Plus500 broker review: pros, cons, verdict

Plus500 is a broker from Israel. It has decades of experience and is well-known in the trading field. Why is it so? It’s simple. Plus500 is regulated by the FCA and ASIC, is listed on the London Stock Exchange as an CFD and Forex broker, and is just the optimal choice for many traders. Plus500 works in many countries including Canada and Australia. But are you sure that you can really trust this service? Read on to find out!

The company is considered to be a safe choice. Nevertheless, reading a Plus500 review will never hurt for anyone searching for a broker to work with.

What Can You Trade With Plus500?

The second thought you are going to get is what could the assets that can be traded with Plus500 be? The broker has a quite large number of choices. Here’s what is included:

Cryptocurrencies
Indices
Forex
Commodities
Shares
Options
ETFs

Literally all kinds of instruments are used on this website. That is the reason this brokerage company is one of the optimal choices for traders who prefer working with different assets. Also, this is a good chance to keep everything in one place.

Fees at Plus500

The major part of all earnings the broker has is from the spreads. These are quite competitive when compared to other broker’s fees. For instance, for the EUR/USD pair the spreads start at only 0.6 pips and no commissions.

Nevertheless, you can find several assets that have prices that are a bit higher than the market average. You might want to check the information on those which you trade before placing an order. If this is your only brokerage account, there might be no need to create a new one. Plus500 does not have the highest fees in the field.

Never forget that if your account hasn’t been active for 3 months, $10 is charged each month. Finally, there is a 0.3% currency conversion fee.

Account Types at Plus500

Plus500 has got an interesting situation with the account types it provides. Basically, there are only two of them.

The first type, the standard one, is given to all people. It has only one restriction: the leverage is stuck at 1:30 and won’t go higher.

The pro types have got a limit of 1:300. That is a significant difference, don’t you think?

However, to get a pro account, a trader must fulfill at least two of the three requirements. You must be actively trading for 12 months, your portfolio must be over 500 000 Euro, and you must have relevant experience in this field.

Trading Platforms at Plus500

Plus500 doesn’t use provide popular software you might think of. Instead, the company has created something of its own. It is simple enough for beginners to understand it and comfortable enough for professionals to trade with it.

No matter how good it sounds, there are some cons about it. The installation of third-party plugins is impossible and automated trading is not available.

The software also goes with an application for smartphones that can be installed from Play Market or App Store. It includes all the features that can be found in the PC version. This makes trading on the go way more convenient.

Education

Plus500 provides a Trader’s Guide with some educational materials. However, it is very limited and cannot substitute a complete trading course. The available materials include Risk Management, how must the platform be used, etc.

Customer Support

Plus500 is well-known for its high-quality support service. It works all the time, even on weekends. You can either contact a specialist or find the answer to your question yourself by browsing the FAQ. All information can be accessed in 32 languages. Yes, the live support has all these for real!

Deposits and Withdrawals

There minimum deposit at Plus500 and it is $100. There are various services that are used for payments. They are the basic bank cards and popular payment systems like Skrill.

At many brokerage services, it usually takes 5 business days to process your money. Withdrawals at Plus500 take around 3 business days.

Important!

Please note that it is only possible to withdraw money by using the method used for making a deposit!

Just like deposits, withdrawals have a minimum sum limitation. Each method has a different requirement, so make sure you check them out before you make any transactions.

Promotions

Do not count on getting additional bonuses when using Plus500. The company has neither bonuses nor promotions. The issues are compensated by the high-quality service Plus500 provides. It’s trustworthy, gives a good chance to earn some additional money, and is quite simple.

User Opinions on Plus500

Many reviews of trading with Plus500 can be found on the Web. People share their experiences and solve various issues together. So what does the majority of traders think of Plus500?

Alex Furtuna

Alex recommends the service as a convenient choice for a new user. He likes the desktop and mobile versions of the service. The trader also mentions that his withdrawal took less than 24 hours too.

Miko

Another user, Miko, says that he has had a positive experience while working with Plus500. He also mentions that, in his opinion, most negative reviews are left by people who have no idea about using the service properly and are bad traders. He is sure that satisfied customers do not usually leave a review. That could be the reason not many of them can be found on this specific rating site.

Paul Chapman

Paul is a full-time trader. He has been working with Plus500 for years and had no issues with withdrawing his funds. He has only positive emotions from working with the broker and recommends it to others.

Can I Trust Plus500?

Do you still think Plus500 is a scam? Then check once again the regulatory authorities that monitor the company. Do not forget about the user commentaries that can be found everywhere too! The brokerage service is legit and can be trusted. All issues can be solved by contacting the company’s support service or reading the FAQ.

However, like with any other broker, you must be a skilled trader in order to prevent losses. Remember that, always improve your skills, and you will be fine.

Verdict

According to all the information that we have found, Plus500 is a trusted broker. It is regulated and has positive reviews from traders worldwide. The brokerage service is trusted for its convenient platform, fast withdrawals, low charges, and good terms.

If you have anything that you could add to this Plus500 review, please let us know about it in the comments. Your opinion is very important!