Plus500 Trading Broker Review 2024

Plus500 is a leading global online broker that has carved out a significant niche in the world of CFD trading. Known for its user-friendly platform, extensive range of trading instruments, and robust regulatory framework, Plus500 has become a go-to choice for both beginner and experienced traders. Established in 2008, the broker is headquartered in Israel and operates under multiple regulatory bodies, ensuring a high standard of security and trust for its clients.

The broker offers a seamless trading experience across various devices, including desktop, web, and mobile platforms, which are well-integrated and feature-rich. Plus500 provides access to over 2,000 financial instruments. This wide selection makes it an attractive option for traders looking to diversify their portfolios.

In this comprehensive Plus500 broker review, we will share our firsthand experience, detailing everything from its trading fees to the trading platform and customer support. Our self-tested insights will help you determine whether Plus500 is the right broker for your trading needs.

Why to choose Plus500?

Choosing Plus500 as your trading broker offers several compelling advantages. First and foremost, Plus500’s user-friendly platform is designed to simplify the trading process for users of all experience levels. Whether you are a novice stepping into the world of trading or an experienced trader, Plus500’s intuitive interface and straightforward navigation make it easy to execute trades efficiently.

Another significant reason to choose Plus500 is its extensive range of trading instruments. With access to over 2,000 financial assets, including forex, indices, commodities, shares, ETFs, options, and cryptocurrencies, Plus500 enables traders to build a diversified portfolio. This diversity can help mitigate risk and explore various market opportunities.

Regulation is a critical factor when choosing a broker, and Plus500 excels in this area. It is regulated by multiple top-tier authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). These regulations ensure that Plus500 operates transparently and securely, providing a safe environment for your funds and personal information.

Plus500 stands out for its broad array of trading instruments, making it one of the most versatile brokers in the industry. The platform offers access to over 2,000 financial instruments as CFDs, providing traders with ample opportunities to diversify their portfolios and explore different markets. Here’s a detailed breakdown of the trading instruments available on Plus500:

• Forex (Foreign Exchange): Plus500 offers over 50 currency pairs, including major, minor, and exotic pairs. Traders can take advantage of tight spreads and leverage up to 1:30 (for retail clients), making it a popular choice for forex traders.

• Indices: Plus500 provides access to a wide range of global indices, including major indices such as the S&P 500, FTSE 100, DAX 30, and Nikkei 225. These indices allow traders to speculate on the overall performance of markets across different regions.

• Commodities: Traders can trade a variety of commodities on Plus500, including precious metals (gold, silver), energy products (oil, natural gas), and agricultural commodities (wheat, coffee). The platform’s commodity offerings allow traders to hedge against inflation or speculate on price movements.

• Shares: Plus500 offers CFD trading on shares from major stock exchanges around the world. This includes shares of companies listed on the NYSE, NASDAQ, LSE, and more. Traders can access popular stocks such as Apple, Amazon, Tesla, and Facebook.

• ETFs (Exchange-Traded Funds): Plus500 also offers CFDs on ETFs, allowing traders to invest in a diversified basket of assets with a single trade. This includes ETFs focused on specific sectors, indices, or commodities.

• Options: Plus500 provides trading in options for various assets, including indices and commodities. Options trading on Plus500 is flexible, with different expiration dates and strike prices available, catering to different trading strategies.

• Cryptocurrencies: For those interested in digital assets, Plus500 offers CFDs on popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin. This allows traders to speculate on the price movements of cryptocurrencies without owning the underlying asset.

This extensive range of trading instruments allows Plus500 traders to engage with multiple markets and strategies, whether they are looking to diversify their investments or focus on a particular asset class. The availability of these instruments on a single platform makes Plus500 a comprehensive solution for various trading needs.

Trading fees are a critical aspect to consider when choosing a broker, as they directly impact your profitability. Plus500 operates on a commission-free model, but like any broker, it does have various fees that traders should be aware of. Below, we’ll break down the different types of fees associated with trading on Plus500.

Deposit Fee at Plus500

Plus500 does not charge any fees for deposits. This is a significant advantage as it allows traders to fund their accounts without worrying about additional costs. The broker supports a variety of deposit methods, including credit/debit cards, bank transfers, and e-wallets like PayPal and Skrill, making the process convenient and flexible.

Withdraw Fees at Plus500

Similar to deposits, Plus500 does not charge a fee for withdrawals, provided you do not exceed the maximum number of free withdrawals allowed per month. However, if you exceed this limit, a small fee may apply. The minimum withdrawal amount varies depending on the withdrawal method chosen, but the process is generally straightforward and fast.

Account Fee

Plus500 does not impose any account maintenance fees, which is a plus for traders who want to avoid ongoing costs. This makes it easier to manage your account without the worry of incurring additional charges over time.

Inactivity Fee

Plus500 does charge an inactivity fee. If your account remains dormant for more than three months, an inactivity fee of up to $10 per month is applied. This fee is deducted from your account balance and continues until you resume trading or the account balance reaches zero. This could be a disadvantage for traders who do not trade frequently.

Spreads and Commissions

Plus500’s primary revenue source is the spread, the difference between the buy and sell prices of an asset. The broker offers competitive spreads, although they vary depending on the asset class and market conditions. For example, spreads on major forex pairs like EUR/USD can be as low as 0.6 pips, while spreads on other instruments like commodities or cryptocurrencies may be wider. There are no additional commissions charged on trades, making the cost structure straightforward and predictable.

Understanding the fee structure of Plus500 is essential for managing your trading costs effectively. With no deposit or withdrawal fees and a commission-free trading model, Plus500 offers a cost-efficient trading environment, although the inactivity fee is something to be mindful of if you’re not an active trader.

Regulation is a crucial factor in ensuring the safety and legitimacy of a trading broker. Plus500 is highly regarded in the industry due to its compliance with stringent regulatory standards set by some of the world’s leading financial authorities. Below is an in-depth look at Plus500’s regulatory framework, investor protection measures, and the broker’s history.

Regulator Licences of Plus500

• FCA – Financial Conduct Authority – United Kingdom:
  The FCA is a top-tier regulatory body known for its stringent oversight and strong consumer protection measures. Plus500’s FCA regulation under license number 509909 ensures adherence to the highest standards of financial conduct, providing UK clients with a secure and transparent trading environment.
• ASIC – Australian Securities and Investments Commission – Australia:
  ASIC is a reputable regulator recognized for its rigorous regulatory framework, particularly in safeguarding retail traders. Plus500’s regulation under ASIC’s license number 417727 guarantees compliance with strict financial practices and offers a high level of investor protection to Australian clients.
• CySEC – Cyprus Securities and Exchange Commission – Cyprus:
  CySEC is a well-regarded European regulator that ensures financial transparency and investor protection within the EU. Plus500’s CySEC license with the number 250/14 allows it to operate across Europe under the MiFID II directive, providing clients with robust legal protections.
• MAS – Monetary Authority of Singapore – Singapore:
  MAS is a highly respected regulatory authority in Asia, known for its comprehensive oversight of financial services. Plus500’s regulation (MAS license number CMS100648-1) by MAS ensures that it adheres to strict operational and capital requirements, offering Singaporean traders a secure trading environment.
• FMA – Financial Markets Authority – New Zealand:
  The FMA is a recognized regulator that focuses on promoting fair and transparent financial markets in New Zealand. Plus500’s FMA license with the number FSP486026 underscores its commitment to maintaining high standards of conduct and providing reliable services to New Zealand clients.

These licenses ensure that Plus500 adheres to strict regulatory requirements regarding financial practices, client fund protection, and operational transparency.

Investors Protection

Investor protection is a critical aspect of Plus500’s commitment to providing a secure trading environment. Plus500 clients benefit from several investor protection measures, including:

• Segregated Client Funds: All client funds are held in segregated accounts, separate from the company’s operational funds, ensuring that your money is protected in the event of the broker’s insolvency.

• Negative Balance Protection: Plus500 offers negative balance protection, which means that clients cannot lose more money than they have deposited. This feature is crucial in volatile markets, as it prevents traders from accumulating significant debt.

• Investor Compensation Schemes: Depending on your jurisdiction, you may be eligible for compensation under an investor protection scheme. For example, UK clients are covered by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 in the event of broker insolvency.

About Plus500

Plus500 was founded in 2008 and has since grown into one of the largest CFD providers globally. The broker was listed on the London Stock Exchange’s Main Market in 2018 and is part of the FTSE 250 Index. Over the years, Plus500 has earned a solid reputation for providing a secure and transparent trading environment. The broker has consistently expanded its offerings and improved its platform, making it a reliable choice for traders worldwide.

Plus500’s strong regulatory standing, comprehensive investor protection, and established history make it a trustworthy broker for traders looking to invest in CFDs. The broker’s adherence to high regulatory standards ensures that your trading experience is not only secure but also transparent.

Plus500 is well-known for its proprietary trading platform, which is designed to offer a seamless and user-friendly experience across multiple devices. The platform is available in web, desktop, and mobile versions, ensuring that traders can access their accounts and execute trades from anywhere. Below is a detailed look at the different platforms offered by Plus500.

Mobile Trading Platform

The Plus500 mobile trading platform is available for both iOS and Android devices, offering full functionality on the go. The mobile app mirrors the desktop and web platforms, providing a consistent and intuitive user experience. Key features include real-time price alerts, advanced charting tools, and the ability to execute trades with just a few taps. The app is optimized for mobile use, ensuring quick load times and smooth navigation, making it ideal for traders who need to manage their portfolios while on the move.

Web Trading Platform

Plus500’s web trading platform is highly accessible and requires no download, allowing traders to access their accounts from any web browser. The platform is designed with simplicity in mind, featuring a clean interface that is easy to navigate. It includes a range of tools such as customizable charts, technical indicators, and risk management features like stop-loss and take-profit orders. The web platform’s responsive design ensures that it works well on both desktop and mobile browsers.

Desktop Trading Platform

The desktop version of the Plus500 platform offers all the features of the web and mobile versions, but with enhanced performance for those who prefer trading on a PC or Mac. The desktop platform is ideal for traders who require a stable and dedicated trading environment, particularly when executing more complex strategies. It supports multiple windows, allowing users to monitor different assets simultaneously, and offers faster execution speeds, which can be crucial in volatile markets.

Overall, Plus500’s trading platform is a robust and well-rounded solution that caters to the needs of a wide range of traders. Whether you prefer trading on your desktop, web browser, or mobile device, Plus500 provides a consistent and efficient experience across all platforms.

Plus500 offers a range of deposit and withdrawal options designed to provide flexibility and convenience for traders across the globe. The broker supports multiple payment methods and account currencies, ensuring that clients can manage their funds with ease. Below is a detailed overview of the deposit and withdrawal processes, including supported account currencies.

Deposit Methods at Plus500

Plus500 supports several deposit methods, making it easy for traders to fund their accounts. The available methods include:

• Credit/Debit Cards: Visa and MasterCard are accepted for instant deposits.

• Bank Transfers: Bank wire transfers are available, though processing times may take a few business days.

• E-Wallets: Popular e-wallets like PayPal and Skrill are supported, offering quick and secure transactions.

Plus500 does not charge any fees for deposits, and the minimum deposit amount is typically $100, although this can vary depending on the payment method and region.

Withdraw Methods at Plus500

Withdrawals from Plus500 can be made using the same methods available for deposits, ensuring consistency and ease of use. The broker processes withdrawal requests promptly, typically within 1-3 business days, although this can vary based on the method used:

• Credit/Debit Cards: Withdrawals are processed to the same card used for deposits.

• Bank Transfers: Withdrawals to a bank account may take longer due to processing times at the receiving bank.

• E-Wallets: PayPal and Skrill withdrawals are usually processed quickly, often within 24 hours.

Plus500 allows a certain number of free withdrawals per month. Exceeding this limit may result in a small fee, which varies depending on the payment method.

Account Currencies

Plus500 supports a variety of base account currencies, enabling traders to avoid conversion fees when depositing or withdrawing funds. Supported currencies include:

• USD (US Dollar)
• EUR (Euro)
• GBP (British Pound)
• AUD (Australian Dollar)
• JPY (Japanese Yen)
• CAD (Canadian Dollar)

When opening an account, clients can select their preferred currency from the available options. It’s important to choose the correct currency at the outset, as changing it later may require opening a new account.

In summary, Plus500 provides a seamless deposit and withdrawal process, with multiple payment options and account currencies to accommodate traders worldwide. The absence of deposit fees and the efficiency of their withdrawal process make Plus500 a convenient choice for managing your trading funds.

Plus500 provides a basic level of research and educational resources, which may be sufficient for experienced traders but could leave beginners wanting more. While the platform excels in its user experience and range of trading instruments, its offerings in research and education are somewhat limited compared to other brokers. Below is an overview of the research tools and educational materials available on Plus500.

Research Tools

Plus500’s research tools are designed to assist traders in making informed decisions, though they are relatively basic:

• Economic Calendar: Plus500 offers an economic calendar that tracks major economic events and announcements. This tool is essential for traders who rely on fundamental analysis, as it highlights potential market-moving events like interest rate decisions, GDP releases, and employment reports.

• Market News and Insights: The platform provides market news and insights, though the coverage is not as comprehensive as other brokers. News updates focus primarily on major market events and asset-specific developments.

• Charting Tools: Plus500 includes a range of charting tools and technical indicators that allow traders to perform technical analysis. While the tools are useful, they may not satisfy advanced traders who require more sophisticated charting capabilities.

• Price Alerts: Traders can set price alerts on specific instruments, which can help them stay on top of market movements without constantly monitoring their screens.

Educational Materials

The educational materials offered by Plus500 are minimal, focusing mainly on platform usage rather than broader trading education:

• Platform Tutorials: Plus500 provides basic tutorials on how to use its platform, including how to open and close trades, set stop-loss and take-profit orders, and navigate the interface.

• Trading Guide: The platform includes a simple trading guide that covers the essentials of CFD trading, such as leverage, margin, and risk management. However, the guide is brief and lacks depth for those seeking comprehensive trading education.

• FAQ Section: The FAQ section covers a wide range of topics related to account management, trading, and technical issues, but it does not delve into advanced trading strategies or market analysis.

While Plus500 offers some useful tools and basic educational content, it is clear that the broker’s focus is more on providing a straightforward trading platform rather than a comprehensive educational experience. Traders who require in-depth research tools and extensive educational resources may need to supplement their learning with external sources.

Plus500 offers customer support that is designed to be responsive and accessible, ensuring that traders can resolve issues and get assistance whenever needed. However, the support options are somewhat limited compared to other brokers, as Plus500 does not provide phone support. Below is a detailed overview of the customer support features offered by Plus500.

Contact Methods

Plus500 provides two primary methods of customer support:

• Live Chat: The live chat feature is available 24/7 and is the fastest way to get in touch with a support representative. The response time is typically within a few minutes, making it an efficient option for resolving urgent queries. The live chat is accessible directly from the Plus500 platform, ensuring that you can get assistance without leaving your trading interface.

• Email Support: For less urgent issues, you can contact Plus500 via email. The response time for email inquiries is usually within 24 hours, depending on the complexity of the issue. Email support is useful for more detailed questions or when you need to provide documentation.

Support Quality and Availability

The quality of customer support at Plus500 is generally good, with representatives being knowledgeable and helpful in resolving issues. However, the absence of phone support might be a drawback for some traders who prefer speaking directly to a support agent.

Plus500’s customer support is available 24/7, which is a significant advantage, especially for traders in different time zones or those who trade during off-market hours. The live chat option provides a quick resolution to most issues, while email support is a reliable fallback for more complex concerns.

Multilingual Support

Plus500 offers customer support in multiple languages, reflecting the broker’s global presence. This ensures that traders from different regions can receive assistance in their native language, enhancing the overall customer experience.

While Plus500 provides solid customer support through live chat and email, the lack of phone support may be seen as a limitation for some users. Nevertheless, the 24/7 availability and quick response times make it a reliable option for most traders.

Account Types

Plus500 adopts a streamlined approach by offering a single primary live trading account type, the Standard Account, which is designed to cater to a wide range of traders. While some brokers provide multiple account tiers with varying features and benefits, Plus500 keeps it simple, focusing on delivering a consistent trading experience for all its users.

Standard Account: The Standard Account is the default option for all live trading at Plus500. This account type grants traders access to the full range of over 2,000 financial instruments, including forex, indices, commodities, shares, ETFs, options, and cryptocurrencies. The account operates on a commission-free basis, with trading costs embedded in the spreads, which are competitive across different asset classes. The Standard Account is suitable for both beginners and experienced traders, offering features such as negative balance protection and the ability to use leverage up to 1:30 for retail clients.

Islamic Account: For traders who follow Islamic financial principles, Plus500 offers an Islamic Account option. This account type is fully compliant with Sharia law, meaning it does not incur interest (swap) charges on overnight positions. The Islamic Account offers the same features as the Standard Account but is tailored to meet the needs of Muslim traders by removing any interest-related costs.

Demo Account: The Demo Account is a valuable tool for both new and experienced traders. It provides a risk-free environment where users can practice trading with virtual funds, fully replicating the live trading experience. The Demo Account is unlimited, allowing traders to use it as long as needed to test strategies, familiarize themselves with the platform, or refine their trading approach.

While Plus500 primarily offers a single live trading account type, the broker’s approach is designed to provide simplicity and consistency for all traders. The addition of the Demo Account and Islamic Account ensures that Plus500 can meet the needs of a diverse clientele, whether they are beginners, practicing strategies, or require Sharia-compliant trading. Although some traders may desire more customization or tiered account options, Plus500’s straightforward account structure delivers a uniform and reliable trading experience for its users.

Opening an account with Plus500 is a straightforward and user-friendly process designed to get you trading quickly. The broker has streamlined the process into a few simple steps that can be completed online. Below is a detailed guide on how to open an account with Plus500, including the key steps and what you need to prepare.

Steps to Open an Plus500 Account:

1. Registration: Visit the Plus500 website and click on the “Start Trading” or “Create Account” button. You’ll be prompted to enter your email address and create a password. Alternatively, you can sign up using your Google, Facebook, or Apple account for faster registration.

2. Personal Information: After registration, you will need to provide personal details such as your full name, date of birth, address, and contact information. Plus500 requires this information to comply with regulatory Know Your Customer (KYC) requirements.

3. Verification: Plus500 will ask you to verify your identity and address. You’ll need to upload a copy of a government-issued ID (such as a passport or driver’s license) and a proof of address (such as a utility bill or bank statement). Verification usually takes a few hours to a couple of days, depending on how quickly the documents are processed.

4. Account Preferences & Questionnaire: Once your identity is verified, you’ll be asked to set your account preferences, including your preferred base currency (USD, EUR, GBP, etc.) and any risk management tools you want to enable, such as stop-loss orders. You have to fill out a questionnaire before the next step.

5. Funding Your Account: After setting up your account, you can proceed to fund it using one of the supported deposit methods, such as credit/debit cards, bank transfers, or e-wallets like PayPal and Skrill. The minimum deposit amount is typically $100, though this may vary by region and payment method.

6. Start Trading: Once your account is funded, you can start trading immediately. Plus500’s platform is intuitive and easy to navigate, making it simple to find the instruments you wish to trade and execute orders.

Additional Considerations:

• Demo Account: If you’re not ready to trade with real money, you can start with the Demo Account. This allows you to practice and familiarize yourself with the platform using virtual funds before switching to a live account.

• Islamic Account: If you require an Islamic Account, you can request this after opening your Standard Account. The transition is smooth, and the account will be adjusted to comply with Sharia law.

The account opening process at Plus500 is designed to be quick, easy, and accessible for traders of all experience levels. With a few simple steps, you can register, verify your identity, fund your account, and start trading. The availability of a Demo Account and the option to switch to an Islamic Account further enhance the flexibility and appeal of Plus500’s account setup.

The following risk warning applies with Plus500: 82% 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.

Plus500 stands out as a reliable and user-friendly broker, particularly well-suited for traders seeking a straightforward and seamless trading experience. With a comprehensive range of over 2,000 financial instruments, including forex, commodities, indices, shares, ETFs, options, and cryptocurrencies, Plus500 offers ample opportunities for portfolio diversification. The broker’s proprietary trading platform, available across desktop, web, and mobile devices, is one of its strongest features, offering an intuitive and consistent user experience.

One of the key advantages of Plus500 is its commission-free trading model, with competitive spreads across most asset classes. The broker is also highly regulated by several top-tier authorities, including the FCA, ASIC, and CySEC, ensuring a secure and transparent trading environment. Additionally, features such as negative balance protection and no deposit or withdrawal fees add to its appeal.

However, Plus500 has some limitations. The lack of support for third-party trading platforms like MetaTrader, limited research and educational resources, and the absence of phone support may be drawbacks for some traders. Moreover, the broker offers only one primary live account type, which may not satisfy those looking for tiered accounts with additional perks or lower spreads for high-volume trading.

Overall, Plus500 is an excellent choice for both beginner and experienced traders who value simplicity, strong regulation, and a wide range of trading instruments. Its strengths in providing a user-friendly platform and cost-effective trading environment outweigh the minor drawbacks, making it a solid option for most traders.

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FAQ

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Risk Disclaimer

Trading financial instruments, including but not limited to forex, CFDs, stocks, and cryptocurrencies, carries a high level of risk and may not be suitable for all investors. The leveraged nature of these products can work both to your advantage and disadvantage. As a result, you may lose more than your initial investment.

Before deciding to trade, it is essential to understand the risks involved fully. Ensure you are aware of your risk tolerance and seek independent financial advice if necessary. Past performance is not indicative of future results, and no trading strategy can guarantee returns.

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Please note that trading leveraged products carries a significant risk of losing all your invested capital. It is crucial to only trade with money you can afford to lose. MarketBulls does not offer financial advice, and all content is for informational purposes only.