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Review of Plus500 UK 2021

Is Plus500 Safe & Legit?

Plus500 is a financial firm formed in 2008 with headquarters based in Israel and subsidiaries in Australia, Bulgaria, Cyprus, Singapore and the UK. Users trade CFDs across 2,000+ asset classes and securities online and via a mobile app.

Visitors will find Plus500 is aimed at experienced professional traders. As such, you’ll be required to complete an application form on registration, which assesses your knowledge of the financial trading markets and processes. This ensures that those trading with Plus500 do so in a sound capacity, limiting the potential for lost funds. Is Plus500 safe? Let’s find out!

83/100
Rating
Plus500 Highlights
  • Comprehensive Knowledge Base
  • Regulated in the UK
  • 2000+ Asset Classes
Go to Plus500

Offers and New Customer Experience - Is Plus500 Safe? Registering with Plus500

The first section of our review of Plus500 focuses on the new customer experience and how Plus500 compares to similar trading platforms. Plus500 is designed in a way that puts the user at ease. New sign-ups are required to complete an application form that tests their knowledge of CFD trading to ensure they’re suitably qualified. Once this is completed, the application is assessed and an account is set up within 48 hours. Personal information is needed to register for the account, such as your name and home address.

You have the option of using the Plus500 demo account before you spend your cash, which allows you to get to grips with the Plus500 interface, but suffice to say, those who already have experience of working in CFD trading shouldn’t have an issue with the layout. Plus500 can be accessed either online or by using the company’s dedicated mobile app, which is available on Android and Apple devices.

Usability - A Simple Platform for All

A good platform all comes down to usability. With the Plus500 app, you can check up on your CFDs wherever you happen to be, allowing you to make decisions on market fluctuations in a timely way. A glance at the website is all we need to understand the broker. New users will notice the large ‘Start Trading Now’ and ‘Free Demo Mode’ buttons in the middle of the screen. Clicking these will get you started. But if you’d like to know more about the broker, reading our Plus500 trading review and examining their website is the way to go.

The top of the homepage lists the instrument categories that can be traded using the site. Cryptocurrency fans will be delighted to know there’s a wide selection of these, including Bitcoin, Litecoin and Stellar. If you’re only interested in CFD trading, then you shouldn’t need another broker, however, if you want to trade coins directly, find a suitable broker using our broker comparison tool to set up a digital wallet.

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A Review of Plus500 Account Settings

There are two types of accounts available at Plus500. The first is a basic trading account that allows customers to trade CFDs on a range of asset classes and instruments including indices, Forex, crypto and shares. The second account is their demo account, which is perfect for those who would like to familiarise themselves with the Plus500 layout and trading conditions before adding funds to their account.

A review of Plus500 account types shows that there are a few minor differences between the demo account and the Plus500 trading account. The demo is designed to closely mimic the paid account so you can get a real sense of how things will play out if you register with them and deposit funds.

Demo traders are given a budget of £40,000 to spend however you like. Remember that Plus500 operates using CFDs, meaning the £40,000 budget is to be spent on a proportion of an actual asset or commodity. The value of CFDs can rise or fall, so it’s possible to owe more than you have in your kitty. The demo app allows you to get to grips with the risks and pitfalls of trading with Plus500, but doesn’t financially reward you for doing so.

When you’re ready to use the paid account, be aware that there is an inactivity fee of £10 per month if you don’t log into your account. This is similar in cost to the charges of other brokers, including those found in our Vantage FX review UK.

Fees: Is Plus500 Good for Fee Charges?

Plus500 makes most of its profit by charging the trader for opening a position. Customers are charged to cover the ‘spread’ of a trade. Aside from the usual inactivity fee mentioned above, a review of Plus500 terms and conditions did highlight some other fees, which we’ll detail below.

Overnight Funding Fees are charged by Plus500, although how much is charged will vary depending on the instrument. Detailed information on how much is charged can be found in the details tab next to the instrument’s name.

Currency Conversion Fees of up to 0.7% of the trade’s realised net profit and loss will be charged. Again, the specific amount charged will be detailed at the time of the transaction

Guaranteed Stop Orders are also chargeable.

Crucially, though, the majority of Plus500 trading is done without charge. Users of the Plus500 website and app will not be charged to make a deposit, to roll their position, to check live share CFD prices or get real-time Forex quotes or access dynamic charts and graphs to plan their trades. This simple approach to trading gives Plus500 an advantage over some of their competitors, as it makes calculating your overall fees easier for the use

Trading Platforms - Is Plus500 Safe to Use via Mobile and Online?

Plus500 has its own mobile app, which can be downloaded on Apple and Android devices. Not on either of the big two? That’s OK, you can still access the Plus500 website via mobile, although it will look slightly different to the desktop version. The mobile app uses the same safety and security options found online, meaning all transactions are protected using the same account verification processes and SSL encryptions found on their desktop site. This gives us peace of mind, and should for you too. Is Plus500 safe to use? We think so.

The layout between the two is also similar, allowing you to seamlessly transition from desktop to mobile and back again without an interruption in service or a need to familiarise yourself with the platform. During our Plus500 review UK, we downloaded the mobile app and visited the website to see which we preferred. We can see the benefits of both. For day-to-day trading and research, we recommend using the larger screen of a desktop computer to finalise potential trades, but the mobile allows an extra level of trading fluidity, allowing you to check the latest prices and react to their fluctuations wherever you happen to be.

Trading Payments - How Do I Fund My Account?

If you’ve reached this far in our Plus500 review UK, then you’re likely to be asking yourself how to fund your trading account. Well, thankfully, this is simple. If you’re using the demo account, funds are added automatically for you, and unlike in real life, if you run out of money, your funds are automatically topped up again without any input from you!

For the real money trading account, you can add funds using bank transfer, Paypal, Skrill or credit/debit card. Business cards are not accepted. However, Plus500 will allow payments from joint accounts if you provide documentation to show you’re allowed to set up a payment. Deposit limitations vary depending on your residing country, so check the Plus500 FAQ for the most up-to-date information.

To make a deposit, you’ll need to click on ‘Funds Management’ and then select ‘Deposit’. Your available equity is displayed at the top of the page, allowing you to make an informed choice on how much to top up your account with. Fill in the form with the deposit amount, your payment details and CVC code if required. Once you’re confident you’ve filled the form in correctly, click ‘Deposit’ to add funds to your trading account.

Customer Service - A Review of Plus500 Customer Support

When trading online you want to know that the customer service team has your back. You’re spending cash on their site, and you want to be assured that the business you trade with has your best interests – and the best interests of your finances – at hand. During our review of Plus500 we found that the customer service team was exemplary in offering 24/7 support on a wide range of topics. Firstly, we have to mention the Plus500 FAQ which answered many questions we had, not least ‘Is Plus500 legit?’ This FAQ is broken down into simple categories such as ‘Withdrawals’, ‘Account Verification Process’ and ‘Fees and Charges.’ Quite simply, anything you’d need to know before trading with a broker. Much of the statistical information we found in this review was sourced from the FAQ, so we know that there’s a lot of content in there.

But if for whatever reason, you can’t find the information you’re looking for, the customer service team is also available for UK residents 24/7 via email, live chat and Whatsapp to help you with your trading issues. This is much better than some of the alternatives, that only offer support during financial trading hours. While there is no mention of the languages available via customer support, it is worth mentioning that Plus500 is a multinational company, offering support via 32 different languages, including English.

Regulation and Deposit Insurance - Financial Security for Traders

Plus500 uses CFDs. The value of CFDs can rise or fall, meaning you could end up owing more than you have in your kitty. So is Plus500 safe?

While understanding the risks are important, it’s also worth knowing how the broker supports you in times of financial uncertainty. Plus500 is regulated in the UK by the FCA and also holds licenses in Cyprus, Australia, Singapore and the Seychelles. These licenses offer a level of protection to traders, as financial regulators set out rules and guidelines that financial brokers must adhere to. Failure to adhere to these regulations will result in termination of service, so the very fact that Plus500 is in existence should be seen as a positive sign.

Negative balance protection is offered to all Plus500 customers on all account types giving peace of mind to those who need it. Combine this with their presence on the FTSE and you can begin to get a larger picture of their financial stability.

Additional Features - Everything and the Kitchen Sink

Yes, it may sound strange to mention kitchen items in a Plus500 Review for UK residents, but we are shocked at how comprehensive the products and services offered by Plus500 are. So much so, that we were frantically cutting back words to fit all our info into our Plus500 Review UK! We thought it’s about time we talked about the other offerings at Plus500. Yes, they’re a CFD led service, and our focus may be on cryptocurrency, but if you’re looking for something different, just know that Plus500 has it.

You’ll find 2000+ asset classes and securities over seven instruments on their website. These include indices, Forex, Commodities, Crypto, Shares, Options and ETFs. We thought it’s time to talk about commodities.

Commodities are often thought of as long-term investments. There are 22 commodities listed on the Plus500 website, including everything from agricultural products such as corn and sugar to mining products like gold and palladium. The commodities trade is a particular strength of Plus500 as it combines commodities from the ICE, Future CME and Chicago Mercantile Exchange to offer a wide selection of choices from around the globe.

Of course, all of these commodities are traded with full security. Those who ponder the question ‘Is Plus500 safe’ will be assured by not just the security measures we mentioned above, but also 2FA and identity checks on all individuals trading on Plus500 to ensure the strict guidelines of the FCA are adhered to.

Plus500 Certificates

Certificates Trading Offer

CFDs are also known as Contract for Difference. When trading in CFDs you do not own stock. Instead, you enter a financial contract with the broker to speculate on the rise or fall of an asset’s price.

Certificates trading costs

The trading fees with Plus500 vary depending on the asset class you are trading. It’s best to check the Plus500 website to find out the current fees as these change regularly.

Stock exchanges or trading places

The beauty of CFD trading with Plus500 is the flexibility of market trading. You can trade on thousands of assets from several stock exchanges including the US Stock Exchange, the FTSE500, the Crypto exchange and more.

Product Summary & Conclusion - A Safe and Solid Place to Trade Assets

It doesn’t matter where you’re located in the UK, you can trade assets from around the world. Trading costs are reasonable and you don’t actually have to own the asset to trade thanks to Plus500s preference for CFDs.

Plus500 Crypto

Crypto trading offer

There are several trading options for the crypto trader. First up is Bitcoin, which is the original cryptocurrency. You can also trade Ethereum/Bitcoin, Ethereum, the Crypto10 Index, Litecoin, Stellar, Bitcoin Cash ABC and Cardano. Crypto trades are not available to retail customers.

Crypto trading costs

Fees do vary depending on the asset class. Crypto trading fees are reasonable when compared to others in the market, but do fluctuate depending on the price of the currency. As cryptocurrencies are particularly volatile, we recommend checking out the Plus500 website for the most up-to-date costs.

Crypto trading conditions

Crypto trading is preferred over ownership for many because of the volatility of the market, however, it is worth remembering that crypto trading at Plus500 is via CFD. This offers the potential to lose more than you wager. Plus500 has tried to minimise this by only allowing crypto trading to experienced, non-retail customers.

product summary & conclusion

We were delighted to see during our review of Plus500, plenty of crypto options. Yes, the common coins are there, such as Bitcoin and Ethereum, but also smaller coins such as Litecoin, Cardano and Stellar can also be chosen. Great for those who like to mix up their trading options.

Plus500 Review UK FAQ

Is Plus500 Safe to Use Via Mobile?

The same rigorous safety and security methods apply whether using the Plus500 mobile or desktop platform. For details on the security measures, please check the Plus500 website or take a look at our Plus500 review for UK.

Can I Trade Cryptocurrency using Plus500?

What a great question! There are lots of different things you can trade on Plus500, including cryptocurrency. For a specific list of cryptocurrencies available please read our review of Plus500.

Is Plus500 Safe with my Cash?

Plus500 ensures that trading funds are held in a separate bank account from their business finances. This allows them to protect the funds even in the event of bankruptcy. To make a decision on whether Plus500 is safe, we recommend visiting their website and also reading the additional steps they take to keep funds safe in our Plus500 review UK.

Conclusion - -A Final Review of Plus500

We’ve reached the conclusion of our Plus500 Review UK and so it’s time, to sum up, what we’ve learnt. Plus500 is a broker with a lot going for it, not least the number of trading choices available to their customers. These are all carefully selected, not just for their potential, but for their security, too. Security is clearly a big deal at Plus500. During our Plus500 Review, UK residents were found to have additional security measures, which were imposed by the FCA, one of the leading financial authorities in the world. These are measures that have stretched into the Plus500 security methods throughout their territories, adding 2FA and identity checks on all customers. Then there is the assessment all new customers must complete to ensure they have the relevant knowledge to trade CFDs. Is Plus500 safe to trade? We answer with an overwhelming ‘Yes!’

83/100
Rating
Plus500 Certificates
*****
Go to Plus500 Certificates
Highlights
  • Comprehensive Knowledge Base
  • Regulated in the UK
  • 2000+ Asset Classes

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