Plus500 is a complete CFD broker that currently offers one of the largest selection of CFDs on the market. Last time we checked they had over 2,000 stocks, commodities, currencies (forex), Exchange-traded funds, options, and cryptocurrencies.
Plus500 was launched in Israel during 2008 and offers access to most of the world’s investment markets.
On top of its impressive selection of CFDs, Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14), and they represent one of the industry’s leading affiliate programs. Since the 2015/2016 season, Plus500 is the official sponsor of the Spanish football team Atletico Madrid.Create account at Plus500!
Is Plus500 a scam?
No, Plus500 is not a scam but rather one of the best CFD brokers on the market. There is no need for you to worry about your safety and money while using Plus500 for your investments.
However, similarly to other brokers, Plus500’s journey hasn’t been completely smooth sailing. In 2012, Plus500 was fined by the FCA when they failed to deliver transaction reports from their customers. In 2015, they were forced to freeze 55 percent of their British customer’s accounts since their prevention of money laundering was considered inadequate. It took over 2 months for most customers to get their money back.
With that said, Plus500 has always managed to recover, and every time they encounter a problem with one of the regulating authorities, they do whatever is necessary to solve the issue. In fact, most of the brokers that are regulated under these strict rules will make mistakes at some point or another. We prefer to not only focus on the issues that arise but how the brokers handle those issues and what policies they have in place in order to deal with these situations.
Today, Plus500 is run with the utmost care and there is no doubt in our minds that they are trustworthy. If you’re interested in trading with CFD, Plus500 is a good choice with a well-designed platform and a mostly positive reputation.
Plus500 Trading Platform
When Plus500 was first launched in 2008, the broker was only available for Windows. It took two years before a version that was compatible with Apple’s operating systems, as well as Linux, was developed. The platform is a WebTrader meaning that it does not require a download and is used by a browser.
Plus500 has done a very good job at developing their own platform and we were excited to see a relatively small broker that was able to offer a product that could compare with the big players from day one. If you want to trade with Plus500 you’ll get to use a neat, practical, and good-looking platform with an easy-to-use interface.
Plus500 Trading Accounts
On today’s market, it is more or less industry standard to offer two trading accounts. A regular trading account that’s used to trade with real money and a demo account that’s used to trade virtual money under real market conditions but with zero risks.
Plus500’s Focus on CFDs
Next, in our review, we will take a closer look at what CFDs are and the advantages of trading with them.
CFD is short for Contract for Difference and it is a financial instrument that can be used as an alternative to the more common types of investment. A CFD is a contract where you the buyer and the seller, in this case Plus500, agree on the price of an underlying asset. Your job is to then predict in what direction the value of the underlying asset will move and speculate your money on the prediction.
CFDs are unique in the sense that they are not time-based meaning that, in most cases, you can hold on to them until they give you as much profit as you like. A binary option is in many ways similar to a CFD with the main difference being that a binary option is sold at a predetermined time, whether or not it has yielded any profit.
Another advantage with CFDs is that they can be used on both bullish and bearish markets and that you can speculate on negative trends.
Due to strict rules against speculative investments, CFDs just like binary options aren’t available everywhere in the world. For example, you can’t trade CFDs within the United States or Canada.
Plus500’s Selection: Gain Access to Every Market
Today, Plus500 offers opportunities to trade on more than 2,000 financial instruments on some of the most lucrative markets in the world. This wide selection means that there is something here for everybody.
The following markets are currently available as CFDs:
- Stocks are one of Plus500’s strongest markets and they offer several hundred stocks from the world’s stock exchanges. Plus500 has categorized their stocks based on country, so it is very easy to find something suited to your needs. Would you like to trade on the Stockholm Exchange? No problem. Do you prefer the Polish Exchange? Go for it. Are you used to the London Exchange? No worries. Same goes for pretty much every country in Europe and all the world’s leading stock exchanges.
- Indices are a collection of stocks whose price represents the average price of all the included stocks. It is a huge market and naturally something that Plus500 offers their customers. You can use Plus500’s trading platform to trade on some of the most well-known indices in the world such as the S&P500 (U.S.), The Dow Jones (U.S.), F2MX (Germany), and OMXS30 (Sweden).
- Forex also called currency trading is another one of Plus500’s available markets. From the information on their website, we see that they offer the most traded currencies such as the American dollar (USD), the euro (EUR), and the pound sterling (GBP). These currencies can be combined with smaller currencies such as the Swedish krona (SEK), South African rand (ZAR), and Turkish lira (TRY).
- Commodities are one of the smallest parts of Plus500’s selection. They offer 17 different commodities such as cotton, coffee, gold, and silver.
- Cryptocurrencies are something that Plus500 started offering as soon as the international interest in digital currencies gained momentum. They are constantly working on broadening their collection of cryptocurrencies and currently offer 9 of the most popular ones. With Plus500 you can trade Bitcoin, Ethereum, Litecoin, and a few other digital currencies.
- Options is an unusual instrument among traditional CFD traders, but a breath of fresh air in our opinion. You can choose between a few hundred options organized by country, companies, and popularity.
- ETFs is short for Exchange-traded funds and Plus500 offers 50 of them. We enjoy trading ETFs and lately, it has become one of our main focuses which means that we really like how accessible they are on Plus500’s platform.
Plus500 On Your Smartphone
The company that operates Plus500 has always strived to be innovative and technologically leading in the industry. Due to this, Plus500’s latest effort has been to develop the best mobile product on the market. According to experts and recent data, mobile trading will become more and more common and we can already see how Plus500 is taking advantage of the movement. During 2016, Plus500 reported that almost half (close to 40%) of the total amount of trades conducted on their platform was done on mobile devices.
Plus500’s platform is compatible with iOS and Android devices.
Plus500 License and Regulation
Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
Plus500 Deposits and Withdrawals
Deposits and withdrawals to and from your Plus500 trading account can be done using three different methods:
- Credit or debit card (Visa or Mastercard)
- E-wallets (PayPal or Skrill)
- Bank Transfer (From your bank account to Plus500)
Note that all deposits have to be done from an account that is registered in the same name as you registered your Plus500 account with. If you try to deposit from another account Plus500 will stop the transaction. Withdrawals can be done to the account that was originally used to deposit your money.
Plus500 Customer Service
We have been in contact with Plus500’s customer service on a few different occasions and can assure you that they are very efficient. Unfortunately, they are not available on the phone which can be limiting if you experience issues related to your computer, internet connection, or trading account.
Instead, you need to contact Plus500 via a live chat feature on their website or via a contact form/email. We recommend that you use the chat since it is the fastest option and because the staff is knowledgeable and can help you with pretty much anything. The chat’s opening hours differ quite a bit depending on where you are located and what office you’re trying to reach. When the chat is closed, you can send them an email or fill in the contact form. Plus500 guarantees that all inquiries sent by email will receive a response within 24 hours.
For simple questions and minor problems, you can use Plus500’s FAQ. In the FAQ, the most common issues are listed as well as information regarding their platform, services, and features. We appreciate that many of the answers come with video clips showing how to solve the issue.
They are regulated and licensed
They have a solid reputation
They are available in 30 countries
They offer leverage, margins, and tight spreads
They have a safety features that limits your losses to the money available on your account
To verify your account with Plus500 you will have to submit a copy of your identification, either a passport or a driver’s license. You will also have to submit a verification of your address such as a utility bill. Also, if your preferred payment method is a credit or debit card you will also have to submit copies of both sides of the card.
The Plus500 platform is easy to use and it doesn’t take long to get used to. In fact, we really enjoy the Plus500 platform and even prefer it over some other options.
● Credit or debit card
● E-wallet (PayPal and Skrill)
● Bank transfers
Note that the options might vary depending on where you are and that some of them require extra verification. Also, don’t forget that you will have to withdraw your wins to the same account that you used to deposit the original funds so you need to make sure it’s an account that you have easy access to.
The first deposit needs to be $200s or more, after that you are allowed to deposit smaller amounts. The high limits differ from user to user and region to region. We suggest you contact the Plus500 support for more exact answers.
That being said, e-wallets are usually the quickest option for payments.