Plus500 review 2018
Our 2018 Plus500 review will try and assist the aspiring trader to gain insight into the positives and negatives of trading with this forex brokerage firm or look further for the best forex broker online.
What is Plus500?
Plus500 was founded in 2008 and is a leader in Contracts for Difference (CFDs) trading. The Plus500 enterprise is owned and managed by Plus500 Ltd, who are a publicly listed company on the London Stock Exchange.
Our Plus500 review uncovered that this company is not available to anyone residing in the USA who may be looking to enter the world of forex trading. This is due to a regulatory conflict whereby the controlling regulator in the USA, the SEC, does not allow contract for difference (CFDs) instruments to be made available to US residents.
There are three separate jurisdictions under which Plus500 is regulated:
Plus500 UK Ltd is regulated by the United Kingdom’s Financial Conduct Authority (FCA) under registration number 509909.
Plus500 (Cy) Ltd is regulated by the Cyprus Securities Exchange Commission (CySEC) under license number 250/14.
Plus500 AU Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) under license number 417727.
This allows for the company to cater to a range of clients residing in the UK, Europe, Australia, South Africa and New Zealand.
Reliability and Security
Over the past 10 years, Plus500 have established themselves as one of the best forex brokers for reliability and trustworthiness. Plus500 provides strong security and protection to their clients in the following ways:
- All money belonging to clients is held in segregated bank account completely separated from company funds.
- Plus500 uses its own money for hedging and does not pass client money to hedging counter-parties.
- Plus500 has no exposure to sovereign debt nor does it invest any money in retail clients
Additional measures of security are offered by means of Secure Socket Layer (SSL) encryption. This ensures that all information of a sensitive nature that is submitted by customers is automatically transferred and stored in a secure environment.
Plus500 Trading Platform
The Plus500 Trading Platform offers a simple and easy-to-use trading platform. It’s as simple as clicking a link to open the platform with no download necessary. It possesses a simple format that makes trading easy, especially for the novice traders amongst us, but may be short on details for the more experienced traders.
Mobile Trading Capability
The Plus500 Trading Platform is also available as a mobile trading app for those who would like to participate in trading away from their desk or home office. It is available for iOS, Android and Windows and affords traders the ability to use the platform via their smartphones and mobile devices.
Types of Trading
Our Plus500 CFD review uncovered that the trading instruments available with this company include: forex, indices, commodities, shares, options, ETFs and cryptocurrency.
In relation to their cryptocurrency trading, these cryptocurrencies are paired against the US dollar and can be traded as an asset covered by the CFDs offered by Plus500. What this means is that you are not actually trading with cryptocurrencies but a derivate contract of this form. The advantage of this is that it is a much more affordable type of cryptocurrency trading than that which would occur through the purchase of cryptocurrency itself. The range of cryptocurrencies that Plus500 offer in CFD trading include:
- Bitcoin Cash
Check out our list of the best cryptocurrency exchanges here!
Our Plus500 review shows that company provides only two types of accounts for their clients to maintain simplicity, these trading accounts are:
Plus500 Demo Account: We acquired a plus500 demo login and found the process to be straight forward and easy to navigate. If you require help during the process of setting up your plus500 demo account, then you have the capability to engage in a live online chat with customer support.
Plus500 Standard Account: Equally simple to set up, we simply reset demo account plus500 and were able to create a standard account having equipped ourselves with enough familiarity with the trading platform without the use of real money. The standard account is simple to navigate during setup and, much like with the plus500 demo login, possesses live chat online customer support to help with the process if you are experiencing any difficulty.
Spreads and Commissions
Our Plus500 review investigated the commissions and spreads charged by this broker. The importance of this is that a key factor for traders is identifying the cost for each trade performed. Crucially for traders, with Plus500 there are no commissions in relation to any trade undertaken. Rather, their clients must pay tight spreads on all assets that they are trading with spreads starting as low as 2 pips on the EUR/USD currency pairing.
Our Plus500 review in 2018 has identified that there are three main ways to fund a standard account, which are:
– Via the use of a Visa or Mastercard credit card
– Through MoneyBookers
– Through a wired transfer
The fastest method of setting up an account is via credit card and can be completed almost on the spot. Deposits made via wire transfer however can take up to 5 days to process.
Withdrawals can be achieved relatively quickly. Usually achieved within 1-3 business days. All customers must provide photo ID and verification of a home address when applying for a withdrawal.
Promotions and bonuses
Our Plus500 review found a first deposit bonus offered to their clientele to reward loyalty. This bonus applies to all clients who setup a standard account. With the reward amount increasing for those whose initial deposit is larger.
At other times throughout the calendar year, Plus500 may offer various promotional bonuses to their clientele and if, as a client you are eligible for this bonus, you are likely to receive an email notifying you of how you can claim this reward.
This Plus500 CFD review found that the customer support offered by this broker is not as good as many of their competitors. While they offer email support 24 hours a day, 7 days a week, they do not provide telephone support which can extremely disadvantage clients if they experience internet difficulties or any issue that may require urgent assistance.
- A completely free Plus500 demo account
- Easy to use and navigate Plus500 trading platform
- Regulation in three separate jurisdictions
- CFD trading in cryptocurrency
- Easy to use, highly reliable mobile trading platform
- No access to MetaTrader 4 or 5.
- Little in the way of education resources for beginners
- No Plus500 in the USA
- Low-quality customer support compared to many major competitors
Our Plus500 review in 2018 has shown that, when it comes to CFD trading, there is no doubt Plus500 is a suitable choice. Their trading platform is easy to use and navigate but may be lacking in the details needed for the experienced trader. The lack of educational resources is a tremendous disadvantage for the novice trader. However, the ease in creating a plus500 demo login allows novices to experience this brokerage prior to outlaying any money which is very handy. Highly respected in the industry, very safe and secure, and active in cryptocurrency trading, Plus500 may be a forex broker capable of fulfilling your trading needs.