|Legal Company Name||Plus500 AU Pty Ltd|
|Regulators||FSCA No.48500 FCA, ASIC, CySEC|
|Broker Type||Dealing Desk|
|Minimum Deposit||R 1000|
|Minimum Spread||0.0 pips|
|Deposit & Withdrawal||Bank wire, Visa/Mastercard, Paypal, Skrill|
|Trading Platform||Plus 500|
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 of providers offer 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.
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 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 high risk and volatility that can be expected in these markets.
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. This is a little slower than can normally be expected at a provider, where most process the payment within the first working day.
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.
If you are a CFD/Forex trader starting out, 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.