Plus500 Review

1.566 · 164 REVIEWS
Updated: Jul 30, 2020 · Plus500.com  · Is this your company?

Plus500 is a CFD broker. Plus 500 offers the Mobile and WebTrader trading currency platforms. Traders with Plus500 accounts can trade CFDs on underlying financial instruments such as currency pairs, cryptocurrencies, gold, silver, stocks, commodities, options and indices.

Plus500
February 2016:  There is an FPA Traders Court vote against Plus500.  Unless this issue is resolved, the FPA recommends a very high level of caution dealing with Plus500.

October 2012:  Plus500 fined over 200,000 GBP by the FSA

FSA Penalty Details

Other websites of this company include www.plus500.co.il

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $100
Established: 2008
Address: Building 25 Matam, Haifa, 319160, Israel
Contact: support@plus500.com, +972 4-689-2154
Regional offices:
Regulators: ASIC #417727, CySEC #250/14, FSA-S #SD039, MAS #CMS100648-1, FSCA #47546, FCA #FRN 509909
Prohibited countries:
Trading platforms: Plus500
Web Trading: Yes
Mobile Trading: Yes
Currencies: (55+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (20+) Gold, Silver, Other Precious Metals, Stocks, Oil, Other Commodities
Deposit Methods: VISA, MasterCard, Local Bank Transfers, PayPal, Skrill
Withdrawal Methods: VISA, MasterCard, Local Bank Transfers, PayPal, Skrill

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1.566 · 164 REVIEWS
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Traders Reviews

Kram888,
Australi, Australia,
May 2, 2020,
Guest

Biggest SCAM- The financial regulators need to act ASAP

Service use: Live

Length of use: 0-3 Months

I had around 3k dollars invested in couple of futures in plus500. But they closed both the positions within a couple of minutes when they pulled down the sell rate by five times for 2 mins and closed both my positions on a margin call. They seem to be manipulating the data to close those positions and make money. I’m left with pennies in my account . What doesnt make sense is the difference in the buy vs sell rate. The buying rate is more than five times the sell rate at which the margin call happened. Is this even legal? I believe this daylight robbery
  1 trader has found this review helpful
Reply by Plus500 submitted May 14, 2020:
Hello,

Thank you for submitting your feedback.

The spread represents the difference between the Buy and the Sell rates of an instrument. Some of our instruments are offered with a fixed spread, while others are offered with a dynamic (variable) spread.

A fixed spread means that the difference between the Buy and Sell rates is constant. A Dynamic Spread is continuously updated throughout the day and is adjusted in line with the market spread. We believe that the dynamic spread best reflects the market movement, liquidity and volatility of the options offered in our platform.

For example: When an instrument is traded with a fixed spread (e.g. 0.05) - when the Buy rate is 10, the Sell rate will be 9.95 and when the Buy rate is 20, the Sell rate will be 19.95.

However, with the dynamic spread, the difference between the Buy and Sell rates is not fixed and is constantly changing based on recent market data.

Should you require further assistance, feel free to contact us.
Regards,
Social Media Team
dubai, United Arab Emirates,
Apr 26, 2020,
Registered user

Address verification

Service use: Live

How to verify your address, I managed to verify all the other requirements. By address is rejected although I tried many documents

1- Utility bill
2- bank statement
 
Reply by Plus500 submitted May 14, 2020:
Hello,

Thank you for submitting your feedback.

Apart from the mentioned documents, you can provide us with a copy of a landline or mobile phone bill, or a document issued by a government agency.

A valid residence verification document will have been issued in the last 3 months, clearly show your name and residential address in full, and contain an official logo of the issuer.

Kindly note that residence verification documents for business/corporate addresses will not be accepted.

Regards,
Social Media Team
Sean,
C, United Kingdom,
Apr 25, 2020,
Guest

Easy to make money

Service use: Live

Length of use: 0-3 Months

I started on plus500 and made plenty of money, I did learn plenty thanks to there demo and I also found it very smooth signing up, withdrawing money very simple.
 
invester,
sydney, Australia,
Apr 25, 2020,
Guest

PLUS500 IS A SCAM!!! STAY AWAY

Service use: Live

Length of use: 0-3 Months

I put some money in the account and then noticed they modify data - either to entice you to make money on demo, or when you switch to real money, make you quickly loose all your deposit.
I then decided to pull the money out -then the real issue began. over 4 weeks they kept giving me all excuses to prevent me taking my own money back. numerous communication/emails - either no response or you just get excuses.
I finally have to let them know that I am seeking help from ASIC and ACCC - and only by then they returned my money in a RELUCTANT WAY.
EXTREMELY BAD CUSTOMER RESPONSE, EXTREMETLY GOOD SCAM!!!
 
Wellington, New Zealand,
Apr 23, 2020,
Registered user

It's a scam.

Service use: Live

Length of use: 0-3 Months

Firstly they set the margin level way too high so you can't make more money but when you lose you lose a big amount. and when you so sure that it's the time to n make money and put your bid or exit the market; boom! you got a frozen screen. By the time you put your order half of profit time is already over and the margin difference is way too high and you end up with pennies in your hand. I end up with 0 account balance from$900 in 15 minutes coz the app stopped working and I was not able to exit the market
 
Max G,
Israel, Israel,
Apr 22, 2020,
Guest

Plus500 is manipulating the app against you. Made mo lose $12000

Service use: Live

Length of use: 0-3 Months

1.First I was not able to close my positions when they were making altogether around $8000 and was only able to close them only when the profit has already fallen to $6000.
2. This one was critical. This night I was trading with positions of 1000 barrels but at some point I opened another short Oil position short position and it turned out to be of 5,250 barrels and I immediately received a margin call message and than the trade was closed at a loss $3500. It all took just a few seconds. I was stunned.
I have lost with them before and was blaming myself on that but
now I realize that I wouldn't have lost in the first place if everything would be ok from their end.
I sent them 5 messages but it takes up to 24 hours to answer. 19 already passed. They quickly respond to the reviews but do not answer on personal inquiries.

I am still waiting for their response but as far as I know collective compliant to the Regator might be one of the next measures if they don't respond.
During the last 20 hours of silence from their side and found out that plus500 is an Over The Counter broker, meaning that they make money if you lose and if I experienced intentional action against myself and my money I can make charge back.
 
Oslo, Norway,
Apr 21, 2020,
Registered user

Stopped quoting DAX puts april 9, expired 15th - result 1200 USD loss

Service use: Live

Length of use: over 1 Year

Opened 6 positions between 10.40 and 16.55 on Thursday 9th of april (writing puts) on DAX options) with expiry april 15 (april 17 on Eurex - quoting exchange)
I Used 4 different strikes 8250, 8550, 9000 and 9700.
The spread was big on the three lower strikes which is normal, I have traded derivative for 25 years so are quite familiar with most aspects on the pricing of options. I'm not quite as familiar with CFD "brokers" which I'm happy for now,

During the easter weekend I talked with customer support on chat (a function that is now taken away, at least for me) and the customer representative confirmed that the settlement price on april 15 would be the LAST price on EUREX the same day.

When the trading opened at tuesday morning, april 14, only one of the strikes were quoted on plus500, (9700) . I closed my three small positions in profits as I started to be concerned.
For two full trading days no new quotes came in on my remaining three strikes, emailed customer service and was served some bs story about volatility (the underlying index was barely moving) - YES, option prices are volatile when expiry is getting closer, We have the Greeks to aid us in calculations and trade decisions.

The potential unlimited risk writing options represents implies the necessity to get rewarded for the risk when the trade moves your way.

Instead of getting settled at 0.50, 0.80 and 2.0 I was given thursdays closing prices 10.25, 14,19 and 23.33.- resulting in a loss of about 300 usd rather than a profit of 900 usd.

Plus500 has sent me a few short messages in reply to my complains telling me a senior department is looking at it.

I´m completely shocked how this can be legal. When reading their terms and conditions (Yes, I´ve read all of their legal documents now) I got even more appalled and also a bit ashamed that I had handed over money to this kind of people.

It says in short terms "WE have ALL rights to take all of your money at any time with or without explanation - YOUR rights are NONE"

Please, if anyone reads this . DON`T use this platform, and I can't say for sure, but having used a few days to research, this goes for most of their competitors as well.

ThetaGamma
 
Riyadh, Saudi Arabia,
Apr 21, 2020,
Registered user

M.margin and price differences and chart manipulation scam

Service use: Live

Length of use: 0-3 Months

It's total scam the whole thing is to set you up to lose your money I know exactly how to trade oil on future contracts and the price difference spread and m. Margine is a joke its a complete scam they change their chart and manipulated prices away from cme prices I'm waiting for their reply now my account converted to 0 even with their m.margine and the funny part is they close the position really far from the actual price on their manipulated chart and left me with 0 balance I will explain it they require a huge margin and that margin and their stop loss both won't stop your balance to become 0 so basically its a casino and the house always wins I wish that I gambeled rather than trading with them I will wait for their reply now and see if they really scam or not and I guess they won't fix it.
 
James,
Wiltshire, United Kingdom,
Apr 17, 2020,
Guest

This company cheats and sets its prices far higher than real prices of stoc

Service use: Live

Length of use: over 1 Year

At the present time of 11.19 GMT on the 17/4/2020 the current price of crude oil is trading at $18.75 per barrel based on all other trading platforms. The price of oil on the Plus 500 platform is $25.70. Why is there a $7 difference in price between the plus 500 price and FXCM's price. I have taken screens hots and video evidence to prove this.

If you take the time to look back on their oil price chart history you will be able to see this for yourself. I have lost many thousands using the plus500 platform in the past and now I have evidence to prove they are scammers and their price of stocks do not reflect the real price of that stock.

I set a maximum a stop loss of £80 on a trade yesterday and the trade ended up being stopped at £104 loss. Why have the ability for me to set a stop when you don't stop the trade at the price I set it to stop at ?

I will be reporting this fraudulent behaviour to the FCA and seeking legal advise to get my money back from these con men
  1 trader has found this review helpful
Poland, Poland,
Apr 13, 2020,
Registered user

Opening orders with different prices

Service use: Live

Length of use: 6-12 Months

I made an order to buy oil with price 1% higher than it was on Friday night. At 0:00 Monday price grew up about 10% and my order was opened with much higher price than I set it. Even ABOVE the highest price of the day. It means I lose a lot.
Looks like incredible mistake or obvious scam.
 
Reply by Plus500 submitted Apr 17, 2020:
Hello Emil,

Thank you for contacting us.

Most of the instruments that are based on a Futures contract have a Rollover date which is a fixed date, and does not dependent on the position's opening date. (Please watch the video below at the end of this explanation, it explains everything related to this event)

This option is only available for certain instruments (such as Natural Gas and Oil). In order to check whether an instrument is subject to a Rollover, you can check if there is a “Rollover Date” on the "Details" link next to each instrument on the platform.

Whenever a futures contract reaches its Rollover Date, all open positions/orders are Rolled-over to the next futures contract automatically. Once this event takes place, the instrument's rates are updated according to the rates of the new contract that is offered.

In order to annul any effect of this event on existing positions and your equity, the relevant Profits/Losses as well as defined Stops and Limits are adjusted accordingly.

You are welcome to find more information on the video in our Trader's Guide:

plus500.com/TradersGuide/What-Is-A-Rollover~5

Should you require any further assistance, do not hesitate to contact us.
Regards,
Social Media Team

Frequently Asked Questions

Is plus500 any good?

Unbiased traders reviews on ForexPeaceArmy is the best resource for you to know about Plus500, further to determine if Plus500 is any good. https://www.forexpeacearmy.com/forex-reviews/5374/plus500.com-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Plus500 community discussions: https://www.forexpeacearmy.com/community/tags/plus500/

What is the minimum deposit on plus500?

The minimum deposit for Plus500 varies depending on the deposit method you choose.

  • Via credit/debit cards or electronic wallets, it is $100
  • Via bank transfer, it is $500

How do I withdraw money from Plus500?

To make a withdrawal from Plus500, you should follow these instructions:

  • Click on “Funds Management”
  • Find “Withdrawal”
  • Select your preferred withdrawal method
  • Fill in the fields
  • Click on the "Submit" button
On mobile devices, you can access the “Funds Management” screen from the menu button.

Plus500 is a trademark of Plus500 Ltd Group. Plus500 Ltd Group is regulated in 5 countries.

  • Plus500AU Pty Ltd: is regulated with Australian Securities and Investments Commission under license AFSL Number 417727.
  • Plus500AU Pty Ltd is authorised in South Africa with license Financial Services Provider #47546.
  • Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
  • Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
  • Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039).
  • Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products (License No. CMS100648-1).