Plus500 Forex Review 2022 | Broker Breakdown for All Traders
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Plus500 Broker Review

Review By: Alan Little
Review Updated: 2021-02-15
Pluse 500 Broker Review
4
Rating
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CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE. 79% 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.

Overall Ratings
4
Plus500 Fees
5
Trading Platforms
4
Mobile Trading App
4
Market Research
4
Customer Service
3

Plus500 broker features

Feature Plus500
Minimum deposit: £100/$100
Withdrawal fee amount: None
Inactivity fee charged (Y/N): Y
Max leverage: 1:100
Spread from: 0.7 pips
Number of instruments: 2,000+
Year founded: 2008
Time to open account: 1-2 business days
Demo account provided (Y/N): Y
Countries of regulation: Cyprus, UK, Singapore, Seychelles, Australia, Estonia, New Zealand, South Africa
Products offered:

Plus500 pros and cons

Pros
  • User-friendly platform
  • Tight trading spreads
  • Good choice of crypto CFDs
  • Advanced Risk Management Tools
  • Regulatory framework
  • 24/7 help-desk support
  • CFDs on over 2000 instruments
Cons
  • Certain trading strategies not supported
  • Limited research and analysis
  • Lack of telephone based customer services
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Review Sections:

Who are FXTM?

Plus500 Broker In-depth Review & Comparison

Plus500 Broker Review | We Compare Brokers

We conducted our Plus500 broker review to look at the background of the broker and the broker platform trading tools. We compared Plus500 using our multi-pointed approach to look at trading styles, markets, trading tools, trader charts how the Plus500 fees compared to other stock trading, CFD and forex brokers.

Plus500 is a leading provider of CFD trading. They only offer CFDS not the instruments themselves.  The whole operation is highly automated with the associated savings meaning the firm can offer tight spreads executable through a high-quality trading platform.

Concentrating on CFD instruments, it offers over 2,000 markets including, stocks, indices, forex, ETFs, options, crypto and commodities.  It is available in over 50 countries, has over one million users worldwide and offers trading services in over 32 languages.  This success has been driven by offering traders a user-friendly trading environment backed up by a strong regulatory framework.

Plus500’s willingness to invest in technology and innovation means traders can enjoy the very user-friendly experience.  There is everything that you’d expect to find and a few added extras as well.

Plus500 Broker Review| Broker Markets | We Compare Brokers
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Plus500 Fees

5
Rating

As with other brokers that consider their pricing to be a strong selling point, Plus500 offers a transparent breakdown of trading costs.

There are direct commissions relating to the execution and instead, the platform sources its revenue through the spreads it provides.  These spreads can still be as tight as 2 pips which compares well to other brokers in the sector.

Plus500 Broker Review | Broker Fees | We Compare Brokers
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As with other brokers, there are Overnight Funding fees – the cost of holding a position and some online comments referred to these not being the most competitive in the market.

As is standard practice, guaranteed stop-losses cost more than the regular version and there is an inactivity fee of $10 should an account be inactive for 3 months or more.  This fee can be avoided simply by logging on to the account as this is considered by Plus500 sufficient to demonstrate ‘being active’.

Plus500 Broker Forex Review | We Compare Brokers
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*Figures as of  2nd Feb 2019

As no broker can be, or even aims to offer the lowest rates across all markets.  Accordingly, any cost comparison is best carried out once traders have established what markets they will operate in.  A sign of Plus500s confidence in their product is that a table of bid/offer spreads across popular markets is offered on their home page.  This schematic offers a convenient means to check the spreads on a range of markets and in particular the forex markets where Plus500 have a reputation for competitive pricing.

Trading Platforms

4
Rating

CFD trading is offered in over 2,000 financial markets.  Whilst some other brokers offer a greater number of markets than this, it is a range of instruments that is likely to be sufficient for most.  Digging a little deeper into the details gives an indication of what is on offer.  There are for example, 13 Crypto markets to trade which compares well with the peer group. Options trading is available in markets ranging from single German equities, through commodities and on to Italian market indices.

Plus500 Broker Review | Broker Tools Review | We Compare Brokers
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Mobile Trading App

4
Rating

The Plus500 mobile app is available for iOS and Android devices and also for Windows phones. There is also the facility to add the app to your Apple Watch.

The mobile platform includes all the same tools and functionality that the desktop WebTrader platform has, allowing access to all 2,000+ instruments plus all account details, orders, charting and those all-important 100+ technical indicators. It’s also easy to set alerts and withdraw and deposit funds via mobile apps. The mobile app will automatically use the language that your mobile operating system is set to.

Plus500 Broker Review | Mobile App Review | We Compare Brokers
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The app layout is clear and intuitive, and charts can easily be expanded to full screen. The simplicity of the WebTrader platform carries over to the mobile platform where it is, of course, even more desirable to have a clean, simple interface, due to the inherent issues of accessing quite complex information on a small screen. The mobile apps did not have any integrated extra layers of security, such as remote log-out options or fingerprint security. This is always a concern with mobile apps, especially since these apps provide direct access to active trading accounts.

Market Research

4
Rating

Plus500 do not offer much in the way of research or learning.

There is a news/event calendar that can be filtered by Economic/Events and Expected Impact and whilst this is a usual tool the lack of in-house research has to be noted.  Plus500 would likely refer critics to the free research that is available elsewhere, and maybe suggest that operating as a no-frills broker is what allows them to invest in their platform and keep spreads tight.

Plus500 Broker Review | Research and Learning | We Compare Brokers
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The main dashboard also has a Notification Centre window that highlights notable news events as they occur.

Plus500 Broker Review | Broker News | We Compare Brokers
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The platform is exceptionally straightforward to use.  This can partly explain the lack of ‘How to use…’ style webinars or written materials embedded in the platform. The Plus500 YouTube channel does host some high level videos but it is a limited offering.

Plus500 Broker Review | YouTube Tutorials | We Compare Brokers
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Customer Service

3
Rating

Plus 500 provide 24/7 customer support through their Live Chat service.  Whilst email is available as an alternative means of communication it’s use is of course associated with longer response times than those of the chat service.

There is no telephone based support offered.

Customer support professionals seem well-trained and helpful, and the company also runs active social media accounts, providing other channels to reach them and a certain amount of public accountability.

In addition, there is also a lot of information available on the website, with clear explanations of the different trading instruments, tools and fees, plus an extensive and searchable FAQ section that covers a wide range of topics and answers the most common questions clients are likely to ask.

Address: lus500UK Ltd, 8 Angel Court, Copthall Avenue, London EC2R 7HJ. 169-171 Arch. Makarios III Avenue, Cedars Oasis Tower, Floor 1, 3027, Limassol, Cyprus Menachem Begin 125 Tel Aviv, Israel

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