Plus500 is a CFD trading platform that offers Forex trading and CFDs on indices, options, commodities, ETFs, shares and cryptocurrencies.
Plus500 was launched in 2008 and is authorized by the FCA to offer CFDs trading services in the UK.
In this review, we will look at safety, trading conditions, fees, tradable instruments, and customer support at Plus500.
|Plus500 Review Summary|
|Broker Name||Plus500 United Kingdom|
|Address||Plus500UK Ltd, 8 Angel Court, Copthall Avenue, London EC2R 7HJ|
|Regulation||FCA, ASIC, CySEC, FSCA, MAS, FSA Seychelles|
|Trading Platforms||Plus500 Trader for PC, Mac, Web, Android, & iOS|
- Regulated by FCA in the UK
- Has GBP as account currency
- Has 24/7 online customer support
- Offers negative balance protection
- Offers a wide range of instruments to trade
- Plus500 is listed on the London Stock Exchange
- Offers commission-free trading on all accounts
- Does not charge any fees for deposits or Withdrawals
- No phone support
- Has no bonus offerings
- Do not support MT4, MT5 or EAs
- Charges dormant account fees
- Slow processing of deposits & withdrawals
Is Plus500 Safe for Traders?
Plus500 is considered safe for traders, has low risks, and is highly trusted. This is because of their high level of regulation: they are regulated in multiple jurisdictions by Top-Tier regulations.
Plus500 Ltd is the parent company of Plus500. Registered in Israel, Plus500 Ltd has subsidiaries in the UK, Europe, Asia, and Africa.
Plus500 Ltd is a publicly listed UK company, listed on the London Stock Exchange since 2018. The company’s subsidiaries and their main regulatory bodies are listed below.
1) Financial Conduct Authority (FCA), United Kingdom: Plus500 is regulated in the UK as Plus500UK Ltd since 2010. The company is authorised to provide investment services in CFDs (Contracts for Differences) trading by the FCA, Reference No. 509909.
Plus500 is registered with the Financial Services Compensation Scheme (FSCS) in line with FCA regulations.
2) Australian Securities & Investments Commission (ASIC): Plus500 is regulated by ASIC as Plus500AU Pty Ltd. The company registered in 2011 with ACN (Australian Company Number) 153 301 681.
3) Cyprus Securities and Exchange Commission (CySEC): Plus500 is licenced by CySEC as Plus500CY Ltd to provide investment services with licence number 250/14 issued in 2014.
4) Financial Sector Conduct Authority (FSCA) in South Africa: Plus500AU Pty Ltd. is authorized by the FSCA to offer financial services in South Africa with FSP No 47546, issued in 2017.
5) Financial Services Authority (FSA), Seychelles: Plus500SEY is registered in Seychelles as a securities dealer and licensed by FSA, Seychelles with license number SD039. This is an Offshore regulation.
6) Monetary Authority of Singapore: Plus500 is licensed by the MAS as PLUS500SG PTE. LTD. to deal in securities and forex trading.
Leverage on Plus500 is determined by the type of account you have and the asset you are trading.
The maximum leverage on Plus500 for Retail Account holders is 1:30 for major currency pairs, 1:20 for minor currency pairs, gold and major equity indices, 1:10 for other commodities and equity indices 1:5 for individual equities, and 1:2 for cryptocurrencies
The maximum leverage for Professional Accounts on Plus500 is 1:300 for forex and indices, 1:150 for commodities, 1:100 for ETFs, 1:20 for shares and cryptocurrencies, and 1:5 for options.
Plus500 Account Types
Plus500 offers two main types of accounts: the Retail Account and the Professional Account. Plus500 also offers Islamic and Premium accounts for special cases, as well as demo accounts for new traders.
The type of account you have on Plus500 determines what instruments you can trade, how much leverage is available, and the fees you will pay.
Find details about the different types of trading accounts on Plus500 below:
Retail Account: When you open an account with Plus500, you automatically have a Retail Account – it’s the default account assigned to new users.
To get access to advanced features on the platform, you can apply for an upgrade to a Professional Account when you become eligible. You will need to submit additional verification documents when you apply for a Professional Account.
You can trade foreign exchange currency pairs and CFDs on indices, shares, commodities, exchange-traded funds (ETFs), and options on this account. Note that Plus500 does not offer cryptocurrency trading to UK Retail Account holders.
This account does not charge any fees when you make deposits or withdrawals, but you are charged a monthly account inactivity fee of $10 if 90 days pass without you logging into your account.
The Plus500 Retail Account is a spread-only account, with zero commission charges when you open or close trade positions. However, swap fees apply for holding a position overnight, and spreads start from around 0.6 pips.
To start trading with this account, you will need to make a minimum deposit of £100 and the maximum leverage for this account is 1:30.
Professional Account: The Plus500 Professional Account is for traders with large portfolios and a high level of experience.
You can trade foreign exchange currency pairs and CFDs on indices, shares, commodities, ETFs, and options using this account.
The Professional Account allows for maximum leverage of 1:300, compared to the 1:30 leverage limit of the Retail Account.
To activate a Professional Account on Plus500, you will need to meet the following requirements:
- You have traded a minimum of 10 large transactions each quarter during the past 12 months (4 consecutive quarters).
- You have a large portfolio of financial instruments exceeding €500,000; and
- You have been working or worked in the financial services sector for at least 1 year.
If you meet these requirements, you can apply for an account upgrade from Retail to Professional by submitting a request to customer support via email or live chat with the necessary verification documents.
Note that if you meet the criteria with another CFDs broker, you will need to provide a document showing your trading activity in the last 12 months and documents proving your financial instrument portfolio holds more than €500,000 of cash deposits and financial instruments.
You can check if you are eligible by answering simple questions on the Plus500 website.
Islamic Account: Plus500 has a Sharia law-compliant Islamic Account for Muslim traders in certain regions. This account does not affect the leverage for Retail or Professional accounts, but traders’ overnight funding fees will be waived.
Plus500 UK currently does not offer Islamic CFDs. However, if you are interested in having a swap-free Islamic trading account, you can make a request by contacting support via email or live chat.
Premium Account: Plus500 offers active traders the opportunity to upgrade to a Premium account. As a Premium Account owner, you will have a personal account manager and priority support.
If you become eligible for a Premium Account, you will receive an email and you can choose to accept or reject it.
Plus500 Base Account Currency
When you sign up on Plus500 UK, your trading account currency is automatically set to GBP. You can change it to other currencies by contacting customer support.
Deposits, trades, and withdrawals will be measured in this currency.
Plus500 Overall Fees
To help you understand Plus500’s fees and charges, we have provided a brief overview.
Spreads: Plus500 charges spread fees on trades. This represents the difference between the “ask” and “bid” prices of financial instruments. Spreads on Plus500 start from around 0.6 pips.
Plus500 uses a variable spread system that continuously updates throughout the day and is adjusted in line with market movement, liquidity, and volatility.
Below is a breakdown of the typical spreads charges on the major currency pairs:
|Instrument/Pair||Plus500 Typical Spread|
Commission fees: Plus500 offers commission-free trading on all of its trading instruments and is applicable to all account types. This means you can trade without paying commission fees.
Swap fees: Plus500 charges swap fees (overnight funding fees) when you hold a trade position overnight. The fee is deducted from your account.
Swap-free trading is available with Islamic Accounts on Plus500.
Currency Conversion fees: When trading instruments denominated in a currency different from the currency of your account, Plus500 charges a currency conversion fee.
The fee is automatically added to the unrealized profit or loss of an open position.
Deposit and Withdrawal fees: You do not pay any fees when you deposit money into your Plus500 account or withdraw money from it. This applies to all payment methods supported by Plus500.
Be aware that some payment methods may charge additional/independent processing fees, and If you request a withdrawal for an amount less than the minimum amount, your account may be charged a service fee.
Account Inactivity charges: If you do not log into your trading account for 3 months, Plus500 will charge $10 in inactive account fees per month from the balance in your account. If you have no money in your account, no fees will be charged.
How to Open Plus500 Account in UK?
To start trading with Plus500 UK, follow the steps below to create a Plus500 trading account.
Step 1: Go to the Plus500 website homepage via www.plus500.com and Click the button labeled ‘Start Trading’ on the top right side of this page, or ‘Start Trading Now’ at the page centre highlighted in white.
Step 2: Input your email and create a password on the form that appears then click ‘Create Account’. You will be redirected to the Plus500 WebTrader.
Step 3: To complete your registration, click on the three bars on the left side of the WebTrader, then follow the ‘Get Started’ link.
Step 4: Type your full name and date of birth on the personal details form provided, then click Next. Fill out the address information.
You will also be asked about your schooling, CFDs trading experience, and knowledge of trading.
After that, check the box to agree to the terms and conditions and click ‘Finish’.
Step 5: You will be taken to the Plus500 dashboard which is the WebTrader.
Now, you will need to verify your account to access the full account features.
To verify your account, click on the menu (three bars) on the left, then select ‘Account’ and click on ‘Verify Account’.
Step 6: You will be required to upload some documents to verify your identity and address.
After your account is verified, you can make deposits, trade, and withdraw funds.
Plus500 Deposits & Withdrawals
Plus500 offers several ways to deposit and withdraw funds, including bank transfers, debit/credit cards (Visa, MasterCard, & Maestro), Apple Pay, Trustly, and e-wallets like Skrill and PayPal.
The minimum deposit and withdrawals depend on the payment method used.
What is Plus500 Minimum deposit?
Plus500 requires a minimum deposit of £100 for deposits via cards, PayPal, Skrill, Trustly, and Apple Pay. Funds are credited instantly.
Deposits via bank transfer on Plus500 require a £500 minimum deposit and are credited within 5 business days.
What is Plus500 Minimum withdrawal?
The minimum withdrawal amount on Plus500 is £80 for cards, bank transfers, and Skrill, though there is a smaller threshold for withdrawals to PayPal and Apple Pay: £40.00. The least you can withdraw with Trustly is £100.00.
Your withdrawal to all payment methods will be processed within 3 business days and may take 3-7 business days for you to receive the funds depending on the payment method you are using.
How do I Deposit Funds?
To deposit funds to your Plus500 trading account and start trading, follow these steps:
Step 1: Log in to your Plus500 account at www.plus500.com by clicking on Login at the top bar menu or visit app.plus500.com directly, input your email address and password, and click ‘Login’.
Step 2: After you log in, click the left-side menu tab and then select the ‘Deposit’ link.
Step 3: You will need to select the payment method, such as credit card, PayPal, or bank transfer, you want to use to make the deposit.
Step 4: After you choose a payment method, follow the on-screen instructions to complete your deposit.
How to Withdraw Funds from Plus500 in UK?
You can follow these steps to withdraw your money from Plus500 UK.
Step 1: Log in to your dashboard, then click the left side menu, and select ‘Funds’.
Step 2: Click Withdraw on the main menu and select a withdrawal method.
Step 3: Next, fill in the amount you want to withdraw and other fields required.
Then click ‘Open a Withdrawal’ and follow the instructions shown to complete the transaction.
Be aware that withdrawal payments can only be made to the same source that was used to make the deposit, and the payment methods must match the name on the trading account.
Also, you need to verify your account before you can initiate any withdrawals.
Plus500 Trading Instruments
You can trade more than 2000 financial instruments with Plus500. The products are distributed among the following categories.
|Forex||Yes||66 currency pairs on Plus500 (including majors & minors)|
|Commodities||Yes||22 spot commodities on Plus500 (including oil, gas, coffee, and others)|
|Shares||Yes||1,655 shares on Plus500 (From 24 countries including the UK, USA, Japan, Sweden, South African shares and others)|
|Indices||Yes||27 spot indices on Plus500 (US-TECH 100, UK100, GER40, and others)|
|Options||Yes||356 Options on Plus500|
|ETFs||Yes||96 ETFs on Plus500|
Plus500 Trading Platforms
The Plus500 Trader is the only trading platform supported by Plus500. The platform is owned by Plus500 Ltd and allows you to trade a large variety of financial instruments.
MetaTrader 4, MetaTrader 5. EAs cannot be integrated into the platform.
You can use Plus500 Trader on the web, macOS, and Windows desktops, as well as Android and iOS devices.
Plus500 Execution Policy
Plus500 automatically processes your orders via Straight Through Processing. They are an STP broker with no dealing desk. There is no conflict of interest issue between Plus500 and their clients. When you open a position, Plus500 hedges the risk with a counterparty. This way, they have no personal gains from your losses. It is a key component of their execution.
Price quotes are supplied by liquidity providers and other third-party sources. This confirms that Plus500 UK is not a market maker. Their execution policy strives to secure the best tradable prices from these sources. Though there are rare occasions where you might not the best price, Plus500’s execution is good enough for an STP broker. In addition, prices are obtained from various sources to prevent excessive reliance on a singular source. These sources are reviewed regularly to make sure only competitive prices are provided.
There aren’t many details on costs that we have not covered under the fees section. However, you should note that spreads can be readjusted based on volatility and other market factors. GSLOs, swaps, and currency conversion fees are other points under costs.
Plus500 Education and Research
There are different ways you can learn with Plus500 UK. Here are some of them.
1) Demo Account: A demo account allows you to trade with virtual money. Profits and losses made on this account are virtual as well. A demo account is useful for both beginners and experts. As a beginner, you can attempt to open a demo account with the same amount of money you want to use for your live account. If you are an expert, you can test newly developed strategies. Plus500’s demo account does not expire.
2) Economic Calendar: Plus500 economic calendar is good for you if you love to research. The economic calendar covers macroeconomic events that are key to trading currency pairs. Also, it covers corporate events. Corporate events are important for trading shares CFDs. The calendar is equipped with a filter so you can choose the exact time period you want to review.
3) Ebook: Plus500’s e-book contain information about the broker and the basics of forex trading. The book is not so detailed. However, the knowledge in it can come in handy, especially in the glossary section. The glossary covers basic and advanced terms on forex trading.
4) Videos: There are 10 videos on Plus500’s website covering topics like slippage, risk-to-reward ratio, margin requirements, etc. The downside is that these videos are not structured for systematic learning.
5) News and Insights: The news and market insights section is helpful for fundamental traders. Apart from educating articles, important news and analytical reports are uploaded when key economic data is about to be released. There is also a search bar that allows you to backdate the page. With this, you can keep track of past data and their effects on the market.
Plus500 UK Customer Service
Plus500 customer support is available 24 hours a day via these channels:
Live chat support: Plus500 offers live chat support through their website. Plus500 Live Chat agents respond quickly, and a chat agent was able to answer our questions correctly in less than a minute when we tested the service by starting a chat.
If you have questions about trading on Plus500, you can ask them on the live chat. Plus500 live chat is available 24/7 and can be found on the bottom right corner of their website on a desktop. In order to start chatting, you have to enter your name and email address.
Email support: Plus500 offers email support that is also available 24 hours a day, 7 days a week, and responds to customer enquiries promptly.
When we tested the email customer support, we received a response within 30 minutes with the answer to our question.
Once you send an email, you will get an auto-generated response acknowledging your enquiry and assigning a ticket number to it.
A customer support representative will then send you a second reply with the answers to your enquiry.
To send an email inquiry, you may use the form on their website or send an email directly to Plus500 email address via [email protected]
Physical office: Plus500 has an office in the UK located at 8 Angel Court, Copthall Avenue, London EC2R 7HJ. Although the office is not open to public visits for enquiries, customer support and enquiries are done online.
Phone support: Plus500 does not provide a phone support line for enquiries, but they have a WhatsApp account that works in a similar way to the live chat feature which can be used for enquiries. You can find the link to the WhatsApp chat on the FAQ page.
Do we Recommend Plus500 UK?
Yes, we recommend Plus500 UK for trading CFDs because they are regulated by the FCA in the UK and other top-tier regulators worldwide such as ASIC, CySEC, and FSCA. This means that they have to follow strict rules, which protect the funds of traders.
The Plus500 proprietary trading platform is easy to get the hang of, which means even new traders can use it and the account opening process is simple and fast. The fees are moderate and there is no commission charged for any trade on the platform.
The Plus500 customer service is good, which is an important factor when choosing a broker because fast responses ensure that any issues you encounter will be resolved quickly. Although they do not offer phone support, the company responds quickly to emailed and live chat questions.
Plus500 UK FAQs
Is Plus500 available in UK?
Plus500 is available in the UK, the company is registered as Plus500 UK Ltd and authorized by the FCA to offer CFDs trading services.
Plus500 Ltd is also listed on the London Stock Exchange (LSE) since 2018.
Is Plus500 legitimate?
Plus500 is legitimate because they are regulated by the FCA in the UK and by other top financial regulators in Australia, Singapore, South Africa, and Cyprus.
The company has physical offices, and online customer support and is also publicly listed on the London stock exchange.
Can I make money on Plus500?
Plus500 is regulated forex broker. They offer CFD trading services to retail and professional traders. 73% of retail investors lose money when trading with Plus500. CFD trading is risky so be cautious.
What are Plus500 fees?
Plus500 is a zero commission broker. Also, they do not charge any fees for deposits or withdrawals. However, there is a $10 inactivity fee, guaranteed stop-loss premiums, spreads, and rollover charges.
What is the minimum deposit on Plus500?
Plus500 minimum deposit in UK is £100 for deposits via cards, PayPal, Skrill, Trustly and Apple Pay and £500 for deposits via bank transfers.
Note: Your capital is at risk