Plus500 CFD Broker Review 2024 #
Introduction #
Plus500 has secured its position as a leading commission-free CFD broker with a worldwide reach. Serving over 430,000 traders globally, Plus500 offers a broad range of CFDs on forex, commodities, indices, cryptocurrencies, and shares, attesting to its commitment to transparency and security.
Pros:
- Commission-free trading
- Comprehensive selection of CFD offerings spanning over 2800+ assets
- Regulated by top-tier financial authorities
- User-friendly proprietary trading platform
- Guaranteed stop-loss orders
Cons:
- Lack of support for automated or social trading
- $10 monthly inactivity fee after three months of non-use
- Limited research and educational resources
Key Features #
Regulation and Security #
Backed by some of the most prestigious financial authorities such as the UK's Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). Plus500 not only has its listing on the London Stock Exchange (LSE) but also forms a part of the FTSE 250 Index.
Stringently following the regulatory requirements of each jurisdiction, Plus500 ensures all client funds are kept in separate accounts, ensuring a high level of security for both novice and veteran traders.
Trading Costs and Fees #
Plus500's commission-free trading appeal continues to attract many traders. As Plus500 earns through spreads, these spreads are bound to fluctuate based on market trends. For instance:
- Forex CFD pair EUR/USD: Average spread is 1.3 pips
- Forex CFD pair GBP/USD: Average spread is 1.7 pips
- Gold CFD: $0.34 spread
- Bitcoin CFD: $78 spread
Additional Fees:
- Overnight Funding Fee: Applicable for positions held overnight.
- Currency Conversion Fee: Up to 0.70% on realized profits and losses when trading a currency different from your account's base currency.
- Inactivity Fee: $10 charged monthly after three months of inactivity.
Account Types #
Plus500 extends a single account type to all its traders, facilitating identical trading conditions for all. Although there aren't tiered accounts based on deposit amounts, an upgrade to a Pro account is available in certain regions for experienced traders meeting certain qualifications. Plus500 also offers a free, unlimited demo account, allowing traders to simulate their targeted trading volumes.
Trading Platforms #
Plus500's proprietary trading platform is accessible in three formats: a web-based platform, a Windows desktop client, and as a mobile app. The platform is user-friendly with a clear interface and a broad suite of tools for technical analysis. Unfortunately, it doesn't support algorithmic or social trading, which may be a drawback for expert traders.
Asset Range #
With Plus500, traders can indulge in a wide variety of strategies thanks to their comprehensive asset offerings, which include:
- Forex CFDs: 71 pairs
- Cryptocurrency CFDs: 19
- Commodity CFDs: 23
- Indices CFDs: 34
- Equity CFDs: 1,737
- ETF CFDs: 105
- Options Contracts CFDs: 877
Plus500 also allows traders to speculate on market movements via commodity CFDs like oil and gold, without owning the physical assets.
Deposit and Withdrawal Options #
The minimum deposit requirement at Plus500 is $100. Accepted deposit methods include credit/debit cards, bank transfers, PayPal, Skrill, and others. The withdrawal process typically takes one to three business days, depending on the method applied. Plus500 requires no fees for deposits or withdrawals. However, a currency conversion fee may apply if dealing in a different currency than your base currency.
Customer Support #
Plus500 provides round-the-clock customer support via email, live chat, and WhatsApp. The broker's website can be accessed in several languages and hosts a comprehensive FAQ section.
Conclusion #
As a robustly regulated CFD broker, Plus500 has cemented its stature in the CFD trading industry. Its combination of commission-free trading, intuitive platform, and extensive asset coverage appeals to manual traders. However, automated trading fans and those seeking in-depth research tools may need to look elsewhere.
Overall, Plus500 proves to be a reliable CFD broker that appeals to newcomers and experienced traders alike who seek simple, secure, and cost-effective trading conditions.
Alternatives to Consider #
- AvaTrade: For more advanced platforms supporting automated trading.
- XM: To access a broader range of educational resources and research tools.