Plus 500 is a contract for difference broker that was founded in 2008. They’re based out of the United Kingdom and have one of the strongest reputations in the CFD business right now.
Plus 500 is not the best broker for everyone. Trading is risky, and it’s always possible that you can lose money when you trade. Be sure that Pluss 500, or any other broker that you might be considering using, is right for you before you begin trading with them. Hopefully, our review here can help get you pointed in the right direction.
What Do They Offer?
Plus 500 offers over 1,000 different contracts for difference for their traders. They have a huge selection of CFDs thanks to the fact that they were one of the early innovators in this field. They offer CFDs on all of the major world indices, the Forex market, cryptocurrencies like Bitcoin, as well as commodities and stocks. They have one of the largest selections of CFDs to choose from of any broker in the world. Recently, they also began offering CFDs on ETFs and options, if this is an area that you are interested in.
Do They Accept U.S. Based Traders?
No. Plus 500 does not accept traders out of the United States. If you’re located there and you want to trade CFDs or Forex, there are great resources for you, but this is not one of them. Like many other European-based brokers, Plus 500 is not allowed to accept traders from here because of regulatory differences. This has helped to make them a stronger broker as they are compliant with all of their local laws this way.
The customer support team at Plus 500 is very strong. You can contact them by phone, email, or online chat 24 hours a day, seven days a week. If you want to get a hold of them for chat, there is a small button at the bottom righthand corner of their home screen that says “24/7 support.” Click here, and you will be chatting with a representative within seconds. Their team can help you set up or fund an account, figure out the trading software, make a withdrawal, or anything else you might need assistance with.
Opening an Account
Opening up an account and doing business with Plus 500 is a pretty straightforward thing. Once you are on their home page, click on the “Start Trading” tab at the top of the screen. This will take you to a place where you can either log in or create an account. You will need to supply an email address and a password, as well as agree to follow all of the site rules. You will also be asked to supply your location, as this is a required step by all financial brokers. If you live in a restricted area, you will be alert of that automatically.
Next, you’ll need to fund your account. Plus 500 allows traders to make deposits by credit card, wire transfer, or e-wallet. You can open an account with as little as $100 USD.
Plus 500 does offer bonuses to their clients. The size of the bonus will vary depending on the account type and size that you initially open up. Be sure to speak to a customer service representative about a bonus if this is something that you’re interested in. They are not always helpful, and they do have requirements attached to them, but some traders benefit from the use of a bonus.
As mentioned above, Plus 500 has a huge selection of assets for you to choose from. This broker offers competitive, tight spreads. The range of those spreads will vary based upon what you are trading. For example, the EUR/USD Forex pair will likely have a slightly larger spread than an obscure commodity, simply because more people will trade the currency pair and it is more lucrative for the broker to make this move.
Plus 500 has their own trading platform, which has received very good reviews. You can also use MetaTrader 4 with this broker, if that is something that you are more interested in. The internal platform is great, but so many traders use MT4 today that this is probably a better way to go, especially if you are already familiar with it or will be using other brokers in the future. The biggest difference is that MT4 allows you to create trades based off of technical analysis and can also give you access to automated trading and higher quality signals. These tools aren’t for everyone, but many do thrive with them. Be sure to learn more and to practice with a Plus 500 demo account before you begin so that you are gaining the experience that you need before you start trading with real money.
They offer their clients leverage of up to 300 times the trading amount asked for. Leverage is a powerful way to increase your profit rate, but it can also increase your losses. Be sure to use extreme caution when trading, and practice all of the normal money management and risk management techniques that you have learned to help protect yourself from unnecessary losses. Be sure to read more on this if you need more information within this area.