Plus500 Broker Review
Benefits of Plus 500
- Safe platform
- Very well regulated
- Unlimited demo account
- Support in many languages
- Easy to use
- Ability to integrate tradeson other financial markets on a single screen
- All-inclusive trading screen with clearly labeled tabs
- Mobile application on Android and iPhone
- Traders are not hunted by an aggressive sales team
Disadvantages of Plus 500
- No phone support
- No swap account
Is Plus 500 a Safe Broker or a Scam?
Plus 500 is a safe broker thanks to its many regulations.
Indeed, Plus 500 is Regulated in several countries.
As far as Europe is concerned, it has Cypriot regulation, CySEC, which is the Securities and Exchange Commission. In addition, it is listed on the London Stock Exchange and is also regulated in the United Kingdom by CAF.
In addition, Plus 500 is regulated by the Financial Conduct Authority.
In addition, it is authorized in Australia by the Australian Securities and Investments Commission.
Finally, Plus 500 is regulated in New Zealand and South Africa.
By cons, know that Plus 500 does not accept US customers.
It must be emphasized that the accounts of the company are totally separate from the accounts of the customers.
Means of payment on Plus 500
On Plus 500 there are several ways of payment. The easiest to use are Visa and MasterCard credit cards. But you can also pay by Skrill, Moneybookers, PayPal, or bank transfer.
How to open an account on Plus 500?
Here’s what to do if you want to open an account on Plus 500.
First, if you want to open an account with a credit card, you will need to make a deposit by clicking on “Funds Management” and follow the instructions.
Similarly, if you want to use Money Bookers, you will also need to click on “Funds Management” then select Money Bookers and enter the email address of Money Bookers. A new window will open and the transfer can be confirmed.
Finally, if you want to make a bank transfer, you must also enter “Funds Management”, click on “Deposit”, and choose “wire”. Then you will have to click on “Send me wire details”. You will then receive an email with the details of the transfer and the minimum amounts.
Fees and commissions on Plus 500
Plus 500 offers variable and competitive spreads.
As for swap rates for day traders they are not important.
In addition there is no trading commission on Plus 500.
Is there a mobile application on Plus 500?
There are three kinds of platforms on Plus 500:
- A downloadable platform
- A web platform
- A mobile platform
The platforms on Plus 500 have the advantage of being constant in all the versions, which makes it possible to pass from one platform to another. In addition, these platforms offer many advanced technical analysis tools.
Withdrawals on Plus 500
The withdrawals on Plus 500 are made by credit card by bank transfer or e-wallet. The process is the same as for deposits. Simply select the withdrawal option on Funds Management.
It should be noted that the time required for withdrawals is 1 to 3 business days.
In addition, for withdrawals you must provide a photo ID and check the registered address before you can make your withdrawal.
More precisely, to send this information, you need to either download a PDF file or do it via the Plus 500 Contact form by scanning the document or photographing it with a laptop.
Be aware that the examination of the file takes about 24 hours.
Bonus on Plus 500
There are two types of Plus 500 Bonuses: welcome bonuses and deposit bonuses.
Welcome bonuses are valid for the Demo account and are 20 Pounds offered to any new trader whose mobile phone has been verified by Plus 500.
As for deposit bonuses, they depend on the deposit amount as well as the total points (TP) required for each bonus.
The Demo account on Plus 500
The demo account is free and above all it is unlimited in time. This allows beginners to practice enough before embarking on real trading.
Minimum deposit on Plus 500
For the Standard account, the minimum deposit is € 100 if the payment is made by credit card.
However, if the payment is made by bank transfer, you will have to deposit at least 500 € to open an account on Plus 500.
Leverage effects on Plus 500
On Plus 500 leverage can go up to 1: 300.
Traders can manage their own leverage based on their “total value position” and “equity”, which are determined by depositing or withdrawing their funds.
These two data can be consulted from the instant account page, accessible from the trading window.
It must be emphasized that each trade has a minimum leverage requirement.
Plus The platform allows you to define guaranteed price levels thanks to the Stop Loss it offers. This helps to limit the risks of trading.
It is also possible to set price alerts when the market reaches the specified price. This possibility keeps the position open, unlike Stop Loss. So you can decide what action to take according to your preferences.
Another tool available to Plus 500 customers is the Trailing Stop, which helps protect profits. This Trailing Stop placed at the opening of a trade, will block profits by closing a position at the new level and not the one placed initially. This system makes it possible to limit downside risks.
Which products can we negotiate on Plus 500?
On Plus 500 it is possible to trade many products: CFDs on Forex, more than 2000 instruments including 50 currency pairs and ETFs. But also commodities, indices on more than 20 world markets, stocks as well as cryptocurrencies.
Cryptocurrency trading on Plus 500
On Plus 500 you can trade several pairs of crypto currencies.
These negotiations are done by CDF which makes this trading much more affordable.
For trading Bitcoin and Ethereum, the proposed leverage is 1:30, for other altcoins it is 1:10.
Here are the crypto currencies that Plus 500 offers:
BTC, BCH, ETH, LTC, XRP, Zcash, Monero, Dash, NEO
Customer service at Plus 500
The customer service on Plus 500 is done either by email or by live chat.
These services are available 24/7 in more than 30 languages including: English, Italian, German, French, Greek, Hebrew, Dutch, Arabic, Polish, Chinese , Japanese, Bulgarian, Croatian, Czech, Danish, Estonian, Finnish, Hungarian, Korean, Latvia, Lithuania, Malaysia, and Norwegian.
Plus 500 is a very good platform, easy to use and offering many assets to trade.
Moreover it is suitable for beginners thanks to its demo account which is not limited in time.
Finally it is very well regulated, and is also listed on the stock market.
It is therefore a reliable platform that has been proven for 10 years now.