Plus500 ReviewOpen Demo Account
This review aims to help potential traders learn about the broker, as it is a leading provider of CFDs for options, indices, ETFs, cryptocurrencies, forex, and shares. Companyis based in the UK and has its main offices in London. Plus500UK Ltd is a Plus500 Ltd subsidiary, with that company found on the London Stock Exchange and headquartered in Haifa.
The company was founded in 2008, offering an online trading platform that was PC-based and is growing quickly, currently offering clients a portfolio with access to more than 2,000 investments.
- Regulated and authorised by the FCA.
- The parent company is publicly listed on the London Stock Exchange’s Main Market.
- The platform is easy to use.
- It offers limited research, analysis, and educational tools.
What can you trade?
Plus500 Forex Review
Any Plus500 forex review should indicate the breadth of instruments that the broker offers in this category. Offers a basic introduction to trading forex for clients to explore if they are new to this market.
There are more than 50 forex pairs available, offering leverage of up to 1:30 for retail clients. To help clients minimize risk, there are advanced trading tools, such as Guaranteed Stop, Stop Limit, and Stop Loss. This forex review also clarifies that there are no commissions for forex trades, as the broker primarily makes it profit on these assets via spreads.
Plus500 CFD Review
Any Plus500 CFD review will likely indicate that most instruments offered from the broker are only offered as CFDs. This includes cryptocurrency, indices, stocks, ETFs, options, and commodities.
Trading indices in the form of CFDs allows clients to enjoy leverage of up to 1:20 on the 31 available indices. There are also 22 commodities available, also with leverage as high as 1:20. The flexibility of CFDs is also important to note, as they offer the ability to put or call options with leverage of 1:5. Users can choose from popular options, such as Germany 30, Facebook, and Oil.
Plus500 Stocks Review
The stocks available from this broker also are important to note in a CFD review. Plus500 does not allow traders to directly trade stocks but instead offers Contracts for Difference on them. This allows for the use of leverage.
Trading share CFDs with Plus500 gives clients a way to trade without stamp duty, allowing for savings of 0.5 per cent over traditional share purchases in the UK. There is also the ability to open a sell or buy position to make a potential profit in any type of market. Shares can have leverage of up to 1:5. Stocks are available from 22 different countries, including the United Kingdom and the United States. Additionally, you can review UK cannabis share offerings.
Plus500 ETF Review
No Plus500 UK review is complete without also mentioning CFDs of Exchange Traded Funds.
By trading these ETFs in the form of CFDs, broker can offer leverage of up to 1:5. There are more than 90 ETF CFDs for traders to choose from.
Plus500 Cryptocurrency Review
This broker also offers access to digital currencies, so clients should be sure to read Plus500 cryptocurrency reviews. As is common from brokers, cryptocurrencies are only available from Plus500 in the form of CFDs. This way, there is no need to get a digital wallet.
As you examine cryptocurrency review, you will notice that the broker offers access to more digital currencies than most competitors. Clients can trade Bitcoin, Ethereum/Bitcoin, Ethereum, Litecoin, NEO, IOTA, EOS, Stellar, Monero, Bitcoin Cash ABC, Tron, Monero, or the Crypto 10 Index. Leverage when trading these cryptocurrencies can be as high as 1:2, and the market is available 24/7.
What did our traders think after reviewing the key criteria?
Most Plus500 reviews agree that the broker remains competitive in terms of fees. It prides itself on being transparent about fees, without any surprises that will cut into the profits of traders. Most of the broker’s profits come from its spreads, which its own internal monitoring determined are among the industry’s tightest.
Also, you will notice that there are absolutely no fees for deposits, opening or closing trades, rolling positions, live sharing of CFD prices, real-time forex quotes, or dynamic charts and graphs. You will not have to pay any fees for withdrawals, the only exceptions are if your payment provider charges a fee or you exceed the maximum monthly withdrawals allowed, which is a generous figure.
For full transparency, you can easily review forex and CFD spreads before making a trade. The only downside is that this information is only visible when logged in. Just search for an instrument and then select the (i) details icon.
Our review does caution clients that the broker has certain fees. There is an inactivity fee of as much as USD 10 each month if you do not log in for three months or longer. There are also fees associated with overnight funding and guaranteed stop orders.
For more information on fees related to this broker, check out our guide to Plus500 fees and charges.
A Plus500 cryptocurrency review is likely to find the broker lacking in terms of the types of accounts offered. There is only a single type of retail account available, in addition to a professional account and a demo account.
In some cases, will allow clients to have two trading accounts, but this requires approval. Without approval, has the right to close the later account(s). Additionally, if a trader does get approval for multiple accounts, they will be independent, without the ability to transfer funds between them.
The demo account offers traders a way to get a feel for trading or to review forex rates and trading platforms themselves before investing real money. One very strong point is that you can use the demo account for as long as you want to review; in contrast, most competitors place limits on their demo accounts. Additionally, if the demo account’s balance reaches 200 EUR or lower (or its equivalent), it will automatically be reset, so you can continue to practice trading. This allows even experienced traders to use the demo account to plan strategies.
Professional customers can increase their leverage but must sacrifice their negative balance protection. Leverage on professional accounts can be as high as 1:300 for forex and indices, 1:150 for commodities, 1:100 for ETFs, 1:20 for shares and cryptocurrency, and 1:5 for options. All of these, except options, are higher leverages than you will find when you review retail accounts.
As is the standard across similar brokers, to become a professional client, Plus500 requires two of three criteria be met: (1) significant trading activity in the past year, (2) a portfolio with more than €500,000, or (3) experience in the sector of financial services.
Our Plus500 UK review team appreciates that the broker offers platforms for desktop and mobile devices but cautions that some traders will be disappointed in the lack of a familiar platform. Your Plus500 CFD review will not show you MetaTrader or any other platform you have likely used before.
Even so, the platform offered is highly intuitive, and it is set up similarly to those of most other brokers. As such, few people who review broker via a demo account will take long to get used to the broker’s platform.
The compatibility across devices is impressive. In addition to an Android app and an iPhone/iPad app, even offers a Windows Phone app, something that is incredibly rare. There is also a Windows 10 desktop trader, although one is lacking for Mac OS. Mac users will have to rely on the Web Trader, which is compatible with Edge, Firefox, Chrome, and Safari. Although the broker does not offer access to the platform without logging in, there are sufficient images available via the download pages to give you a feel for it.
In a review of Plus500 UK’s website, we found it to be highly usable. It has a clean, professional design with more colour than some, courtesy of the blue background. It is well laid out, making it simple to find the relevant sections as you review their offerings. Clients should be able to easily find information on the instruments offered, fees, and the company. The search bar also adds a convenient touch, as does the support for 32 languages.
The main support page for Plus500 is the FAQ section. This includes the information that clients and potential clients are most likely to be in search of. As expected, our review found the division of questions into categories and the inclusion of a search bar.
One feature that sets this cryptocurrency review apart from those of competitors is the 24/7 support availability. Most similar brokers only offer 24/5 support, so these extended hours should be reassuring to clients.
The options to contact Plus500 support directly are found on the FAQ page. These include the expected online chat and email, in addition to WhatsApp. A phone number would be an appreciated addition, as many clients prefer that mode of support, but our UK review found that the support via WhatsApp makes up for this in some respects.
Our Plus500 review explains the various deposit methods available for the broker’s clients. For added convenience, videos detailing some of these deposit methods are found in the FAQ section.
Card payments are accepted for deposits to Plus500, but only debit or credit cards from MasterCard or Visa.
Bank Wire Transfer
Bank wire transfers are one of the choices for deposits. However, the process for starting one is slightly roundabout. Clients must begin the transfer process and have automatically email them the details they will use to complete the bank transfer.
It is also possible to make a deposit using electronic wallets, including Skrill and PayPal.
Our Plus500 review found that one area where improvement is needed is in educational materials and trading tools. The broker does offer an economic calendar as well as risk management tools, such as Close at Profit (limit) and Close at Loss (stop loss), Trailing Stop, and Guaranteed Stop orders. These also include convenient explanations with examples for beginners.
There is no obvious news or analysis available, something most brokers offer. To make up for this, traders can sign up for real-time push notifications, emails, and/or SMS alerts for per cent changes, price alerts, and traders’ sentiment per cents.
The educational content is also somewhat limited, with a single Trader’s Guide section. There are only five educational videos there. As such, all traders will need to find outside sources for additional education.
Regulation & Deposit Protection
Our Plus500 review team is reassured by the regulation and deposit protection offered by the broker. Those who review broker’s policies will find that the Financial Conduct Authority (FCA) authorises and regulates it. This entitles retail clients to coverage under the Financial Services Compensation Scheme, with compensation up to £85,000 per person.
As part of this regulation and authorisation, holds client funds on a segregated basis. Plus500 does not invest funds from retail clients and only uses its own funds for hedging.
There is no indication on its website or in any previous Plus500 review that this broker has been honoured with awards in the past. However, the broker does have many partnerships that can increase users’ confidence, including with Atletico de Madrid, Brumbies Rugby, Mercato 24, FX Empire, and Finanzen.net.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.