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
- Low minimum deposit $100 or R1600
- Easy-to-Use trading platforms
- ZAR currency account + 13 currencies
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)
>> Check Best Forex Brokers in South Africa <<
Broker Details
| 💰 Overall Rating | 10% |
| 💰 BONUS | None |
| 💰Minimum deposit | $100 (R1600) |
| 🎮 Max leverage | 30:1 |
| 🎮EURUSD spread from | 0.8 Pips |
| 🗺️ Languages | 32 |
| 🗺️ Regulation | FSCA South Africa |
| 📉 Metatrader 4 | No |
| 📉Copytrading | No |
| 📉 Stocks | yes CFD on stocks |
| 📉Gold, Silver | yes CFD |
| 📉 Agriculture commodities | yes CFD |
| 📉 Stock Indices | yes CFD |
Plus500 Regulation & Safety
Plus500AU Pty Ltd is an Authorised Financial Services Provider #47546 in South Africa.
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, is a MAS regulated forex broker (#CMS100648-1)
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 Alternatives
These are the alternatives to Plus500 available to traders:
- Pepperstone – ultra low forex spreads, forex robots AOS, EA (Expert Advisor)
- XTB (X-Trade Brokers) – great for beginners and advanced forex traders + Stock & ETF investors
- XM – $30 No Deposit Bonuses, High Leverage 1:1000, Metatrader Platforms
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 Platforms | Plus500 | Pepperstone | XTB | XM.COM |
|---|---|---|---|---|
| Metatrader 4 | ⛔️ | ✅ | ⛔️ | ✅ |
| Metatrader 5 | ⛔️ | ✅ | ⛔️ | ✅ |
| TradingView | ⛔️ | ✅ | ⛔️ | ⛔️ |
| cTrader | ⛔️ | ✅ | ⛔️ | ⛔️ |
| Proprietary platform | ✅ WebTrader | ⛔️ | ✅ xStation | ✅ XM Webtrader & App |
| Pepperstone review | XTB review | XM review |
Gallery
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 derivatives that allow you to earn at the price difference, but without the subsequent physical delivery of the commodity.
- CFD Stocks 2000+
- Forex (over 70 currency pairs)
- Cryptocurrencies (over 10 CFD cryptocurrencies including Bitcoin, Ethereum, Litecoin and more)
- Commodities (over 20 CFD commodities including Gold, Oil, Natural Gas etc)
- Options (a variety of options available on selected instruments)
- ETFs (over 100 CFD Exchange-Traded Funds)
- Indices (over 30 global CFD indices including the S&P 500, NASDAQ, FTSE 100 and more)
- Futures (a range of futures contracts available on selected commodities and indices)
Depositing Money into Plus500
South Africans can deposit money into Plus500 trading platform using following payment methods:
- VISA & MasterCard
- You can make a bank transfer from your South African bank account to Plus500’s bank account.
- e-wallets: PayPal & Skrill
During our Plus500 testing phase 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.
What is the minimum deposit in South Africa ?
Plus500 minimum deposit in South Africa is R1600 ZAR for card payments or R7700 ZAR for bank transfers.
Plus500 funds withdrawal review
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.