Plus500 is one the biggest global No Dealing Desk broker of the world today. With support for almost 25 languages, the London, UK-based broker is a great choice for everyone looking for a simple way to trade a huge variety of products.
The firm dates back to 2008 and has a client base of over 1 million mostly in Europe and the South Pacific.
Legislation and type of vendor
The company operates under three different regulations FCA, ASIC and CYSEC in the UK, Australia and Cyprus helping them offer regulated cross-border services around the globe. As a listed company on the London Stock Exchange’s AIM market, traders benefit from an above average transparency in the forex market.
Yes, Plus500 offers its services to traders from Canada.
Plus500 has one of the best product ranges on the market besides the 50+ currency pairs. It is offering stocks with dividend payouts from more than 20 countries, CFDs on indices, commodities, ETFs and options.
The stock offerings include issues from Italy, USA, Germany, France, UK, Australia, Holland, Finland, Belgium, Denmark, Sweden, Switzerland, Spain, Austria, Norway, Greece, Poland, Hong Kong, Portugal, and Ireland; possibly the most available stocks considering retail forex brokers.
Plus500 has its own proprietary solution with two desktop versions (a standalone and a web-based one) and dedicated mobile versions for Android, Windows Mobile and Apple IOS (even for Apple Watch). It is one of the most easy-to-use solutions that focuses on stability on all versions but lacks some advanced features of MT4 for example.
The comprehensive approach that simplifies trading is very attractive for beginners with very little customization needed and no excessive information disturbing the focus of the user.
Spreads and other costs
The broker operates with fixed spreads as a retail broker with a relatively low-cost profile, although there are some cheaper brokers out there. No commissions are used by Plus500 so the spread is the only per-trade cost to deal with.
Opening an account
A good number of deposit and withdrawal options make it very easy and quick to open an account with the company. You can use the following vehicles:
- Wire transfer
- Pay Pal (only deposits)
- Credit Cards
- Online Transfer
The minimum amount of deposit is $100 and you have an unlimited demo account option for practicing purposes. There is a bonus after the first deposit, but it is relatively low and the company doesn’t concentrate on marketing it.
- Great risk-management tools
- Real-time streaming quotes
- Customer Service is available in 23 languages
Other pros and cons
- Good execution, real fixed-spreads
- Seamless integration of the various platforms
- Speedy and transparent money transfers
- Good average response time from the Customer Service
- No social trading
- No managed accounts
- No Islamic account
- Customer Service is only e-mail based
- Only 200:1 maximum margin
Who should choose Plus500?
Plus500 is a great broker for beginners and intermediate traders, with the easy-to-use trading platform and the wide product range. It might also appeal for those pros who seek cheap access to stock markets all over the world and don’t need social trading or managed accounts.
We would recommend Plus500 for almost every types of traders with the exception of those who need VPS support for automated trading especially for people who would like to deal with an unquestionably stable company.
It is not a surprise to see Plus500 gaining popularity with all the marketing efforts the company does and the comprehensive package it offers for multiple levels of trading experience. The good regulatory background also helps the firm in gaining the trust of a lot of people who might be scared after the scandals related to the volatile movement in the Swiss Franc in January 2015.