Plus 500 – CFD provider – review
72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
In September 2018 Plus500 became a component of the FTSE 250 index making it one of the most highly reputable online retail forex and CFD brokerages. Founded in 2008, and becoming publicly listed on the Main Market of the London Stock Exchange in 2018, its market capitalization has now surpassed a valuation of over $1 billion. Plus500 Ltd is headquartered in Israel and operates offices in the United Kingdom, Cyprus, Israel, Singapore, and Australia.
Plus500UK Ltd is authorized & regulated by the FCA (# 509909). Plus500CY Ltd is authorized & regulated by CySEC (# 250/14). Plus500SG Pte Ltd, licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018). 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. You do not own or have any rights to the underlying assets.
Plus500 provides its customers over 2,000 CFD products to trade. Tradable assets include CFDs on shares, CFDs on indices, CFDs on commodities, CFDs on ETFs, CFDs on options, and CFDs on digital assets. Also included are a large selection of CFDs on forex pairs, and CFDs on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and IOTA. Below is a list of instruments available for trading at Plus500.
|Number of instruments||Spreads from||Margins from||Leverage Upto|
|Cryptocurrencies||13+||1.1% mkt. price||5%||1:2|
*Disclaimer: above figures are variable values. Availability subject to regulation
Plus500 only offers a standard account to its customers. Also available is a demo account with no time limit so the customers can practice and improve their trading skills. Below is a list of details and features for the standard account.
|Zero spread account||No|
|Min deposit||200 AUD|
All client money is held in segregated client bank accounts in accordance with the Financial Conduct Authority’s client money rules. An overnight Plus500 fee (or credit) is either added to or subtracted from a trader’s account when a position remains open overnight. Plus 500 charges a $10 inactivity fee if there is no activity on the platform for a period of three months. This Plus500 fee only applies to real money accounts and only if the trader has sufficient funds in the account. Traders simply need to log in to their accounts periodically to avoid these fees. Islamic accounts are available.
Funding a Plus500 account can be accomplished via bank transfer, e-wallets, or credit card including MasterCard, Visa, PayPal, and Skrill. Bank transfer transactions may take up to 3 business days.
Opening an account with a Plus500 is usually completed within 3-business days. Documents required are a valid ID (i.e. passport, driver’s license, or national ID), and proof of address (i.e. bank statement, utility bill, or tax invoice dated within the last three months and issued to your name and address).
Does not accept clients from the following countries: USA, Canada, Belgium, China, Philippines
Web & Desktop Trading Platforms
Plus500 offers its clients a desktop, web, and mobile proprietary trading platform. The platform is very straight-forward and user-friendly.
Plus500 Trading Platform
The platform displays charts with technical analysis indicators, and the assets available for trading can be seen in the upper part of the screen. The time frame of the chart can also be adjusted from “tick” view to 1-week view. Although the platform is simple to use, it does not have the sophisticated trading tools the Meta Trader (MT4) provides. The web version of the platform combines Java and html features within a sleek user interface design, adding a more streamlined layout than the desktop version. The platform includes over 100 technical indicators available, and traders have the ability to save chart templates. A Plus500 mobile app is also available and is very similar to the web and desktop versions. Below is a table that summarizes the important trading features included in the platforms.
|Platform Feature||Plus500 platform|
|Stop loss Orders||Yes|
|Expert advisors (EAs)||No|
|Virtual private server||No|
|Direct market access||No|
Plus500’s trading academy has an ebook and Trader’s Guide videos available for beginner traders and new clients. You can find details about Plus500, platform features, key trading terminology and a step-by-step trading guide in the ebook, as well as watch a series of how-to videos to teach yourself about online trading using its platform.
There’s also the economic calendar, where you can schedule trades, manage future orders and stay informed about recent market events, such as changes in the federal funds rate, inflation rates, trade balances and monthly jobs reports.
Plus500 regularly uploads new articles on its website, keeping you up-to-date with the latest news in the marketing industry. You can also filter articles based on tags such as forex, FOMC, Bitcoin, Nvidia and more.
Unfortunately, although the broker offers a proper and adequate educational section, there’s still a lot of room to improve when compared to industry leaders such as CMC Markets, which offers well-rounded and thorough educational materials.
Plus500 doesn’t provide formal phone support. The brokerage offers a fully staffed 24/7 live chat operation as well as ticket-based email support services.
For further information on the:-
Is Plus500 safe?
Plus500 is authorized by four tier-1 regulators and four tier-2 regulators, which include the Monetary Authority of Singapore (MAS), the Australian Securities & Investment Commission (ASIC), the Financial Markets Authority (FMA) in New Zealand and the Financial Conduct Authority (FCA).
Other organizations and countries that regulate Plus500 are the Cyprus Securities and Exchange Commission, South Africa FSCA, the Seychelles Financial Services Authority and the Israeli Securities Administration.
Plus500 must ensure that client funds are not mixed with corporate funds to protect client money and assets if it were to go out of business. Additionally, the broker provides negative balance protection to ensure that customers cannot lose more money than they have deposited into their accounts. It also publishes its financial performance and reports to sustain high transparency and openness.
Plus500 has numerous subsidiaries that provide various levels of financial protection. However, your fund’s safety will depend on where you are located. Users in the UK have their investment protected by up to £85,000, while users in the EU are protected by up to €20,000. You’re not covered, however, if you are in Singapore, Israel, Australia, South Africa or New Zealand.
How can I verify my account?
According to Plus500’s due diligence process, customers must verify their accounts for identification and security reasons. This process may include checking your name, date of birth, residence address, phone number, email address, payment method and more.
Can I own several trading accounts?
Plus500 advises consumers to concentrate on just one trading account. The company also has the right to close any additional ones. However, every situation will be evaluated separately. If a second trading account is allowed, it must be run separately, and you cannot transfer money between the two accounts.
How can I verify my payment method?
Deposits made to your account must come from a payment method that bears the same name as the name you used for your Plus500 trading account. Plus500 is also responsible for confirming that you are the rightful owner of any money put into your account.
If you made a deposit by:
- Debit or credit card: You are required to upload a picture of your card, a credit card statement or a bank document.
- Bank transfer: You may have to upload a picture of your bank statement or other documentation of your payment.
- PayPal/Skrill account: Plus500 offers online verification for your PayPal or Skrill account right away or within a few business days.
Some of the payment options listed above might not be accessible in some nations.
How long does each method take to process?
Due to several security checks, it typically takes Plus500 1-3 business days to process a withdrawal request. The mode of payment and the third-party sender’s processing time also determine the time frame for the payment receipt.
Here are the withdrawal options Plus500 provides:
- Electronic wallets: After the withdrawal has been authorized, your money should arrive in your e-wallet account in 3 to 7 business days.
- Bank transfer: After the withdrawal request has been approved, the fund should arrive in your bank account in 5-7 business days. Depending on the banking institution and the relevant jurisdiction, withdrawals from a bank account could occasionally be further delayed.
- Credit/debit cards: Your money should arrive in the appropriate credit/debit cards or bank account linked to the relevant card, depending on how long each bank takes to process transactions.
Does Plus500 pay my transaction costs?
Plus500 pays most of the processing expenses. However, in rare circumstances, there may be charges associated with money transfers to and from your Plus500 account.
You may receive fees from third parties due to the following:
- International credit cards: When non-local (international) acquirers handle transactions.
- Incoming/Outgoing bank transfers: When moving funds between your bank account and Plus500, and vice versa.
- Forex conversions: When making a deposit in a currency that the chosen payment method does not support.
- Plus500 Ltd. is a publicly listed company
- Regulated in the UK by the FCA
- The trading platform is easy to use and gets great reviews from its clients.Offers a mobile trading platform that looks and functions well
- Offers its clients low spreads
- Only offers CFDs and their product portfolio isn’t as large as some of the other CFD-specific brokers
- For clients that want to employ ‘scalping’ trading strategies, Plus 500 isn’t the right broker. They may ban any client who opens and closes a trade in two minutes or less
Expert advisors (EAs)
Virtual private server
Direct market access
Major Stock markets (US UK Germany)
Hong Kong stocks
Listed on Stock Exchange
Zero spread account