Plus500 Review: Good Broker for Beginners, But Support is Limited

In our Plus500 review, you will learn that Plus500 is a well-established broker that is licensed and authorised by regulatory bodies in several jurisdictions. The company is listed in London. As such, traders can trade with this company without worrying about the safety of their funds. Its main feature is that it is a platform that is easy to use, and in the past, it was easy to open an account with them. 

Nonetheless, Plus500 has certain features that work against it in terms of enhancing its competitiveness in the market. To start with, it does not offer renowned trading platforms like MT4 or MT5. While its proprietary platform is easy for novice traders to use, it would be good for the company and traders alike to have popular options such as MT4 or MT5.  

Plus500 Review

Pros

  • Its proprietary trading platform is easy for novice traders to use
  • Licensed and authorised by regulatory bodies in several jurisdictions
  • No commission per trade

Cons

  • No customer care hotline
  • Limited educational resources compared to its competitors
  • No free VPS
  • No Metatrader 4 or Metatrader 5

Who is Plus500 Recommended For?

If you are looking for a brokerage firm that is authorised and licensed to operate in different jurisdictions, Plus500 may be a suitable option to consider. Additionally, this firm is recommended for traders looking for a broker with OK spreads and commissions, no hidden charges, and has a trading platform that is friendly to beginners. However, if you are keen on features such as free VPS, comprehensive educational resources, and advanced trading platforms such as MT4 and MT5, this company may not suit your needs.

Plus500 Review: Top Features

Trading Platform

Unlike other brokers that have popular trading platforms such as MT4 or MT5, Plus500 has a proprietary trading platform. This feature is part of the company’s efforts to introduce a unique trading approach that is suitable for new traders. It is easy to open a demo with them and it is easy to open a trading account with them. 

Strongly Regulated

They are regulated by the FCA, and they are listed in the UK stock exchange, making them a public company. That they are public company allows you to double-check the health Plus500 as a company before doing business with them. However, as we have seen in the past with the broker FXCM, which was listed in the USA, being on the stock exchange does not remove all risks.

 

Plus500 Review: Top Negative Features

Support Channels

No phone support. One of the available ways of reaching Plus500 is via email. You can contact the company by clicking here and filling in the form. Its live chat option also allows individuals to talk to the company’s representatives 24/7. Alternatively, one can contact the firm via their social media platforms like Facebook (Plus500), Twitter (plus500), and Instagram (plus500). It is a big negative that you can’t contact them via phone. 

Education

In our Plus500 Review, we found some educational resources but they are not as expansive as those of its competitors, it has offerings that are beneficial to beginners. To begin with, its trader’s guide provides detailed information on effective trading strategies as well as how to trade successfully with Plus500. It’s FAQ segment also has useful information on various topics that are relevant to the ordinary trader.  

Spreads

Plus500 has OK spreads, and its EURUSD spread tends to be around 0.8 pips.  Notably, its spreads depend on the instrument and the market conditions. 

Plus500 Overview

  • Regulation & Licensing
  • Plus500UK Ltd: regulated and authorised by the Financial Conduct Authority (FRN 509909)
  • Plus500CY Ltd: regulated and authorised by the Cyprus Securities and Exchange Commission (CySEC Licence No. 250/14)
  • Plus500AU Pty Ltd: licensed by ASIC (AFSL #417727), FMA in New Zealand (FSP No. 486026), and FSCA in South Africa (Authorised Financial Services Provider #47546)
  • Plus500IL Ltd: registered and licensed to have a trading platform in Israel
  • Plus500SEY Ltd: regulated and authorised by the Seychelles Financial Services Authority (License No. SD039)
  • Plus500SG Pte Ltd (UEN 201422211Z): Licensed by the Monetary Authority of Singapore (License No. CMS100648-1) to offer capital markets products
Accepted Jurisdictions Over 50 countries including the UK, Australia, and Singapore
Assets Offered FX, Indices, Cryptocurrencies, Commodities, shares, ETFs, and Options
Platforms Available Plus500 trading platform (Plus500 Windows 10 Trader, Plus500 Windows Phone App, Plus500 Android App, Plus500 WebTrader)
Mobile Compatibility Yes, you trade via its windows Phone App or Android App
Payment Types Accepted Debit/credit cards, E-payments (Skrill & PayPal), bank transfer
Languages Over 30 languages including English, Spanish, Deutsch, Italian, French, and Portuguese

Plus500 Review: Account Types

Plus500 has two types of accounts; the retail account and professional account. The retail account is the standard one while the professional account is meant for traders who have met the requirements indicated here.

Features Retail Account Professional Account
Account currencies USD, EUR, GBP USD, EUR, GBP
Available leverage 1:30 1:300
Minimum deposit $100 (electronic wallets, debit card, or credit card), $500 (Bank transfer) $100 (electronic wallets, debit card, or credit card), $500 (Bank transfer)
Starting spreads Varies depending on the instrument and market conditions Varies depending on the instrument and market conditions
Commission per trade None None
Decimal pricing 5 decimal places 5 decimal places
Swaps/Rollovers Yes Yes
Trading instruments Indices, Forex, Cryptocurrencies, commodities, shares, options, ETFs Indices, Forex, Cryptocurrencies, commodities, shares, options, ETFs
Min. lot size per trade 0.01 0.01
Demo account Yes No
Swap/rollover free No No
Copy trading support No No

Plus500 Regulation

Plus500 operates via various subsidiaries. All these subsidiaries are authorised by regulatory bodies in various jurisdictions as listed below.

Plus500UK Ltd: regulated and authorised by the Financial Conduct Authority (FRN 509909)

Plus500CY Ltd: regulated and authorised by the Cyprus Securities and Exchange Commission (CySEC Licence No. 250/14)

Plus500AU Pty Ltd: licensed by ASIC (AFSL #417727), FMA in New Zealand (FSP No. 486026), and FSCA in South Africa (Authorised Financial Services Provider #47546)

Plus500IL Ltd: registered and licensed to have a trading platform in Israel

Plus500SEY Ltd: regulated and authorised by the Seychelles Financial Services Authority (License No. SD039)

Plus500SG Pte Ltd (UEN 201422211Z): Licensed by the Monetary Authority of Singapore (License No. CMS100648-1) to offer capital markets products

Plus500 Spreads and Costs

Spreads are one of the main ways that brokerage firms make money. Plus500 spreads are rather competitive. But there are better brokers out there if spreads are important for you. It is important to note that their spreads vary depending on the financial instrument and the prevailing market conditions.  To see the spread of a particular instrument, follow these steps.

  •         Log in to your trading account
  •         Select the instrument you are interested in
  •         Click on ‘Details’ and then scroll down to the Info segment.

 In addition to its competitive spreads, Plus500 does not charge its traders a commission for every trade. Additional costs for trading with this company include its overnight fees and currency conversion charges. To get the details of the firm’s fees, head on to their website and click on ‘Company’ and then ‘Fees & Charges’.

Non-trading Fees

One of the non-trading fees that Plus500 charges its clients is the inactivity fee. If no activity has been executed in your trading account for 3 consecutive months, you will be charged $10 per month for as long as you have not logged in.

As for deposits and withdrawals, the company does not charge its clients.

Plus500 Review: Customer Service

Plus500’s FAQ section covers most of the questions that are often asked by traders. However, if you wish to contact the firm directly, you can send them an email by clicking here and filling in the form. Its live chat option also allows individuals to talk to the company’s representatives 24/7. You can also contact the company via their social media platforms like Facebook (Plus500), Twitter (plus500), and Instagram (plus500).  

Plus500 Review Account Opening Process

Plus500’s standard account is its CFD account. However, there is the professional account that is meant for traders who have fulfilled certain requirements.

If you are a beginner, consider starting off with the free demo account in order to acquire the skills and knowledge needed to trade successfully with real money. To do so, head on to the firm’s site and click on ‘Free Demo Account’. Once you have filled in the required details, you will be able to trade with the provided virtual funds.

For the experienced traders, you can open a live account by clicking on ‘Start Trading’ and inputting the necessary details. If you wish to acquire a professional account, ensure that you meet at least 2of the requirements shown in the screenshot below before contacting the firm for the upgrade.

 

Minimum Deposit

At Plus500, the minimum deposit requirement depends on the utilized mode of depositing funds. For credit and debit cards as well as electronic payments, the minimum deposit is $100. As for wire transfer, you need to deposit at least $500 to start trading.  

Deposit and Withdrawal Fees

Plus500 does not charge its clients for deposits or withdrawals. However, your bank or payment issuer may charge your transaction. It is also important to note that Plus500 may place a fee on amounts exceeding the stipulated number of monthly withdrawals.  

Plus500 Education Offering

The main educational resource that Plus500 has is its trader’s guide. Granted, its competitors have a larger array of education offerings. However, the trading videos availed by this company are beneficial to beginners and experienced traders alike since they provide detailed information on effective trading strategies as well as how to trade successfully with Plus500. A trader can also increase his/her trading skills and knowledge by reading through the questions and answers encompassed in the site’s FAQ segment.

Conclusions

Plus500 operates in various jurisdictions, having been authorised and licensed to operate by the relevant regulatory bodies. Some of the reasons why a trader should consider trading with this firm are its competitive spreads, absence of commissions, and a beginner-friendly trading platform. However, its limited educational resources, lack of a customer care hotline, and absence of popular trading platforms such as the MT4 and MT5 may be a concern for some traders.

Trading Platform Screenshots

Plus500 FAQs

Q: What is the minimum deposit requirement?

A: For e-payments, debit card, or credit card, the minimum deposit requirement is $100. As for bank wire transfers, you need to deposit at least $500 to start trading.

Q: Does Plus500 allow one to have more than one trading account?

A: The company recommends one to operate one trading account and has the right to close the other accounts. However, each case is assessed individually. If you are permitted to operate more than one account, you will be required to use them independently.

Q:  Does Plus500 offer corporate accounts?

A: No. Only individual accounts are permitted. 

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