Plus500 review (2022) Review
Plus500 is a global CFD broker that was founded in 2008 in Israel. It is regulated by several international financial authorities and considered secure because it is listed on a stock exchange, discloses its financials and is regulated by several top-tier financial authorities. You can trade on an easy-to-use trading platform via the web and other electronic channels. The minimum deposit is low $100, and you can qualify for a “professional” account, which offers higher leverage, but the costs are the same. With a professional account, you may increase your maximum leverage ten-fold, from 1:30 to 1:300. They offer a demo account for you to practice your skills without risking.
What can be traded?
Plus500 provides access to over 2000 financial instruments:
- Indices – Country and Sector
They are authorised and regulated by Cyprus Securities and Exchange Commission and registered in Cyprus specializing in Contracts for Difference (CFDs) in commodities, shares, currencies and indices. They are also listed on the London Stock Exchange which makes them one of the most secure brokers.
You try out the demo platform, as with such you’d only lose money when trading from your virtual account and it only takes a minute to register. They highlighted the demo account on the main page, so it was easy to find.
Plus500 fees and charges
You can withdraw money five times a month without any fees, then the withdrawal fee is $10. For the EUR/USD, the Plus500 platform displays a spread of 0.8 pips. The Currency Conversion Fee will currently be up to 0.7%, a fee of up to USD 10 per month for inactivity, overnight funding has a fee and also a Share Trading Commission fee. Overall the fees they charge are average and they are upfront with their fees.
It was very simple to join. The registration button was the first thing I saw on their main page. I had to fill in a short 2 step form. In a second I was in my demo account.
In the next minute, I received one welcome email which contained the next steps, also explaining some features and contact details, if I needed any help.
The Plus500 platform
By the time I read my email I was logged out for inactivity. Intuitively I can choose if I want to buy or sell, it all shows up in detail on the right side. I can change the amount I want to trade it for, add a close profit or a close loss all in one frame. It has three basic order types with the option of attaching “take profit” and/or “stop-loss” orders. On the left side pane, you have a menu, where you can view the positions, orders or closed positions. Very simple and nice to work with.
Plus500 doesn’t offer any of the special features that are typically available at other online forex brokers.
Simply click through the instruments.
There`s a live chat they have 24/7. And another tweak is the dark view of the platform.
If I wasn`t logged out every time I went to the toilette or for a coffee, it would have been perfect.
Some pages get “stuck” and I couldn`t scroll up or down. The join button is one of the things you see first as well as a picture of their platform.
In the main panel at the top, you can choose from:
- Instruments categories – a list of their instruments open
- Trading – here you can find fees, well-designed economic calendar (You can filter for macro events or company-related events).
- Company – simply “about us” part
In the Trading option, you`ll find a “Trading Guide”. That`s the educational part. You`ll find videos that are tutorials on how the platform works, they aren`t educational tools for traders who want to better the performance and results of their portfolios.
You will find market analysis but no news feed or newsletter.
Their customer support is really good. Available 24/7 (live chat and email contact).
Plus500 social networks
Follow them on Facebook, Twitter or Instagram. The Facebook page is very active. Posts several times a day, although not every day. They provide facts and news. Going through their FB page I found out, they had even more education support.
Twitter and Instagram are also up to date and active.
Overall advantages and disadvantages of Plus500
You can contact customer service via live chat, email anytime a day. They provide educational videos and articles; they are just a bit hard to find and also a demo account for you to practice on. They are regulated and listed on the stock exchange. So that makes them safe to trade with. Their platform is super easy and straightforward, providing a great user experience even for a first-timer. Opening an account works well and fast. On the other hand, they have materials but very well structured. The website seems a bit old and doesn’t function 100%. I kept getting logged out of my account for inactivity, although it was just a couple of minutes. That I found annoying, although the login is only 2 steps. And the fees aren`t the best neither the worst. Average I`d say.
- Average fees
- Educational webinars missing
- Good news flow missing
- The trading platform cannot be paired with other trading tools or platforms
- FCA regulated
- Low deposit
- Negative balance protection for client accounts
- More than 2,000 trading instruments
Pros / Cons