Plus500 has long been known as one of the best CFD providers in Shares, Indices, Forex, ETFs, Options, and Indices. It is a regulated CFD provider that offers its trading services to customers in over 50 jurisdictions across the world through its different subsidiaries.
Disclaimer: Your capital is at risk
Plus500 has opened the doors to allow its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.
In this Plus500 review, we will focus on the cryptocurrency CFD trading and how it compares to other well known and global digital currency platforms. Our assessment will include commentary on the user-interface, trading assets, fees, limits, customer support and more.
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Plus500 CFD Review: Trading Bitcoin & Crypto
Plus500 is a leading provider of Contracts for Difference (CFDs), delivering a trading platform for users to speculate on cryptocurrencies, shares, Forex (FX), commodities, ETFs, options and indices.
It is not a traditional crypto trading exchange. Plus500 is a CFD provider only that provides its massive customer a beginner-friendly platform to trade the world's most popular cryptocurrencies with up to 30x leverage including Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.
Founded in 2008, Plus500 has experienced exponential growth across the globe and provides its services to a number of countries. The CFD provider provides a wide range of trading tools while maintaining security, enabling a safe and efficient trading environment for everyone.
Is Plus500 Legit?
Plus500 is a legit and regulated CFD provider that offers its services to customers in over 50 jurisdictions across the world through its different subsidiaries. The platform applies stringent rules and regulations designed, in particular, to protect the interests of its clients.
All users personal information provided at registration is automatically transferred by SSL (Secure Socket Layout) to a secure environment. User's funds are safely stored in segregated client bank accounts. Plus500 also offers a Client Money Protection to guarantee funds are not used for hedging or other investment purposes.
How To Register With Plus500
- Visit the Plus500 website. It will direct you to the relevant region
- Click on ‘Register’ on the top menu
- Enter your 'Email' and set a 'Password' in the registration form
- Once you have entered in your details, click on 'Create Account'
That's it! You will be redirected to your Plus500 webtrader. From the webtrader dashboard, you will be able to verify the account and deposit funds. The security of your funds should be priority and recommend that you activate Two Factor Authentication when you login to Plus500 for the first time.
How To Verify Plus500 Account
Before you can deposit funds into Plus500, you need to verify the account. Navigate to the 'Menu' and click on 'Deposit'. This will bring up the option to 'Verify Account'. Here you can enter in your personnel information as it appears on your ID.
Once you have done this and clicked on next, you will need to enter information such as country of residence, address, employment status, trading knowledge and experience.
Once you have completed the verification process, you will be able to deposit funds into your CFD account. If you are new to trading, there is the option to start with the demo account to practice and get a feel for the trading CFD's.
How To Deposit Funds On Plus500
To deposit funds into Plus500, follow these instructions:
- Login to your Plus500 account
- Navigate to the 'Menu' and click on 'Deposit'
- Select the preferred deposit method from the list (i.e. Credit / debit card, PayPal, Bank Transfer, Skrill or BPAY)
- Enter in the deposit amount. Each payment method has different limits and processing times (Check the website in your region to learn about the minimum and maximum deposit amounts)
- Click on 'Make A Deposit' once you have filled in the information
The processing time for the funds to reach the account will depend on the deposit method. Once the payment has been approved by the provider, it will be credited into your Plus500 account and you can start trading Crypto CFD's.
Plus500 User Interface
For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange. Especially for traders that rely on technical analysis to find an edge in the market. When selecting a CFD provider, you must be comfortable with the trading interface. It must feel right as this is where most of your time will be spent!
When you first login to Plus500, the first thing you will notice is how well laid out, smooth and intuitive the webtrader is. There are no complicated menus or distractions, just an easy to use trading interface. On the left menu, the different asset classes are listed.
Selecting an asset class will display the different pairs in the middle window making it easy to select each coin.
Plus500 charts include all of the advanced trading tools that you would typically expect for a cryptocurrency CFD provider such as drawing lines, rectangles, horizontal, Fibonacci retracement, arrows, text and so on.
Traders will be able to utilize the expansive suite of chart indicators that can be added to the chart such as:
- Simple Moving Averages
- Relative Strength Index
- Bollinger Bands
- Average True Range
- And many more...
How To Trade CFD's With Plus500
To open a buy or sell position on Plus500, navigate to the 'Buy' and 'Sell' buttons next to each crypto pair. This will bring up a 'New Order' box as shown below. The order window is clean and simple to use.
The rate (price), amount of contracts (size of trade), view the position value and required margin to open the trade will be shown. This information is helpful for traders to calculate the trade risk of their total capital.
The 'Close At Profit' and 'Close At Loss' allows users to pre-define the take profit and loss limits before entering a trade to assist with trade management. In the advanced options, traders can set a 'trailing stop' if they wish.
Plus500 also provides the option for a 'Guaranteed Stop'. This means the position will close at your chosen rate (price) even if the market price surpasses it in extreme volatility.
This feature is not available for all assets and a fee is charged via a wider spread.
Plus500 Trading Assets
Users can trade a broad spectrum of markets including Forex (FX), cryptocurrency, commodities, shares, EFTs, Options and indices.
For those that prefer sticking to trading digital coins, there are 9 cryptocurrencies available that can be traded against USD with margin up to 2x leverage.
Should you decide to trade the traditional financial markets, there are plenty of other traditional assets to trade.
Spread Trading Fees
Plus500 can offer most of its services free of charge as they are compensated through the market spread which is derived from the Bid/Ask prices.
When a position is opened, you essentially “pay” the spread. This spread is incorporated into the quoted rates and is not an additional charge or fee payable by you above the quoted rates.
Deposit / Withdrawal Fees
There is no fee to deposit/withdraw funds to Plus500. Users should be aware that a fee of $10 is applicable if the maximum number of monthly withdrawals is exceeded. If you are making international credit card transactions or bank transfer, a conversion fee may be applicable.
In these cases, the conversion fee is determined by your bank, not by Plus500.
Additional Trading Fees
The fees below could be applied to your account, depending on your trading activity:
An overnight funding amount is either added to or subtracted from your account when holding a position after a certain time (referred to as the “Overnight Funding Time”). You can read more about this here.
Guaranteed Stop Order
A unique order type used to help you manage risks by guaranteeing the stop loss level. If you choose to use this feature, please note that as it guarantees that your position closes at a specific requested rate, it is therefore subject to a wider spread. You can read more about this here.
A fee of up to USD 10 per month will be levied, should you not log in to your trading account for a period of at least three months. This fee will be charged once a month from that moment onwards, as long as no login is made to the account.
Plus500 includes dual factor authentication (also known as 2FA or two-step verification) to provide an additional layer of security by protecting account access (log in) and withdrawal operations.
This level of security makes it very difficult for hackers to compromise Plus500 client accounts and withdraw funds. They would have to know your login information and be in possession of your mobile phone (and able to unlock it).
To Activate 2 Factor Authentication on your trading account:
- Download the Google Authenticator app for either iOS or Android
- Go to 'Account' and the 'Security Settings'
- Click ‘Edit’ button in Google Authenticator section
- Confirm the setup by entering PIN code generated by 2FA
The next time you login or withdraw funds you will be asked to provide a code from Google Authenticator.
Frequently Asked Questions
Plus500 is a licenced CFD provider that is authorized and regulated in different jurisdictions around the world through its different subsidiaries. The platform applies stringent rules and regulations designed, in particular, to protect the interests of its clients.
Plus500 users are required to verify their account by submitting all the required documents before starting to trade CFD's. Plus500 has strict KYC (Know Your Customer) policies and expects its users to verify their personal information.
Plus500 has a “Margin Call” feature that prevents a users account from having a negative balance. Traders do not need to worry about losing more than their initial deposit to the platform.
The overnight funding amount is either added to or subtracted from your account whenever a position is left open after a certain cut-off time (the “Overnight Funding Time”). The formula used to calculate the daily overnight funding amount of a position depends on the instrument being traded.
The overnight funding time and the daily overnight funding percentage can be found in the “Details” link next to the instrument’s name in the main screen of the trading platform.
Plus500 features a free and unlimited demo account for users to practice trading all of the available assets such as commodities, indices cryptocurrency CFD's. This allows its users to demo trade bitcoin without making a deposit.
The Plus500 app allows its users to trade from your mobile device and is free to download for iOS and Android. The web version of the platform is available on most browsers and does not require downloading any apps or software.
500Affiliates is the official affiliate program of the Plus500 trading platform. It has one of the most competitive Cost Per Action (CPA) payment plan on the market offering $200-$800 per trader (for any deposit amount!), making it the most profitable financial CPA plan.
To conclude our Plus500 review, the trading platform has bridged the gap between traditional markets and cryptocurrency. It has allowed investors and traders from all over the world to speculate on cryptocurrencies in addition to traditional markets such as Forex, commodities and stock market indices.
Disclaimer: Your capital is at risk
It must be said that Plus500 is not like your traditional cryptocurrency trading exchange. Instead, it is a global CFD provider that serves to advance the use and adoption of cryptocurrency around the world in a safe and secure trading environment.
With an excellent charting interface, zero deposit fees, various traditional assets to trade with up to 30x leverage on digital coins, Plus500 is without a doubt one of the trading platforms in the world to trade cryptocurrency.
In summary, you should trade with Plus500 if:
- You are looking for a reputable and trusted CFD Provider that is available in more than 50 countries
- You want to trade cryptocurrencies, Forex (FX), shares, EFT's, Options, commodities and indices in the one place
- You want a licensed and regulated trading platform in your country
- You want to trade CFD's without the hidden fees
- You like a charting platform that is responsive with advanced trading tools
- You want to trade Bitcoin on a free and unlimited demo account
Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders.