- Some of the lowest spreads in the industry
- Over 2000 CFD trading instruments
- Funds protected in the UK by FCA
- Not many tutorials
- Only for CFD trading
- No MetaTrader
Plus500 is one of the most well established CFD trading platforms on the market and allows you to trade Contracts For Difference (CFDs) on more than 2000 underlying instruments such as forex, stocks, commodities, options and indices.
Although it does not offer Binary Options, its focus on CFDs is definitely its strength and it arguably does CFD trading better than any other platform out there.
Plus500 also has some of the lowest spreads in the industry and no commissions.
Although there is only a desktop app for Windows, the web version looks great on Macs and is very responsive.
In this review, we take a closer look at CFD trading with Plus500.
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Please note in the interests of transparency, MacHow2 may receive compensation on any sales of products reviewed
Not Available In The USA
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. You should consider whether you can afford to take the high risk of losing your money. Plus500UK Ltd is authorized & regulated by the FCA (#509909).
|Deposit/Withdrawal via Bank Transfer|
|Deposit/Withdrawal via Credit Card|
|Deposit/Withdrawal via PayPal or Skrill|
|Withdrawal Time||3-7 business days depending on method|
|Inactivity Fee||Only after 3 months with no log-in|
|Fund Protection||Up to £50,000 in UK (FCA)|
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Is Plus500 Safe?
The main concern many people have before transferring their money over to any kind of trading platform is whether it’s safe and reliable or whether it’s a scam.
The truth is there are very few “scam” trading platforms out there although there are certainly some that are regulated in fewer countries and take longer to withdraw profits than others.
Plus500 has been around since 2008 and is a one of the most reputable trading platform out there.
Plus500 is listed on the London stock exchange, discloses its financial results and is regulated by several top-tier financial authorities in different countries.
THE HQ of Plus500 is based in Israel although in the UK, the trading platform is offered by Plus500UK Ltd based in the City of London.
This means it is fully authorized and regulated by the Financial Conduct Authority (FCA) and it is also regulated worldwide by other authorities depending on where traders are based.
Plus500 is not only registered with the FCA but also CySEC, ASIC, FSCA, FMA, MAS and the ISA. This covers the UK, Cyprus, Australia, New Zealand, Singapore, South Africa and Israel.
In the UK, there is the additional guarantee that if Plus500 went bankrupt, funds of up to £50,000 may be protected under the Financial Services Compensation Scheme (FSCS).
The company is also required by the FCA in the UK to ensure that customer funds are not mixed with corporate funds in order to protect the money of clients.
At the time of writing, Plus500 has clients in more than 50 countries around the world and it’s safe to say that Plus500 is a legitimate and reputable trading platform.
The Plus500 WebTrader interface is clean, slick and well suited to macOS.
It allows you to create watchlists, analyze charts and of course, place and monitor trades.
There are 100 different technical analysis indicators and tools although Plus500 does not offer MetaTrader (MT4) for more in-depth tracking.
There are however other ways to use MT4 on Mac which we recommend over using a broker solution anyway.
You can trade CFDs on over 2000 different instruments, place trades and analyze them all on one screen.
There is a mobile application for both iOS and Android which allows you to place trades and chart market movements.
The Android app has been downloaded over 5 million times according to the Google Play store with an average rating of 4.1 out of 5.
It can be activated by fingerprint recognition for extra security on your account.
There aren’t many educational resources with Plus500 compared to platforms like IQ Option which offers far more videos and tutorials about the basics of trading.
However, Plus500 is aimed more at those that understand the added complexities of CFDs and assumes that most users will understand the basics.
This is also probably why Plus500 does not feature any of the “CopyTrader” gimmicks like you get with eToro or indeed, any kind of “social trading” features.
Plus500 caters for more professional and experienced traders or at least, those that aren’t interested in trading with others and just want to focus on the essentials of CFD trading.
There is no automated or algorithmic trading offered in Plus500 either so it’s very much down to your own skills whether you make profitable trades or not.
Plus500 is available in more than 60 countries and 32 different languages regardless of location.
Can You Make Money on Plus500?
This is an impossible question to answer for any trading platform because the truth is it all depends on your skills as a trader. It is no harder or easier to make money on Plus500 than any other CFD trading platform, it all depends on your ability as a trader.
What Is The Minimum Deposit on Plus500?
The minimum deposit on Plus500 is $100.
How Do I Withdraw Money From Plus500?
You can choose to withdraw money for free 5 times per month after which there is a $10 withdrawal fee.
You can withdraw funds from Plus500 via:
- Credit Card
- PayPal or Skrill
- Bank Wire Transfer
How Long Does It Take To Withdraw Money From Plus500?
Once your account is approved, it should take between 3-7 days to withdraw funds from Plus500 depending on which withdrawal method you choose.
Customer Support & Protection
Plus500 puts limits in place that ensures clients cannot lose more than they have put into their account. You can also place stop losses on some instruments but you will have to pay a wider spread.
There is no phone support with Plus500 but there is fast and efficient online support either via tickets or live chat.
Daytraders should be aware that if you intend to “scalp” trades, your Plus500 account may be blocked if a significant portion of your trades are opened and closed within 2 minutes.
Therefore, Plus500 is not a good option for those traders that plan on scalping.
Plus500 allows you to trade with a free demo account until you are comfortable trading.