Plus500 Review

1.584 · 169 REVIEWS
Updated: Jan 21, 2021 · Plus500.com  · Is this your company?

Plus500 is a forex broker based in Israel, but holds licenses from multiple regulators, including the Seychelles FSA, ASIC, CySEC, and the FCA. Clients need to be aware of which regulator they will be under before opening an account with Plus500, since the protections of only 1 regulator will apply to most accounts. Plus500 offers leveral of up to 30:1.

Plus500 offers its own proprietary trading platforms for Windows 10, Android, via a web browser. This platform does not appear to be compatible with EAs.

Support from Plus500 comes through an FAQ and an email contact form.

Plus500 has been offering forex trading since 2008. It has forex, some CFDs, and a few cryptocurrencies available for trading.

Plus500
2017-04-19: The Belgian FSMA ordered the shutdown of plus500.be and for all branches of Plus500 to stop providing services to clients in Belgium.  CLICK HERE to confirm.
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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1.584 · 169 REVIEWS
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Traders Reviews

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.
  1 trader has found this review helpful
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
Silvia,
Zurich, Switzerland,
Apr 4, 2020,
Guest

Cannot get my money back

Service use: Live

Length of use: 3-6 Months

1. It has been 8 business days since I made the transaction from my bank but my funds have never appeared on my account. Every time I contacted Plus500 they said they have transferred my request to the relevant department.
2. I made the withdrawal two business days ago and I can still cancel the request, which meant they have not executed the money transfer after two business days.
3. Although most of my money (like about 73%) are deposited via Klarna (so via bank transfer), at first they say my withdrawed money will go back to my credit card because that's what I used to verify my identify. However, that was the only way to verify my identify when I tried to open the account. In addition, this rule does not match with what they claim online, which is they always try to transfer the money back to how it is deposited in the beginning. Considering the processing fees for the credit card, I would not choose Plus500 if I have not been fooled in the beginning.

Most people here talked about its dynamic spread etc. However, most of the instruments on Plus500 have fixed spread so I kinda disagree with what most other people say. But my issue is on another level. Do not choose this broker because it's a pure fraud. I cannot even call them because they don't have one.
 
Reply by Plus500 submitted Apr 6, 2020:
Hello,

Thank you for submitting your feedback.

As you are already aware CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Although with the above, we recommend that you should be aware of the progress of your positions all the time. The market volatility could change at any time and positions that are on profit could turn in loss and vice-versa. At your disposal, you have tools in our platform that could manage the risk and that could bring more control in your trading activity.

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.

If you find the terms we offer for a specific instrument not suitable for your trading strategy, we offer a variety of over 2000 CFD instruments on forex, stocks, commodities, indices and more, which may be of your interest.

We always aim to provide the best trading terms for our instruments in accordance to the ones received from our providers and in line with our regulatory obligations.

Regards,
Plus500 Social Media team
London, United Kingdom,
Apr 1, 2020,
Registered user

designed to make you loose

Service use: Live

Length of use: over 1 Year

The dynamic spreads and methods used for pricing of instruments (which is not transparent) makes Plus500 one too avoid.

Its basically not much more than a scam to make you feel like a trader but in actuality it’s designed to sap your money. They only make money if you loose money bear that in mind.

Thats why ~80% of their clients loose money. If it was fair it would be a figure close too 50%! Think about it.

Plenty of others in the market now. Be careful, do your research and avoid Plus500
 
Galway, Ireland,
Mar 27, 2020,
Registered user

The worse broker ever.trade like cassino with dynamic spread stay away.

Service use: Live

Length of use: over 1 Year

The worse broker ever.trade like cassino with dynamic spread stay away.

You will lose money if:

1.Trade stocks:
The price is completely different from the real price they wait at least 1 or 2 (1cents, 1euro, 1dolar ans so on to )update their prices.The spread is very high.If you make a wrong move you never come back to green.

why you go for a broker when the price is completely different, the spread is very high, pay for overnight, and dont show the volume of the stocks, and the stocks are very you cannot trade after before hours, and sometimes the button Sell/buy is disable? it is your money..

Lets say you bought 12.000 ascena shares the price in the market is bid.36 X ask 0.37 and +plus500 would be .33 x .34 or sometimes .32 x .33
.if the price goes up they will update the price only when the price up to .38 or .03899 without decimals.

Overnight fund is very expensive it is very hard to maintain a portfolio or go long with small account.

You can't open 2 screens for a trader, it is very important or login in 2 devices.

2.Option:

The same for stocks If the price goes up they wait to update the price.
but if the price goes down they update the price very quick. if you have a small account you always lose.

3.When I started trade I thought that I did not know how to trade. I lose a lot of money. So I started with another broker for some reason I am profitable now.

4.I don't know who allowed this company to work as a broker but I don't recommend to anyone.

6.Deposit and Withdrawal
I never had a problem.
 
Reply by Plus500 submitted Apr 2, 2020:
Hello,

Thank you for contacting us.

Plus500 is a fully regulated CFD trading company as you can read on our website and online https://www.plus500.com/FAQ/Regulators

Be informed that, Plus500 quotes prices with reference to the price of the relevant underlying financial instrument and its spread.

For any given financial instrument Plus500 will quote two prices: the higher price (ASK) at which the Client can buy (long) that financial instrument, and the lower price (BID) at which the Client can sell (short) it. Plus500’s prices can be found on our website or trading platforms.

This price is obtained from a range of independent third party reference sources, various nominated independent financial market data providers, who source their price feeds from relevant exchanges.

Plus500 offers a fixed or dynamic spread for its instruments. The calculation of the Spread can be conducted by subtracting the sell price from the buy price of the instrument. The Dynamic Spread can change during the period of which your position is open, whereas the fixed spread remains unchanged at all times.

In addition, please note that a part of our instruments (most commodities and indices) are future based contracts, thus the rates indicated on our platform are derived from the price of the futures contract and not the Spot Price of the underlying instrument.

You can see the information regarding the spread and a future contract in the “Details” link next to the instrument’s name on the far right hand side in the main screen of the platform.

Should you require further assistance, feel free to contact us.

Regards,
Social Media Team
Dubai, United Arab Emirates,
Mar 15, 2020,
Registered user

Fast and reliable platform

Service use: Live

Length of use: 6-12 Months

I have been using plus500 for the last 1 year, i like their web platform better than other brokers, they do not provide MT platforms. This platform is very compatible with mobile and provides easy to u understand data points to start and close a trade.

Their margins are low and it is good for someone to make quick decision for buy and sell.

Their payment methods are standard and withdraw to paypal is 2 working days which is very convenient.

Please ensure you upload all documents and get it verified before deposit and make profit on live account

They have ontime chat service who can assist you in basic and their backend team are prompt in resolving cases

The worry is not having mt4 therefore difficult to use EA kind of services for desktop once you start becoming expert in trading.

They do not offer scalping which is a downsize, so if you are expert HFQZY trader it may not be the right platform

Make sure you have enough funds and with a right trading plan you can be happy with plus500 and enjoy their surprise bonus.

Good luck
 
Reading, United Kingdom,
Feb 29, 2020,
Registered user

Not worth your time

Service use: Demo

Length of use: 0-3 Months

My friend uses this brokerage and so I thought I would check them out to verify their usefulness.

Their tools are setup for you to fail:

-The default time is 1m.
-There's only the most basic tools for trading, could probably count their aggregate total on two hands.
-You can only use their inhouse web app which is laggy and illsuited for trading.
-There's no way to download historical data,
-There's no ability for you to code your own indicators or trading robots.

Furthermore, their terms and conditions are beyond belief:

-They have a severe conflict of interest with their customers as they always take the other side of the trade: this isn't disclosed sufficiently either.
-There's some line in the order execution policy about explicitly consenting to trading on an unregulated market they create.

I could go on, but you get the gist? Use a better brokerage.
  2 traders have found this review helpful

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).