Plus500 Forex Broker review 2019
History and Background
Plus500 is an online brokerage service specializing primarily in the forex market. Headquartered in the UK, they are also authorized 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.
Please note that Plus500 does not accept U.S. clients. Therefore, if you are located in the United States, we suggest choosing another top-rated broker. As you can see in the comments below Plus500.com is a very trustworthy and reputable broker that we can really recommend for non-US clients.
* Your capital may be at risk
* Plus500 is a CFDs service
Plus500 offers two account options, consisting of a demo account, which has no time limit and can be opened free of charge, and a live account that requires a minimum deposit of $100. Plus500 offers customers a $20 “welcome” bonus on all accounts, including the demo account and generous bonuses of up to $7,000 for initial funding. Leverage for forex accounts is a maximum of 1:100.
Trading foreign exchange on margin poses a high-risk level and it may not be fitting for all types of investors. The elevated degree of leverage can cause positive and negative outcomes.
Plus500 offers a comprehensive and easy to use proprietary trading platform and technical analysis software for its clients. The trading platform allows the trader to trade in multiple markets from the same screen and provides real-time quotes for all of its products.
In addition to forex, Plus500 clients can also trade commodities, stocks, indexes, ETFs and CFDs from the same trading platform, a significant advantage to using Plus500 as a broker.
Besides its ease of use, the main advantage of the Plus500 trading platform consists in an all-inclusive trading screen with clearly labelled tabs on top for details on past trades and current positions, as well as multiple market trading capabilities. Charting software is included with the trading platform, but charts appear individually since the charting software does not allow for multiple graphs on the same screen.
The Plus500 trading platform comes in four different versions: a downloadable version, which can be copied to your laptop or desktop, a web-based version, which allows the trader to access the platform from any other computer, App versions for iOs, Windows and Android smartphones and also Apple Watch platform.
Deposits and Withdrawals
Funding an account at Plus500 can be accomplished through a Visa or MasterCard credit card, MoneyBookers or through a wire transfer. The fastest way to begin trading is by depositing through a Visa or MasterCard. To complete a deposit, the customer needs to click on “Funds Management” -> Deposits” and follow the instruction accordingly.
Funding an account through Moneybookers is just as easy. The customer must navigate to the “Funds Management” window in the trading platform, select the Moneybookers option, and enter the Moneybookers e-mail address. A new pop up window will open where the Moneybookers transfer can be confirmed.
Deposits made to Plus500 through a wire transfer are generally straightforward but take up to ***five days** to show up in the account. For a wire transfer deposit, go to the “Funds Management” window, click on “Deposit” and choose “Wire”, then click on the “Send me Wire Details” option. Plus500 will then email the customer with the wiring details.
The Plus500 email will give the customer the details for wiring funds to their bank and also state the minimum and maximum deposit amounts allowed through a wire transfer. The minimum deposit is £300.00, while the maximum deposit amount is £100,000.
Due to regulation requirements, each customer is required to provide a photo ID (passport, driver’s license or other official documents) and verify his registered address, before being allowed to make a withdrawal.
This information can be sent via *the Plus500 Contact Us form or by uploading a pdf, jpeg or doc-type file with the upload function provided on the Plus500 trading platform. Clients should allow up to 24 hours for the files to be reviewed. If the identification document cannot be scanned, the client can photograph the ID with a digital camera or a mobile phone.
Risk Disclaimer: Forex trading involves substantial risk of loss and is not suitable for all investors. You may lose more than your initial investment.
Plus500 offers e-mail and fax support in multiple languages 24/7 as well as online chat in English and additional supported languages. If the chat isn’t active at a specific moment, then they can still be contacted via the Contact Us from. Nevertheless, they do not offer telephone support, which can be a disadvantage if the customer loses internet service or their computer crashes while trading. Please have a look at the comments below and you’ll see that they have active customer support holding their promise to help their clients with every issue.
Plus500 is authorized and regulated by the British Financial Conduct Authority (FCA) with their registration number being #509909. We feel that this forex broker is a very safe broker to trade with. Please also read the comments below which will give further evidence of this.