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Plus500 Review UK

Plus500

Plus500 is a publicly-traded online CFD broker offering access to an extensive range of financial products including forex, stock indices, individual shares, commodities, EFTs, and options.

Read my full Plus500 review to discover why Plus500’s proprietary trading platform took my top spot for best forex broker for mobile and web platform, and why I recommend this platform for CFD traders but not for people who like to dip in and out of the financial markets.

With access to over 2000 CFD contracts, it’s little surprise that Plus500 are one of the leading CFD brokers in the UK. Their commission-free trading and free lifetime demo account as well as the well-designed interface from which to trade make them a long-standing and popular choice among traders.

As well as being heavily regulated, Plus500 are also listed on a stock exchange and disclose all financial information, making them a very secure option for online trading. Of course, this is separate from the risks associated with CFD trading, although to help address this the platform provides tools such as negative balance protection and guaranteed stop-loss orders. But is this sufficient and are Plus500 competitive with the tools that they offer?

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.

Plus500 Ratings

Overall


Overall Rating:
80%
Fees:
80%
Account Opening:
90%
Deposit and Withdrawal:
80%
Trading Platform:
80%
Markets and Products:
80%
Research:
70%
Education:
60%
Customer Service:
90%

Pros

  • Heavily regulated across the globe
  • Commission-free trading
  • Easy to use platform
  • Tight spreads
  • Guaranteed stop-loss orders
  • Low minimum deposit
  • No deposit or withdrawal fees

Cons

  • Limited education
  • Inactivity fees
  • Limited research

Who are Plus500?

Plus500 are an Israeli based execution-only market maker with offices in the City of London, who provide Contracts for Difference via their innovative trading platform. To date, Plus500 have 82+ million positions opened, more than 430,000 active customers and $1700 billion in traded value.

Who owns Plus500?

In June 2018, Plus500 was listed on the London Stock Exchange and is now a FTSE 250 company the board of which is chaired by Dr Jacob Aharon Frenkel. The company was founded in 2008 by six alumni of the Techion – Israel Institute of Technology, Gal Haber, Alon Gonen, Elad Ben-Izhak, Shlomi Weizmann, Omer Elazari, and Shimon Sofer.

Plus500 product range overview

Plus500 is primarily a CFD provider with access to CFD forex, stock index, stock, ETF, and commodity. It does not provide trading in real stocks or EFTs.

CFDs are an agreement in which the trader speculates on the price movement of the underlying security without taking actual possession of the underlying asset.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.

Assets available from Plus500

For CFD traders, there is little doubt that Plus500 offers a huge selection of financial instruments from which to trade. Below I have provided some further information on each of the asset classes.

Commodity CFDs

There are over 20 commodities CFDs to trade at Plus500 including gold, platinum and other precious metals, energy commodities including oil and gasoline, and agricultural commodities like wheat and coffee. Leverage is up to 1:20 and account holders can start trading with as little as £100.

Cryptocurrency CFDs

Although Plus500 have offered trading in cryptocurrency historically, following a decision from the UK financial regulator (FCA), Plus500 ceased all crypto trading to UK residents in January 2021. This applies to retail clients only.

CFDs on EFTs

There are more than 90 exchange-traded funds to speculate on the price of with leverage, including VXX Colatility and SPDRISA500. Users are able to control profits and losses by setting stops and limits on their positions.

Forex CFDs

At Plus500 you can trade forex with leverage on over 60 currency pairs including EUR/USD, GBP/USD and EUR/GBP. This all comes with advanced trading tools such as Stop Loss, Stop Limit and Guaranteed Stop in order for traders to limit losses.

CFDs on Indices

Plus500 provides access to the most popular indices from across the globe including USA 500, US-TECH 100 and France 40. You also have the option to magnify your trades with leverage of up to 1:20.

Options CFDs

Trade on call and put options on Germany 40, Oil and Meta all with leverage available.

Shares CFDs

Plus500 provides access to all the popular markets for you to trade shares with leverage and low spreads. Markets include the USA, UK and Germany and advanced trading tools can help control profits and losses.

Before embarking on the trade of any financial instrument you should consider your investment objectives, investment knowledge, level of experience and appetite for risk. Leveraged product losses are able to exceed the initial deposit and are therefore considered very risky and could result in the loss of your entire trading account balance. At Plus500 there is no option to change the levels of leverage and therefore reduce some of your exposure to risk.

As of March 2021, Plus500 offer a maximum leverage of 30:1 for all retail traders.

Plus500 customer service review

I found the customer service to be excellent, especially if you like to use live chat. I actually tested it on numerous occasions and got an instant response every time. The agent was super helpful and answered all my questions straight away. I can’t fault this service.

There is no phone support available.

There isn’t a phone number, but considering the instant response times on live chat and WhatsApp, I can’t see many traders missing the phone option. Also, given that the service is available 24/7, I really don’t see that there is much room for complaint. Overall I found the service to be outstanding.

Plus500 opening an account

With only one account type for retail customers, the account opening process at Plus500 is fully digital and completely seamless. Plus500 minimum deposit is £100 and traders can be up and running on the proprietary trading platform in a day.

It’s important to note that the minimum deposit is only applicable for debit/credit cards and electronic wallets. Should you wish to use bank transfer to deposit money, then the minimum deposit is raised to £500.

There is a professional account available, however, this is by application only and you will need to meet certain criteria such as sufficient trading activity and a minimum portfolio of over £500,000.

How to open an account

  • Complete the online registration with personal details
  • Provide proof of identity such as a driving licence or passport
  • Provide proof of residency such as bank statement or utility bill

Traders are at liberty to try their hand at trading using the free demo account while they wait for their real money accounts to be verified.

Plus500 trading platform

Plus500’s proprietary platform, Webtrader, is well designed and easy to use from multiple devices with excellent search functions and alerts available. However, there are no options for customisation or automated trading and Webtrader is a closed system that does not provide scope for incorporating third-party analytical and automation tools to assist with trading strategy.

Because Plus500 have their own proprietary platform, they do not offer MetaTrader 4, which can be an issue for some traders who choose to seek out advanced functionality and customisation options.

Plus500 features I like:

  • Guaranteed stop
  • Trailing stop
  • Stop limit and stop-loss price levels
  • Traders sentiment
  • Price alerts

Security

Security on Webtrader is fully comprehensive with two-step login as well as Google and Facebook authentication for added convenience.

Search functions

Plus500 provide more than adequate search functions in order to make finding any asset a breeze. Products are all categorised on the left-hand side of the platform interface and a search bar allows you to type in the product name.

Placing orders

There are five order types available at Plus500 including:

Market – allows traders to indicate that their trade request be executed at the market rate

Limit – This allows for traders to determine the expiration time of an order as well as predetermine the entry point below, or above the prevailing market rate, depending on whether it’s a buy or sell.

Stop – an order to buy or sell once the price reaches a predetermined point.

Trailing stop – an order designed to lock in profits or limit losses as a trade moves favourably.

Guaranteed stop – This ensures your position is always closed at your pre-selected price. This is only available on some markets and it is worth noting that it comes with an increase in spread. Guaranteed stops are not available for existing trades.

Alerts and notifications

Plus500 has excellent alert and notification functionality including the ability to receive alerts via email, SMS and push notifications. Alerts can be set to notify you when an asset reaches a certain price level or changes in price by a percentage amount. You can also choose to be alerted when the Traders Sentiment reaches a certain level.

Portfolio and fee reports

These reports are completely transparent and allow traders to stay abreast of how much they are paying in overnight fees as well as the composition of their current portfolio.

Charting

The technical analysis charts offer more than 100 technical indicators that can be applied to multiple time frames including tick charts and weekly charts. Traders can use 9 charts simultaneously as part of a recent update.

Plus500 mobile trading platform

The mobile trading platform is a great addition to the web platform with all the same tools and features as well as biometric ID and two-step login.

Plus500 Mobile Trading Platform

If you like the web platform for Plus500, then you will almost certainly be a fan of the mobile trading platform. The layout and functionality are almost identical with all the same order types and notifications.

This version is also available for smartwatches, making it possible to act on alerts as they happen.

The mobile app has biometric identification available for convenience as well as a two-step login for extra security.

Plus500 research

The research at Plus500 is a bit hit and miss. Whilst I found the economic calendar well designed and helpful, and they do provide excellent charting tools in addition to market analysis, there is a distinct lack of recommendations, fundamental data, and live news feed.

The charting tools here are almost certainly going to provide you with everything you need. With over 119 technical indicators, great editing tools, the ability to view more than one chart at once and the ability to save the charts, this is a very comprehensive offering.

As mentioned, the economic calendar is well designed and easy to use and there is some market analysis which is prepared in-house at Plus500 but the platform really lacks a news feed and newsletter, which many traders find crucial, especially when trading forex.

The only other research tool worth a mention is the Traders’ Sentiment tool illustrating the number of buyers and sellers on the platform for any given asset. There is also a live statistics feature that allows traders to access useful information about the price of an asset.

Plus500 education

The demo account is definitely the highlight of the educational offering at Plus500. In addition, there is a ‘Traders Guide’ with educational videos and an ebook.

However, this still leaves a lot to be desired and cannot match the educational content at competitor sites.

This may be the final nail in the coffin for newbie traders who are looking to expand their knowledge. There is a ‘Traders Guide’ which offers 10 ‘how-to’ videos including popular trading strategies, margin requirements, and understanding a risk-reward ratio, however, this is pretty basic compared to some of the educational content on rival sites.

That being said, a demo account is provided and this is an excellent, hands-on approach to learning the ropes without any risk to personal funds.

Plus500 safety

Plus500 is considered a very safe option as not only is it listed on the Main Market of the London Stock Exchange (LON: PLUS), but it is also regulated by several top-tier financial authorities.

Plus500 is regulated by the following authorities:

  • Cyprus Securities and Exchange Commission (CySEC)
  • UK’s Financial Conduct Authority (FCA) – Reference number: 509909
  • Australian Securities and Investments Commission (ASIC)
  • Financial Markets Authority (FMA) of New Zealand
  • Financial Sector Conduct Authority (FSCA) of South Africa
  • Monetary Authority of Singapore (MAS)
  • Israel Securities Authority (ISA)
  • Seychelles Financial Services Authority (FSA)

UK residents are further protected by the Financial Services Compensation Scheme which provides up to £85,000 compensation should anything happen to your funds as a result of the platform becoming insolvent.

In addition to this, Plus500 keeps all client funds in a segregated bank account and provides negative balance protection.

Remember that despite these safety precautions, there is a high risk of losing some or all of your money when trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.

Plus500 fees

Plus500 does not charge commissions on any client transactions but make their money on the spread which is competitive among CFD brokers.

However, there are other fees which are explained below.

The fees and charges at Plus500 can be complicated to understand at first, so I have attempted to address each fee with an explanation.

I reviewed the Plus500 fees on 20th December 2021, and they are subject to change. Please check Plus500’s website for the latest fees.

Plus500 fees outlined

Online brokers like Plus500 charge fees in the following different ways:

  • Trading fees – The fees that you pay when you actually do a trade, i.e. buying / selling Amazon stock or an ETF, for example. You will pay either a commission, a spread or financing rate. Some or all of these fees will apply:
    • Spread – The difference between the buy price and the sell price.
    • Overnight funding – This is charged when you hold your leveraged positions for more than one day.
    • Guaranteed stop order – Used to help you manage risks by guaranteeing the stop loss level
  • Non-trading fees – These are effectively operational fees for maintaining your account and typically include:
    • Depositing or withdrawing money.
    • Inactivity from not trading for a specific time period.

Plus500 trading fees

Guaranteed Stop Order

Choosing to use this feature guarantees that your position closes at a specific requested rate, but it will be subject to a wider spread.

Please see the Plus500 website for more details.

Plus500 spread

Plus500’s commission is based on the spread (the difference) between the buy and sell price. The spread is calculated by subtracting the sell price from the buy price of the instrument.

You can see the information on the spread on the Plus500 website or trading platform in the “details” link, located next to the instrument name.

Overnight funding

The overnight funding fee amount is either added to or subtracted from your account when holding a position after a certain time, known as the “Overnight Funding Time”.

The overnight funding time and the daily overnight funding percentage can be found in the “Details” link next to the instrument’s name on the main screen of the trading platform.

Plus500 non-trading fees

Plus500 deposit & withdrawal fees

Plus500 does not charge a deposit or withdrawal fee if the monthly amount of free withdrawals (which is currently 5 per month) is not exceeded. After that, it’s £10 each per withdrawal.

Plus500 inactivity fee

The inactivity fee at Plus500 is $10 per month after 3 months of inactivity, i.e. if you don’t log into your account for 3 months. This would make Plus500 inappropriate for buy and hold investors.

Currency conversion fee

Plus500’s currency conversion fee is 0.7% for trades on instruments denominated in a currency different to the one you have chosen when setting up your account.

Who is Plus500 suitable for?

Plus500 is a thriving CFD trading platform with an extensive product range that would suit active traders looking for a streamlined trading experience, with competitive pricing and excellent customer support.

More advanced traders may miss some of the more sophisticated functionality and there is a distinct lack of educational and research resources which could rule out beginners.

Useful information

This section contains useful information to make your experience at Plus500 as seamless as possible.

How do I contact Plus500?

You can contact Plus500 via email, online chat, and WhatsApp, the details for which can be found in the FAQ section of the website or by clicking the floating ‘contact us’ button on the right-hand side of the web pages.

How do I withdraw money from my Plus500 savings account?

Withdrawing your money from Plus500 is fairly straightforward. Simply follow these steps:

  1. Click the menu symbol in the top left-hand corner
  2. Select ‘Withdraw’
  3. Choose your preferred withdrawal method
  4. Enter the amount you would like to withdraw
  5. Click ‘Open a Withdrawal’

How do I close my account at Plus500?

Remember that Plus500 charge an inactivity fee, so if you no longer wish to trade through your Plus500 account, you should close it completely by following these steps:

  1. Go to https://www.plus500.com/Help/ContactUs
  2. Enter the name on your account
  3. Enter the email address associated with the account
  4. Select ‘Other issues’ in the ‘Type of query field’
  5. Write ‘Account closure request’ in the subject
  6. State your reason for wanting to close your account
  7. Click ‘send’ to confirm the account closure

Plus500 FAQs

 

Is Plus500 any good?

Yes, Plus500 is a great CFD broker with a massive selection of tradable assets to satisfy the most experienced traders. In terms of safety, you won’t find much better as they are a publicly-traded company.

It’s a good platform that is well designed and easy to use, however, some traders may miss Meta Trader 4 from this offering.

Of course, Plus500 is a CFD broker, and CFDs are considered high risk and therefore anyone considering whether to try this platform should think about whether they have enough knowledge to trade CFDs. 72% of retail investor accounts lose money when trading CFDs with this provider.

How long does it take to withdraw money from Plus500?

Plus500 claim that all withdrawals are processed within 1-3 business days which is on the faster end of the scale for an online broker.

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