Plus500 Review 2021 – Try Free Demo Trading

By | June 17, 2021

In this Plus500 Review, we’re going to cover all the good and bad about the broker. Along with it, we will be covering its services offered and account opening procedure.

What is Plus500?

Plus500 review

It is a regulated online broker founded in Israel in 2008. The company is listed on London Exchange and is the number one stockbroker in the U.K. 

Its lifelong demo account offer makes it more popular among traders. It is regulated by the UK’s authority FCA and Australian authority ASIC. 

Disclaimer: 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. It would help if you considered whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Account Opening:

Opening an account with Plus500 is an easy and fully digital process.

You can open your account in just a single day. However, US and Canada’s residents can’t open accounts with Plus500. 

What is the minimum deposit?

The Plus500 minimum deposit is $100 for debit/credit cards and electronic wallets and $300 for bank transfers.

Account Types: Plus500 offers two types of accounts Retail account and Professional account. One can switch to a professional account only when 2 of these three requirements are met:

  • Sufficient trading activity in the last 12 months
  • Financial instrument portfolio over €500,000 
  • Relevant experience in the financial services sector 

Fees :

Plus500 Fees

Plus500 fee snapshot

AssetsFee terms
S&P 500 CFDThe fees are built into the spread; 0.5 points are the average
spread cost during peak trading hours.
Europe 50 CFDThe fees are built into the spread; 2 points are the average
spread cost during peak trading hours.
EURUSDThe fees are built into the spread; 0.7 pips are the average
spread cost during peak trading hours.
Inactivity fee$10 per month after 3 months of inactivity. Inactivity means
that you don’t log in to your account.

The leverage used by Plus500 for fees is :

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

It charges high inactivity fees of $10 per quarter after being inactive for 3 months. After that, you have to log in regularly to keep your account active. 

Deposit and Withdrawal:

Deposit and withdrawal services are good. You can easily deposit or withdraw via bank or debit/credit card or through eWallet. The first five withdrawals of the month are free from charges. After this, the withdrawal fee is $10/transaction.

Plus500 is available in many currencies; some are USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK, and SGD. The base currency depends on the entity from which you made up your account. 

Plus500 Trading Platform

Plus500 platforms are easy to use and are beginner-friendly. It supports two types of platforms, i.e., Mobile and web trading platforms. Web trading platforms are available in many kinds of languages. Those are : 

Arabic, Bulgarian, Chinese, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, German, Hebrew, Hungarian, Icelandic, Italian, Lithuanian, Malay, Maltese, Polish, Portuguese, Romanian, Russian, Slovakian, Slovenian, Spanish, Swedish, Traditional Chinese, Turkish.

Plus500 mobile app is as good as a web platform. It is also well designed and user-friendly. Mobile apps are available for Android, iOS, and Microsoft.

Plus500 provides two step login and  biometric authentication, which makes it safe to use.

Market and Products :

You can only trade CFDs at Plus500

Plus500 product selection

Currency pairs (#)70
Stock index CFDs (#)26
Stock CFDs (#)1900
ETF CFDs (#)95
Commodity CFDs (#)25
Cryptos (#)14

Is Plus500 safe?

Big financial institutes regulate Plus500. It has a customer protection scheme depending upon the location of the customer’s residence. 

Plus500 investor protection 

Client countryInvestor protection amountRegulatorLegal entity
EEA countries (EU, Switzerland, Norway)€20,000Authorized and regulated by the Cyprus Securities and Exchange Commission (#250/14)Plus500CY Ltd
Australia, New Zealand and South AfricaNo protectionLicensed by the ASIC (AFSL #417727), Financial Markets Authority (FSP #486026), and FSCA (FSP #47546)Plus500AU Pty Ltd
SingaporeNo protectionLicensed by the Monetary Authority of Singapore (#CMS100648-1) and the IE Singapore (#PLUS/CBL/2018)Plus500SG Pte Ltd
UK£85,000Authorized and regulated by the Financial Conduct Authority (#509909)Plus500UK Ltd
All other clientsNo protectionAuthorized & regulated by the Seychelles Financial Services Authority (#SD039)Plus500SEY Ltd

Pros/Cons

ProsCons
Easy to use platformOnly CFDs available
Quick and helpful customer serviceLimited educational data
First five withdrawals are free of charge Inactivity fee
No deposit fees Limited customizability 
24/7 availabilityDoes not hold a banking license 

The Verdict:

Plus500 is a good CFD broker. It is beneficial for those who are ready to take risks. 

As mentioned earlier, CFDs are highly complex instruments, with 75% of traders being at a loss while trading the same. However, customers are protected under the protection scheme. Hence, before investing must check that you come under the system or not. 

It provides a free demo account for a lifetime, no minimum investment, no withdrawal fee, an inactivity fee kicks after 3 months. So you can definitely give it a try.


FAQs

Can I renew my demo account?

Demo accounts last for 30 days after sign up. Afterward, you will not be able to log in using the demo account credentials. Demo renewals are not available at this time. 

What is the minimum amount required to open an account?

The initial min. amount required to open an account is $100

What time do "Day" orders expire in my DMA Account?

Most of the day, orders placed in currency pairs expire at 5 P.M EST. However, New Zealand Dollar (NZD) will expire at 3 pm EST.

Plus500 Review

8.4

Flexibility

7.0/10

Fees

8.5/10

Trading Platform

9.0/10

Products

9.0/10

Cons

  • Only CFDs available
  • Inactivity fee
  • Limited educational data
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