Plus500 is a worldwide organization, though they do not accept U.S. clients. Those who are located in the United States will not be able to use them. Plus500 is a CFD service.
Plus500 Account Types
They offer two types of accounts. The first is a demo account which you can open free of charge. This demo account has no time limit and obviously makes for a great learning opportunity. The other account is a live account which requires a minimum 500 AUD deposit. The leverage for these accounts is a maximum 1:300.
Plus500 Trading Platform and Tailored Trading Packages
As a Forex trader, Plus500 offers lots of trading software for newcomers. Their software is comprehensive, not to mention easy to use. The technical analysis software for clients allows you to trade in multiple markets using the same screen, and on top of that gives you real time quotes for all of the products. With their software you can trade CFD’s on Forex, stocks, indexes, EFT’s, commodities, even cryptocurrencies. In addition to being easy to use, the biggest advantage to this trading platform is the screen. Their trading platform is available in four versions:
- The downloadable version which you can copy onto a laptop or desktop
- The web based version which lets you access the trading software from any computer
- App versions exist for any iOS users
- Apple Watch platforms in addition to Windows and Android smartphone platforms can be used as well.
Plus500 Financial Tools, Resources or Other Exclusive Features
Their all-inclusive trading screen has clearly labeled tabs located on the top. On these tabs you will find details on past trades as well as your current positions. You can even enjoy multiple market trading capabilities. Charting software comes with this platform, but the downside is that the charts appear individually. Their charting software does not let you view multiple graphs on the same screen. So, unless you are willing to invest in a multi-screen computer operation at home, this can be trying.
Immediate Trade Execution at Plus500
With Plus500 you can fund your account with your credit card so long as it is a Visa or MasterCard. Alternatively, you can use a wire transfer or Moneybookers. The fastest way to start your new trades is to deposit money with your credit card. You only need to click on the tab that says “funds management”, then click on the “deposits” tab and follow their directions. If you are funding with Moneybookers, the process is just as easy. You just use the same “funds management” tab on your trading platform. There is a “moneybookers” option that follows and all you need do is enter your email address. A pop up will arrive where your transfer can be confirmed. Deposits are a straightforward process with wire transfer too, but it can take you up to five days to see the money in your trading account, which doesn’t really do you any good where time sensitive trades are involved. If you are using a wire transfer, you are forced to comply with a minimum deposit amount of 500 AUD.
For withdrawals, you cannot make any withdrawal until you have provided a photo ID to verify your registered address. This can be a driver’s license, passport, or official document of some sort but if you do not have that, you cannot get your money. You have to take it upon yourself to upload the photo ID in a file to their “contact us” page. You need to allow another 24 hours for it to be reviewed. You cannot scan your ID and send it. You have to take a photo with your phone or a digital camera which can be a bit of an unnecessary pain for someone who just wants to try Plus 500 forex trading platform.
While not secretive or questionable, they are not the most transparent company, as this Plus 500 Review found out.
There is limited information about what security measures they put in place to protect your funds.
Plus500 Fees and Commissions
Given the different account types available, traders are asked to check the website for the fees and commissions as they apply to their account level.
Plus500 Trading Academy
There is not a lot offered for educational resources.
As for customer support with Plus 500 trading, you can get fax support or email support, though one has to wonder who is trading and still utilizing a fax machine. The fax and email support is available 24/7 in multiple languages. They do offer an online chat, but only in English and a handful of other languages. This chat function is not available 24/7 so if you want to reach out there might be a time where their chat is not available. There is also no phone number. You cannot call them ever with any issue. This is particularly troublesome for those who might have computer problems or no internet at any given moment. They promise to address every issue with every client, but explaining certain issues is certainly made more challenging without the ability to simply phone them and chat.
- Lots of trading platforms.
- Many account types.
- Non-U.S. customers.
- No phone number to call.
Is Plus500 a Scam?
So, is Plus 500 a scam? Well, Plus500 is an acceptable choice for non-U.S. traders. It does have an easy trading platform and has the capability to track multiple assets. New traders can use the unlimited time on the demo account to really get to know the market they are using. Seasoned traders can benefit the most from the tight dealing spreads they offer and the generous bonuses that are provided when you first fund your account, somewhat like the bonuses that online casinos provide. However, not being able to call customer service, slow deposit/withdrawal times, and limited account options makes this broker less than ideal.