Plus500 Review

1.569 · 165 REVIEWS
Updated: Oct 9, 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
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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1.569 · 165 REVIEWS
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DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

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!!!
 
Staffordshire, United Kingdom,
Oct 28, 2017,
Registered user

Quick to close a position with insufficient warning.

I am relatively new to trading so I can not claim I know much of the subject. I decided to use plus 500 despite having read the negative reviews that shine a bad light on the company. I assumed that these people were maybe just upset with their loss.

I had a position open yesterday and unexpectedly closed due to margin call. It was unexpected because the notification saying it was closed came at the same time as the warning notification. I had no warning whatsoever. Keeping in mind I had been checking the app every 10 minutes, and would have been able to add funds if I was given sufficient warning. There was plenty enough equity to cover the loss. Just because my equity had fell -£10 below the required margin, I had lost half of my money.

I spoke to somebody on live chat called Georgi (because they don’t have a number to call on, surprisingly). I had told her I was extremely annoyed that I didn’t receive any warning prior to my account being closed. She argued that there was warning and the reason both of these notifications were received at the same time was due to connectivity issues. I then asked her to tell me what time the warning notification was sent. The notification was sent at 2:27. My position was closed at 2:30. My account was closed because my equity fell roughly £10 below the required margin for 3 POXY MINUTES.

So I argued with the woman and told her it was unacceptable and that I wanted a refund for the closed position. She kept going over the same points, that “plus 500 have the right to close any position which has fallen below required margin”, and “as a trader it is my responsibility to ensure there is enough equity”. As I had stated there was enough equity, just £10 off from the required margin., my position would then have recovered and made profit had it been kept open.

I told her I would have been able to add funds. I asked her if she thought a 3 minute warning would be an appropriate amount of time for me to add funds prior to closing my account, she had no comment. I told her exactly how I saw it, that they were quick to close my position because it was due to recover. She told me she would sent my complaint to a higher department. I still haven’t heard back. It looks really bad for the company with the amount of reviews claiming that it is a scam. Now I have realised I should have listened to these warnings and looked for a different broker.
 
Reply by Plus500 submitted Oct 30, 2017:
Hello,

We are aware that there are some negative reviews however, please consider that such reviews reflect a small percentage of customers and there are also positive comments from satisfied Plus500 customers.

Please also bear in mind that in many cases, where a user posts a negative review, we will attempt to rectify or clarify the situation. However, in accordance with our privacy policy and local privacy regulations, we are unable to make further public correspondence with the client. As such, even where the user’s complaint is settled, we are unable to confirm the outcome in a public reply. Furthermore, unfortunately in many cases, where the issue is resolved, users do not post a follow up review to confirm this.

As for the margin call that took place in your account - As was explained to you, in the event your Equity falls below the total maintenance margin requirement for all open positions, it means that you do not have enough funds to maintain some or all of your positions and therefore some or all of your positions will be closed by "Margin Call".

This means that the trading platform may close out some positions (not all open positions) to bring the account equity above the total maintenance margin required for the open positions.

As far as we are informed, your matter was already forwarded for examination to our Senior Staff. Should you have any further question, you are welcome to place those within the relevant correspondence.

Thank you for your cooperation.
Regards,
Plus500
Emma
Social Media Team
Rodrigo,
Hampshire, United Kingdom,
Dec 23, 2017,
Guest

Plus500 is not putting your money in the real market but their own simulation of the market, so they manipulate prices to rob you!

Rip off company beware!! The prices shown on plus500 are not the actual market prices, check for yourself look at the prices of bitcoin for example on plus500 then check on google or coinbase its hundreds sometimes thousands different! You are not putting your money in the real market but in a simulation created to rip you off!!
Here is how i lost £120 after creating my account yesterday. Bitcoin prices were going up so i bought nearly £200 worth, all of the sudden prices started dropping so i checked coinbase and prices were going up nearly £800 higher than plus500, then i checked google and other sites the price was going up by nearly 7% on the same time the prices were dropping by nearly 10% on plus500, so they canceled my position automatically making me £120 loss, and prices went up again. The plataform is a rip off simulation environment go and check for yourself before getting robbed!
 
Reply by Plus500 submitted Dec 28, 2017:
Hello Rodrigo,
Thank you for your comment.
It is important to explain 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.

Bear in mind that 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 rates 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.

Please also note that Plus500 is a fully regulated CFD trading company as you can read in our website and online - https://www.plus500.com/FAQ/Regulators, as a such we are not involved in any questionable activity nor do we manipulate nor influence the rates reflected.

In case you require any further information, or are in need of assistance, feel free to contact our Support at any time.
Regards,
Plus500
MelJ,
West Mids, United Kingdom,
Jun 3, 2019,
Guest

No care for unsuitable beginners

I have had a very bad experience with Plus500. Their screening questionnaire can highlight your unsuitability and YET they can still allow access to inexperienced and low income consumers like myself. Not just that, you can just click on the disclaimer to gain access - even if you are mentally impaired. This is irresponsible and they respond by placing all the responsibility on the consumer. Surely they should better screen for "appropriateness" as the Financial Ombudsman highlights.

A phone call to Director Mr Weston resulted in him cutting the call dead - even though he had been informed of disability during the call.

This company has shown no compassion for the circumstances of this vulnerable consumer AT ALL. They have washed their hands

There is no way a loan would be given to them: why should Plus500 therefore permit them to lose 000's, including from a credit card that wasn't verified and do nothing? Why, on disclosure of illness, did they terminate the account? This is appalling behaviour and extremely irresponsible.
 
Reply by Plus500 submitted Jun 4, 2019:
Hello.

Please note that Plus500 is a fully licensed and regulated CFD trading company as you can read in our website and online https://www.plus500.com/FAQ/Regulators As per our legal and regulatory obligations.

Please note that in trading you can win as well as lose your funds. Trading CFDs involves risks and therefore requires skills, knowledge and understanding of these risks. Our questionnaire is part of the application to trading on plus500 considering the risks associated with CFD trading.

We would also like to mention, we do not offer phone support. While phone support may be seen as an available and fast mean of communication, our experience has taught us that communication via e-mail is more reliable and professional as it allows us to thoroughly examine each issue and consult with colleagues / superiors when needed.

Unfortunately we were not able to locate your trading account based on the information you have provided - therefore, in case you wish us to thoroughly review the mentioned, please contact our support team- http://www.plus500.com/Help/ContactUs.aspx

Regards,
Plus500
John,
Singapore,
Jul 19, 2010,
Guest

Plus500 is a big scam, they get your money and don't return it when you make a profit. Stay away from this company
 
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.
 
Malaysia, Malaysia,
Jul 20, 2019,
Registered user

Payout

Service use: Live

Length of use: 0-3 Months

Do not try plus500, they are using reviewing strategy in taking every single amount you deposited in their trading platform. I have lost 8500 there, no deposit review but in withdraw even same card u used to deposit the notorious fraudulent will swallow your money no matter how big or little. Pls be far from plus500 0r is it 5 billion
 
Reply by Plus500 submitted Jul 22, 2019:
Hello.

Please bear in mind that Plus500 is a fully regulated CFD trading company, as you can read in our website and online - https://www.plus500.com/FAQ/Regulators

Please note that in trading you can win as well as lose your funds. Trading CFDs involves risks and therefore requires skills, knowledge and understanding of these risks.

it is highly important for Plus500 to verify your personal and card details. This is in order to protect both you and us from fraud as well as guard your privacy.

In order for you to thoroughly review your account's situation, please contact our support team in the following link - http://www.plus500.com/Help/ContactUs.aspx

Regards,
Plus50
Ossi Partanen,
Espoo, Finland,
Jul 9, 2015,
Guest


Hey all,

I made 2000€ withdrawal on 10 Jun 2015 and after one month and tens of emails they - so far - never gave me my money.

Very lousy customer support - no live chat - no telephone numbers.

When using email (presumably a robot) sends a reply in seconds telling that :
"Please note that we are currently experiencing a larger workload than usual and it will take us longer to respond your query" .
After this it might take weeks to get a mail from actual cust. support member ..

 
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
 
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

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).