Plus500 Review 2021 – What You Need to Know

BrokerPlus500
Web address https://www.plus500.com/
Founded in2008
Head officeIsrael
Type of supportEmail, Chat
LanguagesFR, EN, ES, DE, IT, GR, TK, PL, HG
Minimum deposit100 €
Leverage1:30
Demo accountYes
Deposit methodsBank transfer, credit card, PayPal, Skrill
RegulatedYes
Mobile appYes
Tablet appYes
General rating4.3/5

Summary

Plus500 is an online CFD broker based in Haifa, Israel. The broker has been offering its services since 2008 to different types of clients all over the world. Plus500 is regulated by various regulatory bodies through its multiple branches, including the FCA.

This broker is listed on the London Stock Exchange, this status quo is a guarantee of security for Plus500 customers, as the company regularly publishes its results. Its trading offerings cover several types of markets in which you can trade across its various platforms, web and mobile.

Plus500 is not suitable for short-term trading. On the other hand, if you are looking for a platform offering professional trading conditions, Plus500 is the ideal broker.

Account opening

Only one type of account offered and not suitable for short-term trading. 

Plus500 offers only one type of account, which is actually a standard account. Account opening is very fast and is done entirely online. Plus500, however, requires you to verify your identity before you can trade on its platform.

This is in accordance with the KYC (Know Your Customer) policy established by the market authorities. All financial institutions are required to verify the identity of their clients. So don’t be afraid to submit the documents requested by the broker for the KYC. 

The documents to be provided are: a photo of your passport or national identity card, as well as proof of residence. For the latter, a utility bill or bank statement will do the trick.

Plus500 offers the choice of a wide range of base currencies for your account. You can open an account in euros or dollars. Several other currencies are also available. This is one of its advantages, compared to brokers who allow only one type of currency, such as eToro  for example. The advantage is that if the currencies in your bank account and Plus500 account are the same, you will not pay a conversion fee for your deposits.

Deposit and withdrawal

Several deposit and withdrawal methods are at your disposal.

Plus500 offers several deposit methods, namely bank transfer, card deposit and Skrill and PayPal electronic wallets. The bank transfer lasts longer. It can take up to 3 business days before your funds are available for trading. 

The minimum deposit to benefit from a real Plus500 account is 100 euros for the card deposit and 500 euros for the bank transfer.

Card and e-wallet deposits are instantaneous, your funds are almost immediately available to trade on Plus500.

For withdrawals, you can make them using the same method used at the time of deposit, as long as the amount of the withdrawal does not exceed that of your deposit. That is, if the amount of your withdrawal request is greater than your deposit, the amount equivalent to your deposit will be returned to your card or e-wallet, and then your profits will be transferred to your bank account.

However, there is a minimum amount for withdrawals. It is $50 for electronic wallets or $100 for card and bank transfer withdrawals. After you apply, the duration of treatment can take up to 3 days.

Whether it’s for deposits or withdrawals, you can only use accounts you hold.

Trading platforms               

Plus500 offers its own trading platforms. The broker does not offer third-party platforms.

Plus500 Trading platforms

Web platform

The broker has also developed its own mobile trading platform. It has also taken care to translate his platform into a dozen languages, which offers a good user experience. 

The platform is fluid, ergonomic and has a professional design. However, the platform is not customizable. You will not be able to change the location of the different windows.

However, it has the tools to conduct your graphic and technical analyses. Technical indicators are present and you can add them to your chart. Drawing tools are also built into the platform so you can easily highlight trend lines as well as chart figures.

The search bar at the top of the platform allows you to quickly select the asset you’re interested in. Just start typing, and the platform automatically makes suggestions.

At the trading level, you will find all types of basic orders (stop loss,  take  profit, limit order,  etc.). In addition to these, you can set a  stop  loss  follower or  trailing  stop. This is a stop that secures your profits as the market moves in line with your prediction.

Plus500 Web platform

Plus500 also gives you the ability to set price alerts if you don’t want to follow the markets all the time. Notifications will be sent to you by email or push notifications for the mobile app.

Mobile platform 

The mobile platform is a miniaturized version of the web platform. You’ll find all the features of the main platform. It is available under iOS and Android systems. 

Furthermore, Plus500 has also created a version for Windows. The broker stands out from most other brokers who limit their mobile offerings for iOS and Android.

Third-party platforms

Plus500 does not offer the possibility to use third-party platforms such as Metatrader  or  ProRealTime. We believe it is necessary to offer customers as much choice as possible regarding the trading platform. Third-party platforms generally offer better technical analysis tools.

Fees

A fairly competitive fee structure that suits both long- and medium-term traders. 

Trading fees

Plus500’s trading fees are relatively advantageous by industry standards. The broker does not charge you a commission on your trades, but you only pay the spread, which is the difference between the purchase price and the sale price of an asset. 

The spread on the EUR/USD is about 0.6 pip under normal market conditions. Note that for the same asset, some brokers have an average spread of 2  pips.

AssetsAverage spread
EUR/USD0,6
GBP/USD1,1
Dax1,2
CAC 401

In addition to the spread, you should take into account the overnight fee, which applies to your account when you hold an open position for more than one day. The calculation of these fees depends on several factors, but the broker can also change them at any time.

Non-trading fees

Plus500 may charge other fees related to your deposits and withdrawals. For non-bank withdrawals, the broker offers you up to 5 free withdrawals per month, so we can say that withdrawals on Plus500 are free. 

In addition, the withdrawal fee is $10, or about €8.9. Withdrawals by transfer are about €5.

It is important to note that the broker charges an inactivity fee. If your account is inactive for more than 3 months, which is very short, Plus500 debits your account at a rate of $10 per quarter.

Markets and financial products

Plus500 offers options in addition to CFD trading.

Plus500’s offer on CFDs is interesting, especially on CFD equities. More than 1,800 shares are listed on the platform. So you’ll find the CFD of the most traded stocks in the world. The broker also offers about twenty indices on the shares.

Forex and cryptocurrency pairs are available as well as commodities, and ETFs.

AssetsNumber of assets proposed
CFD actions1800
CFD ETF80
Forex Currency Pairs60
CFD indices34
CFD commodities22
CFD cryptocurrencies13

Plus500 also offers options on its platform. They are available on popular stocks such as Alphabet or Apple. Options are also available on some ETFs. The broker also offers the trading of options with leverage.

Research

A trading platform that is complete enough for all your analysis needs.

As we’ve seen before, Plus500’s web platform allows you to conduct technical analysis. After adding indicators and drawing your trend lines, the platform allows you to save everything for later.

Plus500 Research

The economic calendar is available on the platform, so you don’t need to use third-party resources to complete your analysis – saving you money. You can also access the calendar of company publications. The platform provides several types of filters so you can get the exact information you need.

Like most brokers, Plus500 has a market sentiment indicator. This is a gauge that shows you the percentage of sellers and buyers for a given asset on Plus500. However, this tool should not influence your decision-making because the indicator is irrelevant.

Customer support 

Professional customer support available 24 hours a day.

To answer your questions, Plus500 offers several ways to reach customer support. You can contact them by email or by the chat available through the platform. However, we noticed a lack of telephone support. 

The agents you will deal with on the chat are very professional and qualified. You’ll be taken care of in just a few minutes. They will answer all your questions related to fees, but also to the trading platforms of Plus500.

Chat support is ideal for quick questions about Plus500. If you have more specific questions related to your account, you can send an email to the audience.

Overall, Plus500’s customer support is above industry standards, available 24 hours a day and their responses are quick.

Training

No trading education is offered.

We did not find any training on the Plus500 platform. The broker does not offer one. This is a shame, because training would improve the customer experience and profitability.

Security

A very safe broker present on several continents, especially in Europe.

Plus500 has set up several branches to better adapt its offer to the different jurisdictions under which the broker operates.

All these regulations enhance the security of Plus500’s customer funds. Account funds are segregated, i.e. separated from the broker’s working capital. Therefore, in the event of the broker’s bankruptcy, the broker will still be able to return your capital, at least a portion. Indeed, depending on the jurisdiction, Plus500 can guarantee some protection of its clients’ funds.

Those in Europe or the United Kingdom have a guarantee of protection of up to 20,000 euros and 85,000 euros respectively. 

However, traders in other parts of the world do not have guaranteed protection. We would still like to stress that Plus500 is a reputable broker, which maintains excellent service even in countries where they are not regulated.

Negative balance protection

Negative balance protection is a device required by the European Securities and Markets Authority (ESMA) for brokers operating in Europe. It limits traders’ losses to the amount of their deposits. 

For example, if you make a deposit of 1000 euros, your losses on your positions will not exceed 1000 euros. This seems obvious, but with margin trading, you can lose more than what you have deposited when volatility increases considerably.

Plus500 will therefore close all your open positions if your funds fall to zero.

Conclusion

Plus500 is a reliable online broker. It is listed on the London Stock Exchange and where publishes its results. It is also regulated by several regulatory bodies on several continents.

Its platform is user-friendly. It is both professional and suitable for beginners. Through this platform, technical and fundamental analyses can be carried out. Plus500’s trading fees are quite competitive. And the broker has quality customer support.

FAQs

Is Plus500 regulated?

Plus500 is regulated by several regulatory bodies, including the FCA, in the UK. This broker is also authorized by the AMF.

What is the minimum amount to deposit on Plus500?

You can trade in real life from €100.

Where is Plus500?

Plus500 is based in Israel, but the broker has several branches on several continents around the world.

Can I deposit by card on Plus500?

It is possible to deposit by card.

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