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Plus500 Review

Interested in the Contract for Differences (CFDs) markets? The Plus500 trading platform is a great place to start. In this Plus500 review, you’ll learn how the system works and what excellent features it offers to help you along the way.

Plus500 Review

minimum price:

Free

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  • Trading Style: CFDs
  • Supported Cryptocurrencies: 9
  • Buy Crypto Directly: No
  • USA Support: No
  • Ease of Use: 3.5/5
  • Customer Support : 24/7
  • Regulated : Multiple Countries
  • Other Markets: Indices, Shares, Commodities, Forex, Options, ETFs

works on:

Windows Windows
Chrome Chrome
Apple Apple
Android Android
Firefox Firefox
Linux Linux

Best For

Advanced CFD traders

STRENGTHS

  • Low minimum deposit
  • Comprehensive trading platform
  • Leading cryptocurrencies supported
  • No deposit/ withdrawal fees

WEAKNESSES

  • Unavailable to US traders
  • Overnight funding and inactivity fees
  • Slow on older smartphones
  • Not suitable for beginners

PRICING PLANS:

Deposit and withdrawals

Free

What Is Plus500?

Plus500 is one of the most popular contracts for differences (CFDs) providers. Its comprehensive browser and app-based platform cover indices, Forex, commodities, shares, options, ETFs, and other financial instruments. In addition, Plus500 is the first and one of the few traditional exchanges to include cryptocurrencies like Bitcoin in its markets!

Plus500 cryptocurrency CFDs include:
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • IOTA 
  • NEM
  • EOS
  • NEO
  • Cardano (ADA)
  • Stellar (XLM)

The site has tight spreads, no direct Plus500 commission, and lightning-fast order execution. And, if this all sounds too much, its free demo account lets you test your mettle without spending any real funds.

Jacob Frenkel, Chairman and David Zruia founded Plus500 back in 2008. The parent company is highly regarded and listed on the London Stock Exchange, with revenues of $872.5 million in 2020. Meanwhile, its mobile apps for iOS and Android are well-rated on the official app stores.

The company has several subsidiaries across the world. Plus500 online trading is available in over 50 countries and 30 languages. This includes most of Europe and the East but excludes politically difficult countries like Cuba, Iran, and Syria. South Africans can open accounts, but many other countries on the continent are off the list. 

As of September 2021, Plus500 USA is not supported, and investors from the United States and Canada can’t use its services. However, the company continues to push, and it’s likely a US exchange in some form will launch soon.

The best way to see if you can open an account is to give it a go from your legitimate ISP.

You can find the global Plus500 webTrader site at Plus500.com. Its other key hub is on the .co.uk domain for UK users. On both, users get multi-language 24/7 support and can easily fund their accounts by credit/debit card, bank transfer, or digital wallet transfer.

Now, before we take a closer look at how you can get started and continue this Plus500 review, note that:

Disclaimer: 

CFDs are financial products that have a high money-losing risk, which can happen quickly because of leverage. 72% of retail investor accounts lose money during CFD trading. You must take the time to understand how CFDs work and what you can afford to risk before proceeding.

How To Use Plus500

So, Plus500, how does it work

First, it should look familiar to anyone who has used online trading platforms before. It’s designed well, has a clean look, and is relatively easy to use. Second, it’s customizable with features like light and dark mode. However, newcomers may still find all this overwhelming. 

Of course, opening an account is step one. Read on as we have detailed Plus500 reviews of each key feature.

Opening an account

To trade online, Plus500 requires an email and a strong password to open your account. This will give you immediate access to the charts data for all markets. 

However, before you can make your first deposit and begin trading, you must provide some extra information.

First, you must give your full name, date of birth, and country of residence. You also need to disclose which country you pay your taxes in and confirm you’re not a resident of the United States.

In addition, your full address is needed, and a summary of your CFD trading history. This is to prevent beginners from trading without enough knowledge.

Second, you must share your annual income, savings, income source, and how much you can risk annually while trading. Plus500 also wants to know your expected trading style, i.e., speculation, long-term investing, etc. Plus, you must answer some basic trading questions, such as how to work out Plus500 leverage. This ensures you know what you’re getting into. 

While this seems like a lot of hoops to jump, it’s also reassuring to experienced traders to know the market is looking out for its users. Moreover, it gives you the incentive to learn how to trade properly before risking your finances.  

Full verification

The Plus500 trading platform operates under the Know Your Customer (KYC) principle. That means it reserves the right to request identity documents. These include:

  • A photo ID, such as a driver’s license, passport, or other government-issued ID
  • A utility bill, bank statement, or government-issues letter containing your address and name
  • Natural Client Identifier, which all traders should have in countries where it is required
  • Verified phone number
  • Verified email address

All these can be attached as scans or good photos taken with a mobile device.

Retail and professional accounts

Plus500 trading is not intended for the average person. There are two primary accounts: retail and professional

Retail is for firms that represent several clients. You can open a professional (personal) account if you have some trading history and proven knowledge. Over time, your track record can unlock more perks.

Depositing and withdrawal

Plus500 deposit methods include: 

  • Credit or debit card
  • PayPal
  • Trustly Bank Transfer
  • Several electronic wallets and services

And the Plus500 minimum deposit varies based on the transaction method you choose. If depositing via credit/debit cards or electronic wallets, it’s $100 (or equivalent in other currencies). For bank transfers, the minimum is $500.

Other currencies the company accepts are:

  • GBP
  • PLN
  • USD
  • HUF
  • CZK
  • CAD
  • TRY
  • SEK
  • NOK
  • SGD

If you are based in a supported country, you can deposit in different fiat currencies, though these may be subject to an exchange rate between your native currency before trading.   

When it comes to cashing out, the Plus500 minimum withdrawal is $100 for a card or bank transfer and $50 via PayPal

Plus500 withdrawal time depends on the method chosen but can take anywhere from a few hours to five working days

There is no maximum Plus500 withdrawal limit. However, you are allowed five withdrawals per month with no Plus500 withdrawal fee. If you exceed these limits, you will incur additional costs.

Note: Although you can trade in cryptocurrency CFDs, this results in fiat profits or losses and is never stored in cryptocurrency on the platform. You cannot deposit or withdraw cryptocurrency itself.

CFDs explained

CFDs are a form of financial derivatives and thus take their value from an underlying package of assets – they are derivative. 

A CFD is a contract between investors to bet on whether these assets will become more or less valuable over a specific period of time. The profits and losses come from these contracts, not necessarily the underlying assets.

For example, a Plus500 Bitcoin CFD is using the fiat value of the virtual currency to bet on the value of Bitcoin, which could increase or decrease. There will be a percentage difference, which is why a CFD is a ‘contract for difference.’ 

Margin trading

Plus500 lets you trade on margin, leveraging your funds several times over to generate higher profits. In other words, you don’t have to deposit the entire amount you invest in your chosen CFD. 

For example, if you deposit $200, you can leverage this 30 times and turn it into a $6,000 investment. 

Of course, the digital Plus500 broker system does not want to lose its $5,800 if you’re a poor trader, so that’s where the margin comes in. A lower margin is safer for all involved, though it can also mean less of a reward. 

At Plus500, you must use an initial or main margin and a maintenance margin. This second margin (lower than the initial margin), say 10%, requires you to have this amount in your account to keep the position open. 

Your position closes if, at any point, your Plus500 leverage overexerts and your account funds drop below the maintenance margin. The good news is you can’t go into a negative balance and be indebted to Plus500, but you can certainly lose your entire initial investment. 

One way to mitigate this before it gets too bad is to use a strategic Stop Loss order. With this, you instruct the system to automate the closure of your position if it reaches a certain price. When used wisely, you can cut your losses much earlier and save significant losses. In some cases, you can also close a position manually at any time.

Leverage can vary from country to country and the type of CFD you choose. On average, maximum leverage is as follows:

  • Indices – 1:20 
  • Stocks – 1:5 
  • Forex – 1:30
  • Crypto – 1:2
  • Commodities – 1:20
  • ETFs – 1:5

Other trade types

As well as a Stop order, many other order types with different rules and purposes are available on the Plus500 trading platform. They are:

  • Market Your trade is executed at the current best price on the market
  • Limit – Your order has a maximum or minimum price and can only be executed if it meets it
  • Trailing Stop – A stop order that remains open as long as the price is moving in the investor’s favor
  • Guaranteed Stop – Your order will always be executed at the pre-set price, which is useful in a volatile market, but you may have to pay a premium

Experienced traders have access to some other order types. But those listed above are available to all Plus500 investors.

To view your unfulfilled orders and order history, simply click the orders icon on the left side of the window on the Plus 500 Windows app or browser site. You can also view your open positions from the ‘Open Positions’ icon or the main Trade screen.

Plus500 crypto explained

Plus500 is not a cryptocurrency exchange. Thus, you cannot directly deposit, withdraw, buy, or sell crypto with a Plus500 Bitcoin or another cryptocurrency wallet. Instead, you can trade the value of a coin in CFD derivatives via fiat currency like other financial markets

This includes Plus500 Ethereum and Plus500 Bitcoin CFDs, among other cryptocurrencies.

As explained in more detail above, the basic process involves depositing fiat and using it to make an order and take a position – just with crypto as the asset.

Trading windows

Once you’ve opened an account, the trading window takes the form of the homepage. Here you’ll find all the most popular trades, options, and the biggest risers and fallers. You can view the relevant selling, buying, change, highs, and lows with a convenient chart at the bottom.

Also, on the trade windows, you can view your:

  • Saved favorites 
  • All indices (1,800 Stock CFDs)
  • 33 Stock Index CFDs
  • 92 ETC CFDs
  • 9 cryptocurrencies 
  • Over 60 Forex currency pairs, including EUR/USD, GBP/USD, and EUR/GBP
  • The list of commodities supported by the Plus500 broker

Starting a trade is as simple as clicking sell or buy against the instrument. Choose the amount you want, press the plus and minus buttons to help determine your leverage, and you can check whether to sell when your set profit or loss is reached. 

An advanced drop-down includes order types such as ‘Trailing Stop.’ 

Tools and alerts

You can easily implement many tools and alerts to stay sharp as a Plus500 webTrader user. This includes phone and desktop notifications, SMS, and on-site alerts and noises. These are customizable. For example, you might set an alert based on price changes or your positions.

There are also charting tools to analyze the market, plan strategies, and dig into the history of an asset. The downside is the lack of API access means you cannot use your own elaborate tools to make automated use of the data. 

Security

As part of Plus500 review, we researched the site’s security measures and found it really manages to protect its users. 

Several reputable institutions like the FCA, ASIC, CySec, FSCA, FSA, and MAS regulate the platform. Moreover, Plus500  uses industry-standard encryption to protect all data passing through the site. It also vows never to pass on your personal details to third parties. 

On your end, you can further secure your account using two-factor authentication by switching it on. This will send a code to your verified phone and/or email address before allowing you to log in. Meanwhile, storing your 2FA keys securely offline is a wise move.

Similarly, on the Plus500 app, you can secure your account using biometrics (thumbprint).

In other Pluse500 reviews, much has been made of a lack of cold storage, which you find with other crypto exchanges. However, it is essential to understand that users do not have crypto wallets and do not hold crypto the same way as those exchanges, making cold storage less important.

The company still segregates and secures its fiat holdings in multiple bank accounts and adheres to the laws of its supported countries. For example, the UK’s Financial Conduct Authority (FCA) guarantees protection up to £50,000 for UK users. 

Moreover, the firm never does its own hedging with individual or retail funds, only reserves. This means users are safe from any operator loss

Plus500 Fees

Plus500 fees are low and easy to follow. Deposits and withdrawals are free on the platform’s end, but you could incur fees at your bank or payment processor for things like currency conversion fees. There is no traditional Plus500 brokerage fee, but you may face Plus500 overnight fees and other specific charges.

Fortunately, the market spread generates most Plus500 trading fees. In other words, if trading a EUR/USD currency pair, and the buy rate is 1.12078, the sell rate would be 1.12072. This means a market spread of 0.6 pips. 

And here are the average spread costs:

  • S&P 500 CFD: 0.5 points 
  • Europe 50 CFD: 2 points 

Other charges you may face include:

  • Forex fees depending on the amount, ratio, and how long the position is held.
  • Plus500 overnight funding fee based on trade size, position opening rate, point value, and daily overnight funding.
  • Currency conversion fees of up to 0.7% on net profit and loss.
  • Plus500 inactivity fee of $10 (or equivalent) applies if you don’t log in to your account to complete at least one trade in a month. This is not levied if there are insufficient funds.

Plus500 Mobile App

The Plus500 app is currently available for Android and iOS mobile devices, and thousands of users rate it highly. In the official Apple Store, it has a 3.5 rating out of 5 from 2,600 users. Similarly, it has a 3.9/5 rating at Google Play from over 96,000 users.

The app layout is familiar and easy to get to grips with, especially if you’ve traded in the past. You should have no trouble with screen size issues unless you’re looking at particularly elaborate charts on a small smartphone screen. Therefore, it’s better for temporary landscape mode.

The main issue you might run into is a slight lag when loading charts if your device lacks enough free memory. Otherwise, speed is good.

You get access to all the available leveraged CFDs, live quotes and data, and cryptocurrencies. Furthermore, you can fund and withdraw your account and contact customer support in-app. In essence, it’s the full Plus500 trading platform optimized well for mobile users. This makes it perfect for checking your holdings and positions on the go.

There is also a Plus500 Windows app that almost 100% mirrors the web version of the platform. You may prefer this method if you fear your browser isn’t secure.

If you’re unsure how Plus500 change leverage works or how to invest in a product containing Plus500 Bitcoin, this is your first port of call.

Plus500 Customer Support 

Plus500 reviews of customer support are universally positive, and a quick test question proves the team is on the ball. 

You can contact helpful staff 24/7 by live chat on the site itself or the encrypted WhatsApp Messenger mobile app. 

Alternatively, you can email, but it might take longer to receive a response, and it’s more difficult to go back and forth quickly. 

What’s impressive is the amount of help and educational pages. You can take a tour of the various features, read an extensive FAQ to cover all the basics, or look at the trader’s guide. There is even a Plus500 eBook you can take away and read to get familiar with the platform before diving in. 

Plus500 Review – Verdict

To conclude this Plus500 review, there is not a lot to dislike. The platform has opened up the vast traditional markets to anyone online with a bit of know-how. This, coupled with cryptocurrency CFDs, makes for a formidable force for experienced traders.

Fees are low, there’s a respectable amount of leverage, and security has not seen a major breach since launching in 2008. Plus500’s extensive verification process will turn off some in the digital currency scene. Yet being well regulated is also a plus in many serious traders’ minds.

US users will have to wait a little longer before they can join the fun, though.

FAQ

Is Plus500 any good?

Plus500, is it legit? In short, yes! It is a long-running and trusted exchange that was successful before cryptocurrency itself was even in use. Having earned its place on the stock market and winning many awards, like the ‘Number One CFD Broker in the UK for 2020’ and two other times, you know you’re in excellent hands.

Can you make money on Plus500?

Yes, the online Plus500 broker is a comprehensive trading platform with many opportunities to make money for experienced users. It focuses on CFDs encompassing indices, Forex, commodities, shares, options, ETFs, and more. There’s a multitude of order types, and you can implement day trading, speculative trades, and after longer-term strategies. As with all financial trading products, with high risk comes a high reward.

So, while there’s certainly room to make considerable money, you must be fully aware that you can lose money as well.

Is Plus500 good for beginners?

While all traders must start somewhere, Plus500 is not necessarily a good place for beginners if you have not previously taken the time to study online trading. However, as this and many Plus500 reviews note, the platform provides a demo account option, educational materials, and even security measures to help newcomers. This helps them learn but also keeps them safe from risking funds they cannot afford.

The user interface and mobile apps themselves are relatively easy to navigate. They are ‘beginner-friendly in the sense you can find your account information and all the important pages with ease.

Is Plus500 good for day trading?

As you learned during this Plus500 review, the platform is legit for day trading. Plus500 executes trades quickly. Outages are unheard of, and it has a high level of security.

It features a broad range of assets to trade daily, and you are free to open and close your CFD positions whenever you desire during trading hours. 

While there isn’t an API, you can learn the ins and outs of the platform using a demo account. Moreover, because you can export historical data, you can retroactively test your day trading strategies to see if you can apply them in the real world. 

ABOUT AUTHOR

A qualified journalist and longtime web content writer, Keelan has a passion for exploring information and learning new things. If he's not writing or pushing his own brands, you'll find him watching pro wrestling or trying not to rant about politics online.