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Plus500 Review 2023
Easy To Use?
This Plus500 review aims to find out why many are attracted to Plus500’s services and why it’s an advantage or a disadvantage in investing your money and crypto in this broker company. This review considers Plus500’s different products, its overall service, and its transparency in providing data to customers. We hope that you can decide for yourself it Plus500 is a good fit for your investing needs.
Is Plus500 Safe & Reliable?
Plus500 is an online broker headquartered in the U.K. that offers financial market trading with a broad portfolio of products: forex, equities, ETFs, options, stocks, commodities, and cryptocurrencies. This company was the very first one to use Bitcoin CFD. Since its 2013 debut on Plus500, Bitcoin CFD has attracted so many clients in 50+ countries all over the world. In fact, Plus500 is now one of the largest (if not the largest) CFD broker in the world.
What Is Plus500?
Plus500 is a CFD trading company. CFD stands for Contract for Difference and is owned by Plus500 Ltd., a holding company. This company is found on the London Stock Exchange Main Market (LON: PLUS) and operates through subsidiary companies Plus500UK Ltd., Plus500AU Pty Ltd., and Plus500CY Ltd. It is regulated in the U.K. and other countries.
Over the years, Plus500 has transformed from a trading company but also as a company that promotes wellness and sports. It is the proud sponsor of pro-soccer and rugby teams and has been Club Atletico de Madrid’s proud sponsor since 2016.
Who Created Plus500? Is it a Scam, is it Legit?
Plus500 is a legit trading platform and definitely not a scam. It was the brainchild of six graduates of the Technion- Israel Institute of Technology. This company was created by Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari, Shlomi Weizman, and Shimon Sofer. This company initially traded through its online website, but after a few years, they were able to develop a trading app so its members can sell and manage their portfolio anywhere they are.
It’s important to understand which countries are acceptable for trading on this platform. Because they are highly regulated, it means that whilst they have good regulatory coverage for some countries, they do accept customers from everywhere in the world.
Plus500 accepts traders from over 50 countries, including Australia, the United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, 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.
Plus500 Sign-Up Guide
Sign up for a Plus500 account through their website https://www.plus500.com/. You need to fill out a form and submit identification documents to verify your account. Once your account is verified, you can immediately start trading.
Initial Deposits And Withdrawals
You need a minimum deposit of $100 to start trading. Deposits are made through any of their accredited payment systems. You can use a credit card (VISA or MasterCard), debit card, Skrill, PayPal, or bank transfer. You may also make a withdrawal through these methods. The processing time for withdrawals can take three business days. There are no withdrawal fees.
Plus500 Review – What are the Fees?
There are very minimal charges in Plus500. The company even covers payment processing fees. You may find fees while transferring money from Plus500 to your bank account, and the bank or the payment issuer levies these. There are no hidden fees when you trade using Plus500.
Features Of Plus500
The following are features that you must consider before you invest through Plus500.
- Account Types
Plus500 only has a regular trading account, and this requires a minimum deposit amount of $100 to start trading. Very recently, Plus500 has upgraded all its clients to a gold account, and this means improved benefits and a higher trade volume.
A demo account is also available, and this is for clients who are still unsure about using Plus500’s services. Traders may need to meet requirements to use a professional type of account that has higher maximum leverage.
You can trade through the Plus500 WebTrader platform or Plus500 mobile app available on Android, iPhone, and iPad devices.
Plus500 offers a streamlined trading platform with no means to use automated trading or use of a particular algorithm. There are no special third-party platforms or back-testing functions. The WebTrader is where everything happens. Just place your trade and monitor them.
The platform targets basic trading, and although it allows stops on some of its offered markets these come with increased spreads and is not added to previous trades as well. Trading in large volumes is possible, but there are no discounts for these.
- Available Markets/Trading Instruments
Plus500 has 2000+ trading instruments that are offered through its WebTrader and mobile application. It’s comprehensive trading markets include, but are not limited to, forex, equities, ETFs, stock indexes, commodities, options, and cryptocurrencies.
- Education Center & Tools
There is a lack of educational materials to help traders, especially first-time traders, to start with forex or crypto trading. However, there are helpful FAQs available from their website to help users understand their platform. You’ll find tools like dynamic charts to help you with the technical analysis of your trades.
- Customer Service
You may contact customer support via email only. There are no phone numbers to speak to an agent directly. A helpful chatbox may be used if you need quick answers.
How Does Plus500 Compare To Other Trading Companies?
Plus500 offers a more diverse trading market compared to other trading companies. However, there are no special trading features to look forward to. So if you’re into straightforward trading, then this could be the right platform for you.
Pros And Cons Of Plus500?
Take note of these pros and cons before dealing with Plus500.
- You can trade 2000+ instruments.
- Their commissions are meager with no hidden charges.
- You can trade cryptocurrencies like Bitcoin and Ethereum.
- You can use a demo account.
- There are no tools to study your trades.
- There are no special features.
- You can’t use the platform with 3rd party tools.
Plus500 is a reliable trading platform because it is registered, has defined standards, and has little to no fees charged to users. It offers more trading instruments and cryptocurrencies than other platforms. However, it lacks special features and tools to help first-time traders. If you’re already an expert, then this may be the right trading platform for you.
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