Plus500 is one of the most popular trading platforms for new and professional traders, and this article is your ultimate Plus500 review. If you’ve already read some articles of this blog, you know there is a variety of brokers. It’s hard to accept we need to trust our hard-earned money with them, so that is why we must pick them wisely.

Plus500 is a well-known online trading platform that provides traders with access to CFDs and forex trading.

I wrote this article to put your mind at ease once and for all – it consists of a review of the Plus500 Webtrader Platform and their trading alternatives. By the end, you’ll be closer to knowing if Plus500 is the right broker for your needs.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Plus500 Pros

Account opening

With only a few exceptions, Plus500 accepts customers of most countries. Their platform offers a single live account type, with a fast account opening process that does not take more than a day.

To start trading with real money, you only need to submit a proof of identity and a proof of residence. For extra protection, you should also verify your phone and email address.

Accessibility

The interface of the Plus500 Webtrader Platform itself is intuitive and straightforward.

Plus500 has versions of the platform for both desktop and mobile, which makes trading accessible for you, even if a computer is not available.

It’s recognised, and FCA approved

The interface of the Plus500 Webtrader Platform itself is intuitive and straightforward.

Plus500 has versions of the platform for both desktop and mobile, which makes trading accessible for you, even if a computer is not available.

Low trading fees

I can tell you that Plus500 trading fees are the lowest I’ve seen on the market. Apparently, everything is included in the difference between the ask and the bid prices (the spread).

This is good for those who will trade a lot, making it their full-time job and implementing the tips I gave in the article about how mums can make money online.

Deposit and withdrawal

Both deposits and withdrawals in the Plus500 platform are excellent. You can literally open your account in dozens of base currencies, and use the many options to deposit your money, such as bank transfer, credit and debit card, Skrill, and PayPal.

The best thing about the deposit is that it is free of charges. The minimum deposit is $100 for debit and credit cards and electronic wallets, while $500 for bank transfers – which makes sense since my advice for going all-in as a full-time trader is to have at least £10,000 to start off. The only downside in Plus500’s deposit is that you can only deposit money from sources which are on your name.

Concerning Plus500 withdrawal, I think it’s amazing that they offer 5 free withdrawals per month – unlike many other trading platforms such as eToro, which charges $25 per withdrawal. Beyond the 5 free, each extra withdrawal costs $10.

The minimum withdrawal for Plus500 traders is $100 for bank transfer and credit/debit cards and $50 for Paypal.

Plus500 demo account review

As I always say, demo accounts are the best! If you’re just starting out in trading, Plus500 offers a demo account. It’s free of charges, and they give you some play money for you to practice trading while learning from other sources!

By starting with Plus500 demo account, you’ll be able to get used to the interface while practising trading. When you’re ready to switch to a real account, read this article for some tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Trading instruments

Probably the best thing about Plus500 is that they offer more 2000 trading instruments for your portfolio. You can find the entire list of the different types of markets you can trade in Plus500 in this link. Among them are indexes (e.g. NASDAQ, FTSE100 or DACH), individual stocks (e.g. Tesla and Apple), and Crypto (e.g. Bitcoin and Litecoin).

These are the most important instruments offered by Plus500:

If you were looking for a broker to trade cryptocurrencies, you found it! They have a wide range of cryptocurrencies available, some of them are specified in this image:

The thing is, these over 2000 instruments are CFDs, which is a lousy deal for beginner traders. I’ll explain better why CFDs are a con for beginners in the next section.

Guaranteed Stop

Plus500 offers a lovely risk-protection feature that is perfect for keeping your money safe in several trading alternatives – that is the guaranteed stop.

The guaranteed stop features extra useful resources such as stop losses, stop limits, and trailing stops. It is a must-have for CDF trades since they are riskier than other kinds of markets.

Customer Service

Plus500’s customer support impressed me. Although they don’t have a customer service telephone number, let’s face it, we all hate to wait on the phone. Instead, they offer email support, Whatsapp contact, and online chat 24/7.

All the options are quick and reliable – the chat response time is of a few minutes, and the email response time is close to one hour. Some questions redirect the customers to the answer in a FAQ page, but getting in touch with a fellow human is really easy if you couldn’t solve your problem with the information on the page.

After the service, you can rate it as a way to give some feedback as a Plus500 review.

Plus500 Cons

Limited markets

Beginners, beware! As I said before, Plus500 has over 2000 trading instruments. That’s pretty good. However, all these trading instruments are CFDs.

Plus500 is considered a CFD and forex broker. CFD means “contract for difference”, and it is a high-risk market with complex instruments that can take you to lose money very fast due to leverage.

Practice a lot with Plu500 demo account before actually trading money on CDFs. Here are some tips to trade in this type of market.

I recommend only experienced traders to trade CFDs. The reason is that, to trade in the profitable market of CFDs, you need to understand very well how they work and whether you can afford to lose the money.

Education

The same way you don’t apply eyeliner if you don’t know how to do it, you don’t trade if you don’t know how to do it.

Unlike many brokers, Plus500 doesn’t provide courses, e-books, videos, quizzes, etc. We need to learn by ourselves. This is a con for Plus500, but it won’t affect us, right ladies? We already have an entire page dedicated to resources for traders.

If Plus500 expects us to know what we’re doing, we should know what we are doing before trading with them! But nothing stops us from practising with their demo account.

Minimal research tools

Plus500 is very weak when it comes to analysis, research, commentary, and research tools in general. They do not provide any analyst recommendations nor fundamental data, and the news flow is low-quality.

Apparently, Plus500 doesn’t invest in the education of the traders, providing little in-house research articles or videos. We need to search for this information elsewhere.

High inactivity fee

Their trading fees are the best, but the non-trading ones are not as good. The inactivity fee, for example, is high. After 3 months of inactivity, you’ll start paying a $10 quarterly fee.

High financing rates

Usually, brokers charge a financing rate if you hold a leveraged position for more than one day. Plus500’s yearly financing rates don’t have a transparent calculation method, and they are normally high.

Besides that, they change the rates anytime without your consent. This is a con, especially for traders who hold positions for longer. One of the big downsides of this Plus500 review.

Special features

Yeah, I love to be spoiled and treated as someone very special – but, who doesn’t, am I right?

The thing is, Plus500 does not do that to me, and I consider it as a con. Many other brokers provide back-testing functionality and allow traders to connect the platforms to other software to automatize their trades via expert advisors or different trading algorithms. Plus500 doesn’t allow any of those things.

They provide their own, streamlined WebTrader platform, and the trading apps for iOS and Android devices. If you don’t want or need advanced functionality, this might not be a con for you.

Plus500 Review

I hope this sheds some light on whether you should choose Plus500 or not.

It will always depend on your personality type and on your goals.

These are the pros and cons of the Plus500 platform on a chart:

Plus500
Plus 500 ProsPlus 500 Cons
●      Account opening;

●      Accessibility;

●      It’s recognised, and FCA approved;

●      Low trading fees;

●      Deposit and withdrawal;

●      Demo account;

●      Trading instruments;

●      Guaranteed Stop;

●      Customer Service.

 

●      Limited markets;

●      Education;

●      Minimal research tools;

●      High inactivity fee;

●      High financing rates;

●      Special features.

 

 

If you’re ready, you can join Plus500 here with a real trading or a demo account.

Weigh what is essential for you as a trader and choose wisely! 

Let me know in the comment section below whether you enjoyed this Plus500 review.

Also, if you have experience trading with them, let us know!

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