Plus500 is a London Stock Exchange-listed global CFD broker that was founded in 2008 in Israel.
Plus500 UK Ltd authorised & regulated by the Financial Conduct Authority (FCA) #509909 and the Australian Securities and Investments Commission (ASIC).
Plus500 is considered secure because it is listed on a stock exchange, discloses its financials and is regulated by several top-tier financial authorities.
Plus500 pros and cons
Plus500 has a simple, easy-to-use trading platform, with an especially well-designed mobile platform. The account opening process is fully digital and seamless. Trading fees are low.
Plus500’s withdrawal fee conditions are favourable: there are five free withdrawals per month, after which the withdrawal fee is $10. However, Plus500 will also charge you $10 if you withdraw less than the minimum withdrawal amount of $100.
As part of their commitment to offering the best trading conditions available, they cover most payment processing fees (however, fees may be charged if you exceed the maximum number of monthly withdrawals).
Plus500 accepts customers from many countries all around the world. However, there are some notable exceptions: for example, residents of the US and Canada can’t open an account, while other countries such as Cuba, Iran and Syria are also excluded.
How to open your account
After the online registration, you have to verify your identity and provide proof of residency. You can upload a copy of your ID or passport for verifying your identity, and a bank statement or utility bill for verifying your residency.
At Plus500, there are several currencies available, even minor ones, but it is not transparent how many and which ones. You need to contact support if you wish to change your base currency. However, make sure you do this before depositing money to your account.
Deposit fees and options
Plus500 charges no deposit fees.
As with other CFD brokers, there are a lot of depositing options at Plus500:
- Bank transfer
- Credit/Debit card
Plus500 withdrawal fees and options
Plus500 withdrawal is free of charge for the first five withdrawals each month. After that, there is a $10 fee per withdrawal. This is a competitive offer, since many other brokers charge withdrawal fees.
There is also a minimum withdrawal amount, which is $50 for PayPal and $100 for bank transfer and credit/debit cards. If you want to withdraw less than this, a $10 charge will be applied.
For withdrawals, you can use the same methods as for deposits.
Note: 76.4% of retail CFD accounts lose money