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Plus500 Broker Review

By Jeffrey Cammack Created: Sunday, April 21st, 2019 Updated: Monday, May 6th, 2019
Average Score

3/5

Min. Deposit $100
Max. Leverage 300:1
Min. Spread 0.6 pips
Regulators ASIC
Regulator Origin ASIC
Broker Type Market Maker

Summary

Plus500 is one of the leading names in CFD services & trading.  CFDs, including Forex CFDs, are the only products that Plus500 offers and it has a wide number of to offer clients.  With customer service available 24/7 and a full web-based platform, this is a good provider for those starting and keeping it simple. 

With simplicity in mind, they have one account with a 100 USD minimum deposit requirement.  Plus500 keeps simplicity at the core of what it does in every way.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses Variable New Customer Deposit Bonus
Beginner Friendly Good
About our review process

Trading Conditions

Minimum deposit $100
Base currencies AUD, EUR, USD
Number of FX Pairs N/A
Hedging Allowed No
Scalping No
Swap-Free Accounts Yes

Average Spreads

EUR / USD 0.00014
GBP / USD 0.00079
USD / JPY 0.007

Company Details

Company name Plus500 AU Pty Ltd
Founded 2008
Website Visit site
Type Market Maker
Regulators ASIC
Office locations Israel

Deposit & Withdrawal Methods

Supported Platforms for Plus500

Plus500 Broker Detailed Review

Account Types

There is no choice in accounts at Plus500, which makes me think that this is not the best provider for the professional or experienced trader. The more serious providers have accounts with tighter spreads should higher deposit requirements be hit.

That said, Plus500 offers a single account where a minimum first deposit of $100 is required to open the account.

Trading Platform

The platform offered by Plus500 is entirely web-based where they have tried to appeal to users who are new to trading and want to stay away from the complexity of setting up trading platforms.  And I think this approach has worked for them because of the years they have built a solid reputation within the community.

Cryptocurrency Trading

Cryptocurrency trading at Plus500 is an area where they have excelled. It is common for providers to offer USD Cryptocurrency pairs, but Plus500 has gone one step further to offer fully crypto pairs like Ethereum-Bitcoin (ETCHBTC).  I look forward to seeing more of these from Plus500.

USD crypto pairs offered are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Neo, Ripple, IOTA, Monero, and EOS.

A note on cryptocurrency spreads.  The spreads are much wider than traditional currency pairs due to the high risk of extreme market volatility.

Regulation

Plus500AU Pty Ltd (ACN 153301681),  is licensed by ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Authorised Financial Services Provider in South Africa, FSP #47546. You do not own or have any rights to the underlying assets.

It is important to note that in Forex trading, you do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the Plus500 website for more details.

Spread and Leverage

The spread at Plus500 is variable with EURUSD spreads getting quite tight.  These spreads are dynamic and are not fixed.  Expect it to be higher in times of low liquidity, and for non-major currencies, it will be higher too.  They are always changing.

The leverage at Plus500 is up to 1:300.

Deposits and Withdrawals

Deposits and withdrawals are without commission at Plus500, but there can be fees in some cases.  Funding Methods include Credit Card, PayPal, Skrill, and bank wire.

The withdrawal process time is 3-7 days depends on the payment method.  Withdrawals are a little slower than can usually be expected at a provider, where most process the payment within the first working day.

Customer Support

Plus500 offers a 24/7 customer service, by email and online chat in 31 different languages.  The only way that I could see improvement on this is creating a phone line so clients can have a direct discussion with the customer service team.

Overall

If you are a CFD/Forex trader starting, and you want to keep it simple and, on your browser, Plus500 is good for you.  If you expect phone contact with a provider and more traditional software like MetaTrader, then it is best that you seek other a different setup.  On the plus side, the spreads are very tight for being a market-making provider.

80.6% of retail CFD accounts lose money

Compare Brokers

Plus500 eToro AvaTrade Markets.com
Funding Bank wire, Visa, Mastercard, Paypal, Skrill Mastercard, Visa, UnionPay, Neteller Mastercard, Visa, Neteller, Skrill, PayPal, Bank Transfer Mastercard, Visa, Maestro, Neteller, Skrill, Paypal, Bank Transfer
Regulated ASIC CySEC ASIC ASIC FSCA B.V.I FSC FSA ASIC
Broker Type Market Maker Market Maker Market Maker Market Maker
Currency Pairs N/A 47 50+ 50+
Minimum Spread 0.6 2 0.7 0.9
Minimum Deposit $100 $200 $100 $100
Max Leverage 300:1 400:1 400:1 300:1
Visit Website Visit Plus500 Visit eToro Visit AvaTrade Visit Markets.com
Expert Review Read review Read review Read review Read review

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. 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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