|Licensing & Regulation|
|Brand & Functionality|
|Leverage||Depends on instrument traded (1:20 for Indices, 1:2 for Crypto Currencies). 1:300 leverage available for professional clients|
|Platforms||iOS App, Android App, Windows Phone App, Native Web-trader|
|Account Types||Demo, Individual, Professional.|
|Account Currency||USD, CHF, EUR, GBP|
|Customer Support||Live Chat, Email - 24/7. Multiple languages supported|
Plus500 is a London Stock Exchange listed company and is a contract for difference trading company (CFD) broker. Plus500 Ltd is based in Israel and operates through different subsidiaries which offices in the UK, Australia, Singapore and Cyprus. The company offers CFDs on options and indices, cryptocurrencies, innovative trading technology, ETFs and trading facilities for shares and commodities. As a regulated, all funds are kept in segregated accounts and discloses all financials as required under the regulatory authorities they hold licenses with.
As a company, it is focused on providing an innovative user experience with the latest technology and resources to ensure they have the tools in place to stay on top of the latest markets and trends. They work continually to develop new technology that puts them at the forefront of industry innovation with a goal of meeting the demands of a global marketplace.
Licensing & Regulation
Plus500, depending on the jurisdiction, operates under a number of different subsidiaries. While this may be confusing to some, the different company names relate only to the jurisdiction to which they are operating within as within each they are required to be licensed under the respective licensing body.
Plus500UK Ltd is authorised & regulated by the FCA (# 509909). The parent company is also licensed in Cyprus with the Cyprus Securities Exchange Commission and operate under the name Plus500CY Ltd, and in South Africa, New Zealand and Australia they are regulated by the Australian Securities & Investments Commission under the name Plus500 AU Pty Ltd. In Addition to those mentioned, Plus500 is licensed by the Monetary Authority of Singapore as Plus500SG Pte Ltd.
As a leading trading platform, Plus500 has made available multiple apps to meet the growing mobile trading community. This is especially important for traders who want access using their smartphones or other mobile devices. The advantage is that the apps are similar to the desktop version in so far as its appearance, layout and design functions, and for users, it means they can focus on trading instead of having to become accustomed to any differences between the two.
Those who prefer mobile access will find iOS, Android and Windows apps to be stable. The iOS app is compatible with Apple iWatch, iPad and iPhone, and it’s Android and Windows are compatible with a wide range of devices making mobile access convenient.
The app incorporates the same features such as chart tools, research features and industry news. Overall, Plus500 has done a solid job in creating a functional app that is easy to access, and just as easy to manage. It could be improved by adding extra functionality and some advanced tools, but for the most part, they are solidly designed, and most users will be pleased with what they find.
Brand & Functionality
The functionality of the site is one of its strong selling points, and while it faces stiff competition in a market that is under constant growth, Plus500 has earned a reasonably strong reputation for being honest and trustworthy. There are some reports on the web that suggest otherwise, but these are generally difficult to determine the validity of as some traders may have made bad trades or failed to follow the rules and regulations, therefore when considering the brands reputation, one has to rely on the experts based on a combination of factors that relate to the site and their overall history. In those case, Plus500 scores an average of 89 out of 100 in overall quality and trust.
Its functionality is equal to other trading platforms and while it could improve in some areas. Overall. Its functionality is excellent. This is especially so for new traders and even those more accustomed to caring out quick trades.
To begin the registration process, enter your email and creating a password. You have the option to create a demo account or real money account. For new investors, the demo account is recommended as it affords you the ability to practise demo trades until such time as you feel confident you understand how to trade correctly.
Registering a real money account requires you provide personal details relating to your name, address, country you reside, date of birth, phone number, and acceptance of the Plus500 terms and conditions
Once completed, you will be required to answer a series of questions. These relate to whether you have prior professional qualification in the trading industry, setting your deposit limits, your stop loss position, who is responsible for topping up your account and your economical profile.
Upon completion of the registration process, you will be directed to the “funds management” section where you can fund your account using one of the available deposit methods. It should be noted that the deposit methods available are country specific.
Plus500 has made the process of depositing simple and uncomplicated. To carry out a deposit requires you go to “Funds Management”, then click on “Deposits”. Once completed, simply follow the instructions and proceed with your deposit.
Depending on the country in which you reside, they deposit methods may be slightly different. This is due to regulations to some extent as not all methods are available in each country, and therefore Plus500 has put together deposit methods that are most popular within each jurisdiction that operate within.
It should be noted that prior to withdrawing, regulation requirements require proof of identity be submitted to Plus500. A Residence Verification (proof of address) document could be requested. This information will need to be submitted electronically directly using the Plus500 secure Funds Management system and can take up to 24 hours to be approved.
Plus500 offers a variety of products for trades. While the number of cryptocurrencies offered is less than some might like, those it does accepts trades for most major currencies including Bitcoin, Litecoin, Ethereum and Ripple, and it should be mentioned that all cryptocurrency trades will be carried out using the U.S dollar.
The commodities product range is extensive and covers everything from gold to heating oil, wheat, natural gas, coffee, cotton to name a few. The Share market is equally extensive with all major exchanges offered, as are the ETFs and options. All trading instruments are found under the navigation bar and is divided into categories to allow for efficient locating of products you are interested in trading. As an added feature, you can find extensive information about each instrument by looking under the details section.
The execution of trades is a relative easy process. You are given the option to buy or sell, and within those options you will be given the buy price and sell price as well as the most recent market change based on that of which you are selling/buying. As an added value, you have the ability to view additional information on recent trading activity, set the buy rate, set the close at profit and close at loss rate. Once you determine the amount you wish to buy or sell, you need only to confirm and your order will be processed.
As mentioned in the deposit process section, Plus500 includes a selection of methods to facilitate deposits. This includes most major credit cards, PayPal, Skrill and others such as wire or direct bank deposit payments. The easiest, for those who wish to trade quickly, is to deposit using a credit card. The process is painless, and approval of credit card transactions usually are completed in 30 seconds.
Those who prefer PayPal or e-wallet deposits, depending on whether funding of their ewallets accounts is needed, will find deposits processed equally as quickly as credit card deposits, with all funds instantly becoming available for trade transactions upon approval of your deposit.
Upon successful completion, users will receive email notification of the transaction for their records. In addition, transactional records can be reviewed directly under the “funds Management” section. It should be noted that the minimum deposit is $100, and each method will indicate the maximum deposit amount as well.
Customer support is a critical aspect that many overlook, but is one that plays an integral part when in need of assistance. As a result, Plus500 has implemented a number of support options designed to make the process of receiving support painless. While they do not offer traditional telephone support, they do offer ticket based email support as well as 24 live support during the week. The ticket based email support certainly makes up for the lack of telephone support and response times are within industry accepted timeframes.
Plus500 provides multiple trading tools at your disposal to make the process of trading simplified for those who are casual investors to those who are more experienced or serious. The site is easy to understand, as it is to navigate through and that goes a long way to its simplicity versus the creation of a platform that is polluted with too many options that can often lead to confusion, especially for new traders.
For the most part, Plus500 has chosen to stick with the basics, and while that is ideal in many situations, it could be a drawback for the more serious investor who wants more detailed information. When looking in greater detail at the various tabs and the categories under the toolbar, it shows that Plus500 has a limited number of features. However, with that said, the platform runs smoothly, both via its desktop version as well as its mobile apps.
The featured tools include an economic calendar, risk management and a section for alerts. The calendar provides you with the ability to check recent trading trends, forecasts, actual volumes and previous trade volumes. Risk Management is a valuable tool, especially for those with limited budgets where risk may be higher than those with a large pool of resources to pull from. It will allow you to set the “close at limit” and “close at loss” so as to limit your risk. There is also the ability to set a guaranteed stop as well as trailing stop, both excellent tools for limiting risk, and those wanting alerts, you can create individual alerts that will be sent by SMS, email and push notifications.