Plus500 Review & User Rating 2020
Plus500 is pular forex and CFD brokerage brand that offers its services globally through the internet. The company’s head office is in Israel while the branch offices are in the UK, Cyprus, Australia, Bulgaria, and Singapore. Plus500 began operations in 2008 and has since become a global brand with over 300,000 active customers from over 50 countries. Plus500 stock shares are publicly traded on the London Stock Exchange (PLUS: LSE). It is also part of the UK FTSE 250 index.
- Start year: 2008
- Country of origin: Israel
- Regulation: ASiC, CySEC, FCA
- Payment options: Credit/debit cards, Neteller, Perfect Money, QIWI, RBK Money, Skrill, WebMoney, Wire transfer
- Minimum account size: $100
- Minimum lot size: 0.01 lot
- Leverage: 1:300
- Spreads: 0.01 pips on EUR/USD
Plus500 is licensed and regulated in various countries. In the UK, the FCA regulates its operations. In Australia, the ASIC controls its operations. MAS regulate broker operations in Singapore. The ISA regulates the Israeli operations while CySEC regulates its operations in Cyprus and other European regions.
All client funds are securely held in segregated bank accounts and are not used by the broker for its daily expenses. The UK and European clients are covered by insurance provided by the Financial Services Compensation Scheme (FSCS). The FSCS can pay traders up to €20,000 if Plus500 becomes insolvent. To further protect its clients, Plus500 has implemented standard security measures, including SSL, which encrypts all data transmitted over the internet.
Tradable Assets on Plus500
Plus500 assets index consists of 70 forex pairs, 30 indices, 12 crypto assets, 22 commodities, over 80 ETFs, and numerous stock shares and options. The broker asserts that it offers over 2000 trading instruments.
Trading Account Types
It takes only a few seconds to open a Plus500 trading account. If you already have a Facebook or Google account, Plus500 can receive your profile information from these websites. The broker only offers one retail account to all clients. $100 is the minimum deposit required, and the maximum leverage is 1:300. But, clients in the European region are offered a maximum of 1:30 due to the European Securities and Markets Authority (ESMA) restrictions. Also, eligible European clients can request for ‘Professional Accounts’. This professional account is exclusively for experienced traders with huge trading capital. It comes with increased leverage capped at 1:300. Demo accounts are always available at no cost and without restrictions.
All broker charges are integrated into the spread as Plus500 charges no commissions at all. The spreads offered on most instruments are low compared to other brokers. For instance, the spread of the popular EURUSD averages 0.7 pips. Rollover fees apply to accounts that maintain open positions overnight. When an account is not used for 90 days, Plus500 starts charging ‘inactivity fees’ of $10 every month.
Several payment methods are available depending on the client’s country of residence. Paypal and Skrill are the global e-wallet payment options accepted by Plus500. Popular debit/credit cards such as Mastercard and Visa cards can be used for deposits and withdrawals. Cards and e-wallet deposits are processed instantly while withdrawals take 3-7 days. ‘Bank transfer’ is the direct transfer of funds between a broker’s bank and the client’s bank. It can be used for both deposits and withdrawals. Bank transfers take 5-7 days for the process to complete.