RECOMMENDED FOREX BROKERS
Plus500 seems to be just one in the hay of brokers that strive for a diverse and abundant clientele. Does this one have what it takes to stand tall among the big fish? Read our review to get the picture
Plus500 is a brand name of Plus500 LTD. Plus500 LTD conducts its operations through 4 companies, holding licenses in UK, Cyprus, Australia and Singapore.
Plus500CY (Cyprus) Ltd is regulated by CySEC. This Cypriot license contributor is in charge of all investment market supervisions and investigations. Brokers under CySEC are also a part of the Investor Compensation Fund that guarantees a payback of up to €20 000 to traders if the broker should cease to trade. This branch is limited to a leverage of 1:30 by ESMA.
Plus500UK Ltd has been issued a license from the FCA. The FCA requires detailed reports, proof of financial stability and unconditional compliance with rules and requirements for all brokers under its gaze. For the safe being of traders this broker is a member of the FSCS that, in case is unable to pay its debts, will reimburse victimized clients with up to £85 000. ESMA rules restricts any leverage higher that 1:30.
In Australia, the broker goes by the name Plus500AU Pty Ltd and hold a license permit from ASIC. Australian clients however are not covered by a compensation scheme. ESMA has no power over the Australian market, thusly the maximum leverage is raised to 1:300.
Plus500SG Pte Ltd is regulated by the Monetary Authority of Singapore. As such it is tasked with the guidance of proper and legal financial practices. It does not offer a refund plan. It’s leverage goes as high as 1:50.
The average EUR/USD spread is 0.6 pips for all subsidiaries.
Plus500’s assets will overwhelm traders in a good way: indices, forex pairs, commodities, cryptocurrencies, shares, options and ETFs.
On top of that there is an immense selection of languages, one of the biggest we’ve witnessed: English, Malay, Czech, Danish, German, Estonian, Spanish, Greek, French, Croatian, Icelandic, Italian, Latvian, Lithuanian, Hungarian, Maltese, Dutch, Norwegian, Polish, Portuguese, Russian, Romanian, Slovenian, Slovakian, Finnish, Swedish, Turkish, Bulgarian, Arabic, Hebrew and Chinese.
The broker has taken the decision to offer only one platform: their very own Plus500 Web Trader. It’s a rare occasion that a broker lacks a MT4 terminal.
Plus500 Web Trader
The Web Trader provides a simplified trading terminal. It’s efficient, informative and fast, and there is a clear emphasis on organization and accessibility. However, there aren’t many tools, and the absence of auto-trading capabilities is sure to upset many. Nevertheless, the platform allows for one-click operations, setting stop-loss or take-profit orders, and offers charting tools, among other familiar features. There are also no commissions to speak of.
The normal spread for EUR/USD is 0.6 pips, while the leverage in the UK and EU is limited to 1:30 by ESMA. In the rest of the world it can go as high as 1:300.
Plus500 Web Trader is solely a browser based platform. However it be accessed through an iPhone, Android and Window 10 app.
PLUS500 MINIMUM DEPOSIT
The website is quite unclear about depositing procedures, so most of the information below was obtained through a correspondence with a support agent.
The minimum deposit for Credit/Debit cards and eWallets is €100, and for Bank Transfer it’s €500.
Payment methods are limited to: Skrill, VISA, MasterCard, PayPal, and Bank Transfer.
We cannot provide you with a full list of currencies since both the broker and agent were secretive about it. Yet, we can, from general knowledge, conclude the presence of at least 4 currencies: USD, EUR, GBP and AUD.
Deposits for Bank Transfer can take 1-3 days, while eWallets and Credit card fundings should be finalized during the same day of the request.
Plus500 does not charge any fees on deposits.
PLUS500 WITHDRAWAL TIME AND FEES
Both the FCA and CySEC licenses promise safe and secure withdrawal procedures.
The withdrawal methods are the same as the ones used for funding: Skrill, VISA, Master Card, PayPal, and Bank Transfer.
General processing times for all withdrawals is 1 business day. The time frame within which the money arrives in the client’s account depends on the payment system used.
There are no taxes attached to withdrawals. However, payment providers can charge based on different circumstances.
There is an inactivity fee of $10 if the account is not used more than 3 months. This tax appears in some other brokers such as AETOS CG and ETX Capital, yet it does not seems like such a necessity rather a stimulant to prompt inactive clients to trade.
There are minimum withdrawal requirements that can only be seen once a request has been made.
Plus500 is an interesting broker. Its own exclusive platform is appealing and deep enough to be useful to advanced traders, yet made simple enough for beginners to use. However, there are certain vital details missing (trading bots, for one). Those used to the meticulous MT4 will have to adapt.
The many licenses are proof of stability, while the solid, but few, payment methods are reliable.
There are noticeable bits and pieces of missing information, on base currencies for instance, and especially on deposits/withdrawals, that will confuse some.