Plus500 Review

Plus500 Overview

Founded 2008
Platform Windows Trader, WebTrader, Windows 10, Android App, Windows Phone App & iPhone App/iPad App/Apple Watch App
Minimum account size $100
Minimum lot size 0.01
Tradable assets 2000+
Maximum margin 1:300
Spread on EUR/USD 0.8 pip
Payment methods Visa/MasterCard, Skrill, Wire Transfer and PayPal
Demo account Unlimited time
Accepts USA traders No
Regulated FCA(UK), ASIC(Australia), CySEC(Cyprus)
Support Fax, Email
Website www.plus500.com
Download the Plus500™ Trading Software Click Here to Download

 

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Pros

  • Very stable platform
  • Attractive spreads
  • Zero commissions
  • Fully regulated by FCA, CySEC and ASIC
  • Outstanding support

Cons

  • USA traders not accepted

 

Plus500 is a CFD service that was founded in 2008 and is authorised and regulated by the Financial Conduct Authority, the Cyprus Securities and Exchange Commission and by the Australian Securities and investments Commission. Plus500 has one of the leading platforms and is widely known for its proprietary and innovative trading platform where traders can choose from a wide selection of financial tools. Creating an in-house developed platform is such a very bold move but does it deliver?

Platform

What’s impressive with Plus500 is that they were capable of developing it on their very own platform without the need to rely on a third party provider. Traders have the option to use the downloadable version, the web-based version (Web-Trader) or the mobile apps for their convenience. There’s no significant difference among the versions so it’s very easy to get used to the interface because they all look the same on the web, on the PC or on the phone.

Plus500’s custom platform gets a score of 10/10 points on our chart.

Design

What makes Plus500 stand out from the rest of the forex brokers out there is that they were able to keep their design very clean and simple. Browsing through the huge range of trading instruments and various sections is very easy and the process placing trades was designed to be very straightforward even for new users. This is definitely ideal for those who are looking for a no-frills trading experience.

Regardless of whether it is the web-based or the downloadable versions, the platform didn’t take too much system resources so it loads quickly and doesn’t show any lags. For this I am giving Plus500 a Design score of 5/5.

plus500 platform

Minimum Deposit

The minimum deposit at Plus500 is $100 which is a lot lower than what other brokers require to create an account. This is ideal for those who are starting out in trading CFDs since they only need to fork out a lower amount for making a deposit. For serious traders it doesn’t really matter since they are probably going to make another deposit anyway.

Based on our scoring system, Plus500’s minimum deposit score is 4/5.

Minimum Lot Size

Plus500 has a lot size of 0.01 which is why it is getting a Minimum Lot Size Score of 4/5.

Being able to trade with a low lot size also lowers the need to risk more money. This is ideal for those who wish to use the smallest possible lot sizes.

Tradable Assets

It’s always ideal if your broker offers a wide range of assets as it gives you more chances to make a profit. With Plus500, there are more than 2000 CFDs on currency pairs, commodities, stocks, indices and ETFs. This allows you to find something which you are most comfortable to place your trades.

Such a range is considered to be very large and this gives Plus500 a Tradable assets score of 5/5.

plus500 assets

 

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Payouts

It is important for traders to know the pip value as it will measure how much you will be able to get from a successful trade. Plus500 has a spread of 0.8 pip on the EUR/USD currency pair which is considerably better than what other brokers can offer.

Such a good rate warrants this broker a Payouts score of 10/10.

Withdrawal Time

The frustration of most forex traders today is that their brokers tend to delay the processing time of their withdrawals and in some cases do not process them at all. Fortunately, Plus500 is very fast in handling withdrawal requests with a standard processing time of 3 days. This proves that this broker has a trustworthy trading platform because they fulfill their promise in paying their clients the money that is rightfully theirs.

Plus500 receives a Withdrawal Time score of 9/10.

Deposit and Withdrawal Methods


Funding a Plus500 account can be done via Visa/MasterCard, Skrill, Wire Transfer and PayPal which are the most commonly used banking methods today. These all require uncomplicated processes in transferring funds which follows standard procedures without delaying the whole trading process.

This warrants Plus500 a Deposit and Withdrawal Methods score of 5/5.

plus500 deposit

Customer Support

It is very important to have a broker that is honest and transparent. They should be able to give you all the information that you require from them and it’s even better if they go the extra mile just to attend to your needs and answer your queries.

Plus500 can be contacted via email and live chat. All emails that arrive at the support mailbox are attended and answered immediately with an average response time of 10 minutes. Based on the email conversations I had with their support agent, I find his answers to be very honest and sincere. His responses were very quick and he did not try to use any marketing tactics at all throughout our discussion. This is the kind of service that I’m looking for and I was really surprised at how efficient their support team is even via email.

For this Plus500 gets a high score of 14/15 for Support.

Quoting Accuracy

The accuracy of the quotes coming from your broker is highly important as it will be the basis of your trading success. If the platform shows you a certain price and then shows a different one that is worse than the original price then it is most likely a scam. It’s good to know that re-quotes are not common with Plus500 as their trading platform usually shows the same price before and ever after the deal.

This broker deserves a perfect Quote Accuracy Score of 10/10.

Reputation

Plus500 is authorised and regulated by the Financial Conduct Authority which is a great deal for traders because this guarantees that they are trading with a broker that has passed the strict guidelines of a financial authority.

Aside from this, they are also praised by a lot of traders for having competitive spreads and no commissions on any transactions. Some of their biggest competitors charge different commissions for trading on different share categories depending on the country or market but with Plus500, their clients can trade with 0 commissions. This can be easily proven by the good number of positive feedbacks that you can find on dedicated forex trading sites, forums and reviews. They have been able to keep an established credibility since they started their operations and for this, they deserve a Reputation score of 19/20.

plus500 reputation
plus500 reputation
plus500 reputation

 
 

Regulation

Plus500UK LTD is authorised and regulated by the Financial Conduct Authority.
Plus500 CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission.
Plus500 AU LTD is regulated by Australian Securities and investments Commission (Australia only).

Conclusion

What makes Plus500 different from other brokers out there is that it was able to develop a very stable platform which most traders are looking for. It’s very easy to use and simplifies the whole process of online currency trading and its competitive spreads and good range of trading instruments makes it ideal for advanced traders. Despite the lack of a contact number and live chat feature, their email support is very responsive and handles almost any customer issues and queries with ease. It’s no surprise if other brokers try to follow their business model as it has evidently made them very successful and credible in this industry.

Overall, Plus500 scores high on major key parameters and is highly recommended by Real Forex Reviews.

Final Score: 95/100

 

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24 Responses

  1. Sharon West
    Sharon West at |

    Plus500 has made me a lot of money over the last couple of months. Their platform is super fast and they offer all the assets that I like trading with.

  2. Rose Pritchard
    Rose Pritchard at |

    Trading with Plus500 is awesome, the platform is great as is the variety of assets I have to make good profitable trades.

  3. Benigno Colombo
    Benigno Colombo at |

    Plus500 have so many value, quality assets to trade, cannot go wrong!

  4. Elias A. Mogensen
    Elias A. Mogensen at |

    The demo account is a great place to learn how to place trades

  5. Tosh Overgaard
    Tosh Overgaard at |

    Customer service is very nice, always happy to help and answer quickly

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