Plus500 was founded in 2008, in the country of Israel. As years progressed, the company added more and more instruments and asset classes to its arsenal. In 2016 it even added options to its tradable securities collection, available for traders. By today the company has built a significant reputation and size throughout the years and is a leading broker in the industry. Moreover, Plus500 is listed on the London Stock Exchange and is part of the FTSE 250 (LON: PLUS). Today the company offers CFD’s on multiple asset classes, including Currencies, Cryptocurrencies, Commodities, ETF’s, Indices, Shares, and Options. Plus500 is regulated by such regulators as FCA (Financial Conduct Authority), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), MAS (Monetary Authority of Singapore), and FMA (Financial Markets Authority).
In this Plus500 broker review:
- Plus500 at a glance
- Asset Coverage
- Account Types
- Opening an account
- Deposit and withdrawal
- Spreads, Commissions, and Fees
- Trading Platforms
- Mobile Trading
- Additional Tools
- Customer Support
- Additional info
Plus500 at a glance
|Regulation||FCA (Financial Conduct Authority), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), MAS (Monetary Authority of Singapore), and FMA (Financial Markets Authority)|
|Asset Coverage||Commodities, Cryptocurrencies, Currencies, ETF’s, Indices, Shares, Options|
|Trading Platforms||Web Trader|
|Minimum Initial Deposit||$100|
|Leverage||Up to 30:1 for most EU countries, for retail trading accounts|
Plus500 Asset Coverage
Plus500 offers a very wide range of assets, and they especially excel at offering an extended range of commodities and options. For instance, you could trade Feeder Cattle, Live Cattle, Lean Hogs and a few more commodities that are extremely rare and aren’t offered elsewhere much. Also, they offer 25 options on different instruments, each having around 20 different puts or calls, with different strike prices. Generally, Plus500 offers over 2,000 different instruments. Specifically, they offer 22 Commodities, 28 Indices, 14 Cryptocurrencies, 71 Currencies, over 80 ETF’s, more than 1,500 shares, and almost 500 different options contracts.
Plus500 Account Types
Plus 500 offers one single account type for most EU countries. That is standardized leverage, base currencies, and platform. Plus500 minimum deposit is $100 for debit/credit cards and electronic wallets, while $500 for bank transfers. Moreover, For countries outside the EU, leverage is up to 300:1, even for retail clients. Additionally, Plus 500 offers professional trading accounts, which you have to qualify for.
Opening an account at Plus500
Plus500 offers accounts for many countries, however, there are exceptions. For instance, the US, Canada, Cuba, Iran, Syria, etc. Opening an account with Plus500 is fairly easy, and you can easily get verified within one single day.
Firstly, you will need to enter your email address and password. Once you’ve created your account, you will get access to the trading platform and will be able to go through a verification process. This includes providing information such as:
- Basic information, such as date of birth, address, etc.
- Your financial information – how much you earn, savings, etc.
- Your trading experience
Also, in order to qualify, you will need to answer a few questions regarding trading CFD’s.
Once you’re done with the latter, you will need to confirm your residency and identity. For identity verification, you will be asked to either upload a photo of your national ID, passport or drivers license. Whereas for residency, you will be asked to provide a copy of either your utility bill or bank statement. Also, you will need to provide your TIN (Tax Identification Number), verify your email and mobile number.
As mentioned, verification usually is done pretty quickly, and you can get verified within one business day easily.
Deposit and withdrawal at Plus500
Plus500 offers free deposits. The minimum deposit is $100 for debit/credit cards and electronic wallets, while $500 for bank transfers. Deposits are available in several different options, including:
- Bank transfer
- Credit/Debit card
As far as withdrawals go, the first 5 withdrawals per month are free. Beyond that, it is $10 for one withdrawal. There is also a minimum withdrawal. It is $50 for Paypal and $100 for bank transfer and credit/debit cards. If you want to withdraw a lower amount, $10 charge will be applied. Also, withdrawal options are similar to those of deposit.
Spreads, Commissions, and Fees at Plus500
Plus500 makes its living primarily through charging you a spread. In general, spreads at Plus500 are on the lower end of the spectrum. For example, the typical EURUSD spread is only 0.6 pips, while for WTI oil it’s 3 pips. In addition, Plus500 charges overnight fees and an inactivity fee (A fee of up to USD 10 per month will be levied, should you not log in to your trading account for a period of at least three months). Moreover, Plus500 offers a guaranteed stop feature, which increases your spread, however, guarantees you a stop price with no slippage. Besides this, Plus500 does not charge any other fees on trading (conversion fees are determined by the bank you are with).
Plus500 Trading Platforms
Plus500 offers a single trading platform, their proprietary Web Trader. The platform is very user-friendly and offers a lot of technical tools for traders to use. For instance, traders can choose from 12 different chart types and around a hundred different technical indicators. This is much more than other brokers tend to offer, and it is clear that Plus500 is geared a lot towards technical traders. In addition, Plus500 offers 10 timeframes to choose from, and just as if that wouldn’t be enough, it added the tick by tick timeframe. Various drawing tools are also available to traders.
The starting screen looks like this:
It includes a watchlist of certain instruments, a menu on the left and a chart below. also, on top, you can see such information as your account Equity, Margin, Available funds, etc.
As far as order placement goes, Plus500 offers a few very useful options, such as trailing stop loss and guaranteed stop loss (on certain instruments). Guaranteed stop loss is a very interesting feature, offered by very few brokers. In essence, you can choose to pay an additional spread to Plus500 in exchange for a guaranteed stop loss. That is, no slippage will be incurred at all, no matter what. This is a very useful option for those who want to be sure that they will not lose more than X amount. This option is available for the most commonly traded instruments, and certain rules do apply.
Moreover, in the order placement window, you can see some useful information, such as the margin required, leverage, and more.
To summarize, the highlight of this platform is the technical abundancy of indicators, the ability to trade many different instruments, especially options and rare commodities, and the availability of the guaranteed stop loss.
Mobile Trading with Plus500
Mobile trading is fairly easy and user-friendly, just like the desktop platform. It includes many of the features, however, less technical indicators are available. Browsing the library of instruments is very simple, and can be done by either going through categories or by a search.
The main screen shows selected instruments and a graph below of your chosen security. The graph can be magnified also by flipping your phone horizontally.
Order placement is similar to the desktop Web Trader and contains most of the features found on the main platform:
It should be mentioned that the mobile app also has the ability to view charts in tick by tick timeframe.
In addition to the trading platform, a few additional tools are offered for traders. For instance, the Economic calendar, which includes the most important events traders should be keeping an eye on. Also, there is an option to receive alerts through means such as SMS. They can be price alerts, % change alerts or even traders sentiment alerts (buyers % vs sellers %). Finally, there’s the trader’s guide which includes 3 videos on the following topics: Slippage, what is CFD trading and how to trade with Plus500. It is a fairly new section and new videos should be out soon.
Plus500 offers 24/7 support, which is a very good competitive proposition by the broker. It also offers support in 3 different channels: Whatsapp, live chat and email. It is a rather rare and very useful customer support combination that could satisfy anyone really. Live chat support is fast and on point, and is usually the main source of communication for many traders.
Plus500 has received several awards and recognition from industry watchers for its excellent service. Plus500 also has one of the highest-rated CFD apps on the App Store and Google Play.
- Plus500 supports 32 different languages
- The company is considered safe, as it’s traded on the FTSE 250
Plus500 is a very unique broker in terms of their propositions, and many traders will find at least some of their unique features very useful. For instance, its one of the few brokers offering options trading, or rare commodities such as Lean Hogs. Additionally, it offers the guaranteed stop-loss feature which is very rare and extremely useful for risk management purposes. Plus500 offers 24/7 customer support and can be reached in 3 ways, satisfying most traders in this realm. Also, the mobile platform has definitely won over the assessment of traders as one of the best broker trading apps out there, having one of the highest ratings compared to other brokers’ trading apps. Finally, its abundancy of technical indicators will leave many technical traders impressed. All in all, it’s a very unique and powerful platform.
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76.4% 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.
- FCA, CySEC, ASIC regulated
- Listed on LSE
- Founded in 2008
- Wide range of trading platforms