Plus500 Review
Our Plus500 review includes everything from the Webtrader online trading platform, to the mobile app and fees. Whether you are looking to login and trade Bitcoin, ripple or Oil, or you just need details on the demo account and minimum deposit, we cover everything in this detailed review.
Plus500 is a leading online Contract for Difference (CFDs) trading platform that is owned by a holding company called Plus500 Ltd.
The company is listed on the Main Market of the London Stock Exchange (LON:PLUS). Operating through 3 different subsidiaries:
- Plus500UK Ltd,
- Plus500CY Ltd
- Plus500AU Pty Ltd.
Making the brand synonymous with reliability and safety.
This is largely due to the fact that Plus500 (or subsidiaries) are regulated in several different jurisdictions around the world.
In addition to being regulated around the world, Plus500 is also an active sponsor of professional Soccer and Rugby teams. The firm have been the official sponsor of Club Atletico de Madrid since 2016. They also added Legia Warsaw and Atalanta to their list during 2020.
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.
Regulation & Reputation
Since its inception 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 to bolster the broker’s reputation as being financially stable.
In terms of regulatory oversight, Plus500 subsidiaries are regulated by several regulatory agencies:
- 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 authorised to issue these products to Australian residents.
- Derivatives issuer licence in New Zealand, FSP #. 486026 authorises them to issue these products to New Zealand residents.
- Plus500AU Pty Ltd, is also an authorised Financial Services Provider in South Africa, FSP 47546.
With subsidiaries as regulated entities under the UK’s FCA, ASIC in Australia and CySEC, 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.
For full details of the protection these schemes offer, visit the website.
Trading Platforms
Although Plus500 uses a proprietary trading platform, the trading platform (Webtrader) is able to cater to the different needs of the broker’s international clientele base, as it is available across several different versions.
This Plus 500 review included multiple versions of the platforms.
There is a desktop version of the trading platform which traders can download and install onto their computers. Retail and professional accounts operate on the same platform.
This creates pros and cons but with advanced research tools next to the ability to execute trades in a user friendly way the platform performs well.
The layout is clean and crisp, with clear ‘Buy’ and ‘Short’ buttons, and simple set up of stop and limit orders.
For those who wish to trade directly from the internet, there is a web-based version of the trading platform which can be accessed with any web browser. There is no integration with MT4 at present.
Up to date market information and news is available via the platform.
The key difference between the Webtrader trading platform and the platforms provided by other brokers in the industry is the fact that Plus500 trading platforms work seamlessly with each other.
Mobile Trading
A mobile version of the trading platform is also available to traders who wish to trade the markets using just their smartphones or mobile devices.
Provided free of charge, the mobile trading app can be downloaded directly from Google Playstore or Apple App Store.
The mobile app is fully functioning, and offers all the trading options that the web based version does, including CFDs on stocks and shares. It is a single click download, and trading via the app is quick and easy.
Look and feel between mobile and web based platforms is kept the same, making transition between the two very easy.
Both Android and iOS versions retain all the same low trading fees, spreads and rates etc, and any trading portfolio is retained across all platforms.
How Does Plus500 Work?
So what is Plus500 all about, and how can you trade with them? The official guide video below, runs you through exactly how to trade on their platform.
Whether you are using the web platform, an android device or your iPhone, the process is the same.
The video explains how Plus500 works (and how CFDs work), so you can judge if they are right for you.
Remember also, that a demo account gives you the option learn how Plus500 works, without having to risk real money.
Trading Accounts
Plus500 has only provided one type of trading account, a standard trading account. The standard trading account requires a minimum deposit of $100 to open. During the recent system upgrade, the broker has upgraded all their clients’ trading accounts to a Gold account status.
With this recent enhancement, existing account holders see a range of benefits. However they will be subjected to a higher minimum trade volume.
Apart from the standard trading account, Plus500 has also provided a free unlimited demo account which potential clients can use to test out the performance of the trading platform and develop a trading strategy.
Although there is only one trading account, there is provision for traders to be classed as “professional” rather than “retail” clients. The benefits are increased leverage (1:300) and fewer restrictions on margin.
The downside however, is that regulatory protection is reduced for ‘Pro’ accounts (negative balance protection for example). Visit the website to apply, or see if you will be eligible for a professional account.
Offers & Promos
Recent regulatory changes have meant that Plus500 have ended all sign up, or deposit promotions. Regulators feel that these types of offer encourage over trading, or larger deposits.
As a regulated firm, Plus500 have adhered to the new guidelines and no longer offer any offers or promotions.
Assets & Instruments
Traders will be pleased to know that there are more than 2000 instruments to choose from using CFDs. These underlying assets include major classes such as currency pairs, cryptocurrencies (subject to regulations), commodities, ETFs, options and stocks. Available leverage is as high as 1:30 (Higher for professional accounts).
Stocks and equities can be traded whenever the relevant stock exchange is open, e.g. New York, London, Hong Kong etc.
Where available, cryptocurrency leverage is capped at 1:2 by the regulator, but assets like Bitcoin, Ripple and Litecoin are all available to trade with tight spreads. (Note that in the UK, CFDs are not available on Cryptocurrencies).
Customer Support
While the support service at Plus500 is available 24/7, it is only available through email or live chat. So although their website is available in 32 different languages, there is no telephone support.
Deposit And Withdrawal
Available payment and withdrawal methods at Plus500 are Credit/Debit Card (Visa or MasterCard), PayPal, Skrill (Moneybookers), or Bank Transfer. Any of these can be used to fund an account.
The minimum deposit is $100.
The same methods can be used for making deposits and withdrawals. To withdraw, the processing time is 3 business days. It should be noted that all withdrawal methods have a minimum amount threshold and you can only withdraw through the method that you used initially for making your deposit.
There are currently no withdrawal fees or commissions at Plus500.
Is Plus500 Best For Day Trading?
Without a doubt, Plus500 operates with a high standard of efficiency and reliability. Their digital Webtrader trading platform, is proprietary and able to perform the job of executing trades quickly. In addition, there is a wide range of assets for you to choose from to trade with at home.
As a day trader, it is important that you can execute as many trades as needed within a short time frame. With the huge asset index, you will be able to do just that, without difficulties.
In addition, the fact that you can open and close a CFD position at any time during trading hours, means you can review and amend your positions and investing portfolio however you need to.
Our Plus500 review focussed on short term trading, but the offering does cater well for long term traders as well.
The demo account offers the opportunity to learn the platform, backtest strategies with historical data and check the platform layout suits each trader.
Plus500 vs eToro
| Broker | Minimum Deposit | Regulator | MT4 |
|---|---|---|---|
| Plus500 | $100 | FCA, CySec, ASIC | No |
| eToro | $200 | FCA | Yes |
Plus500 compares well to eToro, with a larger range of markets and far more research and analysis tools. eToro tends to cater to more casual traders – perhaps who’s time is limited. Copy Trading is their big feature – but they do offer fractionally smaller spreads (trading costs).
Plus500 however, delivers a superior service for more involved traders, and also has a lower minimum deposit and more advanced trading platform.
| Broker | FTSE | Oil | EUR/USD |
|---|---|---|---|
| Plus500 | Dynamic | Dynamic | Dynamic |
| eToro | 1 pt (var) | 5 pts | 3 pips (var) |
You can see a more detailed comparison on our dedicated page: Plus500 vs eToro
Awards
FAQs
What is the minimum deposit requirement to open a trading account?
The minimum deposit requirement is $100.
How fast can my withdrawal request be processed?
The typical processing time for a withdrawal request ranges from one business day to three business days.
Is Plus500 a reliable broker?
Yes. They have been operational since 2008 and subsidiaries are regulated in several countries around the world including the UK, Singapore and Australia.
What kind of trading platform does Plus500 have?
The company uses a proprietary trading platform to provide their traders with access to the financial markets.
What is the maximum leverage available at Plus500?
The maximum leverage offered by Plus500 in the EU, Australia and UK is 1:30 as per regulatory guidelines. Leverage varies by asset.
How does plus500 make money?
One regular question is “does plus500 charge a trading fee?” or “how do Plus500 make money”. Both are related.
There is no direct fee for making a trade. Plus500 make their money via the spread (the difference between the price to buy and the price to sell). This difference is enough to make Plus500 a small amount on every single trade.
Accepted Countries
Plus500 accepts traders from Australia, United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Plus500 from Belgium, Iran, United States, Canada, Zimbabwe, Nigeria, Cote D’Ivoire, Cameroon, Thailand, India, Indonesia, Brazil, Egypt, Pakistan, France, Cayman Islands, Philippines.
Alternatives to Plus500
If you are looking for alternatives to Plus500 we have compiled a list of the top 5 brokers that are similar to Plus500 below. This list of brokers like Plus500 is in order of similarity and only includes companies that accept traders from your location.
- Avatrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- XTB – XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, offering access to over 2000 instruments from two platforms: its own award-winning xStation 5 and the traditional MT4.
- Trading212 – Trading 212 Offer a truly mobile trading experience. With tight spreads and a huge range of markets, they offer a dynamic and detailed trading environment. Recent customer care issues have severely damaged the reputation of the brand.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
