Plus500 Broker Review 2024

Plus500 is an Israel-founded CFD broker offering CFD trading services since 2008. This broker is based in London and operates within the guidelines of various financial authorities, including CySEC, DFSA, EFSA, ASIC, FSCA, and many more. 

This comprehensive review will explore the ins and outs of Plus500, checking its features, benefits, and potential drawbacks to help you decide whether it's the right broker for you.

Plus500 Company Information & Regulatory Status

Plus500 has established itself as a reputable player in the online trading space, backed by robust regulatory oversight. Here's a breakdown of the company's key information:

• Founding year: 2008
• Headquarters: London, UK
• Public Listing: London Stock Exchange (FTSE 250 index)
• Primary Offerings: CFDs (Contracts for Difference) and share dealing

Plus500's commitment to regulatory compliance is evident through its multiple licenses:

• Financial Conduct Authority (FCA) in the UK (No. 509909)
• Cyprus Securities and Exchange Commission (CySEC) in Cyprus (no. 250/14)
• Australian Securities and Investments Commission (ASIC) in Australia
• Financial Markets Authority (FMA) in New Zealand
• Financial Sector Conduct Authority (FSCA) in South Africa
• Monetary Authority of Singapore (MAS) in Singapore (Licence No. CMS100648)
• Israel Securities Authority (ISA) in Israel
• Dubai Financial Services Authority (DFSA) in the UAE
• Estonian Financial Services Authority (EFSA)

Plus500 Broker Specifications Summary

Let's take a closer look at what sets Plus500 apart in the crowded world of online Broker:

Plus500 Account Types Overview

Plus500 keeps things simple with two primary account types.

Retail Account

This is the basic account type of Plus500 broker. Key features of this account:

• Access to live markets
• maximum leverage is 1:2
• Suitable for traders of all levels
• Risk management tools

Professional Account

This account is perfect for traders with a vast trading capital. Key features of this account type:

• Minimum investment portfolio: €500,000
• Maximum leverage: 1:5
• Suitable for professional traders

Plus500 also offers a demo account. This account type is particularly valuable for newcomers, allowing them to familiarize themselves with the platform and test trading strategies without financial risk. It's also useful for experienced traders looking to trial new approaches.

Plus500 Benefits and Drawbacks

Every trading platform has its strengths and weaknesses. Here's an honest look at Plus500's pros and cons:

Plus500 Account Opening & Verification Process

Getting started with Plus500 is a straightforward process:

1. Visit the Plus500 website and click "Start Trading;"
2. Enter your email and choose a password, or create an account with your Google, Facebook, or Apple account;
3. Go to account settings and click on “verify me;”
4. Enter your personal information;

5. Enter your residential address information;
6. Provide Proof of ID (passport, driver's license, national ID) and proof of address (utility bill, bank statement) documents.

Plus500 Trading Platforms and Apps

Plus500's proprietary trading platforms are designed with user-friendliness in mind:

WebTrader

• Browser-based, no download required
• Intuitive interface with customizable charts
• Real-time quotes and price alerts
• Risk management tools (stop loss, trailing stop, guaranteed stop)

Mobile App

• Available for iOS and Android devices
• Full functionality mirroring the web platform
• Push notifications for market events and price alerts

Links:

• Android
• iOS

While the platforms lack some advanced features found in MetaTrader, they offer a clean, straightforward trading experience that's particularly appealing to novice and intermediate traders.

Plus500 Trading Costs (Spreads and Commissions)

Plus500 operates on a spread-only model for most instruments, meaning there are no separate commissions charged on trades. Here's what you need to know:

• Spreads are variable and can widen during periods of high volatility
• Forex spreads start from 0.5 pips on major pairs
• No commissions on most trades (except for share CFDs in some regions)
• Overnight funding charges apply

It's important to note that while Plus500's spreads are competitive, they may not always be the tightest in the market. Traders should always consider the total cost of trading, including potential overnight fees when comparing brokers.

Plus500 Deposit & Withdrawal Methods

Plus500 offers a variety of funding options to cater to different preferences:

• Credit/Debit Cards (Visa, Mastercard)
• Bank Wire Transfer
• PayPal
• Skrill
• Local payment methods (varies by region)
• Google and Apple Pay

Key points to remember:

• Minimum deposit is $100
• No fees charged by Plus500 for deposits or withdrawals
• Processing times vary (e-wallets are the fastest, and bank transfers can take 3-5 business days)
• Withdrawals are typically processed within 1-3 business day

Plus500's diverse payment options and fee-free structure make funding and withdrawing from your account a hassle-free experience.

Copy Trading Services & Investment Options Offered on Plus500 Broker

It's important to note that Plus500 does not currently offer copy trading or social trading features. The platform focuses on self-directed trading, providing tools and resources for individual decision-making rather than following other traders' strategies.

While this may be a drawback for those interested in copy trading, it aligns with Plus500's focus on providing a straightforward, individual trading experience.

Plus500 Tradable Instruments Overview

Plus500 offers a diverse range of tradable instruments across multiple asset classes:

• Forex: 70+ currency pairs
• Indices: 25+ global indices
• Commodities: Metals, energies, and agricultural products
• Cryptocurrencies: Bitcoin, Ethereum, Litecoin, and more
• Shares: 1,800+ international stocks
• ETFs: 90+ exchange-traded funds
• Options: On select indices and commodities

This wide selection allows traders to diversify their portfolios and take advantage of opportunities across different markets.

Plus500 Promotions and Bonuses

Plus500 occasionally offers promotional bonuses, but these are subject to change and may vary by region due to regulatory constraints. As of 2023, the following promotions may be available:

• First Deposit Bonus: New clients can receive a bonus on their initial deposit
• Referral Program: Earn rewards for referring new traders to the platform

Plus500 Broker Support Channels

Customer support is an essential aspect of any trading platform. Plus500 offers several channels for assistance:

• 24/7 Live Chat: Available directly on the website and trading platform
• Email Support: support@plus500.com
• FAQ Section: Comprehensive answers to common questions

While Plus500's support is generally responsive, some users have reported longer wait times during peak trading hours.

Plus500 Restricted Countries

Due to regulatory constraints, Plus500 is not available in all countries. Notable restrictions include:

• Iran
• North Korea
• Sudan
• Syria

Traders should always check the most up-to-date information on Plus500's website regarding country restrictions, as these can change based on evolving regulatory landscapes.

Plus500 Trust Score on Review Websites

Trust is paramount in the world of online trading. Plus500 has generally positive reviews across various platforms, including a 4.1/5 score on Trustpilot Score website based on over 13000 reviews. This shows the popularity of this broker among the traders’ community.

Plus500 Broker Education Materials

While Plus500's educational offerings have improved over time, it is one of the best sources for beginner traders. The platform offers:

• Basic trading guides
• Market news updates
• Video tutorials
• Ebooks
• Webinars

TF Expert Suggestion

Plus500, with more than 15 years of experience, stands out as a solid choice for traders seeking a user-friendly platform with a wide range of tradable assets (over 2800). Its strong regulatory standing (Regulated by FCA, CySEC, DFSA, EFSA, FSC, and ASIC), competitive spreads, and intuitive interface make it particularly appealing to beginners and intermediate traders.

However, advanced traders might find the lack of sophisticated analysis tools and limited research capabilities restrictive. Ultimately, whether Plus500 is the right choice depends on your trading goals, experience level, and specific needs.