Plus500 allows you to trade 14 different crypto CFD options with up to 1:2 leverage. The site covers Bitcoin, Ethereum, Litecoin, NEO, Ripple, IOTA, Stellar, Bitcoin Cash, Cardano, Tron and Monero. You can also trade Ethereum/Bitcoin and the Crypto 10 Index, which tracks the performance of the top 10 cryptocurrencies in the market. Rivals like XTB and eToro offer a wider selection of cryptocurrencies to trade, but the Plus500 crypto section does outperform several other retail brokerages when it comes to the depth of its market coverage.
Our Plus500 review must highlight the tight spreads that the site offers on assets such as Bitcoin, Litecoin and Ripple. The leverage is naturally capped at 1:2 by the regulator, but you can start with as little as £100 to gain the effect of £200 capital. This makes Plus500 an attractive broker for beginners, who can also benefit from a really user-friendly platform, no commissions and some of the most competitive spreads in the business. High-volume, professional traders might prefer a broker with a wider range of altcoins and stronger educational tools, but after conducting this Plus500 review, we feel that the majority of crypto traders will appreciate the site.
Plus500 has offered forex and CFD trading since 2008 and it now covers more than 2,000 instruments. You will find 70 forex trading pairs, covering USD, GBP, EUR, AUD, NZD, CAD, CFH and many more. You can also trade on the US Dollar Index. Leverage of up to 1:30 is available on forex pairs. Commodities include oil, gasoline, natural gas, platinum, gold, silver, palladium, copper, sugar, wheat, cattle, hogs, soybeans, cocoa and cotton, with leverage up to 1:20. Plus500 offers trading on more forex pairs and commodities than its major rivals, and the spreads are attractive, so it is easy to see why the site is so popular. It bills itself as the UK’s number one CFD broker, referencing Investment Trends 2019 UK Leverage Trading Report.
Our Plus500 review must highlight a narrower range of EFTs than some competitors, but it ranks pretty well for CFDs on shares and options. There is a clear UK focus, and some of the prominent shares it covers include Rolls-Royce, Lloyds Banking Group, Cineworld and TUI. However, you will find a wealth of blue chip firms, including Alphabet, Apple, Facebook, Tesla, Berkshire Hathaway, HSBC, Alibaba and Coca Cola. There are also cannabis shares on offer, such as Canopy, Aurora, GW Pharma, Cronos, Aphria and Tilray. Plus500 also allows clients access to options trading on a reasonable range of markets, so it is a strong all-round broker.
Plus500 does not charge a commission on the majority of its services. There is no account fee, deposit fee or withdrawal fee to worry about, but you will be charged an inactivity fee. This works out at $10 per quarter, or equivalent in other currencies, after three months of inactivity, but it only applies if you do not log on. There are also overnight funding fees, and currency conversion fees on instruments denominated in a currency different to the currency of your account. These work out at up to 0.3% of the trader’s net profit.
Plus500 is mainly compensated through the market spread, and its spreads are among the most attractive on the market. It particularly excels when it comes to CFD index fees. EUR/USD is listed at 0.6 pips, and forex trading costs are generally competitive against the leading brokers. It also has some strong spreads on crypto trades. We found that fees can be higher on some asset classes when conducting this review. Plus500 trading fees are definitely on the low-end of the industry, which helps us write a broadly positive Plus500 review.
Plus500 is headquartered in Israel and listed in London, with subsidiaries in Cyprus, Australia, Singapore and Bulgaria. The service is available in more than 50 countries. You cannot use Plus500 if you live in countries like the USA, Canada and Belgium, which have banned CFDs. The service is also unavailable in a number of other countries, including Algeria, Angola, Bolivia, Cuba, Central African Republic, Chad, Eritrea, Iran and Syria.
Leverage at Plus500 is limited to 1:30 if you have a standard account, but professional accounts can enjoy leverage of up to 1:300. Limitations include an inability to trade binaries, a lack of analytical tools and educational material and a smaller portfolio of financial products and markets than some rivals. There is also limited scope to customize the platform, and it cannot be paired with other trading tools or platforms, but overall it is a popular service in many countries across the world, and most limitations are simply imposed by regulators.
Click on the “Start Trading” button at the top right of the site and you can then choose to trade for real money or set up a demo account. You can then enter your email address and choose a password, or choose to create an account with Google or Facebook. New traders must submit proof of identity and address in order to complete the KYC procedure. This is common at all regulated online brokers and trading apps. The process can take a day to complete, but our Plus500 review found that it works smoothly, and the instructions are always clear.
If you opt for a standard trading account, you must make a minimum deposit of $100, €100 or £100 to get started. Click on “Funds Management”, choose “Deposit” and select your preferred method from the available options. You will be notified when the funds have cleared. The same process is also available for making withdrawals, and we found it quick and simple when testing it out for this Plus500 review. It will tell you how much you have available for cashout. Once you have filled in the amount you would like to withdraw and entered your account details, click on “Open a Withdrawal”. It will instantly be reflected in your account balance.
You can then start Plus500 Bitcoin and crypto trading. Plus500 allows you to buy or sell on a crypto exchange or trade crypto contracts. To open a position, choose the instrument you wish to trade. You can also add it to your list of favourites by tapping on the star, and you can create price alerts at this stage too. Plus500 also offers the option of including stop loss and trailing stops to manage your risk when trading crypto.
When you have selected your options, click “Buy” or “Sell”. The “Open Positions” menu item will allow you to check out the status of the trade. The “Edit” button allows you to amend or update it, or you can click on “Close” to complete the trade. Our Plus500 review found the trading process to be quick and straightforward, but some rivals do provide a greater depth of analytical tools to help you out.