Plus500 Review : Is It the Best Forex Broker for 2024?

Plus500 is the best global broker online that gains a competitive edge in CFD trading. Plus500 is the best Contract for Difference (CFD) trading broker. This broker is famous because of its user-friendly platform, range of trading tools, and robust regulatory framework. It is called as best broker for traders, beginners, and experienced. The Plus500 broker was established in 2008 and is headquartered in Israel. It operates under various regulatory bodies and ensures high safety standards for clients. Plus500’s pricing is slightly above the industry average, but satisfies the traders, by benefiting them.

This broker gives a seamless trading experience to traders. It is compatible with web, mobile, and desktop platforms, and gives accessibility and flexibility to traders to do trade. Plus500 broker gives you access to more than 2000 financial tools. This wide collection will help you to boost your trading strategy and diversify your portfolio. In this review guide, we will tell you about Plus500, spread, fees, commission, pros, cons, account type, trading tools, and platforms, and help you to decide whether it is the best CFD broker for you or not.

What is Plus500?

Plus500 is a global broker that gives you financial tools, such as stocks, futures, crypto, etc. This brokerage firm was established in 2008 and provides you with online trading services. The best thing about Plus500 is that it has a user-friendly interface. It allows traders to use a range of tools and platforms and execute their trade efficiently.

If you are also one of the traders, you can use Plus500 and use best trading tools, to make informed decisions. The other best thing about Plus500 is the low fees related to trading. It does not charge commission fees but also generates revenue through spreads. It means this broker will reduce the costly commission fees and generate more profits for you.

There are various regulatory bodies, that regulate Plus500. It consists of FCA in the UK, and ASIC, and ensures the safety of traders and their funds. Here is the overview of the Plus500 broker, you should look at

Plus500 Trading Platforms

Plus500 has invested in its proprietary WebTrader platform, which has taken the benefit of use to a new stage. Robinhood, the United States inventory broker, has a famously slick, minimalist, and intuitive platform. Plus500 has correctly added a platform with similar strengths to the sector of CFD trading.

WebTrader Platform

You can easily access the Plus500 web trading platform, and prop trading platforms through online browsers. Plus500 does not offer a computer trading platform. Plus500 gives a free demo account, and the WebTrader platform makes it easy to turn between demo and live trading with a single click-on. A dark mode option makes the display easy for your eyes at night time, also accessible through a single click. Having a great search feature is a crucial part of a trading platform. You can use the search features on Plus500, to find the trading asset with which you want to trade.

All fundamental order types, including market, limit, and stop loss, are available. Trailing stop orders and assured stop loss orders are also available. Guaranteed stops can protect traders from blackout events and sudden market swings, however, they incur a further cost.

Charting capabilities are robust in the WebTrader platform. Multiple chart types, consisting of Candles, Renko, and Range Bars, are available. Traders can observe over 100 technical signs on their charts at the side of classic drawing support, such as Fibonacci retracement levels. There are eleven available time frames for charts, ranging from 1 minute to 1 week.

Mobile App

Plus500 is an efficient app that gives you advanced functionality and an intuitive interface. Plus500 mobile app is available on mobile, IOS, android, desktop, etc. The capabilities of the mobile app are very just to the web platform. It has an intuitive interface and gives several extraordinary features, which includes

• Two-Factor Authentication. Security may be improved by having a verification code sent through SMS for each login from a new tool.
• Demo Mode. Users can easily transfer between a demo account and live trading in the app.
• Users can have signals sent through email, SMS, or push notifications while an asset reaches a fixed level.
• Economic Calendar. The Plus500 financial calendar shows all the key records about upcoming releases, consisting of the predicted market impact, analyst expectancies, and figures from previous releases. It also shows units that are probably most impacted by using the news.
• Users can use popular devices, a selected asset category, risers, and fallers or create their very own list of tools to track.

Charting at the mobile app is strong and provides you

• 13 Chart Types. A broader than average range, from Bar charts to Point & Figure charts.
• 11 Time Frames. These range from 1 Minute to at least 1 Week.119 Indicators. A widespread number of indicators (more than MetaTrader) from Accumulation/Distribution to ZigZag.
• 21 Drawing Tools. These encompass classics which include Fibonacci, Gartley, and Pitchfork.

What Can You Trade on Plus500?

Plus500 is a popular broker, and you can trade many assets, such as the Forex market, Indices, Commodities, Shares, Options, ETFs, and Crypto. Here are the assets on which you can perform trade at Plus500

CFD Trading

 Plus500 is famous for its specialization in Contract for Difference (CFD) trading, offering traders access to a diverse range of financial markets. This flexibility allows traders to speculate on the price moves of numerous assets without simply proudly owning them.

The platform gives an extensive choice of assets, together with forex, shares, commodities, indices, cryptocurrencies, and ETFs. This wide array guarantees that traders can diversify their portfolios and discover trading opportunities across exclusive markets, making Plus500 a flexible choice for both new and experienced traders.

Forex Pairs

 Plus500 offers a large choice of forex currency pairs, making it the best broker for forex traders. With access to over 60 foreign currency pairs, such as primary, minor, and different pairs, Plus500 allows traders to invest in the price movements of global currencies with competitive spreads.

• Major Pairs: EUR/USD, GBP/USD, USD/JPY
  • Minor Pairs: EUR/GBP, AUD/NZD, GBP/JPY
  • Exotic Pairs: USD/ZAR, EUR/TRY, USD/SGD

The Forex market traders on Plus500 advantage from tight spreads, with a few pairs offering as little as 0.6 pips. Leverage on forex trades is up to at least 1:30 for retail traders, at the same time as expert customers can get access to leverage of up to 1:300.

Plus500 gives competitive spreads on main forex pairs making it a really perfect platform for both beginner and expert traders.

Cryptocurrency CFDs

 Lastly, Plus500 helps you trade crypto in the form of CFDs, which means that you may not want a digital wallet to store any of your cash. Remember that you may not be investing in real crypto, it is best to speculate on its future costs. Even though that is the case, there are many currencies to pick out from whilst trading speculative contracts with Plus500. Plus500 offers its customers the ability to trade on a range of over 10 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Uniswap, and Chainlink. Here is a complete listing of currency you could trade on Plus500:

1. Ethereum
2. Bitcoin
3. Litecoin
4. Stellar
5. Bitcoin Cash
6. Cardano
7. NEO
8. EOS
9. IOTA
10. Solana
11. VeChain
12. Polygon
13. Axie Infinity
14. Polkadot
15. Uniswap
16. Filecoin

Spreads, Fees, and Leverage

Plus500 fees consist of the spread-based trading costs. Here are the information about Plus500 spreads, fees, commission, and leverage you should know

Spreads and Fees

Plus500’ spreads are low. There isn’t any huge difference among the spreads provided at the Retail account and that of the Professional account. Generally, the broker gives two unfold types for its systems: fixed and variable spreads. The spread is calculated by subtracting the sell price from the buy price of the instrument.

The variable unfold is usually adjusted as per the market spread all through the duration that a position is open. On the other hand, the constant spread does not normally trade with popular market fluctuations even as a position is open. Still, it can trade to a new level whilst the market is risky to reflect the underlying market conditions higher. Let us test the common spreads provide by the Retail Account on the main forex currency pairs.

Plus500 Fees

Plus500 offers traders cost-free trading surroundings with dynamic spreads and no minimums, depending on market conditions. Some trading costs are highly competitive, for example, crude oil CFDs, some index CFDs, and pick-out equity CFDs, at the same time as others are more average. It is suggested that traders study favored assets and evaluate them to different brokers to assess the costs in their strategies and find pricing advantages.

Leverage

The leverage available varies depending on the entity and relevant jurisdictional regulations. EU clients, for example, can trade with up to at least 1:30 leverage on most important forex pairs as per ESMA regulations. This is the same for Australian traders as per ASIC regulations.

With that stated, professional traders and people making an investment through entities with much less strong regulators can access higher leverage. This includes leverage up to 1:300 for forex pairs and up to 1:150 for indices and commodities.

To assist limit the risks of online trading, our professionals like that Plus500 gives assured stop-loss orders. For a small fee/wider unfold, the brokerage guarantees to close your trade at the agreed fees, irrespective of market volatility or gapping. This may be a useful device and isn’t always widely available at forex brokers, helping to split Plus500 in a crowded market.

Note that you can change your leverage and find details of the margin name way in the contributor’s location. Leverages offered by Plus500 on various asset classes on all its systems are specified under

Inactivity Fee

 Plus500 costs a state of being inactive fee of $10 in case you do now not log into your trading account for at least 3 months. The inactivity fee is charged once a month from that period onward as long as the person does not log into the account.

This inactiveness fee is the same as $10 or the equivalent depending on your base currency. Plus500 says that this fee is to offset the fee incurred for making the provider available to the specific account in question even though it isn’t in use. It is vital to notice that this price is most effectively accumulated from the consumer’s real money account most effective if there are sufficient budget in the account.

To avoid this fee, Plus500 advises that traders log into their money owed once in a while as that is deemed as interest sufficient to save you the state of no activity fees from being charged.

Account Types

Plus500 adopts a streamlined technique by providing the main live trading account type, the Standard Account, which is designed to cater to a huge number of traders. While some brokers offer multiple account levels with various functions and benefits, Plus500 keeps it simple, focusing on turning in a regular trading experience for all its users.

Demo Account

 The broking also gives a demo account, which comes preloaded with a digital budget for practice purposes. It is useful for novice and experienced traders alike. For example, skilled traders can use the demo account to test their trading strategies earlier than integrate them on live trading debts, at the same time as beginners can use it to familiarize themselves with the broker’s platform earlier than going live.

Standard Account

The Standard Account is the default option for all live trading at Plus500. This account type offers traders access to a total range of over 2,000 financial tools, such as forex, indices, commodities, stocks, ETFs, options, and cryptocurrencies. The account operates on a fee-free foundation, with trading fees embedded in the spreads that are competitive across special asset training.

The Standard Account is appropriate for each novice and experienced trader, providing capabilities that include negative balance safety and the potential to use leverage up to 1:30 for retail clients.

Professional Account

 This is a sophisticated trading account that is only available to traders who qualify as professional traders. It has all the functions of the Retail Account and a few more interesting features, such as leverage of up to 1:300 (including EU customers), rebates, and bonuses. To qualify for the professional account, traders are required to fulfill at least the following three requirements:

• A high amount of trading activity in the remaining year.
  • €500,000 or more to invest.
  • Well-skilled in the economic services discipline.

Risk Management Tools

There are a few effective free supports that can be used for risk management.

Guaranteed Stop Loss

 A guaranteed stop order can be found in your role to specify the limit on your potential loss. This isn’t always stricken by slippage and is only available on some contraptions. It can only be found on a new function or pending order. There is a non-refundable extra spread fee for the use of a guaranteed stop.

Trailing Stops and Alerts

 Trailing stops may be found to robotically limit a position’s loss whilst locking in earnings. The position will remain open if fees continue moving far from the trailing stop loss however will be near while it turns around and triggers the stop loss. Slippage may also cause it to not close exactly at the trailing stop fees. Trailing stops are frequently used as a way to trip a market flow at the same time as searching to maximize the potential of trade position. They also can be beneficial for people who aren’t able to continuously study a position’s status.

Pros and Cons

Here we tell you the advantages and drawbacks of using Plus500

Pros

Multiple Regulations

 Plus500 is regulated by six regulatory bodies, each regulated by top-tier groups, including CySEC, FCA, ASIC, and MAS.

Intuitive Platform

The broker has evolved its very own WebTrader Platform, noted for its ease of use and minimalist layout. There is a user-mobile version of the platform.

Innovative Tools

 Plus500 gives effective study tools including +Insights and Traders’ Sentiment.

Impressive Range of Tools

 The broker provides access to over 2800 tradable systems, encompassing CFDs on forex, commodities, indices, global stocks, ETFs, and cryptocurrencies.

Varied Costs

 Our assessments revealed competitive forex spreads, barely above-average stock CFD spreads, and industry-widespread spreads for indices and commodities.

Cons

Here are the drawbacks of using

Limited Range of Assets

It has its area of interest (CFDs), and it serves that niche specifically well, however, the range of options across different assets is restricted. For traders searching out an all-in-one trading broking wherein they have access to a wider range of shares, cryptocurrencies, forex trading, and other assets, every other platform might be more appropriate.

No MetaTrader 4

For pro traders, it’s a drawback that Plus500 doesn’t offer MT4.

So many of Plus500’s competitors have this capability (which includes IG) — they want to offer superior analytical solutions and collaborate with extra third-party providers.

Inactivity Fees

If you fail to log in to your trading account for three months, you’ll be charged up to US$10 monthly. If you propose to hold positions for the long term, you’ll need to set reminders and hold logging in to keep away from the state of no activity costs.

Customer Support and Safety

Regulation is a vital aspect in ensuring the protection and legitimacy of a trading broker. Plus500 has especially appeared in the industry because it complied with stringent regulatory standards set by a number of the world’s leading economic governments. Below is an in-depth look at Plus500’s regulatory framework, trader safety measures, and the broker’s history.

Regulator Licences of Plus500

FCA – Financial Conduct Authority – United Kingdom

The FCA is a top-tier regulatory body recognized for its stringent oversight and strong customer safety measures. Plus500’s FCA law under license number 509909 ensures adherence to the quality standards of financial behavior and provides UK clients with stable and obvious trading surroundings.

ASIC – Australian Securities and Investments Commission – Australia

ASIC is a good regulator recognized for its rigorous regulatory framework, especially in protecting retail traders. Plus500’s law under ASIC’s license amount 417727 ensures compliance with strict economic practices and gives a high stage of trader protection to Australian customers.

CySEC – Cyprus Securities and Trade Commission – Cyprus

CySEC is a well-regarded European regulator that ensures financial transparency and trader protection in the EU. Plus500’s CySEC license with the number 250/14 lets it function throughout Europe under the MiFID II directive, offering clients robust legal protections.

MAS – Financial Authority of Singapore – Singapore

MAS is a reputable regulatory authority in Asia, regarded for its comprehensive oversight of financial services. Plus500’s law (MAS license number CMS100648-1) by  MAS guarantees that it adheres to strict operational and capital necessities, providing Singaporean traders with secure trading surroundings.

FMA – Financial Markets Authority – New Zealand

The FMA is a recognized regulator that focuses on selling honest and economic markets in New Zealand. Plus500’s FMA license with the number FSP486026 keeps its commitment to preserving high standards of conduct and provides reliable services to New Zealand clients.

Customer Service

Plus500 offers customer service through diverse channels to help traders with their queries and issues. Here are the different customer service options given by  Plus500

• Email Support: Traders can send an email to Plus500’s customer service group to acquire help with their queries. The support team responds in 24 hours. The email address for customer support is help@plus500.Com.
• Live Chat: Plus500’s website offers a live chat feature, which permits traders to chat with a customer service representative in real time. This is a quick and accessible way to get assistance with any issues or questions.
• Phone Support: Plus500 also offers smartphone assistance for traders who opt to speak with a consultant over the smartphone. The mobile support is available 24/7 and may be accessed from different international locations.
• FAQ Section: Plus500 has an in-depth FAQ section on its website that covers many subjects related to trading experience, account management, and technical issues. Traders can find solutions to common questions in this section while not having to contact customer service.

FAQ Section