Plus500, a trusted global brand based in Israel, was formed in 2008 to provide online traders with an easy-to-use trading platform and a wide range of CFD instruments. Plus500 is a component of the FTSE 250 Index and is publicly listed on the London Stock Exchange (LSE: PLUS). Plus500’s web-based trading platform is quite user-friendly, which makes it ideal for new traders. Apart from beginners, the Plus500 platform only has minimal capabilities, making it less appealing to active traders.
|Review||7.3 out of 10|
|Account opening fees||€100|
|Regulation||CySEC, FCA, ASIC, FMA, FSB, MAS|
|Investment Offering||8.7 out of 10|
|Deposit and withdrawal||8.9 out of 10|
|Platform and Tools||8.5 out of 10|
|Research and Education||3.4 out of 10|
Plus500 is a publicly listed company that doesn’t run a bank. Three tier-1 regulators (high trust), four tier-2 regulators (medium trust), and no tier-3 regulators have approved Plus500 (low trust). Plus500 is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), and the Singapore Monetary Authority (MAS) (MAS).
|Cryptocurrency as CFD||Yes||8.8/10|
Plus500 Account Types
Plus500 has a very simple account plan. They just offer two types of trading account, a free unlimited demo account, and a normal trading account.
Fees & Bonus
A minimum initial deposit of €100 is required to open a live standard trading account. They are offering twenty-five euro no deposit incentive to the new account holders. This bonus is in addition to the standard welcome deposit bonus, which starts at 30 euros and goes up to 7000 euros, with a maximum bonus of 7000 euros on a deposit of 50,000 euros.
|New user discount||Yes(conditional)|
If you keep a position open over a specific time, as shown in the ‘Instrument Details,’ a funding premium is applied to your account to cover the benefit/cost of the related funding. The Premium Hour (the time at which the market closes) for each instrument is also displayed on the information page.
Caution: If a position is opened on Friday and held overnight until the following Monday, the next trading day, the funding premium added or withdrawn from an account is generally three times the daily amount to cover the whole weekend period.
Deposit and withdrawal
Deposit and withdrawal with Plus500 is very convenient for anyone. They have all possible features available to make the transactions easy. Plus500 does not charge fees for deposits or withdrawals.
|Withdrawal Charge (Bank)||Yes||Conditional||8.0/10|
If your Trading Platform remains unused or dormant for a specific time period mentioned in the User Agreement, you will be charged a cost of up to ten dollars. This is to cover the costs of making the service available, even if it is unlikely to be used.
Platform and Tools
WebTrader is Plus500’s own web-based trading platform. Because of its ease of use and emphasis on providing only the essential, necessary tools for trading, the platform WebTrader is a popular choice among casual investors.
Ease of use: The Plus500 WebTrader (browser-based) platform is an excellent place to start for novice traders before moving on to a more sophisticated platform. WebTrader is simple to use and has a clean design. Trailing stops and guaranteed stop-loss orders (GSLO) are two advanced features offered on Plus500’s flagship platform, and they might be useful risk management tools for casual traders.
Desktop platform: The Windows 10 desktop version is no longer functional and did not operate during our testing, even after upgrading the desktop program that was already installed. The online version, on the other hand, complies with the standards of a progressive web app and may be installed as a Chrome app. This informs me that Plus500’s future is on web trading rather than desktop trading.
Charting: Plus500’s WebTrader platform has proper charting features, with over 100 selectable technical indicators and the ability to store chart layouts. In addition, the charts include 21 sketching tools to help technical analysis.
MetaTrader, Algo trading, copy trading: Plus500 does not provide MetaTrader because it has its own trading platform. Plus500 also does not enable algorithmic trading or social copy trading
|Customer Support(Live Chat)||No|
|Customer Support(call center)||No|
.Customer Support Center: Plus500 lacks a live chat option that is available 24 hours a day, as well as a direct call service. They provide service by email, and a trader or customer must fill out a form with questions in order to receive a response. This is a long procedure to receive customer support, and they must have had a live chat feature to better meet the demands of customers
Research and Education
When it comes to investing research, Plus500 falls short, especially when compared to industry giants like CMC Markets, Saxo Bank, and IG. Plus500 lacks basic research tools including daily market commentary, currency news, and weekly webinars.
Apart from basic mood data, a link to Yahoo Finance for currency rates, and a Dow Jones economic calendar, there is no research available on the Plus500 trading site. There is also no information related to technical or fundamental analysis.
|Daily Market Analysis||No||0/10|
Finally, the ForexCNN team identified Plus500 to be a fairly mediocre broker with very few features. We did our best to represent their ins and outs, and we hope that this can guide many traders.