In this new review we’ll show you:
- How to ensure your trading funds are safe
- Fees and Features compared with other brokers
- Leverage and regulation offered
- Customer reviews from trusted sources such as Trustpilot, Google Play and Apple Store
Plus lots more
Let’s get started with the Plus500 Review 2023
Before starting the review we would just like to let you know that all brokers signed up to via our Safe Broker Search are eligible for our free insurance that will help protect your deposit in case of broker failure.
Additionally, all brokers signed up to via the search are eligible for £85,000 deposit protection provided by FSCS. You simply need to select FCA regulation upon broker signup.
Overview
Plus500 was founded in Israel in 2008 and they are headquartered in London and listed on the London Stock Exchange (LSE). Plus500 also has operations in Australia, Cyprus, New Zealand, Seychelles, Singapore and South Africa.
They are authorised in various jurisdictions by several regulators including the FCA, ASIC, CySec, FMA, FSA, MAS and the FSCA.
Plus500 is one of the world’s main providers of CFD trading. They provide their traders with access to forex, stock indices, individual shares, commodities, ETFs, options, and cryptocurrencies.
Plus500 is also the main sponsor of the Spanish professional football club based in Madrid, the Club Atletico de Madrid along with the Australian Super Rugby team, the Plus500 Brumbies.
User reviews
Before depositing your hard-earned cash, it’s always a good idea to have a look around and see user reviews from other traders. We always suggest that you don’t just rely on a single rating on any review site as they don’t give a proper representation of the company on the whole.
Plus500 averages 4.0/5 with over 1460 Plus500 Trustpilot reviews
The FPA scores Plus500 as 1.6/5 from over 170 Plus500 FPA reviews
The Plus500 Play Store reviews are 4.0/5 from over 94,500 reviews
The Plus500 App Store reviews average 3.8/5 from over 2,500 customer reviews
They also have over 206,500 Plus500 Facebook Likes
Statistically, the Plus500 broker appears to be fairly well respected by the trading community with enough good Trustpilot and Google Play store reviews to be statistically relevant. The FPA reviews also seem to score quite low but do not have enough reviews to be certain of low satisfaction.
In the overall customer review of Plus500 they scored a weighted average of 4.0 from over 98,000 reviews.
Plus500 also has a bustling Facebook community with plenty of followers which also usually suggests happy customers.
Users must be warned that there have been some complaints of sudden price changes and platform freezes. It is worth your while checking trading forums and Plus500 Reddit threads to read each review of plus500 before you decide to deposit and trade here.
Funds Safety & Regulation
Funds safety is critical in your trading and it can make or break your financial future. Your level of funds protection will depend on where your regulation is from. Your country of residence does not necessarily define who your regulator will be.
There are many factors that go into determining your regulation. So check with your account manager after you have signed up and before you deposit to determine which body you are regulated with.
You can usually switch regulation on signup [depending on your country of origin] which can be a good idea if you want to ensure that you get the best regulator that offers the most consumer protection and funds safety.
Plus500 are regulated in the United Kingdom by the Financial Conduct Authority (FCA) as Plus500UK Ltd, with FCA licence FRN 509909.
Plus500 are regulated in Australia by the Australian Securities and Investments Commission (ASIC) as Plus500AU Pty Ltd (AFSL No. 417727)
They are also regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySec) as Plus500CY Ltd with License Number 250/14.
They are also regulated in New Zealand by the Financial Markets Authority (FMA) as Plus500AU Pty Ltd with FSP License Number FSP486026.
They are also regulated Seychelles by the Financial Services Authority of Seychelles (FSA) as Plus500SEY Ltd with a Securities Dealer Licence number: SD039.
They are also regulated in Singapore by the Monetary Authority of Singapore (MAS) as Plus500SG Pte Ltd with License Number No. UEN 201422211Z.
They are also regulated South Africa by the Financial Sector Conduct Authority (FSCA) as Plus500AU Pty Ltd with FSP No. 47546.
If you are regulated in Cyprus by CySec you will have access to funds protection. All CySec regulated brokers must join ‘The Investor Compensation Fund’ which offers a guarantee of funds of 90% of remaining deposit up to €20,000 in case of firm liquidation.
If you are regulated in Australia by Australian Securities and Investments Commission (ASIC) there is no funds compensation scheme available.
If you are regulated in Singapore by The Monetary Authority of Singapore (MAS) there is no funds compensation scheme available.
If you are regulated in South Africa by the Financial Sector Conduct Authority (FSCA) there is no funds compensation scheme available.
If you are regulated in New Zealand the Financial Markets Authority (FMA) there is no funds compensation scheme available.
If you are regulated in Seychelles by the Financial Services Authority of Seychelles (FSA) there is no funds compensation scheme available.
If you are regulated in the UK by The FCA you will fall under the purview of The Financial Services Compensation Scheme (FSCS) and have 100% deposit protection up to £85,000.
It is always recommended that if you have a choice you should ensure you are regulated by the FCA [UK]. The FCA offers Government backed client funds protection [100% of remaining deposit] up to GBP £85,000 through the [FSCS].
FCA regulations are more strict, the regulations more transparent and they are more focused towards customers in the event of disputes. Brokers regulated by The FCA for example need to process withdrawals within one business day as per Section 7.13.13 (2)(b) of the FCA handbook
Fees
With regards to spread fees, this will depend on a variety of factors. This will include your account type, the asset that is being traded as well as the times that they are traded as they fluctuate depending on if trading is taking place within or outside standard trading hours. Once again, these trading hours will depend on the asset being traded.
Professional clients are afforded lower spreads than retail clients. But few clients will have the requisite deposit to meet that designation. Also, professional clients will waive their right to any funds protection that will be given to retail clients [regulation dependant].
There is a page with all the spreads of all the tradable instruments and they also have the overnight calculations, inactivity fees and maturity rollover fees.
It’s impossible to give a definitive answer as to spreads due to the many permutations involved in calculating the spreads so it’s better to get the actual spreads from the website itself.
Account Fees
Account operating fee
Plus500 does not charge any operating fees.
Deposit fee
Plus500’s policy is not to charge customers for deposits or to pass on any charges levied for deposits you make.
Inactivity fee
In case a trading account remains unused or dormant for more than 3 months a fee of up to 10 USD will be charged. After that, in case there is no log in, it will be deducted on a monthly basis.
Withdrawal fee
Plus500 does not charge any withdrawal fees.
Currency conversion fee
Plus500 will charge a Currency Conversion Fee for all trades on instruments denominated in a currency different to the currency of your account.
The Currency Conversion Fee will currently be up to 0.7% of the trade’s realised net profit and loss and reflected in real time into the unrealised net profit and loss of an open position.
Spread Fees
Plus500 CFD fees are mainly compensated through “market spread”. This is the difference between the “buy” and “sell” rates of the instrument.
With regards to spread fees, this will depend on a variety of factors. This will include your account type, the asset that is being traded as well as the times that they are traded as they fluctuate depending on if trading is taking place within or outside standard trading hours. Once again, these trading hours will depend on the asset being traded.
Professional clients are afforded lower spreads than retail clients. But few clients will have the requisite deposit to meet that designation. Also, professional clients will waive their right to any funds protection that will be given to retail clients [regulation dependant].
There is a page with all the spreads of all the tradable instruments and they also have the overnight calculations, inactivity fees and maturity rollover fees.
It’s impossible to give a definitive answer as to spreads due to the many permutations involved in calculating the spreads so it’s better to get the actual spreads from the website itself.
Leverage
If you are regulated in the UK by the Financial Conduct Authority (FCA) your maximum leverage will be 1:30 for
Major Forex and 1:20 for Minor Forex, Major Indices, and Gold. Furthermore, your maximum leverage for Commodities and Minor Indices is 1:10 while it is 1:5 for Shares, Options and ETFs. Lastly, it is 1:2 for Cryptocurrencies.
These maximum leverages are for retail clients. Note that for professional clients this can be higher but you will forfeit your rights to the funds compensation scheme and other consumer protections offered by The FSCS for Plus500 UK regulated clients.
If you are regulated in South Africa by The Financial Sector Conduct Authority (FSCA), in Australia by The Australian Securities and Investments Commission (ASIC), Cyprus by The Cyprus Securities and Exchange Commission (CySEC) and in Singapore by The Monetary Authority of Singapore (MAS), your maximum leverage will be the same as the maximum leverages for the FCA.
If, however, you are regulated in the Seychelles by Financial Services Authority Seychelles (FSA) your maximum leverage will be 1:300.
So if you want to change your Plus500 leverage you will need to ask your account manager to change regulation.
Bear in mind that your leverage level is often correlated with funds safety. UK and EU regulators generally have lower leverage but you would benefit from much better funds safety levels (€100,000 and €20,000 respectively). If, however, you chose to be regulated offshore or in Australia then no funds protection is offered. So a tradeoff is usually required by you and will depend on how risk averse you are.
One thing to bear in mind is that if you deposit more to get the higher levels of leverage then your funds will still be covered by the state-backed compensation schemes up to the requisite maximums.
Therefore, trading at an offshore jurisdiction to get more leverage would give you no financial benefit but would carry the risks associated with offshore trading such as lack of compensation schemes, lack of arbitration as well as lack of consumer protection.
Trading Products
Plus500 gives you a variety of options for your investments.
They give access to a wide range of Shares CFDs, ETFs Plus500 Forex CFDs, Commodities CFDs, Indices CFDs, Contracts for Difference (CFDs) as well as Crypto CFDs.
Broker Comparison
Before you decide on a broker it’s always a good idea to compare with other similiar brokers to ensure that your broker will deliver what you are looking for.
You can select the brokers below and compare fees and features with other brokers. You can also compare funds safety levels as well as customer reviews from a variety of trusted sources.
By comparing, you have a better idea if this broker is right for you or if another one would be more suited to your requirements.
FAQs
Is Plus500 any good?
Plus500 is generally reported to be a user-friendly broker by its clients. Plus500’s weighted average is 4.0 from over 98,000 customer reviews. However, as with all CFD providers, you need to be aware of the risks associated with leveraged
Is plus 500 rigged?
There have been some complaints of Plus500 rigging. However, FCA regulations are incredibly strict. To avoid all doubt you will need to sign up to Plus500 under FCA regulations
What is the minimum deposit on Plus500?
The Plus 500 minimum deposit is $/£/€100.
Is Plus500 good for long term investment?
Plus500 is not suitable for long-term investment. It is more suited to day trading. There are overnight charges for open positions which can soon add up quickly. For Long Term investments you are probably better off owning the underlying share itself.
Are there plus500 fractional shares?
No, because Plus500 is a CFD broker and does not offer share ownership, neither full nor fractional.
How much does Plus500 charge per trade?
The amount it charges will depend on the instrument being traded. There is no Plus500 commission per se, rather the fees are built into the spread. There are also overnight charges, currency conversion charges and an inactivity fee.
How long does it take to withdraw money from Plus500?
This can depend on your regulation. Brokers regulated by The FCA for example need to process withdrawals within one business day as per Section 7.13.13 (2)(b) of the FCA handbook. For other regulations withdrawals may be longer to be actioned but should reach your account in 7-10 days.
Is Plus500 good for day trading?
Plus500 is a great platform for day trading. As long as you close your positions before overnight funding charges are applied to your account.
Does plus 500 allow scalping?
Plus500 do not allow scalping as they consider it a form of market abuse as per their terms and conditions.
Why can’t I close a position at Plus500?
You can close a position only during the relevant instrument’s trading hours. Sometimes instruments are temporarily unavailable for trading due to extreme market conditions such as major volatility or sudden loss of liquidity.
Is plus 500 a CFD?
Plus500 is primarily a CFD brokerage.
Which is better eToro or Plus500?
eToro weighted average is 2.8 from over 79,000 customer reviews. Plus500’s weighted average on the other hand is 4.0 from over 98,000 customer reviews.
Do you have to pay tax on Plus500?
Yes, but only for UK citizens. because Trading is not tax free in the United Kingdom. … So if you bet on forex (trade) via a spread bet company with your own money and on your own behalf with no financial interest from any other party, then currently you will not be liable to tax on your gains.
Is there a Plus500 bonus?
Due to regulatory obligations Plus500 no longer offer any bonus promotions. So there is no Plus500 deposit bonus nor any refer a friend bonuses.
Can you buy shares on Plus500?
Because Plus500 is a CFD broker, you cannot buy shares with the Plus500 trading platform. You can however trade share CFDs.
Is Plus500 a broker?
Plus500 is a broker but only for trading contracts-for-difference (CFDs) on commodities, ETFs, forex, indices, options, and shares.
Does Plus500 charge overnight fees?
Yes, Plus500 charges overnight fees on all open CFD positions at the close of business. The amount charged will depend on the instrument being traded and the amount staked on the trade.
Does Plus500 have penny stocks?
No, it is not possible to trade penny stocks with Plus500 as Plus500 are a CFD broker.
Does plus 500 pay dividends?
No, Plus500 does not pay dividends because it is a CFD broker. Dividends are the portion of corporate profits that are allocated to shareholders. So you will only receive dividends if you own the underlying share which is not possible at Plus500.
How many stocks are in the Plus500?
Plus500 does not offer stocks. However, they have access to over 2000 different Plus500 stock CFDs from a wide range of global markets.
Can you short sell on Plus500?
Yes you can short sell at Plus500, again only on CFD products.
What is overnight funding Plus500?
When speculating with CFDs, you’re using leverage. You are effectively being lent the money from Plus500 required to open your position. So in out of hours trading, Plus500 charges an interest adjustment to your account which reflects the cost of funding your position overnight.
What can you trade on Plus500?
Plus500 offers CFDs on over 2000 financial instruments, including Forex, Shares, Cryptocurrencies, Commodities, ETFs, Indices as well as Options.
Is Plus500 good for beginners?
Plus500 is suitable for beginners. However, the usual caveat applies to all CFD trading in that it is risky for all traders. It’s a good idea to open a demo account to familiarise yourself with the platform and how to use the platform.
What are Plus500 fees?
Plus500 does not charge any operating fees, deposit fees or withdrawal fees. They do however charge a $10 inactivity fee for accounts dormant for more than 3 months Overnight fees depend on the instrument and size of trade. They also charge currency conversion fees.
Is Plus500 legal?
Yes, Plus500 is legal. It is regulated by many of the most stringent regulators in the world including the FCA of the UK. However, trading here from some countries such as India or USA could be considered illegal so check with your local laws before opening an account.
How long does a Plus500 withdrawal take?
Brokers regulated by The FCA including Plus500 need to process withdrawals within one business day as per Section 7.13.13 (2)(b) of the FCA handbook. However, if you are regulated in other jurisdictions this could take longer to be actioned.
Is Plus500 good for day trading?
Plus500 is good for day trading.
Can you trade without leverage Plus500?
CFDs are inherently leveraged products so it’s impossible to trade without leverage at Plus500. If you want to trade without leverage consider a broker offering share ownership.
Is plus 500 a good trading app?
The Plus500 Android App scores 4.0/5 from over 94,500 reviews whilst the Plus500 Apple App average 3.8/5 from over 2,500 customer reviews. These are favourable reviews vis-à-vis other trading apps.
Conclusion
Plus500 is regulated by several financial authorities including the Financial Conduct Authority (FCA) that has extensive fund protection under the Financial Services Compensation Scheme (FSCS)
Furthermore, it is deemed safe to trade with Plus500 because they are listed on the London Stock Exchange. They are transparent because they are required to regularly disclose their financial statements for public consumption.
Plus500 also has good customer reviews with sufficient ratings from numerous sources including a weighted average of 4.0 from over 98,000 customer reviews. The ratings from clients regarding the Apple and Google trading app suggests that they are satisfied with the platform.
To keep your funds safe, and to get the highest levels of consumer protection it is suggested that you sign up to Plus500 under FCA regulation.
Additional information
| Company size |
200 |
|---|---|
| Company Type |
Public Company |
| Google review |
4.6 |
| Trustpilot review |
3.7 |
| 24H support |
24/7 |
| Islamic account |
No |
| Metatrader [PC] |
Own |
| Mobile app |
Own |
| Max leverage – Retail 1: |
30 |
| Inactivity fee |
10 |
| Available countries |
Albania, Algeria, Andorra, Angola, Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belgium, Benin, Bhutan, Bolivia, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Cabo Verde, Cameroon, Chad, Colombia, Comoros, Congo, Cote d’Ivoire, Croatia, Cuba, Cyprus, Czech Republic, Denmark, Djibouti, Dominican Republic, DR Congo, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Eswatini, Ethiopia, Fiji, Finland, France, Gabon, Gambia, Georgia, Germany, Ghana, Greece, Grenada, Guatemala, Guinea-Bissau, Guyana, Honduras, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kiribati, Kuwait, Kyrgyzstan, Laos, Latvia, Lesotho, Liberia, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malawi, Malaysia, Maldives, Malta, Marshall Islands, Mauritania, Mauritius, Mexico, Micronesia, Moldova, Monaco, Mongolia, Morocco, Mozambique, Namibia, Nauru, Nepal, Netherlands, New Zealand, Niger, Nigeria, North Macedonia, Norway, Oman, Palau, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Portugal, Qatar, Romania, Rwanda, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, South Korea, Spain, Sri Lanka, Suriname, Sweden, Switzerland, Tajikistan, Tanzania, Thailand, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Turkmenistan, Tuvalu, Uganda, United Arab Emirates, United Kingdom, Uruguay, Uzbekistan, Vanuatu, Vietnam, Zambia |
James is an ex-Barclays Bank financial services professional who wants to create a safer investing space for newcomers. James provides facts, not opinions on all brokers reviewed.
Review Last Updated July 2023
