Plus500 Strengths & Weaknesses
Our January 2019 Plus500 review found a number of positive and negative elements which are listed below.
‘Top 3’ Plus500 strengths
‘Top 3’ Plus500 weaknesses
Plus500 review of strengths
1) No fees and low spreads
The main way Plus500 earns money for providing CFDs services is through their spreads or the difference between the bid/ask price of the instruments they provide for trading. As can be seen below their spreads are very competitive compared to other local brokers.
The only other fees Plus500 charges is for long term currency holding (1+ hour or overnight) and an amount of $10 USD if you don’t use your forex broker account for 3 months (inactivity fee).
2) Customer Service
As a global player, our Plus500 review Australia found that it is is one of the most reputed fx brokers with high turnover and outstanding corporate governance. The firm has a mission and motto named “Sustainable and Perfectionist Trading Services” and the company strives hard in order to match the standards of the market. The CFDs Provider makes use of the latest security protocols and latest technology to provide the best trade environment with minimum security loopholes. As far as customer service is concerned, Plus500 offers bilingual support which is comprehensive, fast and satisfactory at the same time. Support is also 24/7 and a local Sydney office means issues are resolved quite quickly.
Plus500 Staff Support
When completing this Plus 500 review we found Plus500 staff members to be very cordial. They provided immediate attention to our enquiries and we didn’t encounter any delays in their responses. Customer support is via email and Live Chat in several languages. Another feature we liked was the numerous educational journals for rookie traders to give them ample knowledge and understanding about Forex and how it operates.
3) Ease of use
When our forex traders reviewed the Australian forex brokers they found that Plus500 has the easiest to use forex platform and interface. This was based on spending significant time testing out the broker’s live account.
Unlike it’s competitors, our Plus500 review Australia found it doesn’t offer MetaTrader 4 but instead offers its own trading platform which can be downloaded for a PC, used as a webtrader based platform or on any mobile device. The platform focuses on ‘no frills’ trading with only the key information required to trade on a single screen. This can be useful for an intermediate trader with just the critical information at their fingertips although for expert traders this may be too restrictive.
*Your capital is at risk
Plus500 Review of Limitations
1) Low Leverage Levels
Plus500 only offers a maximum leverage level of 300:1. While this may be adequate for an intermediate forex trader an expert conducting a Plus500 review would find this level to be too restrictive as the best Australian Forex brokers offer levels of 500:1
2) Unique Broker Platform
As explained before in our Compare Forex Brokers’ Plus500 review Australia advantages, the company uses its own trading platform interface. Expert brokers that are used to other platforms such as MetaTrader 4 may find this too restrictive with no option to use features such as an API feed and advanced charting. Overall, the Plus500 platform is great for those looking for just the data that matters, not those experts who require advanced features.
3) No immediate support
Although the customer service of Plus500 is listed as a strength, and remains so, one concern for Plus500 is their lack of immediate contact. Although they have email addresses and office hours, there is no direct phone line. As such, customers with pressing issues are unable to make fast contact with the broker. As the industry of forex trading happens very fast, with decisions sometimes needing to be made quickly, this is a concern for customers of Plus500 looking for advice.
Plus 500 Australian Forex Brokers Compliance
Plus500 AU is the Australian regulated subsidiary of Plus 500 for Australian traders.
The head office is in Sydney (1 O’Connell Street) and trades under AFSL Number 417727.
Other Plus500 Trading Products
A trader with a Plus500 account can trade CFDs on Forex, Stocks, Commodities, Options and Indices. Trading CFDs is similar to forex with leverage provided to amplify any movements in either direction for traders. This increases the opportunity and risk of trading but is necessary for something like indices CFDs trading which normally only moves a few percentage points each day.
As of 2017, with thanks to advances in the safety and security of Cryptocurrency markets, Plus500 now offers the trading of bitcoin and other Cryptocurrencies. Traders can access competitive spreads and leverage of up to 20:1 to maximise returns from greater trade sizes.
For CFDs, Forex & Cryptocurrency a Plus500 account can be funded by:
- Mastercard & Visa
- Skrill (formally Moneybookers)
- Wire Transfer
Withdrawals can be made to the same four funding sources shown above. PhotoID will be required and in some cases, additional documentation to avoid fraud and scams.
Does Plus500 have a local office?
Yes. Plus500AU is a subsidiary of Plus500 international. Not only is Plus500 AU regulated by the Australian regulator, they also have an office located in Clarence St, Sydney with local support.
Does Plus500 offer bitcoin trading?
Not only does Plus500 offer bitcoin trading, they boast a range of cryptocurrencies for trading and speculation too. If you’re wanting to take advantage of the hype and volatility of cryptos such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple and IOTA with Plus500 you’re in luck. Unlike other financial markets, the cryptocurrency market is open 24/7. If you’re wanting to trade on the weekends, no problems as long as its not for 2 hours between 12:00 and 14:00 UTC on Sundays.
What is the difference between Plus500 webtrader & windows trader?
The Plus500 webtrader platform is a desktop based platform that is accessed via a web browser. No software needs to be downloaded or installed onto a PC. All that is required is an internet connection. The Plus500 windows trader on the other hand is a program that needs to be installed on your desktop.
What is the Plus500 minimum withdrawal amount?
Yes. All withdrawal methods supported with Plus500 carry a minimum withdrawal threshold. To find out the exact Plus500 minimum withdrawal amount please refer to the trading platform’s withdrawal screen.
Is Plus500 the right CFDs Provider for beginners?
The Plus500 platform is one of the most user-friendly platforms out there, yet, it includes advanced features attractive to experienced traders. Their risk management tools including guaranteed and trailing stops Plus500 would suit traders with the relevant experience. On the other hand, the Plus500 demo account is a great tool for beginners. Remember, trading financial instruments such as Forex, CFDs and Cryptos carries risk so spend time researching, learning and practicing on a demo account FIRST!
Our Plus 500 review found that this company among other Australian Forex brokers is perfect for fx traders with relevant experience. This is because they have low fees and fixed spreads and a simple to use platform combined with a guaranteed stop offering. Expert forex brokers though may not like these features and prefer more mainstream forex platform options and higher leverage to increase their risk profile. They may also appreciate the vast amount of trading products the company offers. Overall, the CFDs Provider is worth considering for those looking to make their first steps towards currency trading. You can check out our comparison with IG Markets here.
About Compare Forex Brokers
All reviews and forex broker comparison tables were created by Australians who don’t work for any of brokers compared. The forex broker comparisons information was gained from each provider’s website (including this plus 500 review) or from demo & trading accounts. The forex broker comparisons looks at elements including the Australian forex brokers platform used, spreads and features. They were designed to make forex trading setup easier providing pros/cons of different providers. The brokers selected for comparison were also all nationally certified with strong market share to avoid scams or other poor conduct of some smaller unregulated brokers.