CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
80% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
80% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Plus500 Review 2024 - A Simple Guide
What is Plus500?
Plus500 is a popular trading platform used by over 24 million people worldwide. It is mainly for Contract for Difference (CFD) trading. In this review, we’ll go over everything you need to know about Plus500 in a simple way that is easy to understand.
What are CFDs?
CFD stands for Contract for Difference. Instead of buying something like a stock, you are trading its price movements. This means you don’t own the actual stock, but you can still make money if the price goes up or down.
CFD trading can have lower fees, and you can use leverage to trade. But be careful—using leverage can mean big gains but also big losses.
Is Plus500 Right for Beginners?
Beginners can use Plus500, but experienced traders benefit more from it. If you are new to trading, starting with a small account is really important. In addition, the demo account at Plus500 lets you practice with virtual money, so there is no risk.
The platform also has a Trading Academy that has educational e-books, videos, and webinars. These tools can help you learn how to trade before risking real money.
How We Rate Plus500
Our review is based on a points-based scale that is then turned into a star rating. For Plus500, we gave it an overall rating of 4.6 stars. Here is a breakdown of the different features:
- Fees: 4.5 stars
- Reliability : 5 stars
- Onboarding: 5 stars
- Deposit & Withdrawal: 5 stars
- Markets: 3 stars
- Tools: 4.5 stars
- Platform: 4.5 stars
- Education: 4.5 stars
- Customer Service: 5 stars
- Let’s take a closer look at each category.
Fees – 4.5 Stars
Plus500 has a simple fee structure. Plus500 does not charge any fees to open an account, deposit, or withdraw funds. There is also no commission when trading CFDs, which is great.
You need to pay a spread fee (the difference between the buy and sell price).
There is a currency conversion fee of 0.7% if you trade with a different currency from your account.
There is also an inactivity fee of £10 per month if you do not log into your account for three months. You can avoid this fee by just logging in once in a while.
Plus500 is mainly compensated for its services through the Buy/Sell (Bid/Ask) spread, which is incorporated into the quoted rates. Additional fees may apply, such as:
Overnight Funding: An amount added to or subtracted from your account for positions held after a specific time (“Overnight Funding Time”).
Guaranteed Stop Order: A unique order type with a wider spread for guaranteeing stop-loss levels.
Inactivity Fee: USD 10 per month if no login is made for three months or more, charged only if sufficient funds are available.
Deposits and withdrawals are mostly free of charge, although third-party fees may apply for international transactions or currency conversions. For a complete breakdown of spreads and additional fees, users can log into their account and review the “Details” section for specific instruments.
Deposit & Withdrawal – 5 Stars
Depositing and withdrawing money with Plus500 is easy. You can deposit funds using different methods like a credit card, debit card, bank transfer, PayPal, and more. Most deposit methods are instant. The minimum deposit is £100.
Withdrawals are also simple. There are no fees for withdrawals, and you can use the same methods as deposits. The minimum withdrawal is £50 for PayPal and £100 for bank transfers. Withdrawals can take a few days, depending on your method.
Reliability – 5 Stars
Plus500UK Ltd is very Reliable. It is Authorized and regulated by the Financial Conduct Authority (FCA) in the UK (FRN 509909), making it trustworthy.
Plus500 also lists on the London Stock Exchange (LSE), which means the company’s actions remain transparent and public. They will keep your money separate from the company’s money. This way, it stays there even if Plus500 has financial issues.
Onboarding – 5 Stars
Opening an account with Plus500 is quick and easy—it takes less than 20 minutes. You will need to provide some personal information and proof of identity, such as a passport or driving license. You also need to show proof of your address.
You can choose between a real account or a demo account. The demo account is a great way to practice without any risk.
Types of Accounts
Plus500 has two main types of accounts:
- Retail Account: This is for most people and is recommended for most traders.
- Professional Account: This is for more experienced traders. To qualify, you need a portfolio of at least €500,000, good trading activity, or experience in the financial sector.
Markets – 3 Stars
Plus500 only offers CFD trading. This means you cannot buy actual stocks, ETFs, bonds, or other core assets. You can only trade the price movements. This makes Plus500 unsuitable for most investors who want to build a long-term portfolio.
There are more than 2,800 CFDs available to trade. This includes:
- Forex CFDs: 65 pairs, like EUR/USD and GBP/USD
- Stock CFDs: 1,623 different stocks
- ETF CFDs: 97 funds
- Commodity CFDs: 23 options like gold and oil
- Index CFDs: 34 indices like the S&P 500 and FTSE 100
- Option CFDs: More than 1,000 options
The range of CFDs is good, but it’s important to remember that CFD trading is risky.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
80% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Tools and Features – 4.5 Stars
Plus500 has some great tools and features that make it easier to trade. One of the best tools is the demo account. This lets you practice trading without risking your money. It is a great way to learn how trading works before you use real money.
Plus500 also offers a range of charting tools. There are over 109 indicators and 20 drawing tools that you can use to help analyze the market. You can also save charts that you customize for future use.
Another helpful feature is +Insights. This tool shows you what is popular on Plus500, like the most traded or viewed assets. You can filter the insights by location, time, and asset type.
The platform lacks some key research tools like trading ideas, fundamental data, and trading signals. If you rely on these tools, you might find Plus500 a bit limiting.
Trading Platform – 4.5 Stars
The Plus500 trading platform is available on the web and mobile app. Both versions are very user-friendly. The design is simple and easy to navigate. The mobile app has the same features as the web platform, and you can even set push notifications for price changes.
The platform has several helpful features for traders:
- Trailing Stops: You can set a stop order that follows the asset as its price rises, which can help you keep profits.
- Stop Loss and Take Profit: You can set a stop order to sell an asset automatically. This helps protect you from large losses or secure your profits.
Unfortunately, Plus500 does not have a desktop platform. It also does not support MetaTrader 4 (MT4) or copy trading. If you are looking for these features, Plus500 may not be the right platform for you.
Education – 4.5 Stars
Plus500 has a Trading Academy with educational materials, including videos, articles, and a free eBook. There are also webinars powered by The Corellian Academy. The Trading Academy is useful for beginners to learn how to trade, but it lacks a lot of in-depth material.
Customer Service – 5 Stars
Plus500 has excellent customer service. There is a live chat feature that allows you to contact support at any time. The support team is very responsive, and you usually get an answer in just a few minutes. You can also contact the team via email or WhatsApp, but there is no phone support available.
The customer support is available 24/7, which is a huge plus. Many other trading platforms only have support during business hours. Overall, the support from Plus500 is fast and helpful.
Plus500 Pros
- Reliable and user-friendly platform
- No deposit or withdrawal fees
- Great charting tools and indicators
- Free demo account to practice trading
- Excellent customer service with 24/7 availability
Plus500 Cons
- Only supports CFD trading—no actual stocks or ETFs
- Inactivity fee of £10 per month if you don’t log in for 3 months
- Limited educational content
- No desktop platform or support for MetaTrader 4 (MT4)
Who Should Use Plus500?
Plus500 is perfect for experienced traders who are interested in trading CFDs. The platform is easy to use and has all the tools needed to make trading decisions. It is also good for people who want to practice trading with a demo account before using real money.
However, Plus500 is not a good choice if you want to buy and hold assets like stocks or ETFs. It is also not ideal for beginners unfamiliar with trading, unless they are willing to spend some time learning first. Most retail investors lose money when they trade CFDs, so you must prepare for the risk.
Is Plus500 Safe?
Plus500 is extremely reliable to use. The Financial Conduct Authority (FCA) in the UK regulates it. The company is also listed on the London Stock Exchange (LSE).
This makes it one of the most transparent trading platforms out there.
You keep your money separate from the company’s funds. This means you could be sleeping well at night, even if the company goes bankrupt.
Plus500 App and Platform Features
The Plus500 platform is available in two versions: web and mobile. Both versions are very easy to use and have the same design. The mobile app is great for trading on the go, and you can set price alerts so you never miss a trade.
You can also access all the trading tools, like indicators and drawing tools, on both versions. The mobile app is available on Android and iOS. It has a good rating on both stores.
On the Apple App Store, it has 4.2 out of 5 stars. On Google Play, it has 3.8 out of 5 stars.
Making a Trade on Plus500
Trading on Plus500 is easy and user-friendly. All you need to do is search for the CFD you want to trade, choose your amount, and click “Trade.” You can also set stop loss and take profit orders to manage your risk. These are important tools that help you make trading more accurate and secure your profits.
Plus500 also offers trailing stops. These orders help you make more profit by following the price when it goes up. It will only trigger when the price changes direction by a certain percentage.
Using Leverage on Plus500
One of the key features of Plus500 is the ability to use leverage. Leverage lets you trade with more money than you have in your account, which can make your gains bigger. But it can also make your losses bigger.
For example, if you use 5x leverage, a 10% gain can become a 50% profit. But a 10% loss will also be 50%. It’s important to understand how leverage works before using it.
+Insights and Analysis
One of the unique features of Plus500 is +Insights. This tool gives you information about what other traders are doing on the platform. You can see things like the most traded, most viewed, and highest buy ratios. +Insights also helps you see the current sentiment (how many people are buying vs. selling) for each asset.
This feature is useful if you like to follow market trends and see what’s popular. It gives you a quick view of what is happening with different assets.
ESG Scores
Plus500 also provides ESG (Environmental, Social, and Governance) scores for stocks. These scores tell you how well a company is doing in terms of its impact on the world. This can include things like pollution, labor practices, and business ethics. The score is out of 10, and it helps you decide if a company aligns with your values.
Can I Lose Money on Plus500?
Yes, you can lose money when trading on Plus500. About 80% of retail investor accounts lose money when trading CFDs. CFD trading is risky because of the leverage and the volatility in the market. It’s important to only invest money that you can afford to lose.
Use the demo account to practice and get comfortable with the platform before using real money.
Final Thoughts
Plus500 is one of the best platforms for CFD trading in the UK. It has a user-friendly interface, a wide range of CFDs, and great customer support. The demo account makes it easy for beginners to learn how to trade without risk. If you are an experienced trader looking for a reliable CFD platform, Plus500 is a great choice.
But if you are looking to buy and hold real assets, Plus500 might not be for you. It is only for CFD trading, and there are no stocks, ETFs, or bonds available.
Always remember that trading CFDs is risky, and most people lose money when trading. Be sure to use the tools available, like stop loss and trailing stops, to protect yourself. Plus500 is a good option for those who are ready for the risks and want to trade CFDs.
If you are ready to start, you can open an account or use the demo account to practice. Good luck with your trading journey!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
80% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
frequently asked question
What is Plus500?
Plus500 is an online trading platform. You can trade CFDs, or Contracts for Difference, on many assets. These assets include stocks, forex, cryptocurrencies, commodities, and indices.
Is Plus500 available in the UK?
Yes, Plus500 operates in the UK and the Financial Conduct Authority (FCA) regulates it.
Who regulates Plus500?
Plus500UK Ltd is authorized and regulated by the Financial Conduct Authority (FCA). The Cyprus Securities and Exchange Commission (CySEC) authorizes and regulates Plus500CY Ltd.
Is Plus500 safe to use?
Yes, Plus500 is a safe platform to use. The London Stock Exchange (LSE) lists it, and it follows strict regulatory requirements.
What is CFD trading?
CFD trading involves speculating on the price movements of assets without owning the underlying asset. You can profit from both rising and falling prices.
Can beginners use Plus500?
Yes, beginners can use Plus500. The platform offers a demo account and educational materials to help new traders learn.
Does Plus500 have a mobile app?
Yes, Plus500 has a mobile app available for both Android and iOS, allowing you to trade on the go.
What is a demo account?
A demo account is a practice account that lets you trade using virtual money. It helps you get familiar with the platform without risking real money.
How can I open an account on Plus500?
You can open an account by signing up on their website or mobile app. You will need to provide your personal information and verify your identity.
What are the fees on Plus500?
Plus500 charges spread fees, which are the difference between the buy and sell price. There are no deposit or withdrawal fees, but there may be inactivity fees and currency conversion fees.
What is a currency conversion fee?
When you trade assets in a currency different from your account currency, the system charges a currency conversion fee. Plus500 charges a 0.7% conversion fee.
Does Plus500 charge for deposits and withdrawals?
No, Plus500 does not charge for deposits or withdrawals. However, there may be minimum withdrawal limits depending on the method you choose.
What is leverage in trading?
Leverage allows you to trade with more money than you have in your account. It can amplify both profits and losses, so it carries a high risk.
What are trailing stops?
Trailing stops are a useful trading tool. They help you secure profits by changing your stop loss level. This happens as the market price moves in your favor.
Can I lose more money than I invest?
No, Plus500 offers negative balance protection, meaning you cannot lose more money than you deposit in your account.
What is the minimum deposit on Plus500?
The minimum deposit on Plus500 is usually around £100, but it may vary depending on the payment method.
How do I contact Plus500 customer service?
Plus500 offers customer service through live chat, email, and WhatsApp. Their support is available 24/7.
Is Plus500 good for experienced traders?
Yes, Plus500 is a popular choice for experienced traders. It offers many trading tools, indicators, and advanced features.
What is the Plus500 Trading Academy?
The Plus500 Trading Academy is a part of their website. It has videos, articles, and guides. These resources help traders learn about the platform and trading strategies.
What are the risks of trading with Plus500?
Trading with Plus500 involves risks, including the potential to lose money due to market fluctuations. Many traders consider CFD trading high-risk, especially when they use leverage.
