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Plus500 is a well established company and a leading provider of Contracts for Difference (CFDs). The platform offers a comprehensive product line which includes shares, Forex, commodities, ETFs, options and indices.
Based in the UK, Plus500 UK Ltd aims to provide its users with a secure and efficient multi-asset service that is on par with the top CFD providers operating in the sector.
Full Company Overview
Plus500 has been dealing with CFD’s since its launch in 2008. The Plus500 cryptocurrency trading platform is offered by Plus500UK Ltd which is a subsidiary of Plus500 Ltd; a company headquartered in Haifa, Israel and listed on AIM, one of the London Stock Exchange’s equity markets.
The team behind Plus500 prides itself on professionalism and transparency and strives to provide a platform that is fully compliant with all the necessary financial regulations and procedures.
Plus500 UK Ltd is authorised and regulated by the British Financial Conduct Authority (FCA) to offer CFDs and, through local subsidiaries is also regulated in the European, Australian, African and Asian markets that it operates in.
The company is a rapidly growing CFD provider and currently provides access to a portfolio of over 2000 instruments; Plus500 allows its users to trade in Forex, stock indices, individual equities, commodities, ETFs and cryptocurrencies.
Plus500 was also one of the first brokers to introduce a Bitcoin CFD in 2013.The Plus500 group has more than 2,000,000 monthly transactions and in 2014 the Plus500 Ltd listed on the AIM, a section of the London Stock Exchange.
Plus500 provides a comprehensive multi-asset platform that is aimed at traders around the world, the team behind Plus500 aim to attract users by building a reliable, secure and easy to use platform that is assessable to traders in a number of different locations.
Key Features of Plus500
Lets take a look at some of the most important features that have been touted by them. We took the time to individually verify all of these claims on the website. We also delved into the important terms and conditions to make sure that traders were protected.
Plus500 utilizes proprietary software that provides its users with a clean and intuitive interface and trades across multiple markets can be initiated from one screen.
Users can easily switch between different trading positions and Plus500 also provides live streaming quotes of financial assets. In addition, up-to-date charts and educational resources help enhance the trading experience.
The platform is also made available as a desktop download, web based interface and a mobile app for both Android and iOS users.
As the company is registered with the FCA, Plus500 UK Ltd provides a good level of accountability and transparency. Client funds are held in segregated accounts at regulated banks, and these funds are protected in the event that Plus500 becomes insolvent.
Currently, any shortfall of funds of up to GBP 50,000 may be compensated under the Financial Services Compensation Scheme (FSCS).
Negative Balance Protection is also offered, which ensures that clients cannot lose more than they have deposited into their accounts. The site also employs Secure Sockets Layer (SSL) encryption to ensure that user connections remain stable and secure.
A dedicated customer support team is available 24/7 and clients can contact Plus500 support representatives via an email-based ticketing system, or engage in an online chat session.
In addition, there is a comprehensive FAQ section to help deal with the most common customer queries.
Customer support is available in 32 languages and agents aim to respond to customer queries as quickly as possible, response times can vary greatly depending on how busy the platform is.
The website is available in a wide variety of different languages and subsidiaries of Plus500 are regulated by the Australian Securities and Investments Commission, the Cyprus Securities and Exchange Commission and the Financial Services Provider in South Africa.
These authorisations help open up the platform to traders in a number of different locations including, Europe, Asia, Africa, and Australasia.
The Plus500 cryptocurrency platform offers a number of different methods of depositing funds and payment processing options such as Visa, MasterCard, Wire Transfer, PayPal and Skrill are all supported. In order to make a deposit, users must navigate to funds management, deposit, select the desired deposit option, and then click submit.
Deposit and withdrawal facilities are easily accessible to users in regulated jurisdictions and it’s necessary to make withdrawals by using the same payment processing option that was selected when depositing funds. It is also necessary to provide ID when processing payments.
Plus500 is a popular destination for CFD traders as it offers a range of products that cover Forex, ETFs, indices, commodities, and shares.
Tradable instruments available on the platform include popular indices such as the S&P 500, DAX 30, and FTSE 100, and stocks and shares from some of the world’s top companies like Google, Barclays, and Vodafone.
Forex trading pairs involving EUR/GBP and EUR/USD are also available, while established commodities like Gold, Silver and Crude Oil can also be traded on the site by speculating on the Buy and Sell price movements.
In addition, the following cryptocurrencies are also available to traders:
Cryptocurrencies are almost available for trading 24/7 as there is a small window on Sundays between 13:00-14:00 GMT when they are not available.
By using the Plus500 cryptocurrency platform, traders have access to BTC/USD, ETH/BTC, BCH/USD, ETH/USD, LTC/USD, XRP/USD, and IOT/USD trading pairs.
Fees and Margin Requirements
Plus500 strives to limit its fess as much as possible and does not charge commissions on any of its trades; the platform seeks to benefit from the spread of each of the various trading instruments available.
The spread is the difference between the amount paid for an asset like Bitcoin (BTC) and the amount you receive when you sell it back. Plus500 also utilizes a “Premium” or overnight fee, which is either added or subtracted to/from your account whenever a position is left open after a certain time (the “Premium Time”).
There is also an Inactivity Fee which involves a payment of up to $10 being levied, in the case of a member not using the trading platform for a period of three months.
For buying and shorting there is a different set of metrics, for example when buying using BTC/USD, the spread per unit is $65, and the premium buy is -0.048%.
The initial margin requirement is 5% with a leverage of 1:20. When shorting BTC, the spread percentage is 0.78% and there is a 0.0395% premium sell and a 2.5% maintenance margin.
Plus500 Trading Options
There are two account options available at Plus500, with the first being a free, demo trading account that is available for an unlimited period. The second option is a live trading account which requires a minimum deposit of $100.
New users are given the option to switch between the demo mode and live trading account and to get started; clients must be from one of Plus500’s regulated jurisdictions.
New accounts can be easily created and registration requires a valid email address and password. For traders interested in moving straight to real money accounts, full verification is required.
Plus500 also offers a leverage of 1:20 for Bitcoin trading, which means that every Great British Pound or US Dollar you invest on the platform is worth 20 times more. The previous leverage of up to 1:30 was reduced by the CySEC who stated that due to the volatile nature of the cryptocurrency market, the 1:5 leverage was more than sufficient.
Away from the cryptocurrency markets, with a 0.5% margin in indices, traders are equipped with up to 1:20 leveraged exposure to equities. With a 5% margin, there is a 1:20 leveraged exposure in shares.
For Forex traders, a 0.5% initial margin gives access to a leverage of up to 1:300 and for a 0.7% initial margin in commodities, traders can access up to 1:152 leveraged exposure to commodities.
Plus500 is a trustworthy and reliable CFD trading platform. The company incorporates security protocols such as keeping trader funds separate from the company’s funds by using segregated accounts.
Additionally, trader accounts are secured via SSL security and the highest encryption protocols. Plus500 Ltd is well regulated and listed on the AIM, section of the London Stock Exchange.
The company is generally well regarded and has achieved a rating of four out of five stars from over 500 reviews on Trustpilot. Plus500 is also one of the highest rated CFD trading apps on both Apple’s App Store and Google Play.
- Well Regulated
- No Commission
- User-Friendly Trading Platform
- Platform available via Desktop, Web and Mobile
- Wide Range of Currency Pairs
- Less Resources for New Traders
- No Telephone Customer Support Available
- Trading Platform Limited to Regulated Jurisdictions Only
- Users Don’t Own the Cryptocurrencies Purchased on the Platform
There are a number of advantages when trading cryptocurrencies on the Plus500 platform. Members can be confident when using the secure and efficient interface that allows for rapid trade execution and also offers a host of options related to margins and leverages.
The site employs to notch security, with fraudulent transactions and hacks being extremely infrequent.
However, there is a lack of resources for new traders and there is also no telephone support available.
For traders who are able to conduct their own detailed research and analysis, Plus500 is a viable option. The comprehensive line of products on offer also makes it a good choice for traders interested in dealing in a whole host of CFDs.
All Images via plus500.com