A Quick Plus500 Review 2021

A Review of the Famed CFD Broker, Plus500

The search for a broker is always an odious one, and to help you out, we bring you a review of one of the most talked-about brokers for a while: Plus500. It is an Australian company, though it was initially based out of Haifa, Israel, in 2008. However, in the first decade of its life, Plus500’s stock rose to the point of its shares being listed on the London Stock Exchange’s main market, as well as being made a part of the prestigious UK FTSE 250 index of companies.

If that makes you think that using Plus500 trading as your main option for CFDs is a good idea, hold off on making a decision until you finish reading this Plus500 CFD review. We go in-depth and tell you everything you need to know!

Pros and Cons

To start you off, we will list the various pros and cons associated with Plus500 forex trading:

ProsCons

The platform is easy to use

Customer support is available around the clock

Free deposit and withdrawal

You are only charged an inactivity fee if you do not log in for a while

The minimum deposit amount is low

Two-step authentication for login, which is safer

The charts it provides are good and interactive

– The product range is limited

– Research tools are not up to snuff

– The fees for CFDs are average

– Poor quality of news flow

– Customer support is not available over the phone or live chat

Key Features

The world revolves around performance, and whether a business well or not depends mostly on its key features and attributes. Given how well Plus500 forex is regarded in the business of trading, it has some very impressive features on display. In this section, we will take a look at them all:

HeadquartersSydney, Australia
RegulationsCySEC, FCA, ASIC, FMA, FSB, MAS
Instruments TradedETFs, CFDs, Commodities, Metals, Stocks, Oil, Gold, Indices, Forex, Crypto, Options
Type of BrokerMarket Maker
Minimum Deposit$100
Maximum Leverage for Retail account1:30
Maximum Leverage for Pro account1:300
Plus500 Demo AccountYes
Currencies tradedUSD, GBP, EUR, AUD, NZD, CAD, JPY, CHF, SGD, DKK, HUF, NOK, SEK, CZK, MXN, PLN, ZAR, TRY, THB, CNH, HKD, HRK, KRW
Islamic AccountYes
Supported CountriesThe trading platform is not available to residents of the United States and countries where CFD trading activity or similar services are contrary to local law or regulation.

Account Types

As you may have seen from the previous table, there are two kinds of accounts that people can access: Retail and Pro. What does each type have to offer? We will find out in this section.

Leverage

Instrument CategoryRetailPro
Major Forex1:301:300
Minor Forex1:201:300
Major Indices1:201:300
Gold1:201:150
Commodities (excluding Gold)1:101:150
Minor Indices1:101:300
Shares1:51:20
Options1:51:5
ETFs1:51:100
Crypto1:21:20

Other Criteria

ProtectionRetailPro
Client Money ProtectionYesYes
Negative Balance ProtectionYesYes
Transparent Execution and PricingYesYes
Real-Time DisclosureYesYes
Product Disclosure Statement and Financial Services GuideYesNo
Recourse to AFCAYesNo
Margin Close Out ProtectionYesYes
InducementsNoYes

Deposit and Withdrawal Options

Below, we have a table describing all the various ways you can fund and withdraw money from your account:

Payment OptionMinimum DepositMinimum WithdrawalProcessing time (deposits)Processing time (withdrawals)
Bank Wire Transfer$100$100InstantWithin 5-7 working days
Credit and Debit Cards$100$100InstantDependent on Bank
Trastra Visa card$100$100InstantWithin 1 working day
Skrill$100$50InstantWithin 3-7 working days
PayPal$100$50InstantWithin 3-7 working days

Promotions

When it comes to promotions, Plus500 offers a bonus to its customers based on the volume of deposits and withdrawals they made. When you meet certain criteria, you will be assigned a number of Trader Points or TPs, which you can then exchange for a bonus. These bonuses are set in chronological order – when you meet the requirements for one and use it, you will immediately start collecting Trader Points for the next bonus.

When you are eligible for a bonus, Plus500 will send you a notification. Whether you want to use it is up to you, and Plus500 forex broker bears no liability for any losses you may incur if you trade with the bonus amount. Keep in mind, though, that all bonuses expire after 90 days.

The requirements for every bonus available are detailed in the table below:

Minimum DepositBonus AmountRequired Trader PointsBonus Code
AU$300AU$8080Welcome
AU$750AU$200150BRONZE
AU$1500AU$300200SILVER
AU$6000AU$15001000GOLD
AU$15000AU$30002500PLATINUM
AU$75000AU$1500010000DIAMOND

Best payment solutions for Plus500 users

If, after reading this review, you decide that you want to go with the Plus500 app as your broker, good on you. However, before you do, we wanted to tell you about the best payment solutions at your disposal.

skrill_neteller_VIP program

First of all, we would advise keeping bank transfers and card payments as a backup because they can take a few business days to get done. It can vary on a case by case basis, of course, but that is the trend in general. Instead, you could use Skrill as your go-to option.

Another good option is Trastra. They issue Visa cards that you can use for transactions, but with the added benefit of anonymity. A Trastra Visa card allows you to spend up to 8,000 Euros every day, manage your funds and load up your card from anywhere, get live notifications, and disable it at any time. All of that certainly makes for an attractive option.

Trastra card

What is more, due to Baxity’s working relationship with them, we can fast track your way to success if you sign up for Skrill and Trastra here.

FAQ

What is the minimum deposit / withdrawal on Plus500 forex broker?

The minimum amount you can deposit or withdraw on Plus500 broker depends on the payment method and starts from $25.

Is there a thing as Plus500 trading fees?

No. Plus500’s main source of compensation is through its market spread. They do not charge dealing commissions, either.

How do you contact Plus500 customer support?

On the website, there is an option for contacting customer support through submitting a form. There is no calling function, but the crew responds to queries 24/7.

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