Plus500 review
Plus500
Plus500 is a fintech company and broker that provides a wide range of CFDs for Forex, shares, futures, commodities, and indices. The company is listed on the London Stock Exchange and regulated by reputable authorities such as the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, ASIC in Australia, FSA in Seychelles, FSRA in Estonia, FSA in Dubai, and the Monetary Authority of Singapore.
With a large client base in Europe and Asia, Plus500 emphasizes the protection of clients' funds by holding them in segregated bank accounts. They also offer user-friendly mobile trading apps that have received positive ratings on Google Play and Apple Store.
Since its establishment in 2008, Plus500 has achieved significant milestones, including going public on the London Stock Exchange, expanding its operations to various countries, and supposedly serving 20 million customers.
To ensure the security of traders, Plus500 maintains its official website and app as the only legitimate platforms for trading and advises caution against fraudulent communications or unsolicited approaches. They provide 24/7 client support through various channels, including an FAQ section and Email support. However, it is worth noting that live chat support is not available, which may be considered a drawback.
It is important to mention that Plus500 has received negative online reviews from traders and was fined £200,000 by the FCA in 2012, which raises concerns about its legitimacy. These factors, combined with the absence of live chat support and the availability of reputable alternatives offering similar trading conditions, suggest it may be prudent to avoid this broker.
Countries
Afghanistan, Albania, Algeria, Andorra +173 more
Regulations
ASIC, CySEC, DFSA, FCA UK +5 more
Account currencies
EUR, USD
Assets
CFDs on Stocks, Crypto CFDs, ETFs, Energies, Indices, Options, Precious metals, Soft Commodities
Platforms
Custom
Deposit methods
Bank Transfer, Bpay, Credit Card, PayPal, POLi, Skrill
Others
Segregated accounts, Demo account, Exotic Pairs, Fast withdrawals, Lowest minimum deposit, Micro Lots, Negative balance protection
Promos
Visit brokerThe broker's trading accounts lack transparent information, making it challenging to understand the details. The spreads for EURUSD start at 1.5 pips, which is higher than the industry average of 1 pip. There are no trading commissions associated with the available live account. The maximum leverage can reach up to 1:300, depending on the trader's jurisdiction. Gold has a spread of 0.46, while Bitcoin has a spread of 92.47.
Plus500 provides quick explanations and a FAQ section for each asset type it offers. However, the lack of well-explained trading accounts and live chat support makes it time-consuming and difficult to obtain precise information about the broker's trading services. Due to high spreads on major pairs and the absence of 0 pip spread accounts for scalpers, it is challenging to recommend Plus500 as a preferred broker.
In terms of trading education, Plus500 offers a variety of resources including eBooks, videos, and a comprehensive FAQs section. As for market research tools, the broker provides an economic calendar, insights, risk management features, alerts, and news and market insights.
Unfortunately, Plus500 offers limited information about available trading platforms other than mobile apps and payment charges. This suggests that all withdrawals are subject to fees and that the broker may only offer proprietary web traders. The fact that traders have to discover important information about trading platforms only after opening an account with the broker makes Plus500 a less desirable choice.
With expensive spreads on major pairs, Plus500 is not an ideal option for scalping purposes. The broker's website fails to provide any information regarding minimum deposit requirements, further raising suspicions. While some online sources claim it to be around $100, this lack of clarity adds to the concerns surrounding Plus500.
