Plus500 Review

Author By Jeffrey Cammack
Updated: May 12, 2021
Overall Rating
4.09 4.09 / 5
Rated #42 of 59 Recommended Brokers
Min. Deposit
ZAR 1500
Regulators
Trading Desk
Trading Cost
USD 8
Website Language
English, Chinese, Arabic, Hungarian
Support Language
English, Polish, Portuguese, Arabic, Chinese
AlertAccepts South African Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 30:1. Islamic account available. Only Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS.All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.

TradeForexSA follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

Offering trading in over 60 Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs, Plus500 is a popular CFD provider with both its new and long-standing customers. Plus500 boasts tight spreads compared to other market makers (starting at 0.8 pips on the EUR/USD) and fast execution on a single account with a 1500 ZAR minimum deposit requirement.  Support is only offered for its proprietary Plus500 platform, a web-based platform with no need for any downloads or setup, making it a good provider for those who want to keep it simple.  

Award-winning customer service is available 24/7, but Plus500 does not offer hedging, scalping, or copy-trading.  Lastly, its education and market analysis materials are virtually non-existent, making it a poor choice for beginner traders. 

Reviews

Regulation
111115/ 5
Trading Conditions
111003/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
1110.503.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Standard
Bonuses
None

Account Information

Base Currencies
AUD, EUR, USD
Number of FX Pairs
70+
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
Fees Included in Spread
EUR/USD
0 pips
GBP/USD
0 pips
USD/JPY
0 pips
Max. Leverage
30:1

Company Details

Company Name
Plus500 AU Pty Ltd
Founded
2008
Office Locations
Israel

Pros

  • Well regulated
  • Wide range of assets

Cons

  • Limited education
  • Limited account options

Is Plus500 Safe?

Plus500 was founded in 2008 and has grown into one of the largest online CFD providers in the world – not only is the company publicly traded on the London Stock Exchange, meaning an additional level of scrutiny, but three national authorities also regulate its subsidiaries:

  • Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA), licence number 509909.
  • Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence number 250/14.
  • Plus500AU Pty Ltd is authorised and regulated by the Australian Securities Investment Commission (ASIC), licence number 417727.

Plus500 also holds licences from the following national authorities:

  • The Financial Markets Authority (FMA) New Zealand, licence number 486026.
  • The Financial Sector Commission Authority (FSCA) South Africa, licence number 47546.
  • Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products, license number CMS100648-1.
  • Plus500IL Ltd is registered in Israel and is licenced to operate a trading platform.
  • Plus500SEY based in Seychelles. Regulated by the Seychelles Financial Services Authority, FSA License Number SD039, Plus500 is registered in Seychelles, Registration Number 8426415-1.

As per FSCA (South African) regulations, all client funds are kept in segregated accounts, and Plus500 also offers negative balance protection, ensuring that clients cannot lose more than they have in their accounts.  

Plus500 does not highlight any industry recognition it has received, but it has won numerous awards for its services over the years.

On this basis, we deem Plus500 a trustworthy and safe CFD provider. 

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
FCA
CySEC
ASIC
MAS
FMA
Market Maker
2008
Israel
10 USD inactivity fee after 3 months

Investment Offering

Plus500 offers a variety of different CFDs to trade including Forex. 

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Fx Pairs
CFD Investments
70+
Commodities
Cryptocurrencies
Forex
Indicies
Equities
Vanilla Options
ETFs

Trading Conditions

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Standard
USD 100
30:1
0
None
Account Details

Plus500 offers trading on multiple assets, including over 60 Forex pairs and indices, commodities, share CFDs, cryptocurrencies, and currency indices.  Boasting excellent trading conditions on one live account and an Islamic Swap-Free account, Plus500 offers variable spreads starting at 0.80 pips, leverage of up to 30:1, and a minimum deposit of 1500 ZAR.  No commissions are charged, and Plus500 only supports its own proprietary trading platform.  Note that Plus500 does not publish its average spreads.  Accounts can be denominated in the following base currencies: USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK, and SGD.

While Plus500 is a market maker, as soon as a client places a trade on the platform, an automated system (with no human interference) sets a hedging trade to protect Plus500 against any potential loss. Because it is a closed system where Plus500 is the counterparty, there are few requotes and fast trade execution.

There is no account choice at Plus500, which is unusual as most of its serious competitors have several account types with tighter spreads linked to higher deposit requirements.

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
111003/ 5
AUD, EUR, USD
0.80 pips
USD 8
0 pips
0 pips
0 pips
0.0
111115/ 5
AUD, USD
0.70 pips
USD 7
0.7 pips
0.9 pips
0.7 pips
0.0
11110.54.5/ 5
AUD, USD, EUR, GBP, NZD
0 pips
USD 7
0 pips
0 pips
0 pips
7

Demo Account

The demo account allows traders to practice trading and get used to the Plus500 platform before depositing real money. The Plus500 platform is different from other CFD providers, so it is advisable that new clients take the time to get comfortable with the platform before committing to a deposit. Many traders enjoy the clean design of the Plus500 platform, but others may prefer a more traditional layout.

Spreads and Commissions

The spreads at Plus500 are variable with EUR/USD spreads often below 1 pip.  As spreads are dynamic, expect them to be higher in times of low liquidity and for non-major currencies.  As mentioned previously, Plus500 does not publish its average spreads. 

The currency pricing used at Plus500 is taken from a third party and reflects actual market value; Plus500 adds a mark-up to the spread to create the trading price. Spreads are published alongside the instrument on the platform.

**This is only illustrative of what you can expect of the Plus500 platform. No actual.**

Deposit & Withdrawal Fees

Deposit and withdrawals methods include Credit Card, PayPal, Skrill, and bank transfers. Plus500 accepts deposits and withdrawals from all South African banks.

Deposits and withdrawals are generally commission-free, but Plus500 requires a minimum deposit amount of 1500 ZAR for Skrill, Neteller, Paypal, and credit/debit cards; and 3000 ZAR for bank transfers.  The minimum withdrawal amount for PayPal/Skrill is 50 USD (or the equivalent in your currency); Bank transfer is 100 USD (or the equivalent) and credit/debit card is 100 USD (or the equivalent).  Withdrawals below this amount incur a 10 USD fee.  Withdrawals are processed in 1-3 days, which is about average. 

Plus500 will charge a Currency Conversion Fee for all trades on instruments denominated in a currency different from the currency of your account.  The Currency Conversion Fee is up to 0.7% of the trade’s realised net profit and loss.

Fees at Plus 500

Inactivity Fee

Plus500 charges an inactivity fee of 10 USD per month after 3 consecutive months of dormancy.

Bonus Structure

Plus 500 currently only offers bonuses only under its Plus500SEY and Plus500SG regulators.

Plus500 for Beginners

Plus500 offers very little in the way of educational and market analysis materials, making it a poor choice for beginner traders. 

Education

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Low
High
Medium

Educational materials include a set of videos covering topics such as ‘What is CFD Trading,’ ‘Slippage When opening a Position,’ and more.  It also provides a set of ‘how-to’ videos to learn more about online trading with Plus500’s platform.  All videos are accompanied by an article on the respective topic.

Plus500 Educational Materials

Market Analysis

Plus500 offers a better selection of market analysis materials written by an in-house research team.  These include a News and Market Insights blog and an Economic Calendar.  The Market News is updated daily, providing traders with good insight into various market events. 

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS

Customer Support

Plus500 offers 24/7 customer support via email, online chat, and WhatsApp message in 31 different languages. This is a much higher level of service than is commonly available.

The only way customer support could be improved is by offering phone support for more complex queries and troubleshooting. For the purposes of this review, we found the customer service polite, responsive, and knowledgeable. 

Trading Platform

Unlike most CFD providers, Plus500 only offers its proprietary trading platform. This could be a concern as most similar providers also offer MetaTrader 4 or 5 in conjunction with any first-party software.

The Plus500 platform is web-based and appeals to traders who want to avoid the complexity of third-party platforms.  The platform looks fantastic, is very easy to use, and has a solid reputation in the trading community. Exceptionally, it is available in over 30 languages.

The platform is not customisable, and traders who are used to setting up their own charts over a bespoke workspace will be disappointed.

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Broker
Platform Choice
Copy Trading
Platforms
111104/ 5
Plus500
11110.54.5/ 5
CMCmarkets
11110.54.5/ 5

Trading Tools

Plus500 offers a few basic trading tools within the platform.

You can set automated price and percentage alerts that will inform you when a certain price has been reached or when a price has increased or decreased by a chosen percentage.

You can also view trader sentiment and set alerts to inform you when a predefined percentage of traders are buying or selling an instrument.

All of these alerts can also be sent via email and SMS.

**This is only illustrative of what you can expect of the Plus500 platform. No actual.**

Mobile Apps

Plus500 mobile apps are free for Windows, Android, and IOS. They offer all of the features of the web and downloaded version of the trading suite, and make a convenient on-the-go trading solution.

**This is only illustrative of what you can expect of the Plus500 platform. No actual.**

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Plus500 offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Plus500 Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Plus500 would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

Plus500 is a leading brand in the CFD trading industry and has a loyal following of traders. With a strong focus on making the trading platform easy to understand, the Plus500 platform appeals to traders who find third-party applications too complex. It also provides good trading conditions, but a very limited account choice.  Furthermore, the education and market analysis sections are lacking and need further development.

AlertAccepts South African Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 30:1. Islamic account available. Only Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS.All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.09/ 5
ZAR 1500
Market Maker
Commodities
Cryptocurrencies
Forex
Indicies
Equities
Vanilla Options
ETFs
70+
9
  • Well regulated
  • Wide range of assets
  • Limited education
  • Limited account options
111115/ 5
111003/ 5
111104/ 5
11110.54.5/ 5
1110.503.5/ 5
11110.54.5/ 5
11110.54.5/ 5
76.4% of retail investor accounts lose money when trading CFDs with this provider
30:1
0 pips
Standard
Plus500
Bank Transfer
Visa
Mastercard
Skrill
Paypal
Fees Included in Spread
11110.54.69/ 5
USD 5
Market Maker
Cryptocurrencies
Forex
Indicies
Metals
Equities
Bonds
WTIs
330
12
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
  • No swap-free account option
111115/ 5
111115/ 5
11110.54.5/ 5
111104/ 5
111115/ 5
111115/ 5
111104/ 5
76% of retail investor accounts lose money when trading CFDs with this provider
500:1
0.70 pips
CFD Account
CMCmarkets
Bank Transfer
Visa
Mastercard
Paypal
BPay
POLi
Fees Included in Spread
11110.54.07/ 5
USD 100
Market Maker NDD
Forex
Equities
Cryptocurrencies
Commodities
40
4
  • Great platform choice
  • Excellent education
  • Limited demo account
  • No swap-free account option
  • Extreme leverage
111104/ 5
11110.54.5/ 5
11110.54.5/ 5
11110.54.5/ 5
110.5002.5/ 5
111104/ 5
111104/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
500:1
0 pips
Raw
Standard
Visa
POLi
Bank Transfer
BPay
Skrill
Neteller
Unionpay
7 USD / lot
Visit Broker
AlertMost retail CFD accounts lose money. Your capital is at risk.

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