Plus500 Review
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History and Background
Plus500 is an CFD Service. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14). Plus500AU Pty Ltd, ACN 153 301 681, AFSL # 417727, issued by the Australian Securities and Investments Commission is authorized to issue these products to Australian residents. Derivatives issuer licence in New Zealand, FSP #. 486026 authorises us to issue these products to New Zealand residents. Plus500AU Pty Ltd, is also an authorized Financial Services Provider in South Africa, FSP 47546. You do not own or have any rights to the underlying assets. Please consider the Disclosure documents available on Plus500’s websites.
Please note that Plus500 does not accept U.S. clients. Therefore, if you are located in the United States, we suggest choosing another top rated broker.
* Your capital is at risk
* Plus500 is a CFDs service
Account Types
Plus500 offers two account options, consisting of a demo account, which has no time limit and can be opened free of charge, and a live account that requires a minimum deposit of 200AUD. Leverage for forex accounts is a maximum of 1:300.
Trading foreign exchange on margin poses a high risk level and it may not be fitting for all types of investors. The elevated degree of leverage can cause positive and negative outcomes.
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Trading Software
Plus500 offers a comprehensive and easy to use proprietary trading platform and technical analysis software for their clients. The trading platform allows the trader to trade in multiple markets from the same screen and provides real time quotes for all of its products.
You can trade CFDs on Forex, commodities, cryptocurrensies, stocks, indexes, ETFs.
Besides its ease of use, the main advantage of the Plus500 trading platform consists in an all inclusive trading screen with clearly labeled tabs on top for details on past trades and current positions, as well as multiple market trading capabilities. Charting software is included with the trading platform, but charts appear individually, since the charting software does not allow for multiple graphs on the same screen.
The Plus500 trading platform comes in four different versions: a downloadable version, which can be copied to your laptop or desktop, a web-based version, which allows the trader to access the platform from any other computer, App versions for iOs, Windows and Android smartphones and also Apple Watch platform.
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Deposits and Withdrawals
Funding an account at Plus500 can be accomplished through a Visa or MasterCard credit card, MoneyBookers or through a wire transfer. The fastest way to begin trading is by depositing through a Visa or MasterCard. To complete a deposit, the customer need to click on “Funds Management” -> Deposits” and follow the instruction accordingly.
Funding an account through Moneybookers is just as easy. The customer must navigate to the “Funds Management” window in the trading platform, select the Moneybookers option, and enter the Moneybookers e-mail address. A new pop up window will open where the Moneybookers transfer can be confirmed.
Deposits made to Plus500 through a wire transfer are generally straightforward but take up to ***five days** to show up in the account. For a wire transfer deposit, go to the “Funds Management” window, click on “Deposit” and choose “Wire”, then click on the “Send me Wire Details” option. Plus500 will then email the customer with the wiring details.
The Plus500 email will give the customer the details for wiring funds to their bank and also state the minimum and maximum deposit amounts allowed through a wire transfer. The minimum deposit is 200AUD.
Due to regulation requirements, each customer is required to provide a photo ID (passport, driver’s license or other official document) and verify his registered address, before being allowed to make a withdrawal.
This information can be sent via * or by uploading a pdf, tif, jpeg or doc type file with the upload function provided on the Plus500 trading platform. Clients should allow up to 24 hours for the files to be reviewed. If the identification document cannot be scanned, the client can photograph the ID with a digital camera or a mobile phone.
Risk disclaimer: CFDs are leveraged products and can result in the loss of your capital.
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Customer Support
Plus500 offers e-mail in multiple languages 24/7 as well as online chat in English and additional supported languages. If the chat isn’t active at a specific moment, then they can still be contacted via the Contact Us from. Nevertheless, they do not offer telephone support, which can be a disadvantage if the customer loses internet service or their computer crashes while trading. Please have a look at the comments below and you’ll see that they have an active customer support holding their promise to help their clients with every issue.
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Safety
Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14). Plus500AU Pty Ltd, ACN 153 301 681, AFSL # 417727, issued by the Australian Securities and Investments Commission is authorized to issue these products to Australian residents. Derivatives issuer licence in New Zealand, FSP #. 486026 authorises us to issue these products to New Zealand residents. Plus500AU Pty Ltd, is also an authorized Financial Services Provider in South Africa, FSP 47546. You do not own or have any rights to the underlying assets. Please consider the Disclosure documents available on Plus500’s websites.
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Conclusion
Plus500 makes a good choice for non-U.S. traders with an easy to use trading platform which offers multi asset trading capability. New traders can take advantage of the unlimited time to use the demo account, while seasoned traders can take advantage of tight dealing spreads. Also, the Plus500 trading platform offers traders the possibility of integrating their trades in other financial markets, all on one screen.
