Author:
Alexander Foster
Last Updated:
19/03/2023
Topic:
Review
Topic:
Review
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 Review South Africa 2023
Plus500 is an Israeli based CFD service that has been on the scene since 2008. The service has licenses for Australia, New Zealand and South Africa.
Our Plus500 review found that they offer competitive pricing when compared to other CFD services but the lack of tools for both research and education made it quite difficult to find all the necessary data.
Plus500 delivers just about all that is promised on the site and you will find that the platform manages to bring a professional service.
Pros & Cons of Plus500
- Efficient platform
- Wide range of CFD markets available
- Well licensed and authorized
- Fewer trading tools than competitors
Company
| Company | Plus500 Ltd |
|---|---|
| Headquarter | Building 25, Matam Haifa, 31905 Israel |
| Year of Founding | 2008 |
| CEO | David Zruia |
| Web Site | www.plus500.com |
| Available Languages | German, French, English, Italian, Spanish, Russian, Polish, Dutch, Swedish, Portuguese, Norwegian |
| Customer Support | Live Chat, Email Support |
| service@plus500.com | |
| Phone | - |
| Licence | |
 | |
| Verified by | - |
| Payment Methods |
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Table of Contents
Our Plus500 review 2023 considers security against hackers and site quality as one of the most important aspects of any CFD provider’s service. Any funds deposited with Plus 500 are held in a segregated trust account which is in accordance with the policies set by the Financial Sector Conduct Authority. The FSCA ensures that all CFD providers maintain a certain level of security against malicious attacks to their platforms before they are allowed to operate within South Africa. Plus500 also ensures that no client money is used for any investment or business purposes. Be sure to check out the client money protection section of their website, as well as the risk disclosure notice.
72% of retail CFD accounts lose money
The webpage put on offer by Plus500 is certainly among the best on the market. It has a fairly modern layout which makes it appropriate for customers of any age. You will be able to find all the relevant information fairly quickly. The light and inviting design of the website also makes it much easier to read all the information and navigate the page. Finally, the website is secured by SSL encryption and there is a very limited amount of clutter within each section allowing the pages to load very quickly.
How to Trade – A guide to Plus500 CFD trading
With all this information in hand, you will most likely have made up your mind to use the service or not. If you are itching to open an account and begin trading CFDs, then you will most likely have to complete a few steps first. You will firstly need to register for the service that is being provided. This can be done by clicking the ‘Start Trading’ button in the top right of their page. You will then have to insert all of your details to create an account with Plus500. Once your details have been submitted, you will receive an email to confirm your email address, make sure to do this as it comes through.
Once your email address is confirmed, you will need to go through some sort of verification procedure which usually requires submitting a copy of your ID to ensure your account is legitimate. With a verified account, you will then need to choose your specific payment method before you can make transactions with Plus500. These methods have been covered in the payment section of the Plus500 review. A deposit has to be made satisfying the minimum deposit requirement and after the processing time linked to your deposit method has passed, the funds will be credited on your Plus500 account to be used on the trading platform.
Having a range of payment methods available ensures that customers from anywhere can transact easily with their online service. Our Plus500 review found that the majority of South African banks were covered for bank transfers, however, this will result in a processing time before your money will be credited to your Plus500 account. Customers can also make use of their credit/debit cards, Skrill and PayPal to top up their accounts.
The fees incurred with each payment method will differ significantly and the charge will always be listed on your withdrawal receipt. There is no fee applicable for deposits, but there is a minimum deposit amount that will also be displayed once you have chosen your preferred payment method. The minimum withdrawal amount for bank transfer is $100USD. PayPal and Skrill users will be able to withdraw any amount in excess of $50USD. Please consider that they may be USD 10 withdrawal fee after the fifth withdrawal of the month.
Another crucial section of our Plus500 Review South Africa would be the customer service that they have put on offer for their clients. Any trader is bound to run into some trouble at some point with the service or you might just have a query. To satisfy customers and keep up with competition, most CFD providers offer plenty of methods of contact and try to sort through any issues as quickly as possible.
With Plus500, you will find an extensive FAQ that has been put together which will most likely include the issue or query that you may have. If the FAQ section does not solve your problem, there is also a dedicated support email address that can be used to detail your issue, as well as chat and WhatsApp. You can contact Plus500 support team 24/7. Unfortunately, with no dedicated headquarters in South Africa, you are unable to contact the CFD provider via telephone.
When you sign up with any CFD provider, the first consideration you will need to make is whether or not the provider is authorized. The majority of industry leaders will clearly display their licensing and platform security methods, such as SSL, that are put in place clearly on their website. When it comes to Plus500 CFD trading, the headquarters are located in Israel and the company has many subsidiaries which are based in the UK, Cyprus, Australia and Singapore. This global presence should be testament to the legitimacy of the service.
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In each of these countries, Plus500 has managed to obtain the necessary licenses to ensure that they are allowed to legally operate. In South Africa, Plus500 operates under Plus500AU Pty Ltd and is licensed as an Authorized Financial Services Provider, which is awarded by the Financial Sector Conduct Authority. This is the standard license that is required for any company to operate as a financial service provider in South Africa. With this license, Plus500 has to comply with the relevant client money policies set by the FSCA.
As a group, Plus 500 has the following authorizations:
- 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.
- Plus500UK Ltd is authorized by the FCA (#509909).
- Plus500CY Ltd authorized by CySEC (#250/14).
- Plus500SG Pte Ltd, licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018).
- Plus500SEY Ltd is authorized by the Seychelles Financial Services Authority (Licence No. SD039).
To get an idea of how this competes with other big CFD platforms, check out our BDSwiss review page. As with any CFD provider, when you trade these instruments you do not own or have any rights to the underlying assets.
Reputation and Customer Feedback – Opinions on Plus500
Our Plus500 review 2023 found that the company maintains a global presence and their reputation is good within the countries that they operate in. That being said, the majority of online services are subject to harsh criticism and reviews. If you search the internet for customer experiences, you are bound to find a large number of negative reviews, however, it seems that the Plus500 service team has been taking some steps to boost their customer feedback by responding to external queries and reviews.
Plus500 Crypto
One of the fastest growing trends in the financial industry would be investing in crypto markets. Our Plus500 review takes an in-depth look at what services they have to offer when it comes to trading cryptocurrencies CFDs. Plus500 users will be glad to know that the service offers a comprehensive CFD package including the majority of cryptocurrencies that are globally available.
72% of retail CFD accounts lose money
Plus500 offers customers the opportunity to open buy and sell positions on cryptocurrency CFDs. The service is available 24/7 and includes Bitcoin, Ethereum, Crypto 10 Index, Litecoin, NEO, IOTA, Stellar, EOS, Bitcoin Cash ABC, Cardano, Tron and Monero. The Plus 500 have also been approved as an Authorised Financial Services Provider. All customers will be able to trade crypto CFDs with up to 1:2 leverage and there is no need for any exchange account. A price stop and price alert can be set to also manage the risk of crypto investments. It is important to remember that you will not own or have any rights to the underlying assets. To further understand this, take a look through the Plus 500 terms and conditions. To take a look at another broker offering crypto trading opportunities, head to our eToro review.
A broker will make the majority of its income from the fees that are charged for their service. The industry is fairly competitive so there is always a price battle between the most reputable brokers and it’s important to keep an eye out for the best offer on the market.
The currency conversion fee is set at 7% of the transaction’s realised net profit and loss. It is stated that the fees will always be clearly displayed, so be aware of the receipt when transacting. Closed accounts will also have to pay a fee of $10USD when gathering any funds left on the account. There are also fees applicable for inactivity, guaranteed stop orders and overnight funding. To find out how these fees compare to other brokers in the industry, head to our XTB crypto page.
It is always important to know exactly what you are in for when signing up with a broker and transacting for their services. You can never be too careful and the majority of reputable bookmakers will have a range of licenses and authorizations. First and foremost, we found that they are licensed as an Authorised Financial Services Provider with a license number of #47546.
72% of retail CFD accounts lose money
As with any broker, you will also be limited when making use of their services. You may only complete five withdrawals from your Trading Account each month and thereafter you will most likely be charged $10USD to make any other withdrawals for that month. There is also a minimum limit set on each transaction and this will depend on the unit amount relative to the trade you are trying to complete.
As with any broker on the market, you won’t simply be limited to trading within the crypto markets. Many brokers try to offer as broad a range of opportunities as possible in order to attract customers from all over. Whether you are interested in foreign exchange or exchange traded funds, there should be an option for each with most of the reputable brokers on the market. The options available from each broker is an important aspect of our review process and we take a close look at exactly what is on offer.
The Plus500 review 2023 found that crypto CFDs trading was available, alongside CFDs on indices, forex, commodities, shares, options and ETFs. The scope of instruments is very impressive when compared to the industry standard. Customers will definitely have the lion’s share of instruments to take advantage of with Plus500. The platform available to make use of these instruments is very intuitive for each of them and just about any customer will be able to trade in it. To compare just how the instruments offered from Plus500 compares, be sure to check out our Forex.com review where we have replicated our review process with another reputable broker on the market.
Be sure to try out the free demo before you commit to investing big bucks. To get down to the basics of crypto markets, head to our crypto trading homepage to find all the necessary details.
72% of retail CFD accounts lose money
In conclusion, our Plus500 review found the operator to be among the big names of the financial service provider industry. Plus500 is accessible to just about any customer who verifies their account and satisfies all the terms and conditions. The website design and platform are of a high standard and this makes the service attractive for just about anyone. The relevant licenses have been obtained and platform security measures, such as SSL, are in place to protect your funds. If you would like to take a look at another reputable CFD platform review, head to our FPMarkets review page.
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