Broker Review: Plus500

Plus500 are a UK based CFD retail broker. They are regulated by the FCA, the ASIC and CySEC. Plus500 are one of the most controversial retail brokers and one of the largest CFD-only brokers based in the UK.

Below is my review of Plus500...


What I like about Plus500...

Their trading platform is very user-friendly

If you are new to Forex trading or trading in general, Plus500 is a great place to start. They offer a bespoke trading platform that is very user-friendly. No matter how new you are trading, it won't take long for you to understand the platform and makes trades with ease - perfect for a beginner. Trade execution is also fairly good and the platform offers a simple way to deposit and withdraw funds.

Their range of financial products, markets and assets

Plus500 offer over 2,000 CFDs. These CFDs range from a number of currency pairs (Forex pairs), indices, commodities, ETFs and equities. There are very few brokers that can offer such a vast amount of financial assets. There are hardly no CFD brokers that offer ETF CFDs.

What I don't like...

Their financing charges

Holding positions overnight is expensive and they do not offer any positive swap rates.

Their client reviews

Plus500 has the worst reviews of any retail broker. Most retail brokers have negative reviews - clients get frustrated because of slippage, trading platforms not loading, stops being hit unnecessarily, etc - but Plus500 are in a league of their own. Not being able to withdraw funds, trading accounts being frozen and other horror stories scatter the internet. I personally had none of these issues though.

Their poor customer service

Only recently, Plus500 have made their contact number public. Before then, all contact was made by email. Most emails sent to Plus500 are not answered.

Their charts

Even though their trading platform is great for beginners, the charts are too simplified and are not suitable for a trader that wishes to use technical analysis. Very few indicators, time-frames and drawings are available.

Their spreads

Spreads are fixed, which can be a good thing but these spreads are way to high. I thought the spreads at AvaTrade were high but this is taking things to the next level.

If you wish to open an account with Plus500, please click here.