Plus500 lacks basic features and services, even after spending a good old decade in the financial market. You feel dejected by its growth. The broker lacks transparency, and many important charges are not mentioned clearly on its website. This gives rise to a whole lot of suspicion. In this review, we will discuss each aspect of Plus500 in detail.
Plus500 Scam or safe?
The broker holds multiple licenses from various local regulatory authorities. We do not understand the need for this. Why get regulated by numerous small authorities when you should hold a license from one major regulatory authority, moreover, all these authorities seem pretty suspicious, and we do not know whether to trust the broker or not. Thus, we can say that it isn’t safe to pursue trade with Plus500. You must think twice before investing your hard-earned money with the broker.
Plus500: Account Types
Only one retail trading account is rendered by Plus500. This means that there is no segregation based on the experience of the traders. Many top brokers like TradeATF, HFTrading and PrimeFin offer multiple account types categorising them based on trading experience. Such accounts can be for professionals, beginners, and much more. A retail account cannot be used by professionals or beginners. This way, many traders might not find righteous trading features whilst trading with Plus500.
The brokers offer trade on mobile and website via MT4 trading platforms. There is no desktop portal available for trading. Again, this is a major drawback. Moreover, when there is MT5 in the picture, why to bank on the outdated technology of MT4. Also, the interface of mobile applications seems quite gruesome and messy. It all seems to be packed up without any logic. Beginners and new traders might find it difficult to get accustomed to the trading nuances of the broker.
With Plus500, only CFD trading is allowed. One cannot pursue trade in actual financial instruments. Also, you cannot change the leverage according to your trading volume. Therefore, you are vulnerable to high risks in all kinds of trade. Moreover, we all know the perils attached to contract to differences. If you are a novice trader, then your funds are at the biggest risk. Don’t try it. Furthermore, if you prohibit yourself taking up the wrong route, you’ll probably save a lot of money. So, never contact the broker again.
The account opening process of Plus500 is pretty complex and not at all smooth. Also, the minimum deposit to open an account with the broker is 100 fokára which can be a hurdle for traders with low funds. If you want to add money to your account via bank transfer, the minimum deposit is as high as 300 dollars. The broker does not pursue trade in many major countries like the USA, Canada, Cuba, and more.
The account opening process can take up to hours. We can say that an instant and rapid account opening process is not a forte of Plus500. You should know, the broker is known to misuse the gathered personal information and sell them off to other people. So, your identity is undergoing a constant threat.
Commission and fee
The charges of Plus500 are comparatively higher than the average standards. CFD fees can go up to 10 dollars. The spreads start from 2 dollars. Also, a whopping 10 dollars inactivity fee is charged per month. All these costs can come up pretty big in the overall trading scenario.
There are other brokers like PrimeFin and HFTrading, which are pretty affordable and offer better trading functionalities.
Research and Education
There is no dedicated portal for research on the broker’s website. A newbie might get confused searching for research tools on the website. Also, the research tools are quite limited and conventional. The fundamental data, trading news and ideas are absent.
Similarly, for educational purposes, there is no dedicated portal. There are no webinars, ebooks, blogs or courses available. Just some outdated videos can be seen on the website of Plus500. This just says the broker does not care much about the growth and education of its clients and traders. So, your life savings can go kaput in moments if you invest without reading or researching. Moreover, seeking advice from experts outside derails your purpose and rob you of your every penny.
The customer service and support are utterly dull and dissatisfactory. The service of support is only limited to email and live chat. There is no calling facility available. Moreover, there is no response to emails ever.
The leverage offered by the broker is extremely low as 1:30. Moreover, the margin of leverage varies according to the types of trade. On most of the assets in stock and crypto trade, the leverage is as low as 1:2. So, the fun and the purpose of earning money is all lost because of draconian practice by Plus500. There’s no joy left trading with the broker.
We do not have a single reason for recommending you to trade with Plus500. First of all, the integrity and regulation of the broker are quite questionable. The broker does not even have a banking license. Other than that, the whole ideology looks boastful and manipulative. There are other brokers who are direct and straightforward with their approach. You can check out HFTrading, PrimeFin, TradeATF. These brokers are regulated by top authorities and provide better services at relatively fewer costs.