Plus500 Review

Plus500 Review | Objective Review by a Forex Trader

Forex, Commodities, Indices, Cryptocurrencies, Shares, ETFs & Options

  • Trader Friendly grade: A+
  • Web Trader and Apps
  • 2000+ CFDs
  • Bitcoin CFD trading
  • Minimum deposit: $100
  • Mobile & watch trading
Weekend Cryptocurrency CFD Trading •  Plus500

Plus500 Review

Plus500 is a regulated broker offering CFD trading with an extensive number available to trade, including a range of Cryptocurrencies. It provides a web trader and apps, which focus on optimising the discretionary trading experience (where the trader makes their own decisions). Its platform is simplified and intuitive. But, it does not skimp on features, as it has not over 95 technical indicators, to help with trading decisions. Plus500 may be compared with other brokers.

Briefly, what does Plus500 do ?

Plus500 provides a user friendly, simplified web trader and apps on a range of platforms. The clear trading interface has a relatively large number of technical indicators available. It offers a wide range of CFDs to trade, including Soft Commodities and 27/7 trading in Cryptocurrencies. In short, it support discretionary CFD trading in a range of markets, aiming to make the trading process as straightforward as possible, without diminishing platform features.

7 days a week trading of Cryptocurrencies

Plus500 offers trading of its range of Cryptocurrency CFDs 7 days a week, 24 hours a day, except Sunday 12.00-14.00 UTC.

Opening an account

Signing up to a Plus500 demo account requires only an email and password. From this demo account, the trader can then complete registration for a live account.

Minimum deposit and funding

The minimum deposit is $/€/£100 or AU$200. Deposits can be made by credit and debit cards, Skrill, wire transfer and PayPal.

Cryptocurrencies

Plus500 offers a range of Cryptocurrency CFDs, providing Bitcoin, Bitcoin Cash, Ethereum, Ethereum/Bitcoin (ETH/BTC), Ripple, Litecoin, NEO, Monero, IOTA and EOS. Plus500.

Platform

The platform is web based or can be downloaded. Both the web based and downloaded versions have similar functionality, containing lists of CFDs and a chart, funds and account management, and positions and order information. The demo account can be returned to at any time to practice from the trading platform. There is also mobile, tablet and watch trading available.

  • The layout of the platform is arguably particularly clear and easy to use, but also arguably without a cost of reduction of the range of some features, as it has expanded on and now offers a relatively wide range of technical indicators and chart price types.
  • When the trader logs in, they are presented with a large font layout where everything is bigger, with the essentials to trade right there, the instrument lists and the chart.
  • The chart itself has time frames from tick to 1 week. By clicking on an icon, the trader can switch between Candle, Hollow Candle, Bar, Colored Bar, Line, Baseline and Mountain. There is another icon for technical indicators, of which there are 95+, including ADX, RSI, MACD and Stochastic.

Previously, Plus500 simplified by reducing the range of chart price types and indicators as well as its layout. It now has a relatively wide selection of indicators and price types. However, the intuitive ease of the platform may be a consequence of the large, clear design layout and type and these additions only adds functionality which traders may want, while still keeping clarity, thus arguably still making for an intuitive feel to the platform.

Plus500 mobile app

The mobile app is relatively big in terms of download size, so does it provide commensurate features ? When launched, it gives the option of Real money or Demo mode. Like its big brother (the web platform) it has a larger feel to it, with space and clarity. In common with other mobile trading apps, it opens with a list of 'Popular' markets.

Clicking on 'Sell' (or 'Short') or 'Buy' brings up order setting. It is possible to place a guaranteed stop-loss, but this has a cost associated with it, in terms of a wider spread. 'Trailing stops' can be set along with 'Close at profit' or close at a given value, the order size can be set, and the app tells the trader the margin required.

Clicking on a markets brings up its chart, which is fixed at the bottom of the app on portrait. Time frames from tick to 1 week can be chosen and a range of technical indicators (like the web platform). On landscape, the chart fills the screen and allows the choice of line or candlestick charts. It seems easier to make adjustments to the chart on landscape. Beside each markets is an information icon, which brings up data about the markets.

Clicking on the 'hamburger' menu brings up access to All Instruments (a extensive list, which includes Plus500's range of Shares and Cryptocurrency CFDs), Open Positions and Closed Positions, Orders and Funds Management. Funds Management allows deposits and withdrawals and also has a Live Chat feature.

Thus Plus500 seem to have translated the web trader into a mobile experience, while retaining the qualities of the web trading platform.

Economic Calendar

Plus500 offers an 'Economic Calendar' accessible on its website (under 'Tools'). This shows the time and date, the impact (as one, two or three green circles), the country, the event, actual, forecast and previous and shows instruments which may be related to this event. Like its web trader, this is clear and easy to see, containing useful information for traders.

Markets

CFDs available include Indices (over 20), Commodities (over 15), Forex (over 55 pairs), Cryptocurrencies, Options (Calls or Puts on major Indices and Stocks), ETFs and Shares, for a total of over 2000. Commodities include Energy, Metals and Soft Commodities. There is also a list of 'Most Popular' and 'Risers and Fallers' on the platform.

Placing a trade

To place a trade, by seling or buying, the trade size needs to be chosen. Plus500 also provides snippets of information about the market. Stop-losses, take profit orders and trailing stops can be placed at the time the order is made. Plus500 says that losses cannot be more than the balance of the trading account.

Spreads and leverage

Plus500 offers fixed and variable spreads depending on the instrument. Plus500 does not charge commissions. Maximum leverage is 30:1.

Fees and withdrawal

Plus500 either adds or subtracts a premium charge for positions held after market close. There is a $/€/£10 per month account dormancy fee for accounts with no activity for 3 months.

The minimum withdrawal amount is the lesser of $/€/£50 or the account balance. Withdrawals of less this amount, incur a $/€/£10 processing fee.

Regulation

Plus500 has a number of subsidiaries regulated in different parts of the world. Its ASIC regulated subsidiary, Plus500AU Pty is licensed in Australia, New Zeland and South Africa.

  • Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909) in the United Kingdom.
  • Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14) in Cyprus.
  • Plus500AU Pty Ltd has AFSL #417727, issued by the Australian Securities and Investments Commission in Australia.
  • A derivatives issuer licence in New Zealand, FSP #486026 authorises Plus500AU Pty to issue these products to New Zealand residents.
  • Plus500AU Pty Ltd is an authorized Financial Services Provider in South Africa with FSP #47546.
  • Plus500SG Pte Ltd (UEN 201422211Z) has a capital markets services license from the Monetary Authority of Singapore (MAS) for dealing in securities and leveraged foreign exchange trading, with License No. CMS100648-1 and has a Commodity Broker's License (License No. PLUS/CBL/2018) from International Enterprise (IE) Singapore.

Summary and grade

Plus500 offers an extensive range of CFDs. It has an intuitive trading platform, available on devices from watch to desktop, with a relatively wide range of technical indicators.

Plus500's range and number of CFDs, intuitive yet functional platform layout and weekend trading of Cryptocurrency CFDs, helps give it a Trader Friendly grade of A+.