Plus500 Forex Broker Broker Review

Justin Freeman

Broker Information

  • Company Name: Plus500
  • Founded: 2008
  • Country: Israel

Platform Info

  • Platform: Plus500
  • Dealing Desk: No
  • Web Based: Yes
  • Mobile Trading: Yes

Broker Services

  • Regulators: FCA, CySEC, ASIC
  • Minimum Deposit: 100GBP/AUD/EUR/USD
  • Leverage: 1:30 (1:300 Plus500AU Pty Ltd)
  • US Clients: No
  • Funding Methods: Debit/Credit cards, Electronic wallets (PayPal or Skrill), Bank transfer (direct bank to bank funds transfer).

Expert Summary

As a relative newcomer on the CFD trading scene, founded in 2008, Plus500 has quickly earned a reputation for themselves as a reliable broker offering competitive spreads and a relatively seamless trading experience. Plus500 is publicly traded on the AIM section of the London Stock Exchange, having first been floated following its IPO in 2013, and currently have a market capitalisation of over £1.3 billion as of 2020—although this is down from a £1.7 billion market valuation when it first launched.

Plus500 is a leading provider of CFDs, and deliver trading facilities for shares, forex, commodities, ETFs, options and indices, and, most recently, cryptocurrencies. Currently, it provides access to over 2,000 trading instruments and offers some of the lowest spreads and commissions of any broker in the CFD space.

Although it somewhat lacks in certain respects compared to other similarly sized brokers—in particular its educational materials — it has nevertheless established themselves as a firm favourite amongst retail traders due to the favourable trading conditions on offer. Trading is conducted through one of two account types; the standard trading account available to all users, or a professional account which offers more leverage. Generally speaking, the desktop trading experience is very smooth and streamlined, and provides a stable trading experience delivered through a proprietary web trader platform.

Users should note, however, that Plus500 does not currently provide access to the MetaTrader 4 or MetaTrader 5 platform as is offered as standard by the majority of online brokerages. Whilst this might seem like a massive drawback, the web trader platform is perfectly functional and should serve the needs of even the most experienced day trader.

As a financial services firm registered in Cyprus, Plus500 fall under the regulatory oversight of the Cyprus Securities and Exchange Commission—or CySEC as it is more popularly known—who is one of the leading financial regulators in the European Union. As part of this, client funds are held on a segregated basis and in accordance with CySEC’s client money rules.

In addition, Plus500 are also licensed to operate by regulatory bodies in Australia, the United Kingdom, Singapore, and Seychelles. Another thing you notice immediately when using the Plus500 trading platform, is how open and transparent it is. Not only is using the website very user friendly, but the information is easy to find. Based on this alone, it is clear that not only have the designers put a lot of effort into the usability of the website, but that Plus500 is keen to ensure information is easy to access.

In terms of what the future holds for Plus500, according to the investor relations section of its website, its aim over the next year is to continue to invest in research and to develop industry leading CFD trading technologies, and to expand its client offerings into Western Europe. Whether it can keep pace with such a fast moving, dynamic industry, where new challengers are bursting onto the scene each week, however, remains to be seen!

Plus500 is an CFD Service. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14). Plus500AU Pty Ltd, ACN 153 301 681, AFSL # 417727, issued by the Australian Securities and Investments Commission is authorized to issue these products to Australian residents. Derivatives issuer licence in New Zealand, FSP #. 486026 authorises us to issue these products to New Zealand residents. Plus500AU Pty Ltd, is also an authorized Financial Services Provider in South Africa, FSP 47546. You do not own or have any rights to the underlying assets. Please consider the Disclosure documents available on Plus500’s websites.

Please note that Plus500 does not accept U.S. clients. Therefore, if you are located in the United States, we suggest choosing another top rated broker.


* Plus500 is a CFDs service.
This service is not available in all regions.

Plus500 Website

Account Types

Plus500 offers two account options, consisting of a demo account, which has no time limit and can be opened free of charge, and a live account that requires a minimum deposit of £100. Leverage for forex accounts is a maximum of 1:30.

Trading foreign exchange on margin poses a high risk level and it may not be fitting for all types of investors. The elevated degree of leverage can cause positive and negative outcomes.

Trading Software

Plus500 offers a comprehensive and easy to use proprietary trading platform and technical analysis software for their clients. The trading platform allows the trader to trade in multiple markets from the same screen and provides real time quotes for all of its products.

You can trade CFDs on Forex, commodities, cryptocurrencies, stocks, indexes, ETFs.

Besides its ease of use, the main advantage of the Plus500 trading platform consists in an all inclusive trading screen with clearly labeled tabs on top for details on past trades and current positions, as well as multiple market trading capabilities. Charting software is included with the trading platform, but charts appear individually, since the charting software does not allow for multiple graphs on the same screen.

The Plus500 trading platform comes in four different versions: a downloadable version, which can be copied to your laptop or desktop, a web-based version, which allows the trader to access the platform from any other computer, App versions for iOs, Windows and Android smartphones and also Apple Watch platform.

Scalping is not allowed according to their terms and conditions.

Deposits and Withdrawals

Funding an account at Plus500 can be accomplished through a Visa or MasterCard credit card, MoneyBookers or through a wire transfer. The fastest way to begin trading is by depositing through a Visa or MasterCard. To complete a deposit, the customer need to click on “Funds Management” -> Deposits” and follow the instruction accordingly.

Funding an account through Moneybookers is just as easy. The customer must navigate to the “Funds Management” window in the trading platform, select the Moneybookers option, and enter the Moneybookers e-mail address. A new pop up window will open where the Moneybookers transfer can be confirmed.

Deposits made to Plus500 through a wire transfer are generally straightforward but take up to ***five days** to show up in the account. For a wire transfer deposit, go to the “Funds Management” window, click on “Deposit” and choose “Wire”, then click on the “Send me Wire Details” option. Plus500 will then email the customer with the wiring details.

The Plus500 email will give the customer the details for wiring funds to their bank and also state the minimum and maximum deposit amounts allowed through a wire transfer. The minimum deposit is £100.

Due to regulation requirements, each customer is required to provide a photo ID (passport, driver’s license or other official document), before being allowed to make a withdrawal. 

This information can be sent via *the Plus500 Contact Us form or by uploading a pdf, tif, jpeg or doc type file with the upload function provided on the Plus500 trading platform. Clients should allow up to 24 hours for the files to be reviewed. If the identification document cannot be scanned, the client can photograph the ID with a digital camera or a mobile phone.

Risk disclaimer: CFDs are leveraged products and can result in the loss of your capital.

Warning: 76.4% 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.

Customer Support

Plus500 offers email in multiple languages 24/7 as well as online chat in English and additional supported languages. If the chat isn’t active at a specific moment, then they can still be contacted via the Contact Us from. Nevertheless, they do not offer telephone support, which can be a disadvantage if the customer loses internet service or their computer crashes while trading. Please have a look at the comments below and you’ll see that they have an active customer support holding their promise to help their clients with every issue.

Safety

Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14). Plus500AU Pty Ltd, ACN 153 301 681, AFSL # 417727, issued by the Australian Securities and Investments Commission is authorized to issue these products to Australian residents. Derivatives issuer licence in New Zealand, FSP #. 486026 authorises us to issue these products to New Zealand residents. Plus500AU Pty Ltd, is also an authorized Financial Services Provider in South Africa, FSP 47546. You do not own or have any rights to the underlying assets. Please consider the Disclosure documents available on Plus500’s websites.

Plus500 Conclusion

Plus500 makes a good choice for non-U.S. traders with an easy to use trading platform which offers multi asset trading capability. New traders can take advantage of the unlimited time to use the demo account, while seasoned traders can take advantage of tight dealing spreads. Also, the Plus500 trading platform offers traders the possibility of integrating their trades in other financial markets, all on one screen.

Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.

Justin Freeman

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