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Plus500 Review – Everything You Need to Know About This Fintech Company

Summary: Plus500 is regulated by top-of-the-industry authorities and is a trusted online broker. It’s known for its great trading platform and has an excellent mobile app. Overall, it appears to have gold stars on all points, such as customer support, easy-to-open account processes, intuitive platform interface, and more. It’s suitable for CFD traders, as well.


Overall Rating

98.25%

Support
98%
Deposit Options
99%
Payment Speed
97%
Trading Instruments
99%

Forex BrokersMin DepositPlatformsMax LeverageRating Secure Link
1 EToro Australia
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2 Plus500 Australia
$250
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300:1
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Visit Site Read Review

Plus500 is a Fintech company that works globally to offer CFD trading services online. It was founded in 2008 and headquartered in Israel with over 2,500 financial instruments. Its mobile app and trading platform are one of the best. Plus, it includes CFDs for Forex, indices, options, cryptocurrency, commodities, and more.

Retail investors throughout the world trust this company. It’s listed on the LON (London Stock Exchange) and is a regulated and safe broker. With that, it’s a UK-based company with offices in London. Overall, it’s a great choice for active traders because of its fees and commissions, platform, and executions.

Benefits of Plus500

  • Easy-to-use platform
  • Useful mobile app included
  • Works well for intermediate and experienced traders
  • Easy and fast to open an account
  • Great proprietary trading platform
  • Low fees
  • Regulated and trusted
  • Wide assortment of instruments

Cons of Plus500

  • Better support needed
  • Little education
  • Only offers CFDs

What’s Best about the Broker

The main benefits of using this broker include the low costs and easy-to-use platform. With that, traders can open a demo account quickly without verification. However, real money accounts must be verified, and this depends on the workload.

Platform Overview

Plus500 offers a proprietary trading platform, which is called WebTrader. It’s quite easy to use and provides a streamlined experience on any device (web browsers, smartphones, tablets, and PCs.) However, it doesn’t include the MetaTrader 4 (MT4) platform, which could have added customisation and functionality.

How Does Trading Work?

Trading with Plus500 is easy. You can open and close positions with a few clicks. Just open the mobile app or navigate to the site on your computer, find an instrument, and “Sell” or “Buy.” Choose the amount to open your position with and then open the trade.

CFDs are the only things offered, and they are an agreement whereby the trader benefits from price movements of the security without possessing them. They’re complex and come with a high risk of lost money. If traders take long positions, profits are found from upward movements. Short positions only generate gains if the price of the security goes down.

Overall, this process is better for active traders instead of long-term investors.

WebTrader

The WebTrader features a user-friendly interface and offers an extra security layer with two-step authenticity logins. The Plus500 platform gives you reports on positions, historical transactions, fees, and other crucial client activity.

There aren’t any built-in tools to analyse the trades. While the platform works well for many people, it does lack in some areas. For example, you can’t use back-testing, expert advisors, or trading algorithms to manage your funds and open/close deals.

With that, this platform isn’t customisable. There are no advanced charting tools, and it’s limited with the screen layout. However, it can be used by all types of traders.

The search function works, which allows traders to locate the security they want to trade. Plus500 offers traders the option of receiving push, SMS, and email notifications. Those are triggered when the price of your asset moves.

Mobile App

The Plus500 mobile app features most of the options and tools available on the web-based version. This includes reports, a search module, and charting tools. With that, the app is available for Android, Windows, and iOS operating systems. Those who have a smartwatch can get notifications on it, too.

If you’re worried about security, biometric authentication is an option.

It’s easy to place orders through the app. Traders can sell or buy securities in seconds. With that, you may deposit or withdraw money directly from your mobile app. Still, it provides you with direct access to your funded accounts with no enhanced security measures in place.

Opening an Account

Opening your demo account is easy. It only takes a couple of minutes to register and finish registration. Remember that real money accounts must be verified, which can take a few business days to complete.

Because the platform is easy to use, it’s a great choice for beginners. They’re sure to enjoy the well-designed and intuitive software.

Investors from around the world may open an account, but there are a few country restrictions. These include Syria, Iran, Cuba, Canada, and the US.

Steps to Take

  1. Complete the online registration form and follow all directions.
  2. Provide documentation to verify your residency and identity (utility bill, national ID, or passport).
  3. Wait for the approval email.
  4. Deposit your funds and begin trading.

Minimum Deposit Amount

The minimum deposit for Plus500 is $100. It accepts various payment options, such as e-wallets, credit cards, and debit cards. Bank transfer minimums are $500 but allowed.

If you plan to deposit money with a bank fund transfer, it could take multiple days to clear. Deposits with e-wallets, credit cards, and debit cards are instantaneous. You may find the instructions on depositing money from the Funds Management section of the platform. Please be aware that there are no deposit fees.

Account Types

You can have a retail or professional account at Plus500.

Both accounts are similar, though the primary difference is that a retail one has lower leverage ratios than the Pro account. With that, Professional clients have no ICF rights.

To be eligible for a Professional account, you must have a minimum income or net assets. Traders must answer questions to verify their understanding of the risks involved with higher leverage ratios.

Products and Markets Offered

Traders have the option of CFDs for all popular markets and Forex. Compared to the competition, the market range is decent. With that, it offers low spreads and leverage but no bonds. Options can include:

  • 70 spot currency pairs
  • 14 cryptocurrency CFDs
  • 22 commodity CFDs
  • 92 ETF CFDs
  • 33 stock index CFDs
  • 1,800 stock CFDs

You also get 60 of the most popular forex pairs, such as EUR/GBP, GBP/USD, and EUR/USD with leverage. Forex trading is done with CFDs, and there are advanced tools to limit losses and protect your profits.

With that, various cryptocurrencies can be traded with Plus500. They include:

  • Stellar
  • Cardano
  • NEO
  • IOTA
  • EOS
  • Bitcoin Cash
  • Litecoin
  • Ethereum
  • Bitcoin

Other Types

The order types available include:

  • Market – This order gets executed at the market’s current price for the security.
  • Limit – Limit orders set a maximum price for which you want to buy the securities or the minimum price to sell them. It’s only executed when that price is hit.
  • Stop – This limits your losses if the market price falls below that stop price. It turns into a market order when the price is achieved.
  • Trailing-Stop – This allows traders to gain because of favourable price movements until the trends reverse, and the price falls to a certain percentage or price.
  • Guaranteed Stop Loss – This depends on the market conditions but is subject to wider spreads.

Trailing-stop, stop, and limit options work when you set a stop or limit price. The company can’t guarantee that your order is executed right then because of slippage.

That happens when market prices of a security see significant volatility. Therefore, the broker can’t secure the established price in the order.

Though the platform does its best to fulfil orders based on price targets, it cannot be held responsible for slippage if it cannot do so.

Fees

Plus500 offers low trading costs compared to the competition. It doesn’t charge withdrawal fees for the first five withdrawals each month. That’s good news for people with small capital amounts. With that, it doesn’t charge trading or commission fees. Instead, it makes its money from customer trades and its bid/ask spread. This is fixed and doesn’t vary with the size of the trade, though high-volume traders can get a discount.

Average spreads are:

  • 0.45 for S&P500
  • 1.00 for Europe 50
  • 0.6 pips for Forex (EUR USD trades)

It’s difficult to list every fee per trade because spreads vary based on the instrument. However, the fees are low based on the calculations of leverage used, type of position, and amount of capital invested.

Inactivity Fee

Be aware that Plus500 charges an inactivity fee. Customers who don’t log into the account for three or more months are subject to it. The price is $10 per quarter and is only triggered when you don’t log in.

Overnight Funds Fee

If you hold a security overnight, you’re charged an overnight funding fee. It’s added to/subtracted from the account. That’s only if the position is left open after the cut-off time. The fee is a percentage of the leverage amount for that position and is quoted next to the financial asset’s price.

Research

There are limited research tools available from Plus500. The technical analysis tools are great for intermediate and beginner traders. With that, there are 107 indicators that you can apply to different time frames. Both the mobile app and WebTrader provide charting tools, but the ones in the app don’t look as good because of spacing.

Once you apply your indicators, the customised charts are saved. That’s nice because you may have different securities throughout the day. You also get a news feed that focuses on corporate events and economic calendars. However, there’s no real-time news from CNN Money or Reuters, which is a downside.

You can also find a “Trader’s Instrument” tool that indicates how many traders are buying or selling the security during that session. “Live Statistics” is also useful to show the performance in various time frames.

Education

Training and education for the platform aren’t the greatest. There is a demo account for those who want to practice with the platform before depositing money. It’s good to experiment with that.

There’s also a KID document, which is provided to all clients. It focuses on instrument information and the risks involved. Plus, you have access to a few videos, which describe how the platform works. They aren’t designed to boost performance, though.

The Risk Management section explains the conditional orders available and talks about ways to minimise risk. Plus, there’s an FAQ section that focuses on withdrawals, regulators, and much more.

Portfolio Analysis Tools

Clients only get basic analysis tools that include transactions, balances, and profit/loss breakdowns. You have no access to trading journals or tax accounting tools.

Customer Support

The customer support team enjoys mostly positive feedback from the traders. Overall, the Plus500 platform offers live online customer chat services and email options. With that, representatives are available any time of day. Typically, live chat is best because you get a quick response, and the team is knowledgeable and provides relevant information.

However, email responses might take an hour, though the response time differs based on the issue complexity. Traders have reported that the broker is transparent and discloses its fees and rates.

There is no phone support.

Withdrawal Fees and Options

To withdraw your money from Plus500, you must:

  1. Click the Menu button found in the top-left corner of the screen.
  2. Tap “withdraw.”
  3. Choose your withdrawal method.
  4. Enter the amount you want to withdraw.
  5. Click “Open Withdrawal” to finalize the transfer.

Withdrawals on Plus500 are straightforward. There’s no fee for the first five, but it’s $10 after that. However, you do require a minimum amount ($100 for bank transfers and $50 for PayPal). You can remove money with a lower amount, but it costs you $10 to do so.

With that, you must go through a verification process before withdrawing money. Legit brokers must verify the customers before letting them trade, so this step is already completed before you earn a cent.

Plus500 Review Conclusion

Overall, Plus500 is a great online broker for intermediates and advanced traders who prefer to trade CFDs. It is regulated and listed on a legitimate stock exchange. Plus, the fees are low, and it has an intuitive user interface.

It could be one of the best platforms out there. Consider signing up to use Plus500 today.

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