Home / Forex Brokers in Australia / Plus500 Review

Plus500 Review

FX Scouts By Jeffrey Cammack Updated: May 24, 2020
Overall Rating
3.74 / 5
Min. DepositAUD 100
Max. Leverage300:1
Min. SpreadVariable pips
Regulators CySEC,ASIC,FSCA,MAS,FMA
Regulator Origin CySEC ASIC FSCA MAS FMA
Trading Desk Type

Summary

With 50+ Forex pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers. Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple. 

Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Poor
Bonuses Variable New Customer Deposit Bonus
Our Review Process

Trading Conditions

Minimum DepositAUD 100
Base currenciesAUD, EUR, USD
Number of FX Pairs70+
Hedging Allowed No
Scalping No
Islamic Account Yes

Average Spreads

EUR / USD0.7
GBP / USD1.5
USD / JPY0.7

Company Details

Company namePlus500 AU Pty Ltd
Founded2008
Website www.plus500.com
Type Market Maker
Regulators CySEC,ASIC,FSCA,MAS,FMA
Office locations Sydney, Australia

Deposit & Withdrawal Methods

Supported Platforms for Plus500

Is Plus500 Safe?

Yes, Plus500 is a safe CFD provider.

Founded in 2008, 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. You do not own or have any rights to the underlying assets, because this is CFD trading. Please refer to the Disclosure documents available on the Plus500 website to understand more.

Plus500 does not highlight any industry recognition it has received, but the company did win the Best Trading App Award from Daytrader.com in 2019.

Trading Conditions

While Plus500 is a market maker, as soon as a client places a trade on the platform, an automated system (with no human interference) sets a hedging trade as the counterparty to protect Plus500 against any potential loss by acting as the counterparty. Because it is a closed system where Plus500 is the counterparty, there are few requotes and fast trade execution.

Plus500 makes a profit from the difference in the buy and sell spreads.

Account Types

Plus500 offers a single account with a minimum deposit of 100 AUD.

There is no account choice at Plus500, which is concerning as most of its serious competitors have a number of account types with tighter spreads linked to higher deposit requirements.

Spreads and Commission

The spreads at Plus500 are variable with EURUSD spreads often below 1 pip.  As spreads are dynamic, expect them to be higher in times of low liquidity and for non-major currencies.

Leverage up to 1:300 is available and no commission is charged on any trades.

**This is only illustrative of what you can expect of the Plus500 platform. No actual.**

Deposits and Withdrawals

Deposits and withdrawals are generally commission-free, though a 10 USD withdrawal fee is charged after more than five withdrawals have been made in a single month. Withdrawals via bank transfer may also incur a 6 USD charge.

Plus500 also requires a minimum withdrawal amount of 50 USD for Skrillex and Paypal and 100 USD for bank transfers and credit card. Withdrawals below this amount incur a 10 USD fee.

Withdrawal takes 3-7 days depending on the payment method.  This is slower than expected, as most brokers process all withdrawals within one working day.

Deposit and withdrawals methods include Credit Card, PayPal, Skrill, and bank transfer.

Inactivity Fee

Plus500 charge an inactivity fee of 10 USD per month after 3 consecutive months of inactivity.

Customer Support

Plus500 offers 24/7 customer support via email, online chat and WhatsApp message in 31 different languages. This is a much higher level of service than is commonly available.

The only way the customer support could be improved is by offering phone support for more complex queries and troubleshooting.

Trading Platform

Unlike most Forex brokers, Plus500 only offer their proprietary trading platform. This could be a concern as most similar providers also offer MetaTrader 4 or 5 in conjunction with any first-party software.

The Plus500 platform is web-based and obviously made to appeal to new traders who want to avoid the complexity of more common platforms.  The platform looks fantastic, is very easy to use and has a solid reputation in the trading community. Exceptionally, it is available in over 30 languages.

Unfortunately, the platform is not customisable so traders used setting up their own charts over a bespoke workspace will be disappointed.

Trading Tools

Plus500 offers a few basic trading tools within the platform.

for illustrative purposes only

for illustrative purposes only

You can set automated price and percentage alerts which will inform you when a certain price has been reached or when a price has increased or decreased by a chosen percentage.

You can also view trader sentiment and set alerts to inform you when a predefined percentage of traders are buying or selling an instrument.

All of these alerts can also be sent via email and SMS.

Mobile App

Available on iOS and Android, Plus500’s mobile application offers all the same functions as the web-based platform and is similarly user-friendly and uncomplicated.

for illustrative purposes only

**This is only illustrative of what you can expect of the Plus500 platform. No actual.**

Cryptocurrency CFD 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.

for illustrative purposes only

**This is only illustrative of what you can expect of the Plus500 platform. No actual.**

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

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Plus500 offer. Central to that process is the evaluation of reliability, the platform offering and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned.

Plus500 Risk Statement

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Conclusion

If you are new to Forex trading, and you want to keep it simple and on your browser, Plus500 is a decent choice – though you will need to get your educational support from another source.  If you expect phone support from your provider and more traditional software like MetaTrader, then you would be better off elsewhere. On the plus side, Plus500’s spreads are very tight for a market-maker and the mobile app is excellent.

All information presented is verified as of the date of the review. Most retail CFD accounts lose money. Your capital is at risk.

  • Trevor foster says:

    These Mob are bunch of scammers lost 23000 in seconds and couldn’t close the order they are quick to take your money and ridiculously slow to contact….via email every one out there don’t trade through these thieves!!

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    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.

    Visit Plus500

    All information presented is verified as of the date of the review. Most retail CFD accounts lose money. Your capital is at risk.

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