Plus500 Review 2020

Plus500 is a regulated CFD provider. They are also regulated with other top-tier regulators i.e. CySec & FCA in UK & ASIC. They offer good trading environment, with low fees & minimum deposit from $100. Read our full Plus500 review to check and compare them.

Max. Leverage
1:300
per trade
Minimum Deposit
$100
Rank
#9
out of 14 Forex Brokers

Plus500 is a CFD provider that was established in 2008 and now they have more than 320,000 active customers. They offer CFD trading on forex, commodities, cryptocurrencies, and indices etc.

Plus500 is a licensed CFD provider accepting South African traders, and they are also listed on London Stock Exchange, and are regulated with multiple top tier regulators, that makes them a reliable CFD platform.

In South Africa, Plus500 has a financial services license from FSCA under company name “Plus500AU Pty Ltd” since 07/02/2017, with FSP under license number 47546. And they are also regulated with global regulators: ASIC (Australia), FSP, CySEC, and FCA (UK).

Plus500AU Pty Ltd. (ACN 153301681) is licensed by: ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Financial Services Provider in South Africa, FSP #47546.

Here’s a transparent look into the Plus500’s regulations, trading fees, platform(s), support & more.

Plus500 Pros

  • Plus500 is regulated with ASIC (AFSL #417727).
  • Their trading fees is very low
  • Their minimum deposit starts from $100.
  • Their proprietary trading platform is easy to use.
  • They offer multiple trading instruments on their platform including CFDs on forex, cryptos, commodities, shares etc.
  • Free Demo Account is available.

Plus500 Cons

  • Plus 500 does not have have South African phone number for support.
  • Their education section is limited.

Plus500 – a quick look

Broker Name PLUS500AU (Pty) Ltd
Year Founded 2008
Website www.plus500.com
Plus500 Minimum Deposit $100
Maximum Leverage 1:300
Major Regulations FCA (FRN 509909), CySEC (Licence No. 250/14), ASIC (AFSL N. 417727), FMA – FSP #486026, FSCA – FSP #47546
Trading Instruments CFDs on Forex, commodities, cryptocurrencies, shares, ETFs & indices


Regulations and Safety of Funds

Plus500 is regulated with several financial market regulators including Australian Securities and Investments Commission (ASIC), UK’s Financial Conduct Authority (FCA).

Below are Plus500’s regulations:

  1. Financial Conduct Authority (FCA): Plus500UK Ltd is regulated with Financial Conduct Authority (FC A) with reference number 509909 since 2010.
  2. Plus500 FCA Regulation

  3. Cyprus Securities Exchange (CySEC): They are also regulated with CySEC under licence number 250/14 since 2014 as Plus500CY Limited.
  4. Plus500 CySEC Regulation

  5. Australian Securities and Investments Commission (ASIC): Plus500 is also registered with Australian Securities and Investments Commission as PLUS500 since 2013.

Plus500 ASIC Regulation

How is the Investor protection?


For protection of South African investors, Plus500 provides Negative balance protection, which means that your loss cannot exceed your account balance.

Also, they offer Guaranteed Stop on CFD trading, so even if the price moves significantly against your position, your order will be closed at guaranteed price without any slippage.

Plus500 Fees

Plus500’s trading fees is low, and they don’t charge any fees on deposits or withdrawals. But they charge some fees for inactivity; if you don’t login to your account.

  1. Low Spread: Plus500 has a very low spread. On average their spread on EUR/USD is around 0.6 pips.
  2. Plus500 Spread

    Note: The above screenshot is for reference only. Actual spread on their live platform, would vary as per live market conditions & your trading instrument.

  3. $10 Inactivity Fee: Plus500 applies inactivity fees to their clients. A fee of up to $10 will be applied if you don’t login to your account; for the defined time in user agreement while signup.
  4. Plus500 Fees & Charges

  5. Overnight Charges: Whenever you hold any trade position open overnight, Plus500 will apply overnight charges in trading fees. This may vary depending upon the type of currency pair which you can check it on their website & their platform.
  6. No deposit or Withdrawal Fee: Plus500 don’t charge any fees on deposit or withdrawal to their customers. But your bank or payment gateway may apply charge(s) on your transaction; which you may need to confirm before requesting the deposit or withdrawal.

Plus500 Account Types

Plus500 offer 2 types of trading accounts, demo & live.

For opening a live trading account, you can start with minimum deposit of $100. While demo account is free, and can be opened without any charges.

Plus500 Account Mode

Now I am going to explain the features of both trading account of Plus 500:

Plus 500 Demo Account

Demo account is a good feature that is provided by Plus 500 to their beginner clients. Any one can start with a demo account if they are new in CFD Trading.

Plus 500 demo account is valid for unlimited time, which means you can practice using a demo account until you feel comfortable to start trading using a real amount.

Plus500 Live Trading Account

Plus500 does not offer variety of live trading accounts like so many other CFD providers. They have 1 live account with all the features.

You can open the Live account with a minimum deposit of $100. This will give you access to their features like risk management tools, access to economic calendar, availability of all trading instruments at no extra cost.

Live trading Account clients at Plus500 can trade with leverage of up to 1:300.

How to Open Account with Plus 500

Step 1) Download the Trading software: First of all you need to download the trading software from Plus 500 website. After downloading the software you need to install it on your device like PC or Mobile.

Step 2) Create Account: Now you need to create a real money account with them using the installed software. You can also start with Demo account and then later switch it to real money account when required.

Create Account with Plus500

Step 3) Verify the Phone number: Once done with creating the account, you need to verify your active phone number. For this you simply need to click on Verify Phone Number after creating your account with them.

Verify Plus500 account

Step 4) Fund Account: After verification, you will receive a notification via email on your registered email. After that you can add funds to your account to start trading.

Congratulations! Your account has been created now. You can start your trading using your deposit funds with them. You can also ask for help in case of any issue or query regarding the trading and their trading platform.

Plus 500 Trading Platforms

  1. Plus 500 Proprietary trading platform: A user can download their own trading platform on their computer and can use it for trading. Moreover a web based program does not need to be downloaded and can use used using any of your device browser. If any trader want to use MT4 or MT5 version then it is not available for you.
  2. Plus500 Trading Platforms

  3. Mobile Trading App: Plus 500 offer mobile trading app for all mobiles like Apple, Android and also for Window mobiles. Mobile App have also those features that of web and downloaded version.

Plus500 Deposits & Withdrawals

Deposit Methods

Plus 500 does not charge any fee on deposit and withdrawal with them. But your bank or payment gateway may charge you which you need to confirm it before the transaction.

You can make a deposit with them using any of the below method:

  1. Credit and Debit Card (Minimum amount 1500 ZAR): Traders can use their credit or debit card like MasterCard, VISA Card to make a deposit with them. There is instant activation in case of using card for making deposit.
  2. Bank Wire Transfer (Minimum amount 3000 ZAR): You can also transfer from your bank account to their bank account. You will get their bank account details from the trading platform panel while clicking the deposit option.
  3. E-Wallets (Minimum amount 1500 ZAR): If you are using E-Wallets then you can use make a deposit with them using the Electronic wallets like Skrill and PayPal.

Withdrawal Methods

Withdrawal methods are also same as of deposit methods as described below:

  1. Credit and Debit Card (Minimum amount $50): Traders can use their credit or debit card like MasterCard, VISA Card to receive a withdrawal. You can send your card details to them which you used once on their website.
  2. Bank Wire Transfer (Minimum amount $100): Users can also send their bank account details to them via email while requesting for withdrawal.
  3. E-Wallets (Minimum amount $50): If you are using E-Wallets then you can send your wallet details to them.

Plus 500 Bonus

Plus500 has a bonus available for South African customers. The bonus amount depends on your minimum initial deposit.

  1. Welcome Bonus on Deposit: You will get bonus on your initial deposit amount with Plus500, i.e. on your first deposit. Their bonus depends on your deposit amount starting from R850, when you make initial deposit of R3000.
  2. Plus500 Bonus

Note regarding Plus500 bonus: You need to use the bonus code to avail your bonus. You can contact them before making your first deposit and ask the exact bonus amount that you will get in your trading amount.

Can you withdraw the bonus? It can be withdrawn after certain trading volume requirements are met.

Plus 500 Customer Support

Plus500 has good customer support available via live chat, whatsapp and email. They are very quick in responding.

  1. Live Chat Support: The Live chat support is available in their panel.
  2. No Local Phone Number: Plus 500 does not have any local phone number in South Africa, but they do offer support via WhatsApp. For now, they don’t have any local or branch office in South Africa.
  3. Contact Form or Email: They normally reply within 1-2 hours to all emails & contact form requests. This is very fast when compared with some other brokers that take 24-48 hours..
  4. Plus500 Customer Support

Do we recommend Plus 500?

Yes, Plus500 is a reliable CFD platform. We recommend them for South African traders who are familiar with CFD trading & its risks.

Their trading fees is also quite low in comparison with other brokers, with no fees on deposits or withdrawals.

The minimum deposit of $100 is not very high. Their platform is also quite user friendly & easy to use, with multiple trading instruments available for trading.

The support is also quick & reliable, available 24/7 via chat, emails. Although phone support is not available, but they do have a Whatsapp number.

Overall, trading with them is considered be safe.

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1 user reviews for Plus500

My trading account is blocked (19 May 2020) and I cant take any new positions. The only customer support available is email, not Whatsapp or any chats, including Facebook. When you email them, you get a reply from a robot – hence nothing gets sorted out. I think when you keep on loosing money then everything is okay, but once you make a profit, technical issues start appearing out of nowhere and they stop you from trading. I’ve tried about 50 times to make contact without success.

1

Plus500
Rating8.7/10
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