Plus500 is a CFD trading company that has long been established in the forex market and has their headquarters in Israel. It is operated by Plus500 Ltd which is a public listed company on the AIM section of the London Stock Exchange. Plus500 UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
Aside from being a regulated brokerage, they also have a number of notable features such as the the unlimited demo account, the diversity of assets and the competitive spreads for most instruments. They downside though is that they do not have a phone support but this can be considered as a minor disadvantage because the customer support department can be easily contacted via email and live chat.
Should you trade with this online broker? You may continue reading to know our findings.
Demo Account: Unlimited and free
A demo account can be opened free of charge and the best thing about it is that it has no time limit. New traders can take advantage of this feature since unlimited demo accounts are already rare with online forex brokers. Make sure to fully utilize this training tool since Plus500 is suitable for experienced traders.
Bonuses: An investment extender
Right after the registration, they will offer a first deposit bonus ranging from $30 to $10,000 and this will be dependent on the amount that is deposited in the account. They also provided me with an additional $30 (€25 or £20) bonus by simply validating my phone number and giving them the code that they send via SMS (T&Cs apply).
Platform: An all-inclusive trading screen
Their ability to develop a proprietary platform is praise-worthy. Regardless if I use the web, desktop or mobile version, I can easily do trades because there’s no difference with the appearance and structure of any platform I choose. Another advantage is that I can trade with multiple markets on the interface that is very easy to navigate and use.
Mobile Trading: Perfect for handsets
They have mobile apps that are compatible with Android and iOS devices. This is an added advantage since I can go straight to the platform through the app and not from the browser anymore. Such convenience and ease of access saves me a lot of time especially when I am on a time crunch.
Maximum Leverage: Competitive ratio
Their maximum leverage is 1:300. Such a margin gives a bigger chance to make much more earnings since I can magnify my share 300 times and get access to greater financial investments without having to place the real funds.
What I like about their spreads is that they are dynamic for important instruments like the EUR/USD and GBP/USD pairs.
Tradable Instruments: Over 2000 CFDs
With more than 2,000 CFD instruments, I am sure to find an array of forex, commodities, indices, shares and ETFs to trade with.
Deposit & Withdrawal/Support
Minimum Deposit: Easily reachable
The minimum initial deposit that is required to open an account is $100 and it’s substantially lower than what other CFD trading companies require to start trading. What’s more, the funds are later on extended with the matching bonuses (T&Cs apply).
Deposit Methods: Uncomplicated and simplified
Adding funds to the account can be effortlessly accomplished using various means including credit cards, PayPal, Skrill, Wire Transfer and CashU, all of which have very basic and simple steps in transferring money from the selected payment method to the trading account.
Withdrawal Methods: Convenient and easy as well
The process was easy as well for making withdrawals. Due to the regulation requirements, I had to submit a copy of an official photo ID via e-mail for proper identification and verification which is really not an issue for me because it’s for the protection of my account.
Withdrawal Processing Time: No need to wait that long
I thought I had to wait for a week to get my money back so I was hugely impressed that it only took 3 days to process my withdrawal request. Bravo!
Channels: No phone support
I was a bit disappointed that they don’t have a phone support but since this is an online CFD trading company, their email support and the newly launched live chat are practically more viable.
Customer service is available 24 hours a day, 7 days a week so you can get in touch with them any time of the day.
Supported Languages: Over 30 options
Since they cater to various countries, it’s no surprise that they support over 30 languages and this includes English, Bahasa Melayu, Czech, Danish, German, Spanish, Greek, French, Croatian, Icelandic, Italian, Latvian, Lithuanian, Hungarian, Maltese, Dutch, Norwegian, Polish, Portuguese, Russian, Romainian, Slovak, Slovene, Slavic, Finnish, Swedish, Turkish, Bulgarian, Hebrew, Arabic, Korean, Chinese (Simplified), Chinese (Traditional) and French.
Average User Rating: 9.5
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Simple is perfect
They made the right decision to choose a very simple design because it didn’t sacrifice the speed and responsiveness of the platform. The light blue theme was more relaxing to the eyes and is a departure from the plain old boring layout which is commonly seen with other brokers.
Support: Straight to the point answers
They may only have a live chat and email support but what I do like about their staff is that they provide answers in a no nonsense manner. Every response is straight to the point and every required detail is given.
Reputation: Regulated and recognized
Not only are they popular in the forex trading community but they are also recognized by trusted financial regulators. Currently they are licensed by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
Editor’s Rating: 96
Plus500 has a platform that is not just stable but is also very easy to use. Thanks to the unlimited demo account, it is possible to make practice trades without the need to use real money. They also have very competitive spreads and most were even lowered for important instruments which is an added advantage for their traders. Overall, Plus500 makes an excellent choice for an online broker.