The first section of our review of Plus500 focuses on the new customer experience and how Plus500 compares to similar trading platforms, like our Review of FP Markets. Plus500 is designed in a way that puts the user at ease. New sign-ups are required to complete an application form that tests their knowledge of CFD trading to ensure they’re suitably qualified. Once this is completed, the application is assessed and an account is set up within 48 hours. Personal information is needed to register for the account, such as your name and home address.
You have the option of using the Plus500 demo account before you spend your cash, which allows you to get to grips with the Plus500 interface, but suffice to say, those who already have experience of working in CFD trading shouldn’t have an issue with the layout. Plus500 can be accessed either online or by using the company’s dedicated mobile app, which is available on Android and Apple devices. If you’re interested in seeing how other platforms compare, take a look at our review of Forex.com, or even our Degiro review to keep yourself well informed.
A good platform all comes down to usability. With the Plus500 app, you can check up on your CFDs wherever you happen to be, allowing you to make decisions on market fluctuations in a timely way. A glance at the website is all we need to understand the broker. New users will notice the large ‘Start Trading Now’ and ‘Free Demo Mode’ buttons in the middle of the screen. Clicking these will get you started. But if you’d like to know more about the broker, reading our Plus500 trading review and examining their website is the way to go.
The top of the homepage lists the instrument categories that can be traded using the site. Cryptocurrency fans will be delighted to know there’s a wide selection of these, including Bitcoin, Litecoin and Stellar. However, please consider that availability of CFDs on cryptocurrencies is subject to regulation.
If you’re only interested in CFD trading, then you shouldn’t need another broker, however, if you want to trade coins directly, find a suitable broker using our broker comparison tool to set up a digital wallet.
There are two types of accounts available at Plus500. The first is a basic trading account that allows customers to trade CFDs on a range of asset classes and instruments including indices, Forex, crypto (availability subject to regulation) and shares. The second account is their demo account, which is perfect for those who would like to familiarise themselves with the Plus500 layout and trading conditions before adding funds to their account.
A review of Plus500 account types shows that there are a few minor differences between the demo account and the Plus500 trading account. The demo is designed to closely mimic the paid account so you can get a real sense of how things will play out if you register with them and deposit funds.
Demo traders are given a budget of £40,000 to spend however you like. Remember that Plus500 operates using CFDs, meaning the £40,000 budget is to be spent on a proportion of an actual asset or commodity. The value of CFDs can rise or fall, so it’s possible to owe more than you have in your kitty. The demo app allows you to get to grips with the risks and pitfalls of trading with Plus500, but doesn’t financially reward you for doing so.
When you’re ready to use the paid account, be aware that there is an inactivity fee of £10 per month if you don’t log into your account. This is similar in cost to the charges of other brokers, including those found in our Vantage FX review UK.
Fees: Is Plus500 Good for Fee Charges?
Plus500 makes most of its profit by charging the trader for opening a position. Customers are charged to cover the ‘spread’ of a trade. Aside from the usual inactivity fee mentioned above, a review of Plus500 terms and conditions did highlight some other fees, which we’ll detail below.
Overnight Funding Fees are charged by Plus500, although how much is charged will vary depending on the instrument. Detailed information on how much is charged can be found in the details tab next to the instrument’s name.
Currency Conversion Fees of up to 0.7% of the trade’s realised net profit and loss will be charged. Again, the specific amount charged will be detailed at the time of the transaction
Guaranteed Stop Orders are also chargeable.
Crucially, though, the majority of Plus500 trading is done without charge. Users of the Plus500 website and app will not be charged to make a deposit, to roll their position, to check live share CFD prices or get real-time Forex quotes or access dynamic charts and graphs to plan their trades. This simple approach to trading gives Plus500 an advantage over some of their competitors, as it makes calculating your overall fees easier for the use. We could expect some reviews to ask ‘Is Avatrade legit?‘ and ‘is Robinhood legit?‘ for other brokers, but Plus500 is certainly a good broker.
Plus500 has its own mobile app, which can be downloaded on Apple and Android devices. Not on either of the big two? That’s OK, you can still access the Plus500 website via mobile, although it will look slightly different to the desktop version. The mobile app uses the same security options found online, meaning all transactions are protected using the same account verification processes and SSL encryptions found on their desktop site. This gives us peace of mind, and should for you too.
The layout between the two is also similar, allowing you to seamlessly transition from desktop to mobile and back again without an interruption in service or a need to familiarise yourself with the platform. During our Plus500 review UK, we downloaded the mobile app and visited the website to see which we preferred. We can see the benefits of both. For day-to-day trading and research, we recommend using the larger screen of a desktop computer to finalise potential trades, but the mobile allows an extra level of trading fluidity, allowing you to check the latest prices and react to their fluctuations wherever you happen to be.
If you’ve reached this far in our Plus500 review UK, then you’re likely to be asking yourself how to fund your trading account. Well, thankfully, this is simple. If you’re using the demo account, funds are added automatically for you, and unlike in real life, if you run out of money, your funds are automatically topped up again without any input from you!
For the real money trading account, you can add funds using bank transfer, PayPal, Skrill or credit/debit card. Business cards are not accepted. However, Plus500 will allow payments from joint accounts if you provide documentation to show you’re allowed to set up a payment. Deposit limitations vary depending on your residing country, so check the Plus500 FAQ for the most up-to-date information.
If you’re looking for an alternative broker, you can check out our review of Degiro!
To make a deposit, you’ll need to click on ‘Funds Management’ and then select ‘Deposit’. Your available equity is displayed at the top of the page, allowing you to make an informed choice on how much to top up your account with. Fill in the form with the deposit amount, your payment details and CVC code if required. Once you’re confident you’ve filled the form in correctly, click ‘Deposit’ to add funds to your trading account.
When trading online you want to know that the customer service team has your back. You’re spending cash on their site, and you want to be assured that the business you trade with has your best interests – and the best interests of your finances – at hand. During our review of Plus500 we found that the customer service team was exemplary in offering 24/7 support on a wide range of topics. Firstly, we have to mention the Plus500 FAQ which answered many questions we had, not least ‘Is Plus500 legit?’ This FAQ is broken down into simple categories such as ‘Withdrawals’, ‘Account Verification Process’ and ‘Fees and Charges.’ Quite simply, anything you’d need to know before trading with a broker. Much of the statistical information we found in this review was sourced from the FAQ, so we know that there’s a lot of content in there.
But if for whatever reason, you can’t find the information you’re looking for, the customer service team is also available for UK residents 24/7 via email, live chat and Whatsapp to help you with your trading issues. This is much better than some of the alternatives, that only offer support during financial trading hours. While there is no mention of the languages available via customer support, it is worth mentioning that Plus500 is a multinational company, offering support via 32 different languages, including English.
Plus500 uses CFDs. The value of CFDs can rise or fall, meaning you could end up owing more than you have in your kitty. When trading CFDs, you do not own or have any rights to the underlying assets.
While understanding the risks are important, it’s also worth knowing how the broker supports you in times of financial uncertainty. Plus500 is regulated in the UK by the FCA, while the Plus500 group holds additional licenses for different regions:
- Plus500UK Ltd is authorized & regulated by the FCA (#509909).
- Plus500CY Ltd authorized & regulated by CySEC (#250/14).
- Plus500SG Pte Ltd, licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018).
- Plus500SEY Ltd is authorized and regulated by the Seychelles Financial Services Authority (Licence No. SD039).
- 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.
These licenses offer a level of protection to traders, as financial regulators set out rules and guidelines that financial brokers must adhere to. Failure to adhere to these regulations will result in termination of service, so the very fact that Plus500 is in existence should be seen as a positive sign.
Negative balance protection is offered to all Plus500 customers on all account types giving peace of mind to those who need it. Combine this with their presence on the FTSE and you can begin to get a larger picture of their financial stability.
Yes, it may sound strange to mention kitchen items in a Plus500 Review for UK residents, but we are shocked at how comprehensive the products and services offered by Plus500 are. So much so, that we were frantically cutting back words to fit all our info into our Plus500 Review UK! We thought it’s about time we talked about the other offerings at Plus500. Yes, they’re a CFD led service, and our focus may be on shares, but if you’re looking for something different, just know that Plus500 has it.
You’ll find 2000+ asset classes and securities over seven instruments on their website. These include indices, Forex, commodities, shares, options, ETFs, and, subject to regulation, Crypto. We thought it’s time to talk about commodities.
Commodities are often thought of as long-term investments. There are 22 commodities listed on the Plus500 website, including everything from agricultural products such as corn and sugar to mining products like gold and palladium. The commodities trade is a particular strength of Plus500 as it combines commodities from the ICE, Future CME and Chicago Mercantile Exchange to offer a wide selection of choices from around the globe.
Those who ponder the question ‘Is Plus500 a good broker’ will be assured by not just the security measures we mentioned above, but also 2FA and identity checks on all individuals trading on Plus500 to ensure the strict guidelines of the FCA are adhered to.