Your capital is at risk
76.4% of retail CFD accounts lose money
Plus500 is one of the leading trading platforms specialising in Contracts for Difference. The platform offers investors an opportunity to access various markets, including Shares, Indices, Forex, Cryptocurrencies, ETFs, Options, and Indices. The platform is owned and operated by Plus500 CY Ltd, a subsidiary of Plus500 Ltd, which is listed on the London Stock Exchange’s Main Market.
Plus500UK Ltd is authorised and regulated by the FCA (Financial Conduct Authority). Plus500CY Ltd is authorised and regulated by CySEC (Cyprus Securities Exchange Commission) and is headquartered in Limassol, Cyprus. Plus500AU Pty Ltd is regulated by the Australian Securities and Investments Commission and licensed by ASIC in Australia. Plus500SG Pte Ltd holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products. Plus500IL Ltd is registered in Israel and licensed to operate a trading platform.
76.4% of retail CFD accounts lose money
The company conforms with the UK Financial Conduct Authority’s client money protection rules, which means that it doesn’t use clients’ funds for hedging or other purposes. Instead, it keeps clients’ assets in segregated bank accounts, protected under the Financial Services Compensation Scheme. The Plus500 CFD trading platform offers its services to members around the world through different regulated subsidiaries. The web trading platform of Plus500 supports 30 different languages including Spanish, French, Italian, German, and Portuguese.
The trading platform itself is both intuitive and user-friendly, providing a seamless user experience. Plus500 offers a portfolio of over 2000 CFD instruments, including cryptocurrencies. It even allows users to buy and sell a Crypto10 CFD index which follows price movements of the top 10 cryptocurrencies. Moreover, the platform offers a free demo account, allowing investors to test and improve their trading skills without the risk of losing any money.
The following Plus500 review analyses all the main aspects of the CFD trading platform. Although Cryptimi does its best to provide you with accurate and updated information, we strongly recommend that you visit their website to find out about any significant updates which might have taken place following the update of this review.
Plus500 claims that all personal information (credit card numbers, CVV, password, and so on) provided by users are automatically transferred by SSL (Secure Socket Layer) to a secure environment. Also, Plus500 offers Client Money Protection since it does not use client funds for hedging or other investments. It securely stores users’ funds in segregated client bank accounts as per the compensation scheme regulations.
Plus500 allows users to trade CFDs of the most popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin. The platform also offers traders the opportunity to invest in less popular digital currencies, including NEO, IOTA, and Monero. Moreover, with Plus500 you get the exclusive opportunity to invest in the CFD named Crypto 10 Index.
Beyond just cryptocurrencies, Plus500 offers CFD trading in several other markets, including shares, indices, forex, options, commodities, and ETFs. The full and updated list of instruments available on the platform is available on their website.
Since trading cryptocurrency CFDs does not involve purchasing the asset, you don’t need to own a wallet to store them in. What’s more, when trading on Plus500 you get access to 1:2 leverage when trading cryptocurrencies and you can start with as little as €100.
When it comes to navigation, the Plus500 trading platform is easy and intuitive. It even provides a convenient option to configure real-time alerts for price movements of your preferred instruments. Essentially, the platform offers three types of alerts:
Plus500 also offers a mobile app (Android / iOS ) to help users for trading on the go.
The Plus500 sign-up process is straightforward since you only need to provide an email address to create an account. Apart from trading fees, there are additional fees which are clearly listed on the website. Additionally, Plus500 allows users to conveniently reset their password, in case they forget it.
Follow the below steps to create your account on Plus500.
Congratulations! You have successfully created an account with Plus500. You should receive a confirmation email in your inbox shortly afterwards.
To log into your account, follow the below steps.
After logging in to your account for the first time, you must provide your personal details and upload the required documents to verify your identity. Once completed successfully, you will be able to start trading on Plus500.
In order to start trading on Plus500, users need to verify their account by submitting all the required documents. Since Plus500 follows a strict KYC (Know Your Customer) policy, it needs to verify the personal information, including the date of birth and other valid contact details of all of its clients.
To verify your identity quickly, upload a government-issued identification document which contains all the necessary information. For verifying your residential address, you can upload a copy of a recent utility bill, bank or credit card statement, phone or internet bill and/or a tax letter.
Some jurisdictions accept electronic verification while others require users to provide a hard copy of their documents. Plus500 also asks for users to upload a copy of the bank statement or the front of their debit/credit card, to verify a user’s source of funds. Whilst all this information may seem like a hassle, Plus500 must comply with strict due diligence requirements in order to maintain its licences and keep all users safe.
Follow the below steps to buy or sell Bitcoin CFDs on the Plus500 trading platform. Before placing your order, ensure that you have sufficient funds available in your account.
Follow the below steps to deposit funds on your account. The minimum amount of deposit varies depending on your chosen payment method. For example, you need to deposit a minimum of €100 if you are using credit or debit cards.
You should see a confirmation window with the message ‘Your deposit was approved!‘. Depending on the processing time of your payment provider, funds will be credited to your Plus500 account.
Whilst still logged in to your account, you can now proceed to buy Bitcoin CFDs on Plus500. All you need to do is:
Once your order is processed, real-time information about your open position such as required margin, Profit/Loss will be updated. To close a position, just click the ‘Close’ button that appears next to an open position.
Warning: Since CFDs are complex instruments, they always come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. Hence, it is advised for you to fully understand how CFDs work and make an informed decision based on your research. It is up to you to decide whether you are willing to take the high risk of loss of assets or not. To find out more information about the risks in trading on this platform, it is highly recommended for you to check their disclosure page.
Since trading CFDs is completely different from trading cryptocurrencies, it is highly recommended to understand the following terminologies:
Plus500 allows users to withdraw their funds using different payment methods, including bank transfer, credit or debit cards or electronic wallets (PayPal/Skrill). The minimum withdrawal requirements vary based on the payment method. Follow the below steps to place your withdrawal request:
At this point you should see a confirmation window with the message: ‘Your withdrawal was successfully submitted’. Generally, the processing time for a withdrawal request is one business day. Depending on the processing time of your payment provider or bank, funds will be credited to your account.
Currently, Plus500 supports the following cryptocurrency CFDs:
To get the full list of cryptocurrency CFDs supported by Plus500, check out their website.
Plus500 accepts members from over 50 countries worldwide to trade.
Except for the countries listed in the section below, Plus500 is available for all countries including those in the majority of EU, United Kingdom (UK), Australia, Switzerland, United Arab Emirates, Qatar, New Zealand, South Africa, Singapore, Saudi Arabia, Oman, Mexico, Malaysia, Bahrain, Hong Kong, Chile, Colombia, Israel, and Argentina.
At present, Plus500 does not accept users from the following countries: US, India, Japan, El Salvador, Belgium, Turkey and Vietnam.
Every CFD trading platform has its own fee structure and limits, and Plus500 is no different.
Since Plus500 is mainly compensated for its services through the market spread, it doesn’t charge any commissions on each trade. However, a fee is applicable if you place a ‘Guaranteed Stop Order’. An Overnight Funding fee (explained below) might be applicable, depending on your trading activity.
The overnight funding amount will be added to or subtracted from your account when holding a position after a certain time in the day. The fee varies depending on the cryptocurrency chosen. For example, overnight funding percentage for Bitcoin (BTCUSD) is 0% (Sell) and -0.0503% (Buy). To find out Overnight fees for specific cryptocurrencies check out the Plus500 Instruments page, select the token and click the link titled ‘View full details’.
A fee of up to $10 is applicable if users don’t log on to their trading platform for a period of three months. However, the fee will be deducted only if there are sufficient funds available in the account.
Plus500 offers a fixed or dynamic spread for its instruments. The calculation of spread can be done by subtracting the relevant selling price from the buying price of the chosen instrument. The dynamic spread can change during the period in which a position is open, whereas a fixed spread remains unchanged from the moment you open the position until the moment you close it.
Spread fees for individual tokens can also be found on the Plus500 Instruments page. This section has other useful information, including initial margin, maintenance margin, leverage and, as previously mentioned, the overnight funding fee.
At the time of writing, the ‘Spread‘ and ‘Spread (%)‘ for various cryptocurrency CFDs were as follows:
Generally, Plus500 doesn’t charge any fees to deposit/withdraw funds. However, a fee of $10 is applicable if users exceed the maximum number of monthly withdrawals, which is 5. If you are making international credit card transactions and using a currency that is not supported by the platform, then a conversion fee may be applicable. In this case, the conversion fee will be determined by your payment provider or bank, and not by Plus500. Refer to the ‘Fees’ and ‘Limits’ sections of this review to know more about deposit/withdrawal limits.
The deposit/withdrawal limit varies depending on your chosen payment method and these details will be displayed on your account dashboard. For example, the minimum deposit/withdrawal limit for credit/debit card is €100. For trading cryptocurrency CFDs, your account balance should be greater than or equal to the initial margin which is calculated using the following formula:
IM = position’s opening price*size of the trade*initial margin percentage
Initial margin percentage for cryptocurrency CFDs is fixed at 50.00%. The leverage offered by Plus500 for all cryptocurrency CFDs is 1:2.
Plus500 supports a wide range of fiat payment options which are given below:
Like most platforms, Plus500 also provides 2FA protection (via SMS) to protect users’ accounts from unauthorized access. In addition to this, users can also be notified if a login is attempted from a new device.
The trading platform offers 24/7 support to its customers via Email and WhatsApp. To contact their customer support via email, navigate to their support page, fill out the required information and click on ‘Send query’. Alternatively, you can send a message to their WhatsApp number, and you will probably get a much quicker response. For general queries, users can refer to the articles listed on the FAQs section of the website.
Both platforms offer trading in CFDs for a wide selection of cryptocurrencies like Bitcoin, Ethereum, Litecoin, as well as other markets. Like Plus500, eToro is authorised and regulated by CySEC. Regarding fees, Plus500 doesn’t charge any fee for deposits/withdrawals, whereas a small crypto transfer fee and withdrawal fee is applicable with eToro, which incidentally supports more cryptocurrency CFDs than Plus500. In addition, eToro lets you buy a handful of cryptocurrency assets whilst Plus500 offers solely CFDs.
Both CFD trading platforms are regulated by a European financial regulator and offer trading in CFDs for the top cryptocurrencies including Bitcoin, Ethereum, Litecoin. Both Plus500 and AvaTrade allow users to trade on the go with their mobile apps. When compared to AvaTrade, Plus500 supports a larger number of instruments including shares, commodities, and cryptocurrencies.
With its intuitive user interface, a free demo account and 24/7 customer support, Plus500 is an excellent platform for trading CFDs. Providing a combination of educational support and detailed charting tools, the platform is ideal for both novice and experienced traders. Since it is regulated, users can be assured that their details and funds are duly protected and secured. Nevertheless, trading CFDs is still considered to be a high-risk investment, especially when using leverage.
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