Plus500 is a foreign exchange and Contracts for Difference (CFD) trading platform providing users from around the world with a broad variety of asset classes to trade along with a user-friendly experience on mobile and desktop applications alike. Known for its zero-commission model, Plus500 traders have the tools available to rapidly capitalize on changing global market trends.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
- Intuitive, responsive platform compatible across operations systems
- Leverage available for large array of tradable assets
- Multiple avenues for reaching customer support
- CFD traders do not own actual assets or gain shareholder rights
- Corporate or company trading accounts unavailable
- No news, analysis, or educational resources
- Absence of social trading features
Plus500 only offers individual trader accounts, excluding the company or corporate accounts that can often be opened with some other CFD trading platforms. The most important metrics like your maximum deposit limit varies by country of origin and payment method, in order to be compliant in relevant jurisdictions. However, Plus500 offers daily deposit limits of up to $300,000 at once which close the gap between its individual accounts and the higher-value corporate accounts offered by peers.
Apart from the standard account, the Plus500 Professional trading account offers higher leverage of up to 1:300 on some instrument categories. However, individuals need to meet two of three criteria set out by Plus500 to obtain the Professional account. Eligibility hinges on qualifiers like trading activity, the value of one’s asset portfolio, and their current or previous employment in the financial sector.
Beginners can still familiarize themselves with the application thanks to a demo account that does not expire, and they can also hide the more complex and advanced features. Additionally, traders can test their strategies in the demo account alongside a live account, reduce leverage to 1:1 (it stretches as high as 1:100) and select order types that deliver better risk management like take profit (TP) and stop loss (SL) orders.
Plus500’s platform is aimed at more experienced traders who are able to research and analyze markets on their own, so its steep learning curve may prove detrimental to beginner traders.
Plus500’s clean design makes it easy to locate the right tools and a dashboard keeps users’ data accessible. However, Plus500 sacrifices some of the fundamental news and analysis features that can be found elsewhere. The Trade window lets you toggle between assets and pairs, and trades are opened directly from here, with all the extras such as leverage and stop loss or take profit tools in the same place.
Most tools are accessible on a basic sidebar menu, including account details, trading (charts and orders), funds (deposits and withdrawals), and open and closed positions. Indicators, charting types, and drawing tools are available directly from the chart window, although these features may take some time to discover. Other tools that benefit the user experience include a free demo account, which stays open in the same window and can be swapped with the live trading screen in a single click.
Opening a Plus500 account is free and gives users access to a zero-commission trading environment. The only costs you must account for are the spreads between bid and ask prices, which are clearly displayed in the trading platform when clicking on the information bubble next to the alert bill on a row listing an instrument.
The window that appears after clicking the information bubble displays “Dynamic Spread” along with overnight swap costs for buy or sell positions. The spread we observed during our tests for EURUSD was 0.6 pips. There is an extra spread added to Guaranteed Stop positions and account inactivity fees, but otherwise the absence of fees is a net positive for prospective clients.
Credit cards (VISA, MasterCard, Debit)
Bank wire transfers
With a utilitarian interface that hides deep capabilities, Plus500 manages to provide a visually appealing trading experience that is matched by a zero-commission model. Platform clients will appreciate access to foreign exchange trading along with CFDs for instruments like cryptocurrencies, commodities, shares, and indices.