊 Available assets||S&P 500 CFD, Europe 50 CFD, CFDs on EURUSD, Inactivity fee|
|💵 Deposit Methods||Bank Transfer, Visa, MasterCard, PayPal, Skrill|
|💰 Min Deposit||$100|
|⚖ Regulation||UK, Cyprus, Australia, New Zealand, Singapore, South Africa, Israel, Seychelles|
|🌐 Countries||50 countries|
Plus500 started in 2008 as a web-based trading platform, and it has become one of the most important brokers for many traders worldwide. Thanks to all its years of development Plus500 now has one of the most user-friendly platforms on the market, making it one of the most accessible platforms for traders too.
Many people consider Plus500 one of the most reliable brokers on the market due to its number of regulations and because it’s listed on the London Stock Exchange.
However, Plus500 may or may not be the best option for everyone. According to preliminary research, Plus500’s product portfolio may be limited in comparison to other brokers, which may be negative for traders who want to expand their portfolio.
On this page, you’re going to take a closer look at Plus500 and what makes it different from other popular brokers.
- 1 Is Plus500 Legit?
- 2 Is Plus500 Regulated?
- 3 Who Is Plus500 Recommended For?
- 4 Plus500 Trade Experience
- 5 Some popular features of Plus500 include:
- 6 Commissions and Fees
- 7 CFD Forex Fees
- 8 Non-Trading Fees
- 9 Deposits/Withdrawals:
- 10 How to Open an Account with Plus500?
- 11 Plus500 Demo Account
- 12 Plus500 Education
- 13 Plus500 Customer Service
- 14 Conclusion
Is Plus500 Legit?
Considering that Plus500 came over 10 years ago, it’s safe to say that it has earned a place among the most popular brokers in the world. However, that isn’t the only thing Plus500 has in its favor.
First, Plus500 is monitored and regulated by top financial authorities around the world, Plus500 platform is secured by SSL as a level of security. Additionally, Plus500 is a publicly-traded company since it’s listed on the LSE (LSE: PLUS) and the FTSE 250 Index.
Considering that Plus500 is listed on the London Stock Exchange, there’s a higher grade of transparency regarding operations in comparison to its competition. One of the most important factors for traders is money protection, and Plus500 does a great job at it.
Keep in mind that while Plus500 is considered legit as a trading platform, it doesn’t mean that you’re not going to experience any trading risks over your sessions. Plus500 is known for its CFD trading capabilities, and CFD trading is known for being a high-risk activity. Regardless of your goals, you must take care of your investment.
If you’re planning on trading with Plus500, you must ensure to understand CFDs. Plus500’s platform is intuitive enough for most people to understand, but if you don’t know how trading these assets work, you may have some problems in the future.
Is Plus500 Regulated?
Plus500 is regulated by several financial institutions and regulators worldwide, including the following:
- Plus500UK Ltd authorized & regulated by the FCA (#509909).
- Plus500CY Ltd authorized & regulated by CySEC (#250/14).
- Plus500SG Pte Ltd, licensed by the MAS (#CMS100648-1).
- Plus500AU Pty Ltd (ACN 153301681), licensed by: ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026;
- Authorised Financial Services Provider in South Africa, FSP #47546.
- Plus500SEY Ltd authorized & regulated by the Seychelles Financial Services Authority (#SD039).
Thanks to the considerable number of regulators Plus500 has, you can ensure a high grade of transparency and professionalism within the app. Regulated brokers must make reports on every transaction made over a particular period, meaning they cannot make any suspicious movements with your money. Additionally, regulated brokers are required to provide you with risk warnings before you create your account. There may be some people who don’t understand the dangers of trading yet, which is why this is as vital as other factors inside the website. At the time of creating your first account, you’re going to be prompted into providing proof of residence and ID for the company to verify your identity. If you can’t provide these documents to the Plus500 team, you may not be able to finish creating your account. Overall, a regulated broker must undergo several verification processes and reports to ensure that everything is going smoothly, making it a much safer place for you and other traders. Still, you must be careful with how you execute your trades so that you don’t have any problems.
Who Is Plus500 Recommended For?
According to several user reviews, Plus500 is one of the most intuitive and user-friendly platforms on the market; this means that anyone who wants to start trading may create an account on the website, however, Plus500 is suitable for experienced traders only. We do not encourage new traders to start directly trading in a real account. Beginners and inexperienced traders should start with a demo account where they could gain the necessary skills for a real account.
Plus500 is recommended for people looking for a stable, functional platform where they can access a wide range of financial markets and place their trades there. However, keep in mind that some of the tradings features Plus500 includes may be confusing for beginners, making their risks higher than the average user.
If you understand how the fundamentals of trading work, you may have an easier time figuring out how it works. In case you want to take things slowly, Plus500 offers a “Demo Account” which you can use to explore all of the software’s options and features. Keep in mind that this demo account doesn’t expire at any time, so you may use it as long as you consider it appropriate.
Plus500 Trade Experience
Thanks to Plus500’s clean and intuitive user interface, you may explore it easily and get to the settings you need to get started. In its “Trading” window, you may toggle between looking at pairs or assets; you may also establish take profit and stop loss margins in this dashboard.
To make things easier, there’s a sidebar menu with all of the necessary features to start trading, such as your account details, deposits and withdrawals, open and closed positions, charting types, and many more.
One downside to Plus500’s web trader is that you cannot customize it to your liking. Additionally, it doesn’t have any professional charting tools, so you may have to stick with the basics, which is not a positive thing for people who want to take their experience to the next level.
A great thing about Plus500’s trader interface is that it’s easy to navigate and has everything you need; however, it may be too simple for professionals to get used to.
Plus500 features a mobile trading app that has most of the tools the web version does; this means you can place your trades from any device you feel comfortable with. This mobile app is available for Windows Phone, Android, and iOS devices. If you want to take things an extra step forward, you may choose to receive push notifications directly from your phone so that you can be up to date on your trades.
Generally speaking, Plus500 is straightforward to use, and you may place trades within a couple of minutes once you get the hang of it. However, if you’re looking for something a bit more complex, Plus500 may not be it for you.
Some popular features of Plus500 include:
- Economic Calendar:
Plus500’s “Economic Calendar” uses Dow Jones data to let you know about any upcoming market events. You may also filter these market events according to your preferred countries so that you can look at relevant information for yourself only.
- Order Types:
This broker offers a wide selection of order types and risk-management features to minimize mistakes and miscalculations. However, this doesn’t ensure that you’re going to have a risk-free experience at all times. If you want to avoid as many problems as possible, make sure to do your research before making a trade. Order types include: Limit order, market order, stop order, and trailing-stop order.
- Support Team:
Since Plus500 is available in over 50 countries worldwide and 32 languages, its developers have taken the job of promoting customer support in 16 different languages. This makes Plus500 one of the most efficient brokers worldwide regarding communication with its clients. Additionally, Plus500’s customer support is available via live chat, e-mail and WhatsApp 24/7.
Plus500 is known for its accessibility to CFD trading. You may trade currencies, cryptocurrencies, commodities, ETFs, and many more under the CFD format, making it a much more comfortable option for traders. The Plus500 team also adds new assets frequently to expand its reach to other traders. Currently, Plus500 has access to over 2,200 different assets.
Whether you trade on Plus500’s web or mobile version, you’re likely to have a comfortable and secure experience at all times. However, remember that CFD trading comes with some risks that you must assess before making any investments.
Commissions and Fees
One of the most remarkable points about Plus500 is that it doesn’t feature any commissions for its users, making it a flexible platform for people who want to create an account as fast as possible. In essence, most of Plus500’s revenue doesn’t come from commissions or fees, but rather from market spreads.
While Plus500 doesn’t generally charge fees for trading or creating an account, there are some fees that you should be aware of if you don’t want any surprises. We’re going to take a closer look at these fees below:
CFD Forex Fees
As mentioned before, Plus500 doesn’t charge any commissions for CFD trades. Instead, Plus500 gains money through spreads, which is the difference between the bid and ask price. In essence, when you open a trading position, you’re going to pay for that spread with no additional fees.
Once you look to place a trade, you can click on your instrument’s “Details” section and take a look at what the spread is. Generally, the spread you must pay isn’t that high compared to the competition, making it a good option for people who don’t want to lose that much money on fees.
You don’t have to pay anything other than the spread. To verify how much you have to pay for the spread, go into your preferred currency pair and check its details to determine how much the spread is.
The spread you have to pay is average in comparison to the competition.
Most of the fees you have to pay for Plus500 go outside of the trading process itself. While it’s great news that you don’t have to pay fees for trading, you must understand how the non-trading fees work since there are many.
Plus500 only applies conversion fees if you request a withdrawal in a currency different than the account’s set currency, or if you make a trade for an asset priced in a different currency; for example, if you use Euros as your primary currency and place an order on a CFD based on CAD or USD, you may have to pay up to 0.7% in conversion fees, as well as an exchange rate.
Guaranteed Stop Order:
If you want to guarantee that your set position closes at a specific rate, you may have to pay a higher amount for the spread since these position types are subject to wider spreads.
In case you hold a position overnight, you may have to pay a small fee; this fee is either added to or subtracted from your trading account. Typically, the fee depends on the amount of leverage associated with your current position. If this happens, the fee is going to appear next to your asset’s final price. It may be worth noting that holding a position over the weekend may charge higher fees, so keep that into consideration.
If you don’t log into your account in at least three months, Plus500 is going to charge you a monthly fee of $10. According to the company, this fee is to offset the costs of making the trading service available to you, even if you didn’t use it. If you want to avoid having to pay this fee, you may simply log into your account from time to time.
As for deposits, you don’t have to pay any fees to Plus500, unless you’re making international transactions with your debit or credit card, or if you’re making a transaction with a non-supported currency.
You may make deposits through bank transfers, debit and credit cards, and electronic wallets, such as Skrill or PayPal. Keep in mind that if you use electronic wallets, you may be subject to additional fees.
The same goes for withdrawals, as long as you make transactions in your local currency or use traditional bank accounts, you’re not going to pay any fees.
How to Open an Account with Plus500?
Opening your demo account in Plus500 may be easy for most people since this broker is available in over 50 countries, however for real account clients should verify their account to trade on the real account. Unfortunately, Plus500 is not available for residents of the United States or Canada due to bans on the sale of Contracts for Difference.
If you’re currently living in one of the approved countries, the sign-up process goes as follows:
“79% of retail CFD accounts lose money.”
- Step One: Enter into Plus500’s website and fill out the online registration form.
- Step Two: Provide proof of residency and proof of identity; for the proof of residency, you may use a bank statement or utility bill, and for the ID verification, you may use your ID, passport, driving license, or other related documents.
- Step Three: Once your account gets verified and approved by Plus500, you’re free to start funding it to begin your first trading session.
“79% of retail CFD accounts lose money.”
It’s important to note that Plus500 offers three account types for users: The standard account, the professional account, and the demo account.
The standard account is the one most people use. It requires a minimum deposit of $100, and you may use all of Plus500’s features here. On the other hand, the professional account may only be opened by particular traders; for example, one of the requirements includes having trading activity over the past year and a portfolio of over half a million dollars.
Aside from all the features the standard account comes with, the professional account gives you a few more features you may find useful.
Plus500 Demo Account
As mentioned before in this Plus500 review, the company provides you with a demo account, which you can use to test all of the web trader’s features before going live trading.
Using a demo account is highly recommended for beginners since there are no risks there, meaning they can explore the platform’s features as much as they want without incurring any risks to their money. Additionally, professionals may use the demo account to determine whether the platform has everything they need or not.
One of the best things about Plus500’s demo account is that it doesn’t expire, meaning you may use it as much time as you consider appropriate.
One of the weak parts of Plus500 is its education area. There are not many education channels for traders, meaning it may be hard for a beginner to make the most out of the software. The following is a list of some available education channels you may consider:
- Trader’s Guide: This is Plus500’s primary education resource. Here, you may take a look at nine videos that cover the basics of trading. While it’s useful information, it’s limited and may not give you enough resources to make a detailed trading plan.
- Risk Management: Plus500’s risk management section isn’t necessarily an educational resource, but it explains each of the available order types and how these can help you minimize your trading risks. Still, it’s basic information.
- Frequently Asked Questions Section: If any of Plus500’s terms or features confuse you, you may look at the company’s FAQ section to clarify some of them. However, keep in mind this section isn’t meant to improve your trading skills but rather to guide you through the platform.
- YouTube Videos: Plus500 has an official YouTube channel where you can take a look at the “Trader’s Guide” videos, as well as many promotional videos for the service. Aside from that, there isn’t much to look at. You may find unofficial trading guides on the website that dwell on the service further, but these have nothing to do with the company, so there’s no way to ensure whether the methods shown are correct.
Overall, Plus500 has a poor education section. If you want to learn the most basic terms of trading, the guides promoted by the company may help you; otherwise, you may be better off looking for information elsewhere.
Plus500 Customer Service
Plus500’s customer service is among the best ones on the market, according to customer reviews. The service itself is simple to understand: You have 24/7 support via live chat, e-mail, and WhatsApp, and in most cases, the response time is faster in comparison to the competition.
However, one of the most remarkable factors of Plus500’s customer service is that it’s available in over 16 languages, which makes it highly accessible to most customers. In case you only need answers to basic questions, the company’s FAQ section covers most of the foundational terms.
It’s important to note that Plus500 doesn’t have dedicated account support, which may be a downside for professional traders. Still, the live chat and e-mail support channels are good enough for most users. Plus500 doesn’t feature phone support in any country.
Plus500 works for people who are looking for a reliable platform to trade. This company offers some of the lowest fees on the market, making it highly accessible for many users. However, it may have limited functionality for advanced traders looking for more complex trades.
Unfortunately, Plus500 fails in the educational department since there are not many resources for you to research. Beginners may have a harder time figuring out how the website works.
If you are wondering: “Is Plus500 Legit?” this software is one of the best brokers out there regarding security. The company is transparent and professional with all of its processes, so you don’t have to worry about your money getting lost.
Overall, we can conclude that Plus500 is best suited for intermediate to advanced users who already have the required knowledge to place trades.
“79% of retail CFD accounts lose money.”
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