Plus500 Broker Review | Is This A Good Broker or Overrated?
Jack Moreau
Feb 2024
7 min read
Fact checked
Are you looking for a trustworthy trading platform and wondering how Plus500 stacks up against its competitors? Look no further as we have thoroughly researched and analyzed Plus500's strengths and weaknesses. Our review provides all the essential information you need to make an informed decision. Whether you're a seasoned trader or a newcomer to the world of online trading, our unbiased review of Plus500 will help you determine if it's the right choice for you.
Plus500 is a popular online trading platform that has been providing users with access to a range of financial instruments since 2008. The platform is registered in England and Wales and has a large team of over 500 employees. Plus500 is available in over 50 countries around the world and has over 20 million registered users
Plus500 broker
Plus500 brokerOne of the key features of Plus500 is its focus on offering a wide range of CFDs (contracts for difference). These CFDs allow users to speculate on the price movements of various financial instruments, including cryptocurrencies, forex, and commodities, without having to actually buy and own the underlying asset.
This can be a convenient way for users to gain exposure to a range of financial markets without having to worry about the logistics of owning and storing physical assets. In terms of cryptocurrency trading, Plus500 currently offers users the ability to trade 17 different cryptocurrency CFDs.
This includes popular coins like Bitcoin and Ethereum and lesser-known coins such as Chainlink and Polkadot.Plus500's trading platform allows users to easily execute trades and monitor their investments. Plus500 is a great option for users who are interested in shorting or longing a wide range of financial instruments.
Plus500 KYC requirements
Before you can dive into the exciting world of trading CFDs, you'll need to complete Pluss500's KYC verification process. But don't worry, the signup process is quick and easy, and you can get started on your KYC at any time after signing up.
Plus500 KYC process
Plus500 KYC processTo complete the verification, you'll need to provide basic information about your country of residence, address, and a valid ID. But that's not all - Plus500 wants to make sure their customers understand the fundamentals of trading, so they'll ask you over 10 questions to test your knowledge. Once you're all set up and verified you can deposit fiat currencies free of charge and open your first position.
Plus500 Products & Services
Are you looking for a platform that grants you access to a huge range of CFDs across various asset classes? Plus500 may just be the platform you are looking for. With over 2800+ CFDs available for trading shares, cryptocurrencies, forex, commodities, ETFs, and more, you'll never run out of options to invest in.
Plus500 even offers demo accounts for new users who want to learn the ropes without risking their hard-earned money. However, it's worth noting that the user experience on Plus500 is not the greatest. The platform looks like it hasn't been updated since the early 90s, which may be a turnoff for some users.
Plus500 trading
But if you're simply looking to access a wide range of CFDs, Plus500 gets the job done.When it comes to leverage, Plus500 offers a range of options depending on the financial instrument and whether you're a retail or professional user. For retail users, the max leverage ranges from 2X for cryptocurrencies to 30X for forex. Professional users on the other hand can enjoy max leverage of up to 20X for crypto and a whopping 300X for forex.
If you're looking to purchase CFDs for cryptocurrencies, Plus500 offers a variety of ways for users to deposit funds. You can use your credit or debit card, PayPal, or bank transfer to deposit funds into your Plus500 account. And the best part? There are no deposit fees, no matter which method you choose. So you can easily start trading and investing in cryptocurrencies without having to worry about additional costs. Overall, if you're looking to trade CFDs on crypto, Plus500 might be a great option for you!
Plus500 does not charge any fees for deposits or for opening or closing trades. Instead, they charge a fee through the buy/sell spread of 0.7%. Additionally, they charge a Currency Conversion Fee for all trades on instruments denominated in a currency different from that of the user's account. Inactivity fees are also charged at $10 per month if a user does not log into their account for a period of at least three months.
Plus500 Deposit Methods
If you're looking to trade with fiat currency, Plus500 has got you covered. They offer support for major fiat currencies such as USD, GBP, and EUR, which can be deposited through credit or debit cards, PayPal, or bank transfer. And the best part? All fiat deposits are completely free of charge for users.Whether you're a seasoned trader or just starting out, Plus500 makes it easy to get started with their user-friendly platform and a wide range of trading options. So why wait? Sign up today and start trading with one of the best in the business.
Plus500 deposit methods
How to withdraw from Plus500?
If you're looking to withdraw fiat currency from your Plus500 account, you're in luck! They don't charge any fees for it. However, it's important to note that Plus500 operates differently from other exchanges, as they don't actually allow users to buy and sell cryptocurrencies directly. Instead, they offer contracts for difference (CFDs) that merely track the price of certain assets. That means cryptocurrency withdrawals aren't possible on the platform. But if you're looking to withdraw fiat currency, you're good to go with a fee-free withdrawal.
Is Plus500 Safe?
If you're looking for a trading platform with top-notch security features, Plus500 is definitely one to consider. With over a decade of experience under their belt, Plus500 has never been hacked, giving their users peace of mind when it comes to the safety of their assets.
Plus500 is authorized and regulated by several financial authorities, including the Cyprus Securities and Exchange Commission, the Financial Conduct Authority in the UK, ASIC in Australia, the FMA in New Zealand, the FSCA in South Africa, the Seychelles Financial Services Authority, the Estonian Financial Supervision and Resolution Authority, the Monetary Authority of Singapore, and the Dubai Financial Services Authority.
These licenses ensure that Plus500 adheres to strict regulatory standards and provides a secure trading environment for its clients.
In conclusion, Plus500 is a comprehensive online trading platform that caters to the needs of both novice and seasoned traders. With over 20 million registered users and availability in more than 50 countries, it is undoubtedly one of the most popular trading brokers out there.
Plus500 is known for its wide range of CFD options, including cryptocurrencies, forex, commodities, ETFs, and more. The platform offers users the ability to trade 17 different cryptocurrency CFDs. Moreover, Plus500's fiat deposit options for USD, GBP and EUR include credit/debit cards, PayPal, and bank transfers, all without any additional fees.
Plus500 doesn't charge any fees for withdrawals of fiat currencies either. The platform is fully licensed and regulated by prominent bodies such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia, adhering to strict standards for customer protection and transparency.
While the platform's interface may appear outdated to some, it more than makes up for it with its extensive range of CFDs and security features. And if you're looking to get started with trading, Plus500's KYC verification process is quick and easy.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
