Plus500 Review 2020

If you want to trade with a broker who has the tightest spreads and low commissions, then Plus500 is the best option. They offer the lowest spreads in the forex industry and also the leading one brand. This Plus500 review will guide you about each quality, education, research, deals, and features of this software.

plus500 review
4.4/5
80.5% of retail CFD accounts lose money

Short Summary

Minimum Deposit

100 $

Assets

CFD, Cryptos, Forex, Stocks, and Options

Demo Account

Yes

Islamic Accounts

Yes

Caution: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this broker. Your capital is always at risk.

Plus500 is a reasonable as well as a trusted broker. But every broker has some good and bad things that should be disclosed on time. Here are some ups and downs while working with Plus500. Have a look at them.

Pros
  • Trading platform is good
  • Spreads are low
  • Low trading fees
Cons
  • Research tools are just average
  • Education is of B grade
  • Phone support is not available

Introduction

80.5% of retail CFD accounts lose money

Plus500 is a famous broker of Contracts for Difference (CFDs), providing advanced trading facilities on shares, forex, commodities, cryptocurrencies, options, and indices. This company is the first who introduced Bitcoin as a cryptocurrency.

Year Founded

This company was founded in 2008, Israel. However, it is a UK based firm.

Owner

This firm is a result of some people who invested money and time in partnership. Alon Gonen, Elad Ben-Izhak, Gal Haber, Shlomi Weizmann, Omer Elazari, and Shimon Sofer.

Headquarters

It has a main head office in London, Uk. Other regional offices are located in,

  • Singapore
  • Cyprus
  • Australia
  • And many offices in other countries.

Choosing clients

Like every other broker, Plus500 also allows only selected countries to work with them. Have a look at which countries are acceptable and which countries are non-acceptable.

Acceptable Clients

It accepts clients from UK, Australia, New Zealand, Cyprus, Iceland, India, South Africa, and from European countries. Clients from some of the Arabian Countries like Saudi Arabia are also accepted. Residents of Central Asian and Middle East countries can also work with this broker.

Not Acceptable

Clients from Pakistan, Iran, Iraq, Zimbabwe, and Turkey cannot work with this broker. US residents are also not allowed.

Regulation

80.5% of retail CFD accounts lose money

Plus500 is a highly regulated firm by two top-tier authorities.

  • It is listed on the London Stock Exchange.
  • This broker is also the part of UK FTSE 250 Index that sponsors the football matches.
  • Financial information is also accessible to the public.
  • This firm does not hold any banking license.

Have a look at the regulation of Plus500.

  • Financial Conduct Authority under license number, FRN 509909 regulates it. The legal entity is Plus500 UK
  • Cyprus Securities and Exchange Commission regulates Plus500 for EEA and other European countries by a license no. 250/14. The legal entity is Plus500 CY Ltd.
  • Plus500AU Pty Ltd and the license number AFSL # 417727 is issued by the Australian Securities and Investments Commission.
  • Derivatives issuer licence in New Zealand, FSP #. 486026 authorizes this broker.
  • In South Africa, Plus500AU Pty Ltd, is also a legit Financial Services Provider by license code, FSP 47546.
  • Plus500 has also a regulation with Israel Securities Authority (#515233914). The legal entity is Plus500IL Ltd.
  • The legal identity of this firm in Singapore is Plus500 SG Pte Ltd. The Monetary Authority of Singapore (#CMS100648-1) and the IE Singapore (#PLUS/CBL/2018) regulates this broker.

Safety

This company is working for a long time. It has a good track record. Regulations by two top-tier authorities and many other regulatory bodies make it reliable. This company is also a stock exchange-listed which is an additional safety score for it.

  • Plus500 provides negative balance protections for the clients of the UK and the European countries. The amount of this fund is £85,000 for the national of UK. For the Europeans, this is €20,000. Only retail European clients are eligible for it. Professional and non- European clients cannot avail this offer.
  • The data is also secured by SSL (secured socket layer). Data is encrypted as it is entered. This technology helps to prevent the details of the credit card and the sensitive account details. Hackers cannot steal your information if you use this technology.
  • Your amount is in a segregated account from the company accounts.

Assets

Plus500 offers more than 2,200 tradable products. They offer the most heavily and frequently traded instruments. However, it lacks bonds and futures.

  • Commodities including metals and energies.
  • Currencies including major, minor and exotic pairs.
  • Indices
  • ETFs
  • Stocks
  • Cryptos

Have a look at what it offers.

Currency pairs
70
Stock index CFDs
30+
Stock CFDs
1799+
ETF CFDs
90+
Commodity CFDs
20+
Cryptos
10+

Fees and Margin

80.5% of retail CFD accounts lose money

Plus500 review is also excellent due to the fee setup.

Like all other brokers, they also have a trading and a non- trading fee. They charge no commission. Charging no commission does not mean that they are not earning. Everything is included in the spread rate. However, they have a tight and competitive spread. Generally, they have a low trading fee. An average deposit and free withdrawal.

Trading Fee

Assets Spread Leverages
Currencies
0.1 pip min
1:300
EUR/USD (major)
0.6 pip
1300
Indices
0.45 pip average
1300
Stocks
0.03 pip min
1:10
Commodities
0.25 pip
1:100
Cryptocurrencies
2.08 pip min
6.18 pip average. Max.
1:2 (average)

The information provided here is on general ad average basis about the most commonly traded assets.

  • The spread rate of each product even if belonging to the same group is variable.
  • Leverage is also variable as the product varies.
  • You cannot change the leverages. No matter which type of account you are using.

Their official website www.plus500.com discloses each asset with its minimum and maximum spread along with the leverage and margin required for it.

The information provided here is on general ad average basis about the most commonly traded assets.

  • The spread rate of each product even if belonging to the same group is variable.
  • Leverage is also variable as the product varies.
  • You cannot change the leverages. No matter which type of account you are using.

Their official website plus500 review discloses each asset with its minimum and maximum spread along with the leverage and margin required for it.

Non-Trading Fee

The fee other than trading cost is the non- trading fee. It includes withdrawal, deposit, and inactivity fees.

  • If you are logged out of your profile, you have to pay $10 as an inactivity fee after 3 months. This fee is paid per quarter that means $10 after 3 months. But if you don’t trade and you just login you can save your money.
  • 5 withdrawals are free for a month.
  • Low withdrawals also make you pay $10.
  • However, deposits are free.
  • According to our research and Plus500 reviews, this broker does not have any hidden charges.

Account Opening

80.5% of retail CFD accounts lose money

  • Account opening is very easy at Plus500.
  • It is a fully digital and fast process. Your account opens in a day.
  • The minimum deposit is also low as $100.

All you need to fill the online registration form. Follow these steps.

  • You need to enter your name and contact details.
  • Choose your base currency.
  • Fill your KYC form which includes your every detail.
  • You have to provide documents for verification of your identity and residency. You can use your pictures of your id card, driving license or passport to show identity. For residency, you can share detail and pictures of your bank statement, electricity or utility bill, and credit card detail.
  • You will be able to fund your account within the next 24 hours.

Types of Accounts

80.5% of retail CFD accounts lose money

Plus500 offers a single type of account that you can convert or register for a Pro account.

Standard Live Account

This account is available in all countries where Plus500 is operating. The minimum deposit is 100 USD. Spreads are low and variable. Leverage provided is 1:30.

Professional Accounts

You cannot sign up for a pro account initially. First of all, you need a start-up investment of at least EUR five hundred thousand or equivalent amount of it. The trader must have traded 40 times annually at- least that is 10 times per quarter of the year. A professional trader can enjoy many benefits as well as a leverage of 1:300.

Deposits & Withdrawals

80.5% of retail CFD accounts lose money

Plus500 offers flexibility in payment methods.

For deposit, you can use,

  • Bank Transfer
  • Debit/ Credit Card
  • Electronic wallets like PayPal and Skrill.

For withdrawal, you can use the same means mentioned above. But there are some flexible hinders to way out your money.

  • The first five withdrawals of a month are free. After that, you need to pay $10. Most people withdraw their money after a week or after 15 days.
  • A withdrawal of less than $100 also charges $10.
  • Electronic wallet like PayPal, also charges a fee for a withdrawal of less than $50.

To withdraw your money, adopt these steps.

  • Log in to your account.
  • Go to the Menu and select Withdraw.
  • Add your desired amount for withdraw.
  • Click ‘Open a Withdrawal’ and commence it.

You can make transactions only by your accounts. Transactions by the credit card is instant but bank transfer is pretty slow.

Account Base Currencies

Plus500 offers many account base currencies. It offers 10 base currencies. According to some reports, they also offer very minor currencies which should be confirmed by the company before opening up for your account.

If you do not deposit or withdraw from your selected base currency, you have to pay a conversion fee.

Trading Platform

80.5% of retail CFD accounts lose money

Plus500 offers its trading platform.

  • It is easy to use.
  • This software is user- friendly.
  • There is no proper customization.
  • Plus500 is multi-lingual and is available in 32 languages. The languages are Arabic, Bulgarian, Chinese, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hebrew, Hungarian, Icelandic, Italian, Latvian, Lithuanian, Malay, Maltese, Polish, Portuguese, Romanian, Russian, Slovakian, Slovenian, Spanish, Swedish, Traditional Chinese, and Turkish.
  • Unlike other brokers, it does not integrate MT4 and MT5 as trading terminals.
  • Guaranteed stop loss is available which prevents your account from disasters. But unfortunately, this feature is not available for every asset.

Web/Desktop Trading Platform

The web trading terminal is easy to use. It has advanced features. Plus500 review as a trading interface is also appreciable and expectedly excellent. You can also download the desktop version of this platform to use it as a desktop trading platform. Let us have a look at the robust working of this platform.

  • It has a good design and easy to use.
  • There are over a hundred technical indicators.
  • Almost 21 drawing tools are available for charting.
  • You can also set price alerts and notifications.
  • It only lacks the option of a good customization. This feature is available but has a poor type of work.
  • The default watch lists like a Risers & Fallers and Popular assets category help the trader to understand the trend and liquidity of the market.
  • Searching options are also good.
  • The best thing about this platform is a two-step login factor which provides more safety to your trading account.
  • You can place orders in different ways like market, stop, limit, trailing stop, and guaranteed stop-loss.
  • The fee report is also clear. It properly shows your trading history, fees and commissions (But Plus500 does not charge commissions)

Mobile Trading Platform

Plus500 mobile trading platforms has also the same as that of the web and desktop ones.

  • It is available on Android, iOS, and Windows phones.
  • You can also set e-mail, alerts, and notifications.
  • Search functions are also good.
  • Placing order includes market, stop, limit, trailing stop, and guaranteed stop loss.
  • The feature where it differs from the web version is that it offers a biometric login. You can use your finger-print or touch to log in to your account. This factor has made the mobile terminal more shielded and more suited.
  • You can also link with your bank accounts.

Rating of Plus500

Web Trading Platform – Good

Mobile Trading Platform – Excellent

Desktop Trading Platform – Good

Social Trading

Plus500 does not allow Social Trading. Because this firm does not use MT4 or MT5. So, social trading, automated trading, and algorithmic trading is not executed which is a negative side of this broker.

Research

80.5% of retail CFD accounts lose money

Plus500 review about its research is even below the average. This firm does not offer an advanced terminal like MT4. Although, the platform is good but it is not efficient in research as MT4 and MT5 are.

  • It only provides an economic calendar. This calendar shows some Macro events and the news of the company.
  • The sentiment tool is helpful for active traders which guides them about the price movement of the market.
  • Charting tools are good at having more than 100 technical indicators.
  • On contrary to this, there is no fundamental data available on any asset.
  • There is no news feed or any kind of trading idea is also not available.

Education

80.5% of retail CFD accounts lose money

Plus500 review about providing education is unexpected but poor. You may find some educational material which if you visit their website.

  • They don’t provide any articles and books.
  • Webinars are not conducted also.
  • Educational and tutorial videos are also rare.
  • The only thing they provide to practice and to expertise your skill is the demo-account.

Bonus and Promos

Plus500 normally does not offer promo and bonuses. But according to some reports, we found that they provide some kind of offers to the Australians.

Customer Services

80.5% of retail CFD accounts lose money

Plus500 review about their services have no comparison.

  • You can contact them via, e-mail and chat.
  • A live chat session is also available.
  • However, there is no phone support.
  • They give relevant and to the point answers within time that are helpful.
  • The customer service department is very responsive to their queries.
  • This broker differs in their customer support by a unique factor in contrast with the majority of famous broker. The feature is the 24/7 availability of the customer services.

Plus500 review

80.5% of retail CFD accounts lose money

In conclusion, Plus500 is a flexible and a reputable broker. Their tight spreads without charging commission segregates them from others.

Plus500 has won several awards and prizes for its working. This firm is working in 50 counties having more than 15,000 clients each month.

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