- Negative balance (you cannot lose more than you deposited).
- 24/7 online support.
- 2000+ instruments.
- 30+ languages.
- All devices.
- 0 commissions.
- Tight spreads.
- No bonus offer
Plus500 is an online CFD broker that presently offers a wide range of Contracts for Difference or CFDs for its clients on over 2,000 underlying assets such as Forex, Options, Commodities, Cryptocurrencies. It is operated in Europe by Plus500CY Ltd., which has its base offices situated in Limassol, Cyprus and is regulated by the Cyprus Securities and Exchange Commission or CySEC under license number 250/14.
The Australian Securities and Investments Commission or ASIC regulates its Oceanic subsidiary called Plus500AU Pty Ltd under registration number 417727. Plus500 Ltd is listed on the Main Market of the London Stock Exchange. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500 does not presently accept clients based in the United States.
The official website of Plus500 is located at www.plus500.com and a screenshot of its home page is shown below:
Plus500 has a very simple trading account structure. Traders can either open a standard live trading account or a free and unlimited demo account. A live standard trading account requires a $100 minimum initial deposit.
Traders will be relieved that they cannot lose more money than they have deposited in their Plus500 trading accounts, and the company may also make margin calls when a trader’s account equity falls below the maintenance margin amount. All client money is held in segregated client bank accounts in accordance with the Financial Conduct Authority’s client money rules.
The company offers an especially wide variety of trading instruments, including CFDs on forex currency pairs, commodities on thousands of different underlying assets. Put and call options on stocks and indexes are also available.
Leverage at Plus500 is 1:30.
In terms of its support features, the company offers e-mail and live chat support around the clock 24/7 to its clients in most regions. The company is able to do business with and support clients in over 50 countries and more than 30 languages.
Supported Trading Platforms
The trading platforms offered by Plus500 are very simple to operate and seem especially suitable for those interested in dealing in multiple markets. From a single screen, traders can obtain quotes in real time for any of these asset markets and can execute transactions as well.
The Plus500 platform is available in a desktop version called Windows Trader and a web-based version called Web-Trader. In addition, a popular mobile version of the Plus500 platform is available that works on Apple devices like the iPhone, iPad, iPod Touch and Apple Watch. Plus500 apps also exist for mobile devices using the Android and Windows Phone operating systems.
The screenshot shown below displays the functionality of the Plus500 CFD trading platform, which includes trade execution, market pricing overview, a basic chart, position and account balance reports. The platform also has fund management capabilities, which give traders the ability to make deposits and withdrawals from their trading account.
In addition to being able to watch various markets and execute trades, Plus500’s platform lets traders easily review past transactions and keep track of current positions. The software also includes a rather basic charting facility with multiple time periods available. Unfortunately, only one chart can be displayed at a time since the system does not support the simultaneous display of multiple charts.
Deposits and Withdrawals
Making a deposit to a Plus500 account is quite simple. Clients need to enter the company’s trading platform, click on the “Funds Management” button and choose “Deposits”. They then need to select a payment method, fill in the blanks, and click “Submit”.
Live accounts opened with Plus500 can be quickly funded using credit cards like Visa, MasterCard, Maestro or Diner’s Club. The company also allows deposits from popular electronic wallet payment systems like Skrill (formerly known as MoneyBookers) and Paypal, as well as via a bank wire transfer.
Prices are illustrative
Each type of deposit method has a minimum and maximum deposit requirement and a typical delivery time frame. Wire transfer deposits can take as many as five days to be reflected in a trading account.
Withdrawals are also performed from the trading platform. Traders just need to click the “Funds Management” button, choose “Withdrawal”, select a method of making the withdrawal, fill in blanks, and click “Submit”. The “Funds Management” screen can be accessed on mobile devices by clicking on the Menu button.
Plus500 makes its customer support service available 24 hours per day and 7 days a week. Unfortunately, traders can only use e-mail and live chat to contact Plus500’s support staff and not telephone. This situation can be very problematic if a client’s Internet goes down and they need to close a position quickly over the phone.
A potential benefit of dealing with Plus500 is that their customer support, website and platforms are available in numerous languages. This can be a great feature for those who are not native English speakers.
The company does not seem to provide any educational materials or market commentary for traders, although it does have an online support section on its website devoted to answering frequently asked questions about its services.
Plus500 offers a very extensive broking service that allows clients to trade CFDs on currencies, commodities, equities, options and ETFs. Their simple trading platform will be easy for just about anyone to trade multiple assets from, and it has desktop, web and mobile versions.
Those who want to deal in a variety of asset classes using a simple trading platform might find Plus500 suitable for their needs. Nevertheless, this broker’s lack of phone support and educational materials might be negatives, especially for novice traders. Its trading platform’s inability to display multiple charts at once may be another negative for technical traders.
“Plus500 – 80.6% of retail CFD accounts lose money.“