Plus500 Review
Review Summary
Plus500 is a user-friendly CFD trading platform offering commission-free access to a wide range of markets, including stocks, forex, and cryptocurrencies. While it’s ideal for beginners, the lack of phone support and high leverage risks are drawbacks to consider.
If you’re looking for a reliable trading platform, you’ve probably come across Plus500. In this detailed Plus500 review, we will cover everything you need to know, from its key features, fees, safety, and much more. By the end, you will have a clear idea of whether this platform is right for you.
Plus500 Overview
Plus500 is an online trading platform that offers Contract for Difference (CFD) trading on a wide range of assets. Founded in 2008, it has grown rapidly and is now one of the most popular CFD trading platforms globally. Plus500 offers access to multiple markets, including stocks, commodities, forex, cryptocurrencies, ETFs, and indices.
Plus500 is a trusted platform and operates under strict regulations in several countries, including the UK, Cyprus, and Australia. It is also listed on the London Stock Exchange, which adds an extra layer of credibility.
Key Features of Plus500
Here are some of the main features that make Plus500 stand out from other platforms:
1. User-Friendly Interface
One of the first things you’ll notice about Plus500 is its easy-to-use interface. Whether you are a beginner or an experienced trader, you will find the platform intuitive and easy to navigate. The web-based platform is clean, and you can easily access all the features without feeling overwhelmed.
2. Wide Range of Markets
With Plus500, you can trade on over 2,000 different financial instruments. This includes CFDs on:
- Stocks
- Forex pairs
- Cryptocurrencies (Bitcoin, Ethereum, etc.)
- Indices
- Commodities (gold, oil, etc.)
- ETFs
This variety gives traders the flexibility to diversify their portfolios with ease.
3. Leverage and Margin Trading
Plus500 offers leveraged trading, allowing users to control larger positions with a smaller amount of capital. For retail traders, leverage can go up to 1:30, and for professional traders, up to 1:300. However, it’s important to understand that while leverage can amplify gains, it can also increase losses.
4. No Commissions
One of the most attractive features of Plus500 is its commission-free trading. Unlike many other brokers, Plus500 doesn’t charge commissions on trades. Instead, it makes money through spreads, which is the difference between the buy and sell price of an asset.
5. Mobile App
The Plus500 mobile app is well-designed and available for both Android and iOS devices. It offers full functionality, allowing you to trade on the go. You can open and close positions, monitor markets, and deposit or withdraw funds directly from your phone.
6. Risk Management Tools
To help you manage risks, Plus500 provides several risk management tools, such as:
- Stop Loss
- Take Profit
- Guaranteed Stop
These features ensure you can protect your trades and control your exposure in volatile markets.
Is Plus500 Safe?
One of the biggest concerns for any trader is the safety of the platform they are using. Plus500 is regulated by top-tier financial authorities, such as:
- The Financial Conduct Authority (FCA) in the UK
- The Cyprus Securities and Exchange Commission (CySEC)
- The Australian Securities and Investments Commission (ASIC)
Additionally, Plus500 keeps client funds in segregated accounts, separate from the company’s operational funds. This ensures that your money is protected in case the company encounters financial difficulties.
The platform also employs advanced encryption technology to safeguard users’ personal and financial information.
Fees and Costs
Plus500 is known for its transparent fee structure. While the platform doesn’t charge commissions, there are still some costs to consider:
- Spreads: The difference between the buy and sell prices of assets. This varies based on the market and asset you are trading.
- Overnight Fees: If you hold a position overnight, you may be charged a funding fee, also known as a swap fee.
- Currency Conversion Fee: If you are trading assets in a currency different from your account, Plus500 charges a small conversion fee.
- Inactivity Fee: If your account remains inactive for more than three months, a monthly inactivity fee of $10 is applied.
It’s always a good idea to check the specific fees for the asset you’re interested in trading to avoid any surprises.
Customer Support
Plus500 provides 24/7 customer support, but only via email and live chat. Unfortunately, they don’t offer phone support, which may be a downside for traders who prefer speaking to a representative. However, their live chat is responsive and helpful, offering solutions in multiple languages.
Demo Account
If you’re new to trading or want to test the platform before risking real money, Plus500 offers a free demo account. You can use this account to trade with virtual money in real market conditions. The demo account is a great way to get familiar with the platform and practice different trading strategies without any financial risk.
Pros and Cons of Plus500
| Pros | Cons |
|---|---|
| Easy-to-use platform, ideal for beginners | No phone support available |
| No commission fees on trades | Not available to U.S. residents |
| Wide variety of markets and assets (stocks, crypto, forex, etc.) | High leverage can lead to significant losses |
| Regulated by top financial authorities (FCA, CySEC, ASIC) | Limited educational resources for beginners |
| Offers a free demo account for practice | Inactivity fee after 3 months of no use |
| Available on web and mobile apps | Overnight fees apply for holding positions |
| Good risk management tools (Stop Loss, Guaranteed Stop) | Charges for currency conversion fees |
Pros:
- User-friendly platform, ideal for beginners
- No commission fees
- Wide range of markets and assets to trade
- Regulated by top financial authorities
- Offers a demo account
- Available as a web-based platform and mobile app
- Good risk management tools
Cons:
- No phone support
- Not suitable for U.S. residents (due to regulatory restrictions)
- Leverage can lead to significant losses
- Limited educational resources compared to competitors
Who is Plus500 Best For?
Plus500 is a great platform for beginners looking for an easy-to-use interface and experienced traders who want access to a wide range of markets. It’s especially appealing to those who prefer commission-free trading. However, if you’re someone who needs phone support or educational resources, you might want to look at alternative platforms.
Conclusion
Plus500 is a solid choice for traders who want a user-friendly platform with access to a wide variety of financial instruments. Its commission-free structure and range of risk management tools make it attractive to traders of all levels. However, the absence of phone support and limited educational content may be a downside for some.
If you’re looking for a secure and efficient CFD trading platform, Plus500 is worth considering. Just be sure to fully understand the risks associated with leveraged trading before diving in.
I hope this Plus500 review helps you decide if it’s the right platform for you. Whether you’re a beginner or a seasoned trader, Plus500 offers enough features to cater to most trading needs.
