- Intuitive platform
- Low spreads and commissions
- Licensed by multiple top-tier authorities
- Product portfolio only includes CFDs
- Educational resources are limited
- Few available tools for analyzing the instruments
Founded in 2008, Plus500 is a reputable broker listed on the London Stock Exchange and is part of the FTSE 250 Index. This platform is considered safe because it discloses its financial information and is regulated by several top-tier authorities, including the Financial Conduct Authority (FCA).
Disclaimer: CFDs are complex financial instruments and come with a high risk of losing money quickly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this broker. Therefore, it is recommended that you have a good understanding of how CFDs work before investing your money.
|Country of regulation||UK, Cyprus, Australia, New Zealand, Singapore, South Africa, Israel, Seychelles|
|⚠️ Inactivity fee||Yes|
|🧾 Withdrawal fee||£0|
|💰 Minimum deposit||£100|
|🕖 Account opening time||1 day|
|💳 Deposit Methods||Debit/Credit Card, Wire Transfer, E-Wallet|
|💱 Base currencies||USD, GBP, EUR|
|🎮 Demo account||Yes|
|🛍️ Products available||CFDs|
Opening an account
The Plus500 sign up process is fast and fully digital. Traders from the UK can open a trading account within a day (subject to Terms & Conditions). First, they will have to register a new account with this broker by filling in their personal details, such as e-mail address, full name, phone number, preferred currency, etc.
Once the trading account has been created, the traders will need to provide proof of identity and residency. They can verify their identity, by uploading a photo of their ID or passport, and their residency by providing a bank statement or utility bill.
There are three types of accounts available:
- Demo account;
- Retail account;
- Professional account (only for elective experienced clients).
Plus500 Deposit and Withdrawal
Traders can deposit and withdraw their funds through credit/debit cards, e-wallets, or bank wire transfer. The platform doesn’t charge any deposit fees, but there is a withdrawal fee of £10 if you exceed 5 withdrawals a month. Some bank transfers may incur a fee of up to £6 due to bank processing charges.
The payment methods available are Visa, Mastercard, Paypal, Skrill, iDeal, Bank Transfer, Klarna, Giropay, Trustly, Multibanco, and MyBank. The Plus500 minimum deposit is £100 for e-wallets and credit/debit cards, and £500 for wire transfers.
Disclaimer: Clients from the UK must take into consideration that bank transfers can take several business days, while e-wallet or credit/debit card deposits are instant. Withdrawals times may vary based on the payment method you’re using, but the platform uses its best effort to process them within one business day. Only accounts that are in the name of the client are eligible for deposits and withdrawals.
Currency Conversion Fee
There are several base currencies, available for funding trader accounts, including minor ones, but they aren’t disclosed anywhere on their website. To change the currency, clients will have to contact customer support. They should do this before making any deposits, so they won’t have to pay the conversion fee. The fee will be reflected in real-time and it can reach up to 0.5% of the trade’s net profit and loss.
Plus500 members can avoid paying this fee by funding their trading account with the same currency as their bank account, or trading assets in the same currency as the trading account.
After running a few tests on the Plus500 trading platform, we came to the conclusion that it is among the highest quality web traders available on the market that offers a streamlined user experience. Despite lacking chart customization features, the platform is user friendly and has a clean design that allows even inexperienced traders to quickly figure out how to use it.
Users can easily open and monitor trades, create watchlists, and analyse charts. There are over 100 indicators that can be used together with the charts dedicated to technical analysis, that are available for various time frames. However, Plus500 does not provide the MetaTrader 4 (MT4) alternative, which can be a downside for some traders, because it offers more customizability and functionality.
The platform’s internal search function is highly accurate, but traders can also find trading instruments in the categories located on the left.
While the platform has a great user interface and a familiar layout, advanced traders who rely on third party analytical and automation software in their trading process will not enjoy it as much.
Placing an Order
At Plus500, clients can choose one of the available instruments, analyze it on a technical analysis chart and open a trade in a few clicks, all from the same window. They offer access to the following order types:
- Trailing Stop
A great advantage of Plus500 is that there is no time limit provided for the orders.
Platform Login and Security
The platform comes with two-step authentication, a great feature that ensures the trading account is secure. Clients can also use Google or Facebook as a more convenient authentication method. The web-based version of the platform also has an automatic logout feature, that adds an extra layer of security.
Traders that want to receive alerts and notifications can set up SMS, email or push notifications. The alerts are sent when the price of a selected asset reaches a certain value or changes by a set percentage.
This company provides transparent fees and portfolio reports. The overnight fee can be clearly seen, and the current client portfolio can be found in the bar at the top of the WebTrader.
Mobile Trading Experience
The Plus500 mobile app offers all the functionalities that are available on the web version. Traders can easily access the 2000+ trading instruments, charting(including the technical indicators), account details, and conditional orders directly from their Android or iOS device.
The mobile app features fingerprint unlock and other features meant to ensure that the app is secure. Clients from the UK can also deposit and withdraw money through the mobile app, but the lack of advanced security measures, like automatic sign-out, might be concerning for some of them since the app is connected to the funded account.
Investment Products Portfolio
The Plus500 portfolio has over 2000 CFDs available, including 50 currency pairs and several cryptocurrencies (availability subject to regulation). Instead of charging a commission for its trades, this CFD broker contains the costs within the spread they receive for each transaction. There are no trading discounts for clients that use large volumes, and the spread remains the same even if they trade one lot or 1000 lots.
While the retail account doesn’t allow changing the leverage levels, clients that qualify for a professional account will receive an increased margin level, but their costs will remain the same. Professional traders can increase their leverage 10 times, from 30:1 to 300:1.
Plus500 options trading via CFDs is also available, but they are not standardized. They are similar to the plain call and put options available on exchanges, which can be customized in accordance with the client’s risk tolerance and objectives.
Plus500 Fees and Commissions
Plus500 offers some of the most competitive spreads on the market and many of their services are free of charge. This CFD broker has no withdrawal fees (unless you make more than 5 requests within a month), but they have a monthly inactivity fee of up to £10 that is applied if a client does not log in for more than 3 months.
The trading fees occur when you trade, and they can be commissions, spreads, financing rates, or conversion fees. The Plus500 trading fees are relatively small, compared to other forex brokers. Since they don’t have commissions, their compensation is derived from the Bid/Ask spreads, which are some of the tightest in the industry.
Clients can easily view the spread for a specific instrument. They will have to:
- Log in to their account;
- Search for the instrument they’re interested in;
- Click on the Details icon(i) and scroll to the “Info” section.
Traders that hold a position open after a certain period will be charged an overnight funding fee. To find the overnight funding time and percentages, clients have to click on the “Details” section next to the name of the instrument on the Plus500 WebTrader.
We’ve tested the Plus500 forex benchmark fees with a long GBP/USD position of 60,000 that was open for a week with 30:1 leverage. The benchmark fee was 53.7, which is quite a small amount, considering that the position was open for a long time.
In accordance with the regulatory guidelines, the Plus500 maximum leverage is 30:1. The margin limits might vary from an instrument to another. For cryptocurrency, the leverage is limited to 2:1.
These are the fees that aren’t related to trading, like withdrawal or inactivity fees. Plus500 has average non-trading fees, and they will not charge clients for withdrawals unless they request a sum that is lower than the minimum amount of £50 for e-wallets and £100 for credit/debit cards. After 3 months of inactivity, the broker will charge clients with a high inactivity fee of £10 per quarter.
Licensing and Security
Plus500 is publicly traded on the London Stock exchange but it does not operate a bank. Plus500UK Ltd is authorised & regulated by the Financial Conduct Authority (FCA), having reference number 509909. Additionally, the platform is regulated by the most important authorities in the industry:
- Cyprus Securities and Exchange Commission (CySEC);
- Financial Conduct Authority (FCA);
- Financial Markets Authority (FMA);
- Financial Sector Conduct Authority (FSCA);
- Israel Securities Authority (ISA);
- Monetary Authority of Singapore (MAS);
- Australian Securities and Investment Commission (ASIC).
The platform offers negative balance protection for traders from the EU, ensuring that they won’t be able to lose more than they deposited into their account, up to a certain threshold. Clients from the UK can get up to £85000 in investor protection, and their account will be with Plus500UK Ltd, regulated by the FCA.
The company must ensure that the client funds aren’t combined with corporate funds. This guarantees the protection of the trader’s money and assets, in case Plus500 ever becomes insolvent. The client’s funds are kept in segregated bank accounts, which is secured by the Financial Services Compensation Scheme (FSCS).
The FSCS is the UK’s compensation fund of last resort for traders of an authorized financial services firm. If Plus500UK Ltd goes into liquidation, any shortfall up to £85.000 will be refunded to the clients, after deducting the administration costs for handling and distributing these funds. Professional and non-EU clients won’t be covered by any investor protection.
Based on the market condition, clients can also benefit from guaranteed stop-losses for some of the available instruments, but these come with a larger spread.
This trading platform provides high-quality charting tools and an economic calendar, but it lacks recommendations, a proper news feed, and fundamental data. Plus500 also offers customizable charts that can be used to conduct technical analysis on any of the available instruments.
They also have a “Trader’s Sentiment” indicator that shows the percentage of the Plus500 traders that are buying or selling an instrument, like the EUR/GBP forex pair.
The only educational materials available on Plus500 are demo account and some video tutorials that only cover the basics of trading and how to use the platform. All the resources can be found in the Trader’s Guide section on their website.
For more in-depth trading tutorials, make sure you check our Learn to Trade section.
Plus500 customer service options are limited to e-mail and live chat support. To send their inquiries, clients will have to address them to one of the live chat agents or submit a ticket through their email system. Both options are available 24/7.
We’ve tested their services and they responded to both the e-mail and chat within a few minutes, which is rather a quick response time. However, there is no in-person or phone support available.
Despite having a smooth user experience, the Plus500 live chat might feel like you’re having a conversation with a chatbot. But this isn’t a great issue, because the software is able to understand frequently asked questions and provides either a short answer or a link to a resource in the site.
If traders are unable to find their answer in the FAQ section, they can instantly connect to a professional customer care agent that will offer quick and insightful answers.
Plus500 is an ideal choice for experienced traders because it features a solid user experience, over 2000 CFD instruments, and competitive spreads. This CFD broker lacks more advanced trading software like auto-trader, MT4, or Expert Advisors, which could come as a downside for highly skilled traders, but by factoring in the lower commissions, this trade-off will be worth it for some.