Plus500 – Review Introduction
If you want to start trading cryptocurrency, you need to find a good CFD provider. Choosing the wrong platform will only result in a frustrating investing experience.
On your quest to find the right CFD platform, you might’ve stumbled across Plus500. This platform is an excellent provider of CFDs of many assets (including cryptocurrencies, of course). However, the mixed reviews online can make it difficult to determine if this CFD provider is right for you.
Luckily, our comprehensive Plus500 review is here to provide all the info you need. Read on to learn about the platform’s pros, cons, key features, and more.
Plus500 Quick Summary
For over 10 years, Plus500 has been one of the forefront providers of CFDs (Contract for Differences). These contracts let traders speculate on the price movements of the world’s most popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Cardano. Cryptocurrency CFDs let you gain (or lose) without actually buying/selling the assets.
Who Plus500 Is For?
Now that you know the answer to “What Is Plus500?” you should know who the platform is for.
The platform has subsidiaries in the UK, Australia, Cyprus and Singapore, meaning users in over 50 countries can use it for CFD trading. It’s the perfect option for traders who are interested in cryptocurrencies but may also want to trade 2,000+ other instruments that range from commodities and shares to forex and indices. Currently, the platform is available in 31 languages.
While traders of all experience levels are on the platform, it is most suitable for experienced traders. Curious traders can easily navigate the free, unlimited demo and learn fast thanks to the straightforward, intuitive interface. Traders who seek very advanced features might need to look elsewhere as the platform doesn’t offer integration with automation or analytical tools.
Plus500 Company Information
In 2008, Plus500 LTD was founded in Israel. While the headquarters continue to be in Israel, the platform has developed subsidiaries around the world with one of the most popular being Plus500 UK. This platform serves traders in the U.K. and other European countries, all the while ensuring regulations by adhering to the Financial Conduct Authority’s strict regulations.
As a whole, the brand proves its financial stability through its listing on the London Stock Exchange. It also builds credibility by sponsoring professional sports teams such as Atalanta and Legia Warsaw.
Traders in 50+ countries rely on this platform, and it’s not hard to see why. Here are some reasons why the CFD platform is a favourite among many traders:
- It gives access to CFD trading in major cryptocurrencies and tons of other instruments (gold, options, EFTs, etc.).
- The straightforward interface makes trading as simple as possible.
- All subsidiaries adhere to their region’s local regulatory bodies by offering negative balance and client money protection.
- Guaranteed stop-loss orders help users mitigate market gap risk.
- Plus500AU Pty Ltd (ACN 153301681), licensed by: ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Authorised Financial Services Provider in South Africa, FSP #47546. You do not own or have any rights to the underlying assets. Consider if you fall within our Target Market Distribution.
As great as the platform is, our Plus500 review notes that it has a few shortcomings. Here’s an overview of areas in which the platform could improve:
- Traders can only get in touch with the company’s customer service team via writing, either email, chat or whatsapp.
- You must be content with the simple WebTrader interface as the platform is not compatible with third-party integration.
- The lack of back-testing functionality means you can’t analyze the performance of past assets to predict future performances.
Our Plus500 app review is happy to report that the platform is easy to use. It employs the brand’s proprietary software WebTrader to offer a streamlined experience. It is compatible with most PCs, web browsers, and mobile devices.
While the platform is simple, it offers traders a familiar layout and insightful information. For instance, they can use customizable charts to conduct technical analyses of the instruments they want to trade.
Plus500 Trade Experience
With the easy-to-use platform, open buying and selling positions are easy-to-use. Traders can place “take profit” or “stop-loss” commands on three basic order types — market, limit, and stop.
While the WebTrader platform offers a seamless trading experience, it doesn’t come without limits. Users cannot integrate third-party analytical and automation tools or conduct back-testing. The platform is also not compatible with MAM or PAMM trading platforms that can make their third-party funds.
Plus500 Crypto Trading
Those who want to use the platform for cryptocurrency might wonder, “How does Plus500 work?” More specifically, you might want to know how to trade Bitcoin on Plus500.
Remember that because this platform specializes in CFDs, you aren’t buying or selling the assets. Rather, you are trading them via contracts for difference.
To trade Bitcoin CFDs, launch the platform and navigate to the Bitcoin instrument. From here, you can view information about the cryptocurrency and set alerts for percentage changes.
When you’re ready to trade, place an order and open your position. At this point, the platform will let you create stop orders if you want to close your position when Bitcoin hits a certain price. After you’ve set certain requirements, your order will sell when the price of Bitcoin hits the parameters you specified or when you close your position.
Plus500 App For Mobile
Plus500 for desktop is as streamlined and user-friendly as it gets, but how does the app compare?
Our Plus500 app review is just as glowing. Users can access the app on their Android, iPhone, or iPad and enjoy the same functionality that the desktop version provides. Additionally, there is added security thanks to the platform’s compatibility with biometric authentication.
Plus500 Deposits and Withdrawals
When you open an account, you will have to make a minimum deposit of €100. The platform does not charge fees for deposits.
Another good thing about deposits and withdrawals is that you have access to a variety of payment methods. Traders can use credit or debit cards, bank transfers, PayPal, and Skrill. Note that when you make a withdrawal, you can expect it to take around 3 business days to go through.
This CFD provider does not charge any fees for deposits. In Sweden, the platform charges share trading commissions. Traders pay for the service via the buy/sell (bid/ask) spread that you pay when you open a position.
Other fees you may have to pay to include:
- A monthly inactivity fee if you do not log into your account for more than three months
- Guaranteed stop order fees
- Overnight funding fees
- Currency conversion fees
Our Plus500 exchange review has found that these fees are competitive compared to other platforms. Plus, they are straightforward and never come as a surprise.
To use this CFD provider, you will need to create a Plus500 account. Here’s a quick look at the signup process:
- Go to the website and click “Start Trading.” (If the platform is not available in your country, you won’t have access to the signup page.)
- Click the button “Don’t have an account? Create one now!”
- Create a demo account by entering an email and password. If you prefer, you can create your account via your Google or Facebook account.
Your demo account offers Plus500 paper trading — that is, it lets you test out the platform and practice trading cryptocurrency CFDs without any risk.
Once you’re ready to start using real money, you’ll have to go through a series of steps. Traders must provide their full name, date of birth, and address. They must also pass a brief knowledge quiz to prove they understand the risks of CFDs.
Then, you will need to verify your identity by uploading a copy of your ID and proof of your home address. After providing a valid phone number and email, you can deposit money and start trading. The Plus500 verification time may vary, but most users are in within a couple of days.
By default, users will get access to a Retail account that offers negative balance and client money protection.
Some users, however, operate under a Plus500 Pro account. It doesn’t cost any extra, but users have to apply and meet the following requirements:
- Have a portfolio size of at least €500,000
- Have an average of ten transactions per quarter for the last four quarters
- Have at least one year of relevant work experience in the financial sector
A Plus500 Pro review shows that professional clients lose their ICF rights. However, you will have access to higher maximum leverage. If you wish, you can resort back to a Retail account at any time.
Plus500 Educational Resources
One Plus500.com review complains about the lack of educational resources. In fact, this trend is common across many review sites.
However, it appears that Plus500 has listened. The website now has a vast library of educational resources, including a comprehensive Trader’s Guide that covers topics ranging from margin requirements to effective trading strategies. Users can also access tools that help them manage risk, receive alerts, and analyze market insights.
Plus500 Customer Service
Even though the platform is simple and user-friendly, you might be wondering what its customer service is like. Knowing you can count on help is comforting to traders of all experience levels.
Unfortunately, the platform’s customer service is nothing special. Traders can only contact the company via writing, and even though the contact form is available 24/7, the response times are rarely instant. Not being able to call in and talk to a real person is incredibly frustrating when you need immediate help.
On the plus side, the website does have a pretty comprehensive FAQ section. There are thorough explanations that teach you how to use Plus500, describe the Plus500 verification process, and more.
When you choose this platform, just keep in mind that you will have to do a little reading when you need help and give up the perks of talking to a live representative.
Plus500 Reviews and Reputation
When scouring the Internet for traders’ experiences with this platform, here are two key complaints we noticed:
- Lack of Plus500 free stock UK. Some users complain about the lack of Plus500 free stock. However, the platform stopped offering promotions/bonuses to comply with increasingly strict regulations.
- Lack of advanced features. Some traders don’t like how the platform isn’t compatible with third-party tools.
Overall, however, traders have had a positive experience with the platform. They love its security features, ease of use, and straightforward pricing.
It’s only natural for traders to wonder, “Is Plus500 legit?” We’re glad to say that the answer is yes. The platform has many security measures in place such as SSL in terms of protection against hackers.
Most notably, each subsidiary adheres to reputable governing bodies in its respective region. The UK platform answers to the Financial Conduct Authority, the Cyprus platform answers to the Cyprus Securities and Exchange Commission, the Singapore platform answers to the Monetary Authority of Singapore, etc.
Users can also rest easy thanks to the platform’s negative balance and client money protection. Additionally, the app ensures you are the only one who can access your account by implementing biometric authentication.
When we set out to review Plus500, we were wary because of the platform’s mixed reviews. However, we believe that the varying responses are due to users not knowing who the platform is for.
Due to the platform’s simplicity, it’s best for new cryptocurrency traders. You’ll appreciate its ease of use and credibility that comes from regulatory bodies and its years in the industry.
As long as you understand the risks of CFDs, Plus500 can be a reliable platform choice. Test it out for yourself by signing up for a free demo account today.
When you start exploring the platform, feel free to refer back to this Plus500 review. It will serve as a handy guide for getting the most out of the platform.
*Availability subject to regulation.
Is Plus500 Secure or a Scam?
The platform is following local governing bodies which regulate each of the brand’s subsidiaries. The platform is offered by Plus500CY Ltd which is a Cyprus based company. We consider the platform secure.
What Can I Trade on Plus500?
Of course, the platform lets you trade cryptocurrency CFDs ranging from Bitcoin and Ethereum to NEO, EOS, and IOTA. You can also trade CFDs in other market categories such as commodities, forex, shares, indices, EFTs, and options.
Can You Make Money With Plus500?
Your profit will depend on what assets you trade, your trading style, and what risk management strategies you use. You should always have in mind that it’s possible to lose your invested capital since trading is a risky activity.
How Secure Is Plus500?
The platform is secure as it is authorized by the appropriate authorities and uses Secured Socket Layer (SSL) encryption.
Is Plus500 authorized?
Yes, our Plus500 review has confirmed the platform’s subsidiaries are authorized by the appropriate governing bodies.
How Do I Withdraw Money From Plus500?
To withdraw money, navigate to the “Menu” button in the top-left corner and click “Withdraw.” You’ll need to specify how much you want to withdraw and which method you want to use (debit card, bank transfer, etc.).
Where Is Plus500 Based?
The platform is based in Israel but has subsidiaries around the world.
How Does Plus500 Make Money?
The platform makes money via its buy/sell spreads and various fees (inactivity fees, currency exchange fees, etc.).
How Can I Deposit Into a Plus500 Account?
You can make a deposit via credit/debit cards, bank transfers, PayPal, and Skrill.
What Is the Minimum Lot Size at Plus500?
Plus500 does not measure the trading size in lots.
When Does a Margin Call Take Place at Plus500?
A margin call occurs when your equity falls below the maintenance margin amount.
What Is the Maximum Leverage Offered by Plus500?
The maximum leverage for a retail account is 1:30. The maximum leverage for a pro account is up to 1:300. Professional accounts lose their ICF rights.
How Do I Open an Account With Plus500?
To open a demo account, go to the website and click “Start Trading.” You’ll need to make a minimum deposit of €100 to open a real-money Retail account. From here, you can request a Professional account if you meet certain criteria.
What Trading Platforms Does Plus500 Offer?
The platform offers its proprietary WebTrader platform.
Is Plus500 an ISA?
No, the platform is not an ISA (Individual Savings Account).
Do I Pay Tax on Plus500?
If you earn money through the platform it may be subject to your region’s local tax laws.
Is Plus500 Legal in the USA?
Plus500 does not operate on the territory of the USA.
Is Plus500 Legal in the UK?
Some traders wonder, “Can you use Plus500 in the UK?” Luckily, the answer is yes. It has approval from the Financial Conduct Authority to offer CFDs. However, you should have in mind that you cannot trade crypto CFDs in the UK.
How Much Is the Plus500 Minimum Deposit?
You must make a minimum deposit of €100.
What Are the Plus500 Market Hours?
The platform abides by regular market hours (and pre-market and after hours). Cryptocurrency, however, is available for trading 24/7.