Plus500 Review

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Bottom line:

Plus500 is a broker that allows users to trade CFDs in most major asset classes. The broker supports cryptocurrency, stocks, commodities, forex, and indices. While Plus500 is a well-rounded broker for those looking to trade a wide range of financial instruments, it does not provide exposure to any underlying asset, meaning it’s not very viable for spot positions or long-term holds. Instead, Plus500 is better suited to those looking to use crypto leverage to take advantage of short-term drops and pumps.

Overall, Plus500 is a solid platform likely to appeal to traders. However, long-term investors are unlikely to be fans of its CFD-only nature. With that said, Plus500 boasts competitive fees and excellent educational materials, making it a solid choice for experienced traders or beginners looking to get into CFD trading.

Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

How We Rated Plus500

Review Criteria	Hedge With Crypto Rating
Features	4.5/5
Supported Fiat and Deposit Methods	3.5/5
Supported Crypto & Trading Pairs	3.6/5
Fees	3/5
Ease of Use	5/5
Customer support	4.7/5
Security Measures	4.2/5
Mobile App	4.3/5

Pros Explained

• Trading Academy to help beginners. Having resources designed to educate traders is a massive bonus for any platform. It increases the broker’s users’ success rates while promoting responsible trading. While primarily beginner-centric, the Academy features some information that even advanced traders could utilize.
• Competitive fees. Nobody wants to trade with a broker only to be faced with huge or unexpected fees. However, Plus500 offers competitive a competitive fee structure that promotes frequent trading. Furthermore, the company is transparent about any charges, avoiding nasty surprises.
• +Insights market research tools. Market research is massively helpful in making informed decisions. For example, the +Insights service offered by Plus500 provides a massive amount of data covering trader sentiment on every asset on the platform. Knowledgeable traders can use this information to trade market trends, while beginners can use it to assist in decision-making.

Cons Explained

• CFD-Only. While not uncommon in the industry, being a CFD-only platform does hinder Plus500. As CFDs are typically leveraged and incur overnight funding fees, they’re seldom worth holding for the long term. As such, investors focused on more extended time frames will be disincentivized by Plus500’s offerings. This is a limitation of brokers vs crypto exchanges which offer the actual crypto assets.
• Limited Cryptocurrencies. Plus500 only features 19 crypto-based assets on its broker, with one being an index and another being a pair of two cryptocurrencies already supported by the broker. With Plus500 only supporting the largest cryptocurrencies, those looking to trade smaller cap projects will be better served by a crypto-specific exchange like Binance (read our full Binance review).

Disclaimer: 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Plus500 At A Glance

Broker Name	Plus500
Features	Multiple Account Types, Propriety Crypto CFDs, Trading Platform, +Insights, Trading Academy
Accepted Fiat Currencies	USD, EUR, GBP, AUD, CAD, JPY, PLN, HUF, CZK, TRY, NOK, CHF, SGD, and SEK
Deposit Methods	Bank Transfer, Credit/Debit Card, E-Wallet
Supported Cryptocurrencies	17+ Cryptos and Crypto 10 Index
Number of Trading Pairs	19
Trading Fees	Spread Based
Customer Support	Email, WhatsApp, Live Chat
Security Measures	SSL, 2FA, Segregated Accounts, Audited
Mobile App	Yes (Android and iOS)

Overview of Plus500

Founded in 2008, Plus500 is a leading provider of Contracts for Difference (CFDs). The broker lets people speculate on various financial markets, including cryptocurrencies, shares, forex (FX), commodities, ETFs, options, and indices. However, as a CFD provider, Plus500 provides no exposure to any underlying assets. The 23+ million Plus500 users can trade popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin with retail CFD accounts boasting up to 1:5 leverage, making the platform excellent for experienced traders looking to open short to medium-term positions.

As far as credibility and reputation, Pluss500 is a publicly traded company listed on the London Stock Exchange (LSE) and, as such, is regulated by several prominent financial authorities. These include the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Services Authority (SFSA) and the Australian Securities and Investments Commission (ASIC).

As a global company, Plus500 serves users in many countries. However, the broker is unavailable to residents of countries where CFD trading is prohibited, like the US. Furthermore, UK residents are unable to trade cryptocurrencies on the platform.

Plus500 Compared and Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
eToro	79	1%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	None available at this time	Visit eToro Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.	eToro Review
Uphold	237	1.5% (spread)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.5 / 5	None available at this time	Visit Uphold	Uphold Review
Prime XBT	39	0.05%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.4 / 5	None available at this time	Visit Prime XBT	Prime XBT Review

Review of the Top Features on Plus500

Below, we’ll highlight a few of the top features offered by Plus500.

+Insights

Using the +Insights feature, users can find the most traded, viewed, and followed instruments offered by the broker. Furthermore, there are options to search for the most bought/sold assets and those that have generated the most significant profits for traders.

Access to high-level analytical information, as offered by +Insights, is invaluable when selecting which assets to trade. While it would be nice to see some broader market research, anything to help users make the correct decision is likely to be widely appreciated by traders of all experience levels. A screenshot from our account of the +insights feature is shown below.

Trading Academy

Packed with free educational resources and designed to teach beginners the ins and outs of trading, this academy features informative videos discussing topics like popular trading strategies, different types of charts, slippage, and risk-reward ratios. In addition to the trading academy video guides, there is also a Plus500 ebook that explains the basics of trading in text format. Platforms offering educational materials are commonplace in the industry, with large brokers like eToro and Capital.com offering such a service.

Nevertheless, free educational resources go a long way when it comes to assisting new traders. Unfortunately, there is far too much false information, so Plus500 Trading Academy will likely provide substantial assistance.

Multiple Accounts

Everybody is different. As such, it can be hugely beneficial for a broker to offer a range of other accounts. The platform ensures that everyone has the correct tools by taking such an approach. On top of providing retail CFD accounts, Plus500 provides its users with a crypto demo account funded with $40,000 or the equivalent in the account’s currency. In contrast to some trading platforms, the Plus500 demo account utilizes actual prices and charts, making a demo account an excellent way to practice trading.

While retail investor accounts are likely to suit most uses, professional or institutional investors could benefit from a Plus500 professional account. With access to increased leverage and superior margin maintenance requirements, a professional account will likely appeal to experienced traders with a proven track record.

Plus500 Account Creation and ID Verification

The Plus500 account opening process can be completed in just a few clicks. Just head to the Plus500 website, press ‘Register,’ enter an email and password, then click create an account. After confirming the sign-up via email, the user will gain access to the trading platform.

While a demo account is available on Plus500, ID verification is necessary for users looking to trade CFDs on the platform because it’s a regulated broker. Verification requires the user to confirm their identity by providing a photo ID (passport, driving license) and proof of address (bank statement, utility bill).

Supported Fiat Currencies and Deposit Methods

Investors reading a Plus500 review will likely be interested in which fiat currencies and deposit methods the exchange supports. When setting up a Plus500 retail account, it’s essential to understand that changing the account currency is impossible after registering. Furthermore, a currency conversion fee will be applied whenever transacting in a currency different from the account currency. With that said, the broker does support 14 currencies, including USD, GBP, AUD, and CAD.

While the trading platform supports a number of fiat currencies, only a few options are available to deposit money. While researching our Plus500 review, we noticed that only credit/debit cards, bank transfers, and e-wallets are accepted, meaning that investors that use crypto as a preferred payment method will need to go elsewhere.

Supported Cryptocurrencies & Trading Pairs

It’s important to understand that as Plus500 is a CFD broker, users are not buying any underlying asset. As such, it’s not possible to purchase crypto directly on the platform, just a contract relating to the price of an asset.

There are a total of 19 crypto CFDs available on Plus500 as shown in the screenshot from our account above. Of those, 18 are USD denominated, with the only exception being the Ethereum/Bitcoin pair. Including every asset class offered by the online trading platform, more than 2800 instruments are available to users. Although Plus500 has done well to include popular assets like BTC, ETH, and LINK, other large-cap assets like DOGE, AVAX, and XMR are missing. As such, those looking to invest primarily in cryptocurrency could be disappointed by the platform’s limited selection.

How To Trade Crypto CFDs With Plus500

To open a buy or sell position on Plus500, press the ‘Trade’ button on the sidebar, then search for the desired cryptocurrency, stock, or currency. Afterward, press the ‘Buy’ or ‘Sell’ button next to each asset. This will bring up a simple order box. Users can then enter their desired orders and enter a trade. The ‘Close At Profit’ and ‘Close At Loss’ allows users to pre-define the take profit and loss limits before entering a trade to assist with trade management.

Plus500 also provides the option for a ‘Guaranteed Stop.’ This means the position will close at your chosen rate (price) even if the market price surpasses it in extreme volatility. Unfortunately, this feature is not available for all assets, and a fee is charged via a wider spread. A screenshot of the buying interface is shown above, which was very intuitive based on our experience.

Plus500 Fees

After researching for our Plus500 review, we’ve determined that the fees charged by the platform align with the industry standard for CFD brokers. While no trading fees are charged, the broker makes its money from spread fees.

Spread Fees

Plus500 can offer most of its services free of charge as they are compensated through market spread derived from the difference between Bid/Ask prices. When a position is opened, you essentially “pay” the spread. This spread is incorporated into the quoted rates and is not an additional charge or fee you pay above the quoted rates.

Deposit and Withdrawal Fees

There is no fee to deposit/withdraw funds to Plus500. However, users should be aware that a fee of $10 is applicable if the maximum number of monthly withdrawals is exceeded.

Plus500 charges currency conversion fees for all trades where the base currency differs from the trader's account currency. The currency conversion fee equals 0.7% of a trade's realized net profit and loss. In addition to the costs mentioned above, there is a minimum deposit amount on Plus500. The minimum deposit is $100, with the maximum deposit an impressive $45,000.

Overnight Funding Fees

An overnight funding fee will be charged if a trader holds an option position for more than one day. The fee amount differs from asset to asset, but we’ve included a few examples from popular instruments below.

Asset	Overnight Funding Fee (Buy)	Overnight Funding Fee (Sell)
Bitcoin	-0.0568%‎	-0.0220%
EUR/USD	-0.0124%	0.0010%‎
Gold	-0.0338%‎	‎-0.0101%‎

Guaranteed Stop Order Fees

Anyone trading with Plus500 can set up a guaranteed stop order to ensure a position closes at the desired price. This is advantageous as it helps to decrease risk and provides a safety net for traders. However, guaranteed stop orders incur a wider-than-usual spread fee which differs between assets.

Asset	Guaranteed Stop Fee
Bitcoin	37.5975 Pips
Ethereum	2.28 Pips
EUR/USD	0.00014 Pips

Inactivity Fees

A fee of up to USD 10 per month will be levied should you not log in to the online trading account for three months or more. Plus500 will charge this fee monthly unless a login is made to the account.

Plus500 Fees Compared

To highlight how Plus500 stacks up against other online investing platforms, we’ve included a comparison table showing the fees charged by a mixture of CFD brokers and leading crypto platforms.

Platform	Trading Fee	Deposit/Withdrawal Fee	Spread Fee
Plus500	0%	0%	BTC – 50 Pips, EUR/USD – 0.00037 Pips
Binance	0.1%	Network Fees Only	N/A
eToro	1%	Network Fees Only	EUR/USD – 1 Pip
Uphold	0%	0%	Crypto – 0.9% to 1.2%, Fiat Currencies – 0.2%

Plus500 Ease of Use

A platform’s ease of use is one of the most critical aspects of user experience. If a platform hides essential information behind complex menus or features a cumbersome interface, it can quickly make a user search for another trading platform. Plus500 understands the importance of ease of use well. The financial services provider has put a lot of effort into its usability.

Crucial sections are on the side menu and are labeled clearly, making it easy to find specific information or a particular feature. Furthermore, the predominantly blue and white color scheme is easy on the eyes and highlights essential areas well. A screenshot from our Plus500 account with the menus are shown below.

Trading is made simple with Plus500. While some platforms utilize a complex order book-based interface, Plus500 keeps things simple, showing critical information like buy/sell prices and margin requirements. However, more detailed information can be found when clicking on a particular asset, offering detail while preventing clutter.

Overall, Plus500 is an easy-to-navigate trading platform that makes it simple and intuitive to trade CFDs. The platform’s usability is further boosted by offering light and dark modes, reducing eye strain, and improving accessibility. These features make Plus500 a solid platform for both beginners and advanced traders looking to speculate on CFDs.

Customer Support

A good customer assistance team is instrumental to the success of a trading platform. To ensure that our Plus500 review is as accurate as possible, we’ve read many customer reviews to get an average user consensus on the quality of the broker’s support.

Most users rated the support offered by Plus500 well. While there were a few disgruntled customers, the Plus500 team quickly responded to any complaints to rectify the situation. In addition, the support team is reachable via email, WhatsApp, and live chat. With this in mind, the broker’s customer support team seemed attentive and helpful.

Plus500 Security

Plus500 includes Two-Factor Authentication (2FA) to provide an additional layer of security by protecting login access and withdrawal operations. This level of security makes it very difficult for hackers to compromise Plus500 client accounts and withdraw funds. A bad actor would have to know the login information for an account and have the linked mobile phone (and be able to unlock it).

All users’ personal information provided at registration is automatically transferred by Secure Socket Layout (SSL). Furthermore, users’ funds are stored in segregated client bank accounts. Plus500 also offers Client Money Protection to guarantee funds are not used for hedging or other investment purposes. As it stands today, Plus500 has not been hacked, meaning that the platform’s security measures have seemingly managed to keep any bad actors at bay.

Plus500 Mobile App

Similar to other large online brokers, Plus500 provides its users with a mobile trading platform that allows people to trade CFDs from a smartphone or tablet and is free to download for iOS and Android. The Plus500 app allows users to browse through the entire range of assets supported by the platform, which can be filtered by category or trending assets. Below is a compilation of screenshots from our Plus500 crypto account.

Users can also look at individual assets to see insights like sentiment from active traders and the asset’s popularity. The mobile trading platform is surprisingly comprehensive for advanced traders looking to utilize technical indicators. Traders have access to various trading tools and all major indicators (MACD, RSI, MA, etc.), making the mobile app rather capable.

On the Plus500 mobile app, it’s possible to monitor any open positions while trading CFDs easily. A summary of trading activity and profit/loss is included along with a chart, as well as the ability to edit open positions. Having easy access to important information is crucial for any mobile trading platform, yet it is often overlooked. However, Plus500 has included a fund management section that makes checking an account’s performance and margin requirements a breeze.

Overall, the Plus500 mobile app is secure and capable. It benefits from the low trading costs offered by Plus500 and boasts almost the same features as the desktop platform, making it a solid choice for anyone trading CFDs on the go.

Disclaimer: 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.