Plus500 is a trusted global brand that offers an easy-to-use trading platform for online traders, as well as share trading through the Plus500 Invest platform and a thorough selection of CFDs through the broker’s separate Plus500 CFD platform.
Its simplified trading platform attracts beginners looking for a user-friendly experience, but its limited educational content and a narrow selection of market research leave active traders wanting more.
Overview of Plus500
Plus500 is a prominent online trading platform founded in 2008, offering a user-friendly interface for trading contracts for difference (CFDs) on various financial instruments. With a global presence, the platform enables users to trade CFDs on assets such as stocks, indices, commodities, cryptocurrencies, and forex.
It is known for its intuitive trading experience, providing real-time market quotes and analysis tools. It caters to both beginners and experienced traders with its demo accounts and advanced features.
Regulated by multiple financial authorities, Plus500 prioritizes security and compliance. However, trading CFDs involves risks due to leverage, and users should thoroughly understand these risks before engaging in trading activities on the platform.
Regulation and Security of Plus500
When it comes to regulation and security, Plus500 ticks all the boxes. As an international broker, Plus500 is regulated in multiple countries, including the UK, Australia, and Cyprus. This means your money and information are kept secure in segregated accounts and handled according to strict financial regulations.
It is listed on the London Stock Exchange, so they are under close scrutiny to maintain high standards of corporate governance and financial reporting. You can feel confident your funds and data are in good hands.
Plus500 is a member of the Financial Services Compensation Scheme (FSCS). This means your cash and investments are protected up to £85,000 if Plus500 ceases trading. Plus500 also participates in the FSCS’s additional voluntary deposit protection scheme, protecting an extra £1 million.
- Funds are held in tier 1 banks
- Uses SSL encryption for all transactions and personal information
- Follows GDPR data privacy laws
- Regular audits and reports are released to provide transparency
While no system is 100% foolproof, Plus500 employs strong security protocols and safeguards to keep your account and money protected. If you do have an issue, their customer service team is available 24/5 to help resolve any problems. Overall, you can feel secure trading with a reputable, regulated broker like Plus500.
What you Can Trade on Plus500
When you sign up with Plus500, you’ll have access to trade over 2,000 instruments across major asset classes, including:
- Forex – Trade 50+ major, minor, and exotic currency pairs with tight spreads and no commissions.
- Cryptocurrencies – Speculate on the price of Bitcoin, Ethereum, Litecoin, and more. Plus500 offers CFDs on the top 10 cryptocurrencies.
- Commodities – Take a position on commodities like gold, silver, oil, and natural gas.
- Indices – Trade CFDs on major global indices such as the S&P 500, FTSE 100, and Nikkei 225.
- Shares – Go long or short on over 1,800 leading company shares from around the world.
Plus500 really does have something for every trader. Whether you’re interested in forex, stocks, indices, commodities, or cryptocurrencies, you’ll find a wide range of trading opportunities on Plus500’s innovative web-based platform and mobile apps.
With tight spreads, no commissions, and a range of advanced risk management tools, Plus500 provides an affordable and transparent way for retail traders to speculate on the price movement of a variety of financial instruments. While the selection of instruments may not match some competitors, Plus500 focuses on offering a tailored selection of the most popular and liquid trading options for its clients.
Fees of Plus50009
Plus500 does not charge any fees for opening an account or maintaining an inactive account. However, there are certain fees you should be aware of for any trading activity.
Minimum Deposit
To get started trading with Plus500, you need to deposit at least $100 USD or the equivalent in your local currency. This initial deposit will fund your trading account and act as your margin.
Payment Methods
Plus500 accepts several convenient payment methods for deposits and withdrawals including:
- Debit/Credit Cards (Visa, Mastercard)
- Bank Wire Transfers
- Skrill
- PayPal
- Neteller
Deposits are free and processed instantly so you can start trading right away.
Withdrawals
Making a withdrawal from your Plus500 account is simple and straightforward. Withdrawals typically take 2-3 business days to process and there are small fees for some methods:
- Bank Wire: $25
- Credit/Debit Cards: 3%
- E-wallets (Skrill/PayPal): 2%
The minimum withdrawal amount is $50 USD or your local currency equivalent. Plus500 does not charge any additional withdrawal fees but your payment provider may charge their own small fee.
Overall, the fees charged by Plus500 are very reasonable compared to other brokers. The low minimum deposit and free demo account also make them ideal for new traders to get started with. As long as you are aware of the potential withdrawal and inactivity fees, Plus500 can be a cost-effective platform for trading CFDs.
| Aspects | Demo | Pro |
| Purpose | Practice trading with virtual funds. | Live trading with real funds. |
| Funds | Virtual funds provided by Plus500. | The user’s own real funds are deposited into the account. |
| Risk | No financial risk, as virtual funds are used. | Real financial risk due to trading with real funds. |
| Cost | Free to use, no monetary investment. | Spread and commission costs associated with trades. |
Plus500 Customer Support
Plus500’s customer support is available 24 hours a day, 5 days a week via live chat, email, and phone. They aim to respond to all queries within 1 business day.
Live Chat
For quick questions, use the live chat feature on the Plus500 website or mobile app. Agents are standing by to provide immediate assistance with any technical issues you may experience or to clarify any questions about their platform and services.
For less urgent matters or if live chat is unavailable, you can email support@plus500.com. Provide your username, a detailed description of your question or issue, and any relevant screenshots. The support team will review your email and send a personalized response with the next steps to resolve your issue.
Phone
Plus500 offers phone support in over 30 countries. Check their contact page for the phone number in your region and language options available. Phone support hours may differ from live chat and email support in some areas. Calling allows you to speak directly to an agent if your issue requires more in-depth discussion or troubleshooting.
Overall, Plus500 aims to provide helpful, knowledgeable support through multiple channels to ensure you have a great experience using their trading platform. While response times and availability can vary, they strive to resolve all support requests as quickly as possible while delivering friendly, personalized service.
If you need help with anything from funding your account to placing complex trades, their customer support team is there to offer guidance and get you back to trading. Let them know if there’s any way they can improve their support services—Plus500 values customer feedback.
Is Plus500 Legit or a Scam
So, is Plus500 legit or a scam? This is an important question for anyone considering using their platform. The good news is that Plus500 is a legitimate broker, regulated and licensed in several major jurisdictions.
Plus500 holds licenses from top-tier regulators like the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).
These regulators require strict compliance with investor protection laws. Plus500 is also listed on the London Stock Exchange, providing additional transparency.
Plus500 takes security seriously and uses advanced encryption technology and firewalls to safeguard client data and money. They keep customer funds in segregated accounts, separate from the company’s operating funds. This helps ensure your money is secure and available for withdrawal.
Pros and Cons of Plus500
When using Plus500, it’s important to consider both the pros and cons. Here are some of the main positives and negatives to keep in mind:
Pros
Regulated and secure: Plus500 is regulated by top-tier financial authorities like the FCA, CySEC, and ASIC. Your funds and information are kept safe.
Low fees: It does not charge any commissions on trades. There are no fees for opening or closing positions. The only fees are the spread and overnight funding fees.
Easy to use: The Plus500 platform is simple to navigate and suitable for beginners. You can trade directly from the charts and access free educational resources.
24/7 customer support: Plus500 offers customer service via live chat, email, and phone 24 hours a day, 7 days a week. Help is always available if you have any questions or issues.
Cons
Higher spreads: To make up for the lack of commissions, Plus500 spreads tend to be wider than competitors. This can impact your potential profits, especially for high-volume traders.
Withdrawal fees: While deposits are free, Plus500 charges fees for certain withdrawal methods like bank wire transfers. These fees can add to your overall trading costs.
Final Thought
As you’ve seen, Plus500 is a reputable and regulated broker where you can trade a variety of instruments with competitive fees. The low minimum deposit and variety of payment options make it easy to get started.
While the platform itself is basic, it gets the job done and the mobile apps provide flexibility. The customer service could use some improvement but overall, Plus500 is a solid choice if you’re looking for an affordable broker to trade CFDs and forex.
