Plus500 User Reviews, Fees & What to Watch out for?

plus500

User reviews of Plus500 including my personal experience after 2 years. What are the fees and what to watch out for?


Plus500 was established in 2008 and has been operating as an authorized broker on financial markets in more than 60 countries worldwide. The company has valid regulations from local regulators in all countries in which they operate – FCA for the United Kingdom and ASIC for Australia.

The main advantage of Plus500 is one of the lowest spreads (0,8pips* for EUR/USD) in the market. You will certainly appreciate the creation of a demo account within 30 seconds and a wide offer of underlying assets, including BitCoinEthereum and LiteCoin cryptocurrencies. However, I cannot recommend the broker to those traders who want to use automatic trading systems, unfortunately, this is not possible at Plus500.

Show spreads on other currency pairs

A Plus500 account can be created in GBP, AUD, USD, EUR and other world currencies.

The content of the review: Pros and Cons, My ExperienceDemo Account, What to Watch out for

72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Basic Information from the Plus500 Review

Web:www.plus500.co.uk / www.plus500.com.au * 72% of retail CFD accounts lose money.
Regulation
  • Plus500UK Ltd authorized & regulated by the FCA (#509909).
  • Plus500AU Pty Ltd (ACN 153301681), licensed by ASIC in Australia.
  • Plus500CY Ltd authorized & regulated by CySEC (#250/14).
Minimum Deposit100 GBP/AUD/USD or EUR, for deposits via bank transfer 500 GBP/AUD/USD or EUR
Financial LeverageUp to 1:30
Spreadsfixed and variable, 0,8 pips for EUR/USD *
Guaranteed Stoplossyes
Trading assetsCFD – Forex, stocks, commodities, indexes, ETF
PlatformsWeb trader (for Mac and Windows), desktop version (for Windows), Android and iOS app
Englishyes – trading platform, email and online chat support
Demo Accountyes – create a demo account – 72% of retail CFD accounts lose money.
Mobile Version / Tablet Versionyes / yes
Deposit and Withdrawal MethodsCredit and debit cards, Paypal, Skrill (Moneybookers), bank transfer

Commission at Plus500

Plus500 doesn’t charge any commission for opening or closing a position. You pay for a spread which is fixed or variable, depending on the respective currency pair.

Spreads on the most favourite currency pairs*:

currency pairEUR/USDUSD/JPYGBP/USDUSD/CHFEUR/JPYEUR/GBP
pips0,81,01,31,72,01,5

*Spreads are from 15.02.2021 9:55, spreads can vary during the day, however, high deviations occur only occasionally. 

Plus500 Demo Account

Plus500 offers a free demo account for unlimited time. There is 40 000 of a virtual dollars for trading. The demo version works to the full extent as well as the one with real money, this will allow you to test all your strategies without risking your own financial means.

Create a demo account.

72% of retail CFD accounts lose money.

Trading Platform

Both the Plus500 desktop and mobile application by is well-done, easy and understandable. I especially like the mobile app for Android, where you can set various notifications. For example, a notification via an SMS when an exchange rate changes.

The platform also has a disadvantage, it does not support own automatic trading systems.

Customer Support

The customer support is available on email and in an online chat on the website, they replied to my e-mail within an hour or until the next day at the weekend. 

Withdrawing Money

My withdrawals from Plus500 were processed without any problems. I withdrew to my bank account and I received the money within a week. Apart from the bank account, you can withdraw via Skrill, credit and debit card or PayPal.

The money can be withdrawn only via the same method you used for the deposit. Therefore, if you deposit money to Plus500 via a credit card, you will not be able to withdraw the funds to electronic wallets and vice versa. The withdrawal has to be confirmed by the Plus500 customer support, which takes 3-7 days. The minimum withdrawal amount via PayPal or Skrill is 50 GBP/AUD. The minimum withdrawal amount by bank transfer is 100 GBP/AUD.

What to Watch Out For?

Plus500 broker doesn’t allow scalping (making deals only for a few minutes), if you start scalping, your trading account can be banned. Closing a trade in less than two minutes is considered scalping. If you sometimes happen to close the trade earlier, your trading account will not be banned. However, watch out for it and definitely do not trade at Plus500 by using any scalping strategy.

What Not to Be Afraid of?

Since Plus500 is a broker regulated by a committee for stocks – CySec, it is important to verify your identity before your first deposit and also to fill in a short questionnaire verifying your experience with trading. This does not concern traders who will only use the demo account.

CySec regulation doesn’t apply to you if you are a trader outside the EU. However, certainly, you can be expecting a similar verification.

There is nothing to worry about, this process is a standard procedure for all regulated brokers.

To verify your identity, it is necessary to send a photo of your ID card and a document confirming your place of residence (bank statement, gas/ telephone/electricity bill etc.). Filling in the questionnaire takes about a minute. If by any chance you fail the questionnaire, you can confirm that you are aware of the risk the trading bares and that you wish to proceed anyway. Afterwards, you can make a deposit and start trading. Or you can decline and continue practising on the free demo account until you are confident in your trading capabilities.

User Reviews from Foreign Forums

If I don’t count the reviews of those users who lost their money on Plus500 by their own fault, some traders complain about the impossibility of using their own trading systems.

Another disadvantage is the need to hold a position for the minimum of 2 minutes, otherwise, it is considered so-called scalping and your account can be banned.

One of the advantages of Plus500 is its quick customer support which works 7 days a week.

Even though I considered the simple platform as a disadvantage in the first point, some traders appreciate the ease of using the Plus500 platform.

Do you have any personal experience with Plus500? Please, add your review to the comments.

My Personal Experience with Plus500

At the moment, I don’t have any problems with Plus500 – the customer support, withdrawing money and trading platforms work perfectly. I have been trading at Plus500 for over 2 years and the only problem I have ever had was the desktop version of the platform I couldn’t log in to. It was fixed after about half a year and it was supposedly a problem in my PC (firewall settings).

I am currently using the web version and the mobile app for Android, both platforms have always worked fine, I got used to them and I don’t even use the PC version anymore. 

Pros and Cons of the Broker

Pros:

Cons:

  •  Not possible to use automatic trading systems.

The Conclusion of the Plus500 Review

Plus500 is my favourite broker thanks to the easy use of the platform, wide offer of assets and tight spreads.

Be aware that CFD trading bares a significant risk, that’s why you should trade only with money you can afford to lose. Your capital is at risk.

Visit Plus500 website.

72% of retail CFD accounts lose money.

Plus500 User Reviews, Fees & What to Watch out for?

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