Plus500 Review

plus500 logo

This is an honest review of Plus500 broker.  Plus500 CFD trading platform was quite easy to test. At first glance, it is obvious that  broker Plus500 has made its trading platform very intuitive. Is Plus500 South africa a scam or not? Let’s find out!

Plus500 Pros and Cons

Pros

  • Minimum deposit $100

Cons

  • Very bad reputation !
  • Bad reviews from real traders
  • Expensive forex spreads
  • Only CFDs on stocks
  • No real stocks
  • No real cryptocurrencies
  • No VPS Server
  • No Metatrader 4 /mT4/, Metatrader 5, cTrader
  • No real stocks available (only CFDs)

>> Best Forex Brokers in South Africa <<

Broker Details

 
Broker's Score95%
Minimum deposit$100
EURUSD spread from-
Languages32
RegulationPlus500UK Ltd authorized & regulated by the FCA #509909
Metatrader 4No
CopytradingNo
Stocksyes CFD on stocks
Gold, Silveryes CFD
Agriculture commoditiesyes CFD
Stock Indicesyes CFD

Regulation & Safety

Plus500UK Ltd is a regulated CFD broker.

All deposits are kept in segregated bank accounts.

Plus500UK Ltd authorized si FCA regulated forex broker. #509909)

Plus500SG Pte Ltd, licensed by the MAS (#CMS100648-1) holds a capital markets services license from the MAS Monetary Authority of Singapore.

Plus500AU Pty Ltd is an Authorised Financial Services Provider #47546 in South Africa.

Review of Plus500 trading fees

Plus500 makes most of the money on spreads. Spread is a difference between Sell and Buy price.

Spreads are competitive when compared with the direct broker competition.

Plus500 is mainly compensated for its services through the Bid/Ask spread

Plus500 Demo Account

you can choose between two modes.

The first is real money is needed and the second is a demo account.

If you choose to start with a demo account, you have up to $ 50,000 (virtual money) available, and you can use the demo account indefinitely.

Plus500 Trading Platforms

With regard to the business platform, you have a choice of three options:

  • WebTrader – You do not have to download and install anything on your computer, you trade through your internet browser.
  • Plus500 downloadable trading software that is installable on your computer
  • Mobile Trading Apps for both your iPhone or Android.

Trading Instruments

Along with 50+ currency pairs (forex), you can also speculate on the rise / fall in the prices of the most popular stocks and commodities like gold, silver or oil.

All transactions are executed in the form of CFD Contracts (Contracts for difference). This means that you do not buy commodities directly, but in the form of CFDs (Contracts for Difference) derivatives that allow you to earn at the price difference, but without the subsequent physical delivery of the commodity.

Depositing Money into Plus500

First minimum deposit is $100.

You can deposit money into your trading account:

  • VISA, MasterCard 
  • wire transfer; you can also use your
  • PayPal
  • Skrill 
  • local deposit methods depending on country

We deposited money using our VISA debit card and we also tried to fund the account using the PayPal account when testing this broker. In both cases, the transfer took place immediately without any issue, and the funds were credited to our trading platform essentially immediately. In approximately 25 minutes we had the Plus500 platform ready for trading.

Money withdrawal

We tested the withdrawal of money from the Plus500 platform back to the card , and the transfer was processed again without any problems and lasted 1 business day. However, it has to be said that in order to comply with strict FCA UK regulator guidelines, you will be asked to verify you account prior to withdrawing money. In practice it means you will have to submit a scanned ID card OR passport to proof your identity and a utility bill to as an address of residence proof (you may use electricity, mobile phone bill OR bank statement with blurred amounts).

Compare Plus500 with competition

Here is our eToro vs. Plus500 comparison

Conclusion

We strongly recommend you to check the best forex brokers in South Africa and choose a solid forex broker instead!

Beware!  Plus500 is a poor broker with very very bad reputation among traders! 

Its main drawbacks are poor support and very basic yet good looking trading platform.

We think that Plus500 is NOT on par with the best CFD trading platforms like Pepperstone or XM.