What is Plus500 and how it works
Plus500 is a CFDs online broker that has attracted many users from across the world. Since its 2008 launch, the company has grown in size and attracted new clients.
For instance, over 39 million positions were opened by traders last year, an incredible amount!
The broker is also fully regulated and compliant, so it’s not a scam or fraud. Currently they’re regulated by CySEC in Europe and the FCA in the UK.
Worldwide they are licenced in South Africa, (FSP 47546) and by ASIC in Australia, plus a few others.
We want to show you some of the most important info to know about the broker.
Let’s get started by taking a look at their products.
What is Plus500 Asset’s Availability?
The broker is well-known for offering CFDs trading.
Besides this, they also offer CFD assets such as Shares, Commodities, Options and Cryptocurrencies. This is a great option if you’re looking to trade in a wide selection of products.
These assets are available to trade not only on the online platform, but also via the app. The Plus500 mobile app is available for both Android or iPhone devices.
One great thing about using the app is that it come with price notifications and alerts. This is good if you want to focus on real-time price quotes.
What is the Plus500 Fee?
The main attraction of Plus500 is that they don’t charge any commission fees. There is 0 commission! Instead the broker raises revenue through the bid/ask spreads of the assets that they have for trading.
Compared to other brokers in the market, the spreads are still very reasonable. You can view the set spread quote for each asset directly from your account.
The broker also doesn’t charge deposit or withdrawal fees. This is a great feature as it means you don’t have to calculate extra costs when making a withdrawal or deposit.
The only fees you may incur could come from bank transfers which are issued by your bank, not the broker.
To learn more about the Plus500 fees click here.
What is Plus500 Deposit?
The Minimum Deposit with Plus500 is just $100. Besides USD, the deposit can also be made in GBP, AUD and EUR.
So if you live in the United Kingdom and wish to make the deposit in GBP, the minimum deposit would be £100.
Deposits can be made with either debit/credit card, bank/wire transfer or via Skrill/Neteller. If you wish to deposit the money in your local currency, contact the customer support to do this.
There are no additional fees charged by the broker for making the deposit.
It’s worth noting that there is a maximum deposit amount limit. This is normally around $100,000 but the limit can change based on your country of residence. It also depends on which payment method you have used to make the deposit.
However, bank/wire transfers are usually the best choice if you want to deposit a larger amount of money to your account.
What is the Plus500 Platform?
Plus500 has developed its own trading platform which has many features including analysis tools. There is also a free demo account option too. This is ideal if you want to test trading before using a real account.
The only downside to the platform is that it doesn’t come with other platform interfaces such as MetaTrader 4. If you’re a more experienced trader, this might be a bit limiting for you.
However, if you want a simple and data driven platform, it’s a good one to use.
Currently the Plus500 platform is available in the following 3 formats:
- As an online, web-trader version. From here you can sign in to your account and access the platform from any location.
- Trading mobile app for iOS and Android devices
- As a downloadable desktop version which you can run from your laptop or computer desktop.
With these formats to choose from, you’re likely to find the one that suits your trading needs best.
Plus500 Customer Support
The broker has a very good customer support team as mentioned on our Plus500 review here: https://tradingonlineguide.com/plus500-review/
You can reach them via email, online chat and WhatsApp.
When we contacted them via online chat, we reached a support member very quickly.
There is still no direct phone to call. So if you prefer talking on the phone this might be a downside.
However, with so many other options and general good service, there’s an option to suit everyone.
- No commission
- Low Spreads
- Great Customer Support
- No direct phone for support
- No MT4 platform interface
Author of this article and founder of Tradingonlineguide.com
My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.
In my spare time I enjoy cooking and travelling.
Here you can learn more about our review methodology.