77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Plus500 is a reliable online broker with a broad range of trading instruments, a user-friendly platform and some of the lowest trading fees in the industry. It was founded in Israel back in 2008 and it quickly built up a strong international portfolio. The firm went public on the London Stock Exchange in 2013, and it joined the FTSE 250 index of leading mid-cap companies in 2008.
It allows clients to trade on movements in the process of cryptocurrencies, shares, indices, commodities, forex, EFTs and options, without having to buy or sell the underlying instrument. This Plus500 review highlights the top-tier financial authorities that regulate the broker, and delves into its trading limits, fees, the strength of its customer service, and its general reputation.
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Plus500 has no security breaches in its history. It uses the latest SSL encryption software to protect your financial and personal details. This Plus500 review notes that the firm has strong liquidity, and investors are protected in many countries. For instance, the investor protection amount in the UK is £85,000, while clients under the CySEC regulation (European Union) also receive that protection.
We also tested the look, feel and usability of the site on desktop and mobile for this Plus500 review, and found the site to be well laid out, aesthetically pleasing and easy to use. Advanced traders may be disappointed by the dearth of analytical tools, but most traders should appreciate the clear, uncluttered platform and the speed with which you can make trades.
Payments will be a crucial concern for anyone reading this Plus500 review. You can choose from card payments, e-wallet transfers or wire transfers when making a deposit. Only Visa and MasterCard debit and credit cards are accepted, while e-wallets are limited to Skrill and PayPal. If you like using Neteller, Sofort, PaySafeCard or American Express, you will have to look elsewhere. Our Plus500 review found that there is a minimum initial deposit of £100, $100 or €100. There are no deposit fees, and your funds will normally arrive instantly if you use a card or an e-wallet, but bank transfers may take several days to clear.
You can also benefit from up to five free withdrawals per month, which is another benefit that we must highlight in this Plus500 review.
Plus500 customers benefit from quick, reliable customer service on a 24/7 basis. There is no phone support, but the live chat function works really well. We tested it out while conducting this Plus 500 review. Its staff responded swiftly and efficiently to our requests, providing all the information we requested in a clear and concise manner. They also responded to emails in less than an hour, with precise, accurate answers to the questions posed.
Apart from a lack of phone support, this Plus500 review really cannot fault the level of customer service available. Many brokers and crypto trading exchanges do not offer customer support at the weekends, but the Plus500 provides polite, friendly and helpful advice around the clock. There is also an in-depth FAQ section.
Plus500 is a reliable online broker. Several top-tier financial authorities regulate the companies that form the Plus500 group, including the Financial Conduct Authority for the United Kingdom, the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, and the Financial Markets Authority of New Zealand, among others. The complete list is as follows:
Also, consider that, since you are trading CFDs, you do not own or have any rights to the underlying assets.
It must comply with a number of strict regulations, which should give traders confidence. Major asset management companies and investment banks such as JP Morgan have shares in Plus500. It is transparent in its financial dealings, which is not always the case with the crypto brokers we review.
Plus500 allows you to trade 14 different crypto CFD options with up to 1:2 leverage. The site covers Bitcoin, Ethereum, Litecoin, NEO, Ripple, IOTA, Stellar, Bitcoin Cash, Cardano, Tron and Monero. You can also trade Ethereum/Bitcoin and the Crypto 10 Index, which tracks the performance of the top 10 cryptocurrencies in the market. Rivals like XTB and eToro offer a wider selection of cryptocurrencies to trade, but the Plus500 crypto section does outperform several other retail brokerages when it comes to the depth of its market coverage.
Our Plus500 review must highlight the tight spreads that the site offers on assets such as Bitcoin, Litecoin and Ripple. The leverage is naturally capped at 1:2 by the regulator. This makes Plus500 an attractive broker with a really user-friendly platform, no commissions and some of the most competitive spreads in the business. High-volume, professional traders might prefer a broker with a wider range of altcoins and stronger educational tools, but after conducting this Plus500 review, we feel that the majority of crypto traders will appreciate the site.
Plus500 has offered forex and CFD trading since 2008 and it now covers more than 2,000 instruments. You will find 70 forex trading pairs, covering USD, GBP, EUR, AUD, NZD, CAD, CFH and many more. You can also trade on the US Dollar Index. Leverage of up to 1:30 is available on forex pairs. Commodities include oil, gasoline, natural gas, platinum, gold, silver, palladium, copper, sugar, wheat, cattle, hogs, soybeans, cocoa and cotton, with leverage up to 1:20. Plus500 offers trading on more forex pairs and commodities than its major rivals, and the spreads are attractive, so it is easy to see why the site is so popular. It bills itself as the UK’s number one CFD broker, referencing Investment Trends 2019 UK Leverage Trading Report.
Our Plus500 review must highlight a narrower range of EFTs than some competitors, but it ranks pretty well for CFDs on shares and options. There is a clear UK focus, and some of the prominent shares it covers include Rolls-Royce, Lloyds Banking Group, Cineworld and TUI. However, you will find a wealth of blue chip firms, including Alphabet, Apple, Facebook, Tesla, Berkshire Hathaway, HSBC, Alibaba and Coca Cola. There are also cannabis shares on offer, such as Canopy, Aurora, GW Pharma, Cronos, Aphria and Tilray. Plus500 also allows clients access to options trading on a reasonable range of markets, so it is a strong all-round broker.
Plus500 does not charge a commission on the majority of its services. There is no account fee or deposit fee to worry about, but you will be charged an inactivity fee. This works out at $10 per quarter, or equivalent in other currencies, after three months of inactivity, but it only applies if you do not log on. There are also overnight funding fees, and currency conversion fees on instruments denominated in a currency different to the currency of your account. These work out at up to 0.3% of the trader’s net profit.
Plus500 is mainly compensated through the market spread, and its spreads are among the most attractive on the market. It particularly excels when it comes to CFD index fees. Forex trading costs are generally competitive against the leading brokers. It also has some strong spreads on crypto trades. We found that fees can be higher on some asset classes when conducting this review. Plus500 trading fees are definitely on the low-end of the industry, which helps us write a broadly positive Plus500 review.
Plus500 is headquartered in Israel and listed in London, with subsidiaries in Cyprus, Australia and Singapore. The service is available in more than 50 countries. You cannot use Plus500 if you live in countries like the USA, Canada and Belgium, which have banned CFDs. The service is also unavailable in a number of other countries, including Algeria, Angola, Bolivia, Cuba, Central African Republic, Chad, Eritrea, Iran and Syria.
Leverage at Plus500 is limited to 1:30 if you have a standard account, but professional accounts can enjoy leverage of up to 1:300 (professional accounts are not protected by the Investor Compensation Fund). Limitations include an inability to trade binaries, a lack of analytical tools and educational material and a smaller portfolio of financial products and markets than some rivals. There is also limited scope to customize the platform, and it cannot be paired with other trading tools or platforms, but overall it is a popular service in many countries across the world, and most limitations are simply imposed by regulators.
Click on the “Start Trading” button at the top right of the site and you can then choose to trade for real money or set up a demo account. You can then enter your email address and choose a password, or choose to create an account with Google or Facebook. New traders must submit proof of identity and address in order to complete the KYC procedure. This is common at all regulated online brokers and trading apps. The process can take a day to complete, but our Plus500 review found that it works smoothly, and the instructions are always clear.
If you opt for a standard trading account, you must make a minimum deposit of $100, €100 or £100 to get started. Click on “Funds Management”, choose “Deposit” and select your preferred method from the available options. You will be notified when the funds have cleared. The same process is also available for making withdrawals, and we found it quick and simple when testing it out for this Plus500 review. It will tell you how much you have available for cashout. Once you have filled in the amount you would like to withdraw and entered your account details, click on “Open a Withdrawal”. It will instantly be reflected in your account balance.
You can then start Plus500 Bitcoin and crypto trading. To open a position, choose the instrument you wish to trade. You can also add it to your list of favourites by tapping on the star, and you can create price alerts at this stage too. Plus500 also offers the option of including stop loss and trailing stops to manage your risk when trading crypto.
When you have selected your options, click “Buy” or “Sell”. The “Open Positions” menu item will allow you to check out the status of the trade. The “Edit” button allows you to amend or update it, or you can click on “Close” to complete the trade. Our Plus500 review found the trading process to be quick and straightforward, but some rivals do provide a greater depth of analytical tools to help you out.
Plus500 has a strong reputation in the industry thanks to a broad customer base, its attractive trading terms and its status as a FTSE 250 firm. It discloses its financials and adheres to strict regulations laid down by a number of top-tier financial authorities. Plus500 may be more popular among amateur traders than professionals, due to a narrow range of analytical tools, but many users will appreciate the clean, uncluttered platform and strong performance on desktop on mobile.
However, it is worth noting that Plus500 has some poor ratings on sites like Trustpilot. Some users have branded it a “scam site” and voiced various gripes. Some of these complaints look genuine, but many of them appear to be the handiwork of bots due to the baffling language used. Our Plus500 review is broadly positive, and most customers are happy with the service it provides. In 2019, it opened more than 35 million positions, welcomed 200,000 active customers and reported $13 billion it traded value, showing just how popular it is.
This Plus500 review has explained the various advantages you can enjoy when trading crypto and other instruments. It offers low spreads, no commissions and strong customer service on a 24/7 basis. The platform is extremely user-friendly and it works well on desktop and mobile. You can rest assured that it is a reputable and tightly regulated site. We can confirm that the process for deposits and withdrawals is smooth and simple after testing it for this Plus500 review. This broker would benefit from more research tools, a greater depth of educational material, phone support and a broader range of tradable instruments, but overall we can provide a positive Plus500 review because its strengths definitely outweigh its weaknesses.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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