Plus500 Review 2024

Plus500 is a reputable CFD broker that can be used to trade cryptocurrency derivatives in 2024. But, is the platform the best option for experienced traders? Our Plus500 review reveals everything you need to know about the platform before signing up in 2024.

Plus500 Overview

Plus500 is one of the most popular Bitcoin CFD brokers in the world; it offers tight spreads, a huge range of trading pairs and excellent tools for research and analysis. The brokerage supports multiple markets including cryptocurrencies, indices and forex.

A contract for difference (CFD) is a financial trading strategy whereby traders do not need to actually own the assets they trade. With CFDs, you speculate on the price of an asset. If the prediction is correct, you will take the difference in the price as profit, while if the prediction is wrong, that price difference will be taken as a loss.

💼 Provider Type:	Broker
💸 Minimum Deposit:	$100
💰 Trading Fees:	Traders may be charged for overnight funding, currency conversion fees, guaranteed stop orders, and inactivity fees
💰 Deposit Fees:	None
💰 Withdrawal Fees:	None
💰 Management Fees:	None
💰 Inactivity Fee	$10 after 3 months of inactivity
💰Minimum withdrawal	$100 but this can vary by payment method
🔀 Minimum trade order	Varies
⌛ Withdrawal Timeframe:	1 business day
#️⃣ Number of Cryptocurrencies Supported:	19
💱 Top supported Cryptocurrencies:	ETH, BTC, LTC, XRP
📊 Leverage:	1:2
📱 Native Mobile App:	Yes
🖥️ Free Demo Account:	Yes
🎧 Customer Support:	Email, Live Chat
🖥️ Metatrader	No
✅ Verification required:	AML, KYC
📈 CFD Available	Yes
📊 Software:	WebTrader terminal, iOS and Android mobile application, and Windows 10 Trade
⚽ Social Trading:	No
✂️ Copy Trading:	No
👮‍♂️ Regulators	Financial Conduct Authority (FCA) in the United Kingdom, Financial Markets Authority (FMA) in New Zealand, Cyprus Securities and Exchange Commission (CySEC) in Cyprus, Monetary Authority of Singapore (MAS) in Singapore, Australian Securities and Investments Commission (ASIC) in Australia

Pros and Cons of Using Plus500

Pros

Cons

• Access over 2800 financial instruments across multiple markets
• Offers hundreds of technical indicators and a selection of charting tools
• Cross-platform availability and regulated by trusted authorities

• Cryptocurrency trading is not available through the underlying asset
• Social copy-trading is not supported, and Metatrader4 is unavailable
• Limited advanced trading tools and a lack of quality educational guides

What is Plus500 and How Does it Work?

Plus500’s main business is to offer online CFDs through a trading platform accessible via the internet.

The UK-based company was founded in 2008 and is registered with several regulatory authorities. It operates through a number of subsidiaries in Europe and the Asia-Pacific region. Like other CFD brokers, Plus500 does not allow traders from the United States to join the trading platform.

For traders in the US, check out our list of the best cryptocurrency exchanges to use in 2024.

The broker offers clients in more than 50 countries access to a wide range of CFDs on numerous assets, including foreign exchange, stock indices, individual stocks, commodities, ETFs, options, and cryptocurrencies (availability is subject to regulation).

It is important to note that CFDs are complicated financial instruments that risk losing money quickly due to leverage. Therefore, you should only use CFDs if you can afford the financial loss.

How does trading at Plus500 work?

With just a few clicks, you can open and close CFD positions. First, launch the mobile app, choose an instrument and then select “Buy” or “Sell.” Next, choose the amount you want to open the position with and then execute the trade. It is important to note that all available financial products are traded as CFDs.

WebTrader

Plus500 operates via the WebTrader platform – an intuitive charting tool that can be used to implement active trading strategies. Most users of WebTrader give it a positive rating for its user-friendly platform. It provides reports on fees, previous trades, positions, and other important data regarding client trading activity.

Although the trading platform is excellent for most traders, it has some weaknesses. For example, you cannot use features such as automated trading with the help of experts or trading algorithms. Furthermore, users cannot manage third-party funds.

The lack of customizability of the trading platform is a drawback. There are screen layout limitations, and it lacks sophisticated charting features. Although it is great for convenient charting, users should be aware that advanced charting tools are unavailable.

Traders can find the securities they want to trade using the functional search option. In addition, traders using Plus500 have the option to receive push notifications. These are activated when the value of a particular asset changes.

Who is Plus500 best for?

Due to the complexity and dangers associated with trading CFDs, Plus500 is not the most beginner-friendly trading platform. However, the trading platform is fantastic for intermediate to advanced traders.

Crypto CFDs are most suitable for day traders who do not want to hold their positions for a long time. If you would prefer to build a long-term portfolio, we recommend searching for a crypto exchange that allows you to transfer tokens to an external crypto wallet for safe storage.

Plus500 Products and Trading Options

Compared to some cryptocurrency brokers, Plus500 offers a good range of products and trading options. Among the many benefits is access to a wide range of financial asset classes, risk management tools, real-time alerts, and affordable fees.

What cryptocurrencies can you trade on Plus500?

At the time of writing, there were only 19 cryptocurrency CFDs. Although the number is limited, it is still more than some competitors such as OANDA.

One of the challenges with trading crypto on Plus500 is that the underlying asset is not available. For example, you cannot own any cryptocurrency, including Bitcoin. This is because the trading platform is primarily a CFD platform. This means you merely speculate on the prices of the cryptocurrencies and do not own one.

Nevertheless, Plus500 offers enough cryptocurrencies for you to implement a diverse trading strategy. Some of the most popular coins available include BTC, XRP and ETH.

Plus500 Currency Pairs

Plus500 only offers a couple of currency pairs which are:

• Ethereum/Bitcoin (ETH/BTC)

• Bitcoin Cash ABC (BAB/USD)

How Does Plus500 Compare to Other Brokers?

Below we have created a table that compares Plus500 to three of its main competitors.

Features	Plus500	eToro	Fidelity	Webull
Cryptocurrency Available	Yes	Yes	Yes	Yes
Copy Trading	No	Yes	No	Yes
Leverage Available	Yes	Yes	Yes	Yes
Price Alerts	Yes	Yes	Yes	Yes
Candlestick Charts	Yes	Yes	Yes	Yes
Minimum Deposit	$100	$10 ($500 for bank transfers)	None	None
CFD Trading	Yes	Yes	Yes	No

Risk management tools

To support informed trading, Plus500 offers a handful of useful risk management tools including close at profit, close at stop, guaranteed stop, and trailing stop.

These tools can be used to reduce the chance of a total wipeout when trends change.

Investor sentiment

As well as the risk management tools mentioned above, Plus500 offers insight into investor sentiment.

Fear and greed are some of the biggest factors that can impact the price of a crypto asset. Plus500 understands this and has integrated a sentiment analysis tool.

The purpose of this tool is to help view the sentiment or general feeling of other traders about a particular cryptocurrency CFD. It shows the percentage of buyers vs sellers who have open positions on Plus500 for that instrument.

Can I trade with leverage on Plus500?

Yes, you can trade with leverage on Plus500 because using leveraging trading can increase your chances of making profits. However, the opposite is also true, and traders may suffer serious financial losses.

The leverage options can be as high as 1:30. However, for cryptocurrencies, the maximum leverage is 1:2.

Keep in mind that leverage trading can be one of the riskiest investments to make. As much as you want to make higher profits, consider spending some time learning all there is to leverage trading. That way, you will have more information that will help you leverage your trades more successfully.

What are the spreads on Plus500?

On Plus500, you will enjoy competitive spreads on some cryptos. However, we found the spread for Bitcoin to be relatively high at 106 pips. The spreads will vary depending on the asset that you choose to trade.

Note that the spreads charged by Plus500 are not standalone payments. Instead, the broker incorporates the price differences into the quoted rates of a CFD asset. This way, you will pay all at once instead of being charged later for it.

The spreads charged by Plus500 are applicable on all assets. The spread represented the difference between the ‘bid’ and ‘ask’ price of an asset.

Fees, Limits, and Payment Options on Plus500

Type of Fee	Cost
Trading Fees Class	Varies as traders may be charged for overnight funding, currency conversion fees, guaranteed stop orders, and inactivity fees
Inactivity Fee	$10 after 3 months months of inactivity
Withdrawal Fee	$0
Minimum Deposit	$100

What are the deposit and withdrawal fees, limits, and spreads?

We checked through the Plus500 website and found that the broker is committed to reducing user charges. It is evident that this broker is ready to cover most of the payment processing fees.

However, there is a caveat – Plus500 is not to be held liable for conversion rate differences. According to the broker, there are instances where the traders could incur fees when depositing money into their account and when transferring funds out of the same. In such cases, the additional fees are charged by the banks or payment card issuers of the traders and not Plus500.

Plus500 also itemized some of the instances where additional costs could be added. For example, you might pay these additional fees when using a third party to convert funds before depositing the same into your Plus500 account. You can also attract additional fees when making both incoming and outgoing bank transfers into and out of your Plus500 trading account.

Be prepared to pay the charges placed on your international credit cards if you are using one to fund your CFD account on Plus500.

Plus500 offers a wide selection of payment methods for you to choose from. These include but are not limited to PayPal, Visa, MasterCard, Skrill, iDEAL, Trustly, GiroPay, Bank wire transfer, Blik, MyBank, and Klarna.

How to Deposit on Plus500

To deposit money into your account, please follow the steps below. The minimum deposit amount varies depending on your preferred payment option. For example, if you use a credit or debit card, you must deposit at least €100.

Deposit methods

You can make a minimum deposit of $100 into your account. The deposits can be made via:

• Bank wire transfer

• Skrill

• Credit and debit cards

• PayPal

You can also use regional payment methods to add money to your trading account on Plus500.

How to Make a Withdrawal on Plus500?

You can withdraw money from Plus500 with the same method that you used to fund your account. You can make 5 withdrawals each month free of charge. After 5, you will be charged $10 per withdrawal.

Plus500 Trading Tools and Charting

Once you sign up, you will have access to over 100 technical indicators and charting tools via Plus500’s WebTrader platform. Let’s take a closer look at the different trading tools that are available on Plus500.

Plus500 price charts

According to the company’s website, Plus500 offers charts with a variety of drawing tools and indicators that can help you analyze trends and predict future market movements. In addition, your chart view can be customized by selecting chart type, pricing, and time intervals.

To track the price changes of an instrument over time and adjust your trading strategy accordingly, you can use any combination of indicators and tools.

Demo trading account

One of the most appealing features of Plus500 is the free demo account which is available to all traders. You can use the demo account to familiarize yourself with the CFD trading platform before depositing any funds into your account.

According to user reviews, the demo trading account offers a trading environment that is similar to the live account. However, the demo account used historical price data to mimic the live markets.

Demo trading on Plus500 is unlimited and you can use the service for as long as you wish.

Plus500 alerts

If round-the-clock analysis isn’t your thing, Plus500 offers powerful alerts that can be sent to your desktop or mobile device. You can choose to receive alerts via email, SMS or push notification.

This tool is completely customizable and you can create alerts based on your trading strategy and goals.

The Plus500 alerts tool is one of the most comprehensive that we have found. You can set alerts for price changes, percentage changes and investor sentiment.

Plus500 Customer Service

Plus500’s customer support team is available 24/7 to discuss any issues. Email and live chat are two ways of communication.

Plus500 Customer Support	Details
Live Chat	Available on website
Email	Available on website
Request a call	Unavailable

Live chat

You can select topics for your inquiry, such as account opening or funding, and support staff will respond to you via email. After you select a topic, you can provide an explanation of your problem.

Email

You can email the team even if you still need an account on Plus500. The Plus500 website provides email information.

Phone

Unfortunately, there is no customer support phone number available for Plus500.

Plus500 Customer Satisfaction

Plus500 reviews from Trustpilot

Plus500 has a strong rating of 4.1 on Trustpilot, and most of the reviews are from satisfied customers. However, there are some complaints about delays when it comes to withdrawals.

Plus500 reviews from Reddit

Reddit has mixed reviews. Some Redditors were pleased with the low spreads and virtually non-existent commissions. However, others said the platform was geared toward more experienced traders.

Plus500 reviews from the App Store

Plus500 received a score of 3.7 from the App Store. One customer commented, “really bad for day traders. Good for swing traders / long-term investors”.

Education and Learning Materials

Plus500 provides educational content in the form of instructional videos and guides. These can be found in the tools section on the platform. You can use the resources provided by Plus500 to start trading CFDs on the website.

The company also has a Trading Academy that offers a variety of educational materials such as eBooks, video trading guides, and FAQs to help both beginners and experienced traders trade.

However, since the materials provided could be more detailed, it would be advisable to add other resources to your learning.

Plus500 Security and Regulation

Plus500 is registered with the appropriate regulatory bodies in Europe and Asia Pacific, although it does not offer additional deposit protection. Plus500 also provides negative balance protection, ensuring that clients cannot lose more money than they have deposited into their accounts.

Depending on the market situation, guaranteed stop-loss orders can be used for various instruments, but they come with a larger spread.

Regulation

Plus500 is regulated and is even publicly traded on the London Stock Exchange under the ticker – LSE:PLUS. It is also a FTSE250-listed entity on the same stock exchange.

Below are the regulatory bodies for the broker:

• Financial Conduct Authority (FCA) in the UK.

• Financial Markets Authority (FMA) in New Zealand.

• Cyprus Securities and Exchange Commission (CySEC #250/14 ) in Cyprus.

• Monetary Authority of Singapore MAS (#CMS100648-1) in Singapore.

• Australian Securities and Investments Commission (ASIC) in Australia.

• Plus500EE AS is authorised and regulated by the Estonian Financial Supervision and Resolution Authority (Licence No. 4.1-1/18).

• Plus500AE Ltd is authorised and regulated by the Dubai Financial Services Authority (F005651).

• Plus500IL Ltd is a company registered in the UK, holding a license to operate a trading platform granted by the Israel Securities Authority.

Is Plus500 safe?

Plus500 not only offers a two-step login but also has a timer that logs the user out of both web-based and mobile applications in case of inactivity.

During our Plus500 review, we found no past security breaches or successful hacking attempts that have been made against Plus500.

However, Plus500 does not allow you to move your cryptocurrencies to secure external wallets. This means that your funds are vulnerable to hacking attempts.

Final Thoughts

Plus500 is one of the best brokers available when it comes to trading crypto CFDs. You can trade a number of cryptocurrencies with contracts for differences through this trusted organization, which is controlled by numerous authorities and has a very user-friendly interface.

As stated above, the biggest drawbacks of the platform are that there are limited trading tools, average educational resources, and no phone service, which might deter traders who need instant communication. However, the live chat is available 24/7 and provides timely answers to any client queries.

Overall, Plus500 is a solid platform for intermediate to advanced traders who want to trade crypto CFDs.

FAQs