Is Plus500 scam or a reliable Forex broker? Plus500 Broker review from real traders.
Plus500 offers CFD trading platform with their custom trading platform since 2008. Many retail traders have started their trading career with Plus500’s famous $25 welcome bonus. If you are looking for starting your trading journey with this company, you can expect to trade CFDs on over 2,000 instruments including 50 Forex pairs and ETFs, Shares, Cryptocurrencies, Commodities, and Indices across more than 20 markets worldwide. One thing is for sure, you won’t be bored.
Plus500 has its headquarter in Matam, Haifa, Israel. Furthermore, if you are wondering about Plus500 regulation, the company holds licenses from Israel, UK, Australia, Singapore, and Cyprus. This means, there are manned Plus500 subsidiary offices in Tel Aviv, London, Sydney, Singapore, and Limassol.
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We will always check all the ins and outs of the given broker’s business history, biography and reputation. The very same standards apply in the case of this Plus500 review. Please see the following article on how we conduct our broker reviews.
Plus500 is a global company that develops and successfully operates a leading online trading platform. The company was founded in 2008 in Israel and is listed on the London stock exchange. The company has its headquarters in Matam, Haifa. Furthermore, Plus500 has offices in Tel Aviv, London, Sydney, Singapore, and Limassol.
Not like other brokers, also something we like, Plus500 does not have sales teams. This means, no fake calls, no FOMO pushes, and no bothering! They are more like a technology company syncing with the Forex market. Many things are automated.
Plus500 holds multiple prestigious FX licenses, such as that of the FCA, CySEC, ASIC, FSCA and the Singaporean MAS.
Meanwhile, Plus500 is listed on the London Stock Exchange. For clients, this means that every Plus500 account is segregated and insured as a part of the FCA UK guidelines. From larger perspective, we believe Plus500 is not a scam but reliable forex broker.
Although Plus500 uses a proprietary trading platform, the trading platform (Webtrader) is able to meet trader' needs. You will be able to trade almost on any device.
The desktop version of the trading platform, which traders can download and install on their computers. Retail and professional accounts operate on the same platform. This creates pros and cons, but with advanced research tools next to the ability to execute trades in a user-friendly way, the platform performs well.
For those who wish to trade directly online without extra download, there is a web-based version of the trading platform. The Plus500 webtrader is compatible with all the browsers we tested, including mobile phone browsers. However, one of the downsides with Plus500 is that they have no integration with MetaTrader 4 or MetaTrader 5 trading platforms.
Plus500 does not have MT4 nor Mt5 accounts. This means that you won't be able to install various custom indicators or EAs.
Forex brokers generally differentiate between different categories of traders. Whereas, Plus500 has kept it simple and offers its clients the choice of a standard trading account and a demo account.
The minimum deposit requirement for the live account is 100 units in local currency. Therefore, it depends in which country you live and register your trading account with Plus500. For example, if you are a citizen of the UK and based in London, then your minimum deposit would be 100 GBP.
You may, however, be able to increase or reduce your Plus500 trading account leverage. To do so, you would need to send a quick email to their support.
On Plus500 cryptocurrency traders can trade cryptocurrencies CFDs with up to 1:2 leverage. The client does not have to open a crypto exchange account or use a special wallet for trading cryptocurrencies.
Plus500 offers a simple, hassle-free solution if you just want to trade without the physical instruments. One of the USPs of Plus500 is that the broker provides a wider selection of cryptocurrencies CFDs for you to trade, as in comparison to other Forex brokers.
You can trade not only Bitcoin with Plus500 but also Ethereum, ETHBTC, Litecoin, NEO, Ripple, IOTA. Also, Plus500 allows you to trade the Crypto 10 Index. This index follows and measures the performance of the top 10 cryptocurrencies in the market.
Most of the services from Plus500 come with no commissions or fees, which makes it one of the brokers in the industry with very low costs for traders. Plus500 has zero fees for the following items:
- Zero fees on deposits
- Zero fees on withdrawals
- Zero fees for opening trades
- Zero fees for closing trades
- Zero fees on rolling positions
- Zero fees for position extension
Plus500 basically pays for its services in the market spread. For example, in the EURUSD pair, if the buying rate is 1.3128 then the sales rate will be 1.3126 and the market spread will be 2 pips. Other providers charge per transaction, but Plus500 does not.
However, keep in mind, Plus500 is a 4 digit Forex broker not 5.
- Trading model: CFD
- Decimal Pricing: Five digits
- Lot size: 1 lot = 100,000 units
- Minimum deposit: $100 USD
- Type of execution: Market
- Deposit & withdrawal methods: Bank wire transfer, Cards, Neteller, Skrill, Bitpay
- Spread type: Variable from 0.2 pips
- Max. Leverage: 1:30 for retail accounts and 1:300 for professional accounts.
- Account Currency Base: USD
- Financial instruments: over 30 currency pairs with Gold (AU), Silver (AG), and CFDs
Plus500 trading app offers support in 32 languages, including English, German, Greek, Italian, Spanish, French, Finnish, Danish, Swedish, Estonian, Russian, Romanian, Hebrew, Arabic, and Traditional and Simplified Chinese.
The platform offers 24/7 support via email and chat. You will find an answer to most questions via the FAQ section. However, if the clients cannot find the query in the FAQ then they can start an online chat.
Just do not expect a phone call.
Plus500 subsidiaries hold licenses from almost all major regulatory watchdogs in the Forex market. Plus500 has licenses from:
- Cyprus Securities and Exchange Commission (CySEC)
- UK Financial Supervisory Authority (FCA)
- Australian Securities and Investment Commission (ASIC)
- South African Republic (FSCA)
- Monetary Authority of Singapore (MAS)
According to AtoZMarkets’ research, Plus500 is a reliable Forex broker with a unique trading platform. The broker offers all the essential trading instruments and fulfills client’s requirements in every aspect. This explains why Plus500 has over 300,000 active traders on its trading platform. Whilst more than 39 million trade positions have been opened with the broker. Based on customers’ feedback, Plus500 has proven to be a client-oriented and trusted broker, with no reports of any wrongdoing actions.
Bear in mind that CFD trading are complex instruments and come with a high risk of losing money rapidly due to leverage, 76.4% of retail investors’ accounts. Hence, it is important that you should have deep knowledge about the FX market and carry out thorough research before beginning.