Plus500 Review 2020 – All You Need to Know About This Broker
Plus500 is considered to be one of the most reputable online CFD brokerage platforms in the industry. The company grants users direct access to a wide range of financial assets, including stocks, cryptocurrencies, forex, ETFs, commodities, indices, metals, and more. As one of the industry leaders, Plus500 has carried out transactions worth billions of dollars for their customers over the years. Plus500 is also an official sponsor of Spanish soccer club, Atletico Madrid, making them a very trusted and reputable brokerage company. They provide their customers with a wide range of trading tools and educational materials like daily market analysis, trading platforms, market news, excellent customer support, and more.
Over the years, Plus500 has garnered numerous positive reviews from its customers. However, we had to find out for ourselves just how efficient their services are and how they compare against other leading brokerage companies in the world. To do this, we opened a live trading account, funded it, and tested the services that are crucial to trader success. We tested most of the features and tools they offer and carefully compared them with the industry standards. After reviewing this broker from firsthand experience, we wrote this comprehensive and honest review, detailing everything traders to need to know about Plus500 before they partner with them. The contents of this review are 100 percent accurate, unbiased, reliable, and they discuss everything you need to know about the services offered by Plus500. So, let’s get started
Plus500 Broker Review – Know the Facts, Trade with Confidence
Plus500 is a publicly listed brokerage company that is committed to giving traders access to the financial markets and the thousands of assets that are available to trade. The company prides itself on providing traders with access to financial instruments without charging them any commission for carrying out transactions on their platforms. To review the services they offer, we opened a live trading account, funded it with real money, and traded currencies and stocks with it. This enabled us to see how Plus500 operates and to provide you with accurate information about their services. Here is a detailed summary of everything you need to know about Plus500.
What Makes Plus500 Markets Unique?
Plus500 is a unique platform because of the high level of services it offers. It is one of the many CFD brokerage platforms that allow people to trade assets in a wide range of financial markets. They currently support cryptocurrencies, forex, stocks, ETFs, commodities, options, metals, and more. This is quite standard in the industry and you will find many top-notch brokers who provide you with direct access to a vast range of assets to trade. Plus500 uses innovative technology on its platforms, making it possible for users to have access to numerous trading tools that would make it easier for them to trade those assets.
Plus500 doesn’t charge commissions for transactions carried out on their platforms. There is absolutely no transaction fee when you deposit or withdraw funds from Plus500. They offer tight spreads, which makes them one of the most attractive CFD brokerage companies in the industry. Their support for multiple base currencies means that people from all parts of the world can have easy access to their platforms and to trade the financial assets available in their currency of choice. As a reputable brokerage firm, Plus500 has handled transactions worth roughly $200 billion over the past few years. These transactions are done by the millions of customers who use Plus500 for their trading needs. With such a large transaction volume, you can rest assured that you will withdraw your earnings whenever you choose to, without encountering any problems along the way.
Plus500 Experience Test
There are three essential services you need to look out for when reviewing a brokerage platform. The level of efficiency of these services will tell you whether a platform is right for you or not. We decided to test these services on Plus500 and to see how they perform. We opened a trading account, funded it with real money, and proceed to check the services one after the other.
The first service we looked into was their customer support. Excellent customer support will give traders the confidence that their issues will be handled instantly whenever they encounter any problems. Plus500 performed excellently in this aspect. They have customer support agents attending to clients in multiple languages. We opened a ticket, filled out our questions and submitted it to the support team. We got an instant reply, acknowledging the receipt and our problem was handled within an hour. You can contact them via live chat, email, or phone call.
Secondly, we reviewed the withdrawal process. Traders must be able to get access to their funds whenever they want to, hassle-free. In this aspect, Plus500 also provided an excellent service. We funded our account after registration and immediately became eligible to withdraw our funds. We filled in a payment withdrawal request form and submitted it with our identification documentation. The request was approved within an hour, and the funds were remitted into our account. It is important to note that if you are using the bank wire transfer method, it might take longer for the funds to reflect in your account. It usually takes 3-5 days for traders to get their money if they are using that method.
The third crucial feature we tested was their trading platform. Plus500 makes use of the WebTrader trading platform. The platform is streamlined to make it stable and easy to access from any web browser. The UI is simple and easy to use, and it comes with a wide range of tools. These features make it easy for traders to access the financial markets and to trade the assets available in the markets. We placed a buy order, and our order was processed instantly. We didn’t lose our position after placing an order. We did the same thing with a sell order and got the same quick execution time.
The three services reviewed above are essential for traders to become successful in trading financial assets. Plus500 performed satisfactorily in all these areas, and we can recommend their services to you when it comes to trading stocks, cryptocurrencies, commodities, currencies, ETFs, Options, CFDs, metals, and more. Take the time to review the services offered by other brokers as this will give you an indication of which is the best broker for you to partner with.
Is Plus500 a Scam or Legit?
The forex trading industry has quite a few harmful elements, including scams and untrustworthy brokers. As a result, this is the reason why traders ask whether a platform is a scam or legit. Knowing the status of a brokerage platform would give them the option to choose whether to deal with them or not. After reviewing their services, we can conclude that Plus500 is a legit brokerage platform.
Plus500 is a public company that is listed on the London Stock Exchange (LSE). The Plus500 trading platform is operated by the parent company Plus500UK Ltd, a UK based company. They have their main offices in London. Plus500 is authorized and regulated by the Financial Conduct Authority (FCA). This allows them to offer their services to millions of customers in Europe and Asia.
As a fully regulated and authorized financial body, Plus500 strictly follows the Anti-money Laundering (AML) and Know-Your-Customer (KYC) regulations. These regulations are put in place to protect customers and to curb vices such as money laundering, terrorism funding, and identity theft in the financial markets. With the AML and KYC policies in place, Plus500 is a 100 percent transparent platform where user identities and funds are kept safe and secure at all times. Many leading brokers in the industry follow these procedures to ensure the safety of their clients’ funds so it is vital you understand the processes before you sign up.
The KYC and AML policies help eliminate some problems associated with financial markets trading. The verification of users is to help protect their identity and funds. You must verify your Plus500 account before you can carry out certain activities, such as the withdrawal of your funds.
Plus500 has a comprehensive terms and conditions page, which talks about what to expect when using their services. The terms and conditions page contains everything you need to know about Plus500, their services, their charges, the accepted countries and currencies, and more. The platform is comprised of a team of highly efficient individuals who are committed to providing traders with the best services in the industry.
The security measures taken by Plus500 are some of the best in the industry. Plus500 ensures that the payment system is streamlined to make it easy and secure for people to deposit and withdraw their earnings. The user data remains safe and private at all times. When a trader opens an account, Plus500 UK will hold their funds in a segregated account, following the Financial Conduct Authority’s client money rules.
Plus500 Regulation and Safety of Funds
Plus500 is a UK-based company that is fully regulated by the regulating financial bodies. The parent company, Plus500 Ltd, is situated in London and authorized and regulated by the Financial Conduct Authority (FCA). Plus500 is also listed on the London Stock Exchange (LSE), which increases its reputation as one of the leading global CFD providers.
As a government registered and regulated company, Plus500 follows the regulations put in place by the FCA, which include all rules about financial markets and trading financial assets online. One of the benefits of trading with Plus500 is that you know you have the assurance of trading with a reliable and reputable platform in a regulated environment.
Plus500 also follows the AML and KYC policies aimed at reducing crimes in the financial markets. The strong AML and KYC regulations help eliminate vices like identity theft and money laundering in the industry.
In terms of the safety of funds, Plus500 has a vast range of measures put in place to ensure client funds are safe. All customer funds are held in segregated client bank accounts, separate from the company’s operating funds, to ensure that they do not mix with the company’s money. They use their own funds for hedging and all clients’ money is not passed through to their hedging partners. Plus500 also doesn’t invest its customer funds in other ventures, and they are not exposed to corporate or sovereign debt. Overall, user funds are safe with Plus500 at all times.
Plus500 – Account Types
Plus500 is a unique trading platform that offers only one trading account. The trading account serves only individuals as they do not support corporate accounts at the moment. Depending on the user, you can deposit any amount you wish and trade any of the over 2,000 financial assets available on Plus500. If you prefer partnering with a broker that offers a choice of account types with different services and features, take the time to test other quality brokers in the industry and ensure that meet your trading needs and preferences before you step into the trading arena.
Plus500 makes use of the WebTrader trading platform, which allows users to open a demo account to test their trading strategies before they invest real money into the market. Users on the live platform get to enjoy all the benefits available, which include; excellent customer service, tight spreads, no commissions, leverage as high as 1:300, fast and reliable order execution, trading tools, market analysis, and latest market news.
Plus500 Trading Conditions
The trading conditions on Plus500 are:
- Tight spreads for all traders
- Stop Limit, Stop Loss, and Trailing Stop all available to traders
- Negative balance protection; user accounts can never go below zero
- Large volume traders do not get a trading discount
- There are no charges for withdrawing or depositing funds, though they charge inactivity fees on dormant accounts and all details can be found on their site
- Guaranteed stop loss is available to help protect accounts from runaway losses
Fees and Spreads
Plus500 is known for not charging its customers any commissions, account fees, or costs for depositing and withdrawing their funds. Plus500 has ensured that all transactions carried out on its platform are free, regardless of the amount involved. Although Plus500 doesn’t charge you any transaction fees, your bank or financial institution might charge you for depositing or withdrawing funds so take the time to contact your bank to get more information on these charges. Plus500 make their money via trading spreads – the difference between the buy and sell prices of assets.
Plus500 also offers tight spreads on its financial assets. Since they support only one account type, users get to enjoy similar spreads on their accounts. The tight spreads give traders competitive and advantage in the financial markets.
Account Opening Experience
Opening a Plus500 account is one of the simplest things you can do. Plus500 is designed to grant people access to the financial markets without having to deal with most of the technical aspects of it. As a result, you can open an account easily with Plus500.
To register with Plus500, simply visit their official website and click on the ‘START TRADING’ button located at the top right corner of the platform. You will be redirected to a log in page where you can register. Provide them with the necessary details, including your name, country of residence, email address, phone number, and password. Submit your application and verify your email address afterwards through the email that will be sent to you. After opening your Plus500 account, you can proceed to deposit funds into the trading account and you can start trading any of the 2,000+ financial instruments available to you.
Deposit and Withdrawals
Plus500 accepts several payment methods on its platform. To deposit funds into your Plus500 trading account, kindly follow the steps below:
- Visit the Plus500 page and log in to your account
- Click on the ‘DEPOSIT’ button on your homepage
- Select your preferred currency and submit
- Choose the payment method you wish to use. You could choose credit/debit cards, bank wire transfer, e-wallets, or e-banking
- Insert the amount you wish to deposit into your trading account
- Submit and wait for your account to be credited
- Start trading after the funds reflect in your trading account
Plus500 accepts the following payment methods:
PayPal is not widely accepted by forex brokerage companies. However, Plus500 allows its users to fund their accounts and withdraw their earnings via PayPal. Deposits and withdrawal of funds via PayPal is instant and rarely presents any challenges to the traders. You can deposit any amount you wish as there is no deposit threshold on Plus500. To check if other brokers offer the PayPal payment option, view the services of other brokers in the industry.
This is the most popular payment method used by traders. Plus500 accepts deposits made from credit and debit cards, including Visa, Maestro, MasterCard, American Express, and more. Deposit and withdrawal of funds using this method are instant, and users are usually credited in less than 24 hours. Plus500 doesn’t charge any transaction fees for depositing or withdrawing funds using this method.
The bank wire payment method is most popular among traders, including in Asia. Plus500 allows traders to deposit funds into their trading account via their bank accounts. They can also withdraw their earnings into their bank accounts; however, it takes between 3-5 days for such transactions to be completed. Based on this, if you are using this method, you shouldn’t be in a hurry to trade online as it will take time until the funds are reflecting in your trading account.
Plus500 accepts the funding of an account and the withdrawal of funds using electronic wallets. They accept payment from e-wallets like Skrill and Neteller, with the transactions usually approved instantly. Plus500 doesn’t charge traders any fees for deposit and withdrawals made using this method.
As a fully regulated and authorized entity, Plus500 doesn’t allow users to withdraw funds from their accounts if they haven’t verified their accounts. As a result, ensure that you verify your account before you attempt to make your first withdrawal.
To withdraw your earnings from Plus500, you should go through the following identification verification process:
- Visit the Plus500 site and log in to your account
- Navigate to your dashboard and click on the ‘withdrawal’ tab
- Complete the withdrawal request form and submit
- Wait for approval
- Your bank account will be credited once the payment withdrawal request is approved. If you are using the bank wire method, it could take between 3-5 working days for the money to reflect in your bank account.
Plus500 is a publicly listed company in the UK, which means that it has to follow the regulations put in place by the FCA. The AML and KYC policies require traders to verify their accounts before they can withdraw their earnings. This means that you will need to submit proof of identity, proof of residence and proof of the credit card used, if applicable.
Plus500 accepts the following documents for ID verification:
- Driver’s license
- National ID
- International passport
The copies of any of the above should clearly display the photo, ID number, full name, date of birth, and expiry date.
Residential Address Verification
The residential verification document needs to be issued by a utility company, a financial body, a government agency, or a judicial entity. Plus500 accepts any of the following;
- bank statement,
- credit card statement,
- electricity bill,
- water or gas bill,
- a council tax bill,
- tax letter,
- phone bill,
- television services bill, or
- Internet bill.
Plus500 requires you to verify the phone number registered on your account. You will be sent an SMS with your verification code. Kindly submit it to verify your phone number.
Source of Funds Verification
Plus500 requires traders to verify the legitimacy of their funds. Based on this, they are required to provide a copy or scan of one or more of the following documents, depending on their payment method used to make a deposit:
- the front of your debit/credit card,
- Bank/credit card statement.
Plus500 Trading Platform
Plus500 is known for using the WebTrader platform. This platform comes with a lot of benefits, including demo accounts, price charts, market news, market analysis, and more. WebTrader has a straightforward user interface, which makes it simple for anyone to use. It doesn’t require any installation and is supported by virtually all browsers. You can easily use the WebTrader platform on your mobile device or your computer.
If you prefer using the MetaTrader platforms, which are well-known in the industry, we recommend checking out other quality brokers to confirm that they offer the services you require.
Education and Resources
Plus500 doesn’t have an extensive catalog of educational materials. The platform has a few videos where they talk about CFD trading, slippage, how to trade with Plus500, and the popular trading strategies. They don’t have materials and articles that could help traders better understand the financial markets. In comparison, there are many brokers out there that offer a comprehensive education center and a choice of resources.
Plus500 offers its users various other trading tools to help them with their trade activities. They use the WebTrader platform, which comes with a wide range of resources, including an economic calendar, daily market news, market analysis, notification alerts, risk management tools, and more. These tools will enable you keep an eye on the market and make informed decisions regarding your trades.
Plus500 offers professional and responsive customer service. The team is comprised of highly professional individuals that have in-depth knowledge of the financial markets. You can reach them via phone call, email, or live chat features on the website. The customer support team usually solves traders’ issues almost instantly whenever they are contacted.
Frequently Asked Questions (FAQs)
Is Plus500 regulated?
Yes, it is. Plus500 Ltd is a UK FTSE 250 company listed on the London Stock Exchange’s Main Market for Listed Companies and they are regulated by the FCA.
What is Plus500?
Plus500 is a CFD brokerage platform that grants users access to the financial markets. It allows traders to access and trade financial instruments such as currencies, cryptocurrencies, stocks, commodities, and more.
Who has Experience with Plus500?
Plus500 is designed for everyone. The platform supports all types of individual traders but doesn’t provide services to corporations or business accounts. The simple design of Plus500 makes it ideal for both novice and professional CFD traders.
How does Plus500 Works?
Plus500 grants traders access to the financial markets to trade cryptocurrencies, stocks, currencies, commodities, indices, options, ETFs, and metals. In exchange, Plus500 charges them fees from the spreads for each trade. Plus500 doesn’t charge any transactional fees, but your financial institution might charge you for the deposits and withdrawals so take the time to check this with your bank.
How Reputable is Plus500?
Plus500 is considered to be one of the most reputable brokerage companies in the industry. The company is publicly listed on the London Stock Exchange and is regulated by the FCA. They are also the sponsors of the Spanish soccer team, Atletico Madrid, which boosts its image as a leading global brokerage platform. Over the past few years, Plus500 has handled transactions worth over $200 billion, providing services to Asian and European traders. They also have reliable security protocols that ensure that user funds and data are safe and secure at all times.
How Do I Open an Account with Plus500?
Opening an account with Plus500 is easy. To register, simply follow the steps below:
- Visit the Plus500 official website
- Click on the ‘START TRADING’ button at the top right corner
- Click on ‘SIGN UP’ and provide the required details
- Submit and verify your email address
- Deposit funds and start trading after your account has been successfully opened.
Where are Plus 500 Based?
Plus500 is a UK-based company. You can find the team at The UK Financial Ombudsman, South Quay Plaza, 183, Marsh Wall, London E14 9SR. You can get in touch with Plus500 via email, phone call, or live chat.
While it may seem that Plus500 checks all the right boxes, it is vital to understand that no two traders are the same and every trader has their specific needs and preferences. In the market, you are not spoiled for choice and there are many that will help you to succeed when trading in the online trading world.