Plus500 Review

Website: www.Plus500.com
Regulation: FCA (UK) CySEC (EU) ASIC
Special Offer: Negative Balance Protection
(T&C apply)
Minimum Deposit: $100
Available Cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin
Spreads From: 0.66%
Max Leverage: 20:1
Deposit Options
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Plus500UK Ltd is an online brokerage service specialising primarily in the CFD market. Headquartered in the UK, they are also authorised and regulated by the British Financial Conduct Authority (FCA). The company is registered under the name Plus500UK Ltd with registration #07024970. The FCA registration number for the firm is ID #509909.

*Your capital is at risk

Company Information

Plus500 is one of the dominant providers of CFDs in the market. Clients can enjoy a full range of trading options with indices, currency pairs, options, exchange traded funds (ETFs), equities and Bitcoin. Plus500 UK ltd is based in the United Kingdom, and the trading platform is provided courtesy of Plus500UK Limited. The company is regulated by the FCA to offer CFDs to clients in the United Kingdom, Europe and across Asia. In total, there are over 2,000 financial instruments available to an estimated 1 million traders. Client accounts and Company accounts are segregated, in line with the FCAs requirements.

How does Plus500 work?

There are 2 unique account options available to traders at Plus500. The first of these is a demo trading account which is available for an unlimited period and is free. The second is a live trading account which requires traders to deposit at least $100. Clients can enjoy use of the proprietary trading platform to trade BTC online in real time. The platform is accessible via mobile (Windows Phone, Android, iOS, etc.), desktop and/or laptop, and in a fully downloadable format. Clients can also access the software direct off their browser.

To get started, clients must be from a regulated jurisdiction. New users have the option to switch between real money trading and demo mode. Account registration requires the inputting of email information, a password, and full verification. Apps are available for the platform at the Google Play Store and the App Store. From the homepage, clients will see the most popular financial instruments, including Bitcoin. Once you are registered, you can simply buy or short the financial instrument by clicking the appropriate button. Bitcoin can be traded in a CFD format. The intervals range from 5 minutes through 1 week, and full charting options are available to traders.

Who should use Plus500 and why

CFD traders  – will find Plus500 much to their liking. You can trade Bitcoin quickly and easily, by speculating on the future price movements of this digital currency. It is an extremely volatile financial asset and prices can fluctuate wildly. Traders looking to diversify their financial portfolio with cryptocurrency will certainly enjoy trading BTCUSD in a CFD format. There are several reasons to use the Plus500 trading platform, including its competitive spreads, around-the-clock customer support, negative balance protection, a user-friendly interface and fully regulated online trading.

Exchange Rate & Fees

Plus500 offers different metrics on BTC trading for buying and shorting. When you buy BTC/USD, the spread per unit is $2, and the premium buy is -0.25%. The initial margin requirement is 10% and there is leverage of 1:10. BTC traders will see expiry dates are listed for each CFD contract on the cryptocurrency. If you decide to short the currency, the spread percentage is 0.90% and there is a -0.25% premium sell and a 5% maintenance margin. There are no daily expires.

Generally speaking, Plus500 does not charge fees – it uses a market spread. There are no commissions on trades and there are no dealing commissions either. However, there are inactivity fees of up to $10 if a trader does not use the platform for 3 months there is an overnight fee, known as a premium, tacked on to any position that is left open past a certain time-frame.

Deposit Options for the different locations

Bitcoin traders have multiple deposit options available to them, including the following: Skrill, PayPal, Visa, MasterCard and bank transfer. To get started, clients must navigate to funds management, deposit, choose the required deposit option, and then click on submit. Deposit options also include Rapid and PayPal, Diners Club and Maestro. Provided you’re from a regulated jurisdiction or territory, you can easily access deposit and withdrawal options in your area.

How easy is it to use Plus500

From the homepage, it’s quick and easy to get started with Plus500. There are 6 categories of tradable assets that can be accessed, including most popular, risers & fallers, shares, commodities, indices and Forex. Simply pick your preferred asset and click buy or short to trade it. Thanks to generous leverage of up to 1:300, no commissions, tight spreads, and reliable order executions, it is really easy to gain maximum traction from your trades. Various control features are also available for BTC traders, including negative balance prediction, stop losses, stop limits, trading stops and guaranteed stops. The inclusion of a demo account makes it easy to practice for free, before trading for real.

Is Plus500 safe and reliable?

Trust is assured at Plus500. All money held by traders is kept separate from the company’s funds with segregated accounts. Further, the integrity of all trader accounts is guaranteed with SSL security and the highest encryption protocols. Plus500 Ltd is listed on the AIM, section of the London Stock Exchange.

Trading Platform/Software

The Trust500 trading platform allows traders to access the financial markets from the comforts of anywhere. WebTrader is available for Chrome, Firefox, Safari and Internet Explorer browsers, and there are other options in the form of Windows Trader, and Windows 10 Trader. The Windows Phone App is a great complement to the iOS apps (Apple Watch, iPhone and iPad), and the Android apps for smartphones and tablets. The demo account can also be accessed upon registration, and it runs direct off your browser. The proprietary trading platform makes it possible for traders to dabble in multiple markets simultaneously. These markets include Bitcoin, commodities, equities, exchange traded funds, CFDs and others. Full charting capabilities are also available however only one graph at a time will be displayed on screen.

How long does it take to purchase a bitcoin with Plus500?

Provided you have completed your registration accurately, and funded your account, you can buy or short Bitcoin instantly. Traders speculate on the future price movements of underlying assets with CFD contracts.

Plus500 Customer Support

Plus500 offers 24/7 customer support. Clients can email Plus500 support representatives, initiate an online chat session, or utilise the FAQ for comprehensive solutions to customer queries. Customer support is available in 32 languages and agents are attentive and responsive at all times.

Special Features

Plus500 UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
Plus500 CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
Plus500 AU Pty Ltd, ACN 153 301 681, AFSL # 417727, issued by the Australian Securities and Investments Commission is authorised to issue these products to Australian residents.

Derivatives issuer licence in New Zealand, FSP #. 486026 authorises us to issue these products to New Zealand residents.
Plus500 AU Pty Ltd, is also an authorised Financial Services Provider in South Africa, FSP 47546.

Clients Feedback

Clients rate Plus500 highly on TrustPilot. It garnered a rating of 8.1/10 from 628 reviews. 58.8% of the reviews are 5 stars, and 24.7% of the reviews are 4 stars.

Bottom Line

There are many benefits to trading Bitcoin (BTC) at Plus500. These include rapid executions of trades, margin, leverage and guarantees on deposits. Security is watertight, and fraudulent transactions are kept to a bare minimum. One of the disadvantages of trading at Plus500 is that no actual BTC is owned – it is speculative activity.

 

Final Thoughts
Pros
  • Segregated Accounts
  • Professional CFD Trading Options
  • Wide Range of Currency Pairs (major pairs, minor pairs and exotic pairs)
Cons
  • No Telephone Customer Support Available
  • No MT4 Platform
  • Trading Platform Limited to Regulated Jurisdictions Only
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