Why choose Plus500 for Trading Online?
Fans of low fees, diverse options and generous trading conditions, listen up. Plus500 is one of the most popular online brokers in the business because it can be all things to all traders. For example, if you’re a professional, you can trade with higher leverage and tighter spreads on request.
You can try your hand at trading CFDs on more than 2000 instruments. In fact, if you don’t want to start trading for real money straight away, the Plus500 demo account lets you learn the ropes for free. In this Plus500 review, we’ve covered all of these important points and more.
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Is Plus500 reliable?
Plus500 is a regulated company, and the platform is secured by SSL against hacker attacks. When it comes to making deposits and withdrawals, only reputable processors are available and all funds are stored in segregated client accounts.
This means your money is shielded from any financial issues the company might experience. Moreover, any losses that are a result of mismanagement on the part of Plus500 are insured up to the value of €85,000.
Plus500 is regulated as follows, depending on the countries it operates in:
- Plus500UK Ltd is authorized & regulated by the FCA (#509909).
- Plus500CY Ltd is authorized & regulated by CySEC (#250/14).
- Plus500SG Pte Ltd is licensed by the MAS (#CMS100648-1)
- Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039).
- Plus500AU Pty Ltd (ACN 153301681), is licensed by:
- the ASIC in Australia, AFSL #417727
- the FMA in New Zealand, FSP #486026;
- Authorised Financial Services Provider in South Africa, FSP #47546.
You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.
To comply with its licencing conditions, Plus500 makes the following promises:
- It uses its own money for hedging, not client money.
- It does not pass client money through to hedging counterparties.
- It does not initiate speculative positions.
- The company doesn’t have any exposure to corporate or sovereign debt.
- It does not invest your money.
Trading Online with Plus500
Plus500 is regarded as one of the leading CFD brokers in Europe for a variety of reasons. This broker provides CFD trading services on over 2,000 securities and asset classes, including forex, options, indices, ETFs, cryptocurrencies and stocks.
Plus500 has gone above and beyond to ensure you get to trade CFDs in the way you want. For example, there are 28 indices, including the UK 100, Germany 30 and USA 500. You can also trade CFDs on emerging indices like the Cannabis Stock Index.
It’s the same when you scroll through commodities. Oil, gold and natural gas stand at the top of the tree. However, there are dozens of niche options such as palladium, cotton, soybeans and feeder cattle. Finally, alongside ETFs and Options, you can scroll through lists of shares categorised by countries and sectors.
“Popular Shares” gives you a quick overview of the biggest share options in the world. However, if you want to look at companies based on their country of origin, you can click on UK, for example, and see share prices and buy/sell options for the likes of BP, Tesco, Rolls-Royce and more.
If you’re a fan of forex trading, few can match the service Plus500 offers. When you open an account, you’ll be able to trade 71 currency pairs, including all the majors. From EUR/USD and GBP/USD to CHF/JPY and AUD/CAD, all the significant currencies are covered.
In fact, they’re not only covered, they’re available at great prices. For example, EUR/USD has a spread percentage of just 0.01% and you can get leverage of 1:30. What’s more, initial margins are as low as 3.33% and it will cost just 1.67% to maintain a margin. These are generous conditions that not make CFD trading at Plus500 great for professional and experienced traders.
If you want to trade cryptocurrencies, Plus500 covers the following assets: Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Bitcoin Cash ABC, Cardano, Tron, Monero. As you can see, all the major cryptos are there, as are some of the sector’s rising stars.
That’s great, but what’s also great about crypto trading at Plus500 is the fact you can do it with leverage of 1:2. Not many online brokers provide this sort of benefit. So, this is yet another reason to try Plus500.
Opening a Plus500 Account
In line with financial regulations, you’ll have to prove your identity and provide the necessary tax information if you want to trade for real money at Plus500. For those that prefer to practise their craft before diving into the action, you can open a demo account. These accounts let you trade for free using a virtual bankroll, and are highly recommended for novices.
Can I Open an Account at Plus500?
If you’re 18 or older, you can open an account at Plus500, unless you live in the following countries*:
- The US
*The countries mentioned are not the only ones where Plus500 does not operate in. In case of doubts, you should contact the Plus500 Customer Support team.
What are the Different Types of Account at Plus500?
Plus500 has one type of account, known as a retail account. As noted, this can be a demo account to start with. However, if you want to trade for real, you’ll need to verify your identity and make a deposit.
Professional-level traders can apply for a “pro” account if they’ve achieved a consistent level of trading volume over a 12-month period. Moreover, applicants must have a portfolio with a value of €500,000+ and an established trading background. Those with a pro account will get to trade with higher leverage. For most instruments, pro accounts can trade with leverage between 1:5 and 1:300.
How to Open an Account at Plus500
Click the links on this Plus500 Review to create an account at Plus500 using our secure sign-up link. Then, follow the below steps:
- Input your personal details, including name, address, email address and Tax Identification Number (TIN).
- Verify your phone number and preferred payment option, as well as your identity (you can upload an official form of ID).
- Accept the site’s terms and conditions.
- Fill in the Plus500 Questionnaire
Plus500 keeps its fees as low as possible. Withdrawals are free until the monthly limit is reached. When you’re depositing/withdrawing in a non-native currency, a conversion fee of up to 0.5% may be applicable. Other possible fees may apply.
This broker makes its money through spreads. This keeps the fees extremely low. In fact, Plus500 has some of the lowest trading fees in the business.
The average spread on S&P 500 shares is 0.5*. When you compare Plus500’s average cost per trade on indices to other online brokers, it’s around 20% lower than eToro, for example.
*Spread amounts are dynamic and subject to change. The amounts indicated above reflect the ones at the time of writing this review.
If you’re trading forex CFDs, major pairs such as EUR/USD have spreads as low as 0.7 pips*.
Plus500 doesn’t charge dealing commissions. The fees are worked into the spread, which varies depending on the instrument that you’re trading. However, you may find one of the following fees applied.
Overnight funding amount is either added or subtracted from your account when you hold a position past a certain time. The amount will vary based on the instrument you’re holding.
Currency Conversion Fee
Plus500 charges a currency conversion fee of up to 0.7% of the trade’s realized net profit/loss and is reflected in real time in the unrealized net profit and loss. This is taken for trades on instruments denominated in a currency different from your primary currency.
There’s a fee of $10 per month if you don’t log into your trading account for a period of at least 3 months.
The only other fees you have to consider at Plus500 are the $10 a month inactivity charge and overnight funding fees. The latter will vary depending on the instrument you’re trading.
Plus500 Deposits & Withdrawals
As we’ve already noted, withdrawals at Plus500 are free until the monthly limit is reached. There are no deposit fees involved.
All payments are protected by SSL encryption and funds are stored in segregated bank accounts.
Plus500 covers all the major currencies. We spoke to a member of the support team and they were somewhat reluctant to provide a complete list. However, we know you can use GBP, USD, EUR, CAD and others. That’s impressive in its own right but, significantly, it’s more than other trading sites like eToro (1) and XTB (4).
What is the minimum deposit at Plus500?
The minimum deposit at Plus500 is €100 for all methods except bank transfer which is €500.
Deposit Methods and Fees
You can make fee-free deposits of at least €100 using Visa, MasterCard, PayPal, Skrill and bank transfer (€500+).
Withdrawal Methods and Fees
You can withdraw a minimum of €50 without paying any fees at Plus500 (bank transfer and debit card withdrawals start at €50). Requests are typically processed within three days, which means you should receive your money within five to seven days. The withdrawal methods at Plus500 are: Visa, MasterCard, PayPal, Skrill and bank transfers.
You can trade and speak to a member of the support team in one of 16 languages, including English, Chinese, French, German and Spanish. Agents are available 24/7 and will deal with any and all account issues. Contact methods include:
- Live Chat
- Email: Onsite email form
Plus500 Review – Conclusion
For variety, accessibility and affordability, Plus500 is hard to beat. For starters, the fees are low. They might not be the lowest in the industry but they’re right up there (or down there) with the best. However, what we really love about Plus500 is the wide opportunities it offers in CFD trading.
This broker not only covers all the various types of trading facilities; it also gives you the ability to buy and sell niche shares, indices, commodities and cryptos. Add to this a selection unique features, such as leverage for crypto trades, and Plus500 is perfectly set up to provide experienced traders with a comprehensive experience.