Plus500 is suitable for experienced traders who seek a platform that is easy to use. Users get to enjoy an excellent user experience and highly-competitive spreads from a company that is listed on the London Stock Exchange on the AIM Market Segment.
Plus500 is a broker that deals exclusively in CFDs. These are high-risk products that have appropriate leverage. Accordingly, you should know that your capital will be at risk when trading in CFDs.
Though listed on the London Stock Exchange, Plus500 is a company registered in Israel. It has two subsidiaries, Plus500UK Ltd (regulated by the FCA) and Plus500CY Ltd (regulated by Cysec). Your protection as an investor will depend on where you reside as this will determine which Plus500 subsidiary will be at your service.
Who Can Access Plus500 Services ?
Citizens across all of Europe can open a Plus500 account. Customers from South Africa, Australia, New Zealand and the Middle East are also served through subsidiary firms. US citizens, however, cannot trade on the platform.
Types of Accounts Available
Plus500 provides a free demo account for every customer. This offers new clients an excellent way to get acquainted with the Plus500 platform before they can decide to put their money into it. One can easily grasp all the key points around online trading without risking any capital.
The other account option available on the Plus500 platform is a live account type. The account only serves individuals though, meaning there is no provision for corporate accounts.
A minimum deposit of €100 is accepted on most funding methods, rising to €500 when using bank transfers. The platform supports a wide range of currencies. The leverage for forex trading accounts is a maximum of 1:300. Be advised, though, that elevated leverage can have either a positive or negative outcome.
Withdrawals and Deposits
Money transfers when withdrawing or depositing are easy and straightforward. The options available to you are; PayPal, Skrill, credit card payment and bank transfer.
With bank transfers, the money is wired to a Barclays Bank account in the UK. Regardless of the method you choose, you will be required to prove your identity.
Plus500 does not accept payments from third parties.
Withdrawals are acceptable to the same channels that deposit funds into the account, be it Skrill, PayPal, bank or credit transfers. They are also free up to the fifth withdrawal per month. Beyond this, you will be charged €10 per transaction for any extra withdrawal.
There are also minimum amounts that one can withdraw. For PayPal, the minimum is set at €50 while for credit card and bank transfers, it is set at €100.
Plus500 deals exclusively in CFDs. What this means is that when you take up the “cryptos” or “shares” option on the platform, what you are actually purchasing are CFDs on the cryptocurrency or stock. Thus, if you buy some Bitcoin on the Plus500 platform, you will hold Bitcoin CFDs and not actual Bitcoins. Even though Plus500 only offers CFDs, you will have numerous options in this product range. These include;
As already mentioned, the Plus500 proprietary software is quite easy to use. It allows traders to have a hand in multiple markets by providing this information from one screen and with real time quotes on all products on offer.
The trading screen is all-inclusive and has tabs that are clearly labeled at the top to reveal details on past and current trading positions, plus the capabilities of multiple markets.
The software also provides for carting but charts appear only individually as it doesn’t provide for multiple graphs on one screen.
There are 3 versions of the Plus500 trading platform:
- The web-based version – This allows a trader to access their capital and trade from any laptop or desktop.
- The downloadable version – This can be copied and installed to one’s personal computer.
- The app version – Available for Windows, iOS and Android-based smartphones, you can use the app option to trade on the go on whatever platform you choose. The app is available on the Apple Smartwatch platform too.
For non-US traders, Plus500 is clearly an excellent choice to use. You will get to enjoy all the advantages of having a platform that offers trading capabilities across multiple assets. Additionally, as a new trader, you get to enjoy unlimited access to the demo account to polish up your trading skills. All these advantages can be availed to you in the machine platform you would most prefer; be it on your laptop, desktop, a mobile device or even the Apple Smartwatch.