Overview of PLUS500+
PLUS500+ is an online trading platform that offers a variety of financial instruments for trading. However, it is important to note that the platform lacks proper regulation, which raises concerns about the safety and security of trading with this broker. The absence of regulation exposes traders to higher risks and potential fraudulent activities or scams. Traders should exercise caution and carefully consider the risks involved before engaging with PLUS500+.
PLUS500+ provides access to a wide range of market instruments, including CFDs, cryptocurrencies, indices, forex, commodities, shares, options, and ETFs. Traders can choose from various financial instruments to diversify their trading portfolio.
The platform offers different types of accounts, including retail and professional accounts. Retail accounts are subject to lower leverage levels and provide certain protections, such as client money protection and negative balance protection. Professional accounts, on the other hand, offer higher leverage levels but come with additional risks.
While PLUS500+ provides a web-based trading platform and mobile applications for iOS and Android, traders should be aware of the numerous complaints and negative reviews regarding difficulties in fund withdrawals and unresponsive customer support. These reviews raise doubts about the legitimacy and reliability of PLUS500+. Traders are advised to carefully consider these factors before opening an account with the platform.
Pros and Cons
PLUS500+ offers a wide range of market instruments, including CFDs and cryptocurrencies, providing traders with diverse investment opportunities. The platform is easily accessible through web, iOS, and Android trading platforms, allowing for convenient trading on various devices. PLUS500+ provides educational tools such as the Trading Academy and Economic Calendar, aiding traders in improving their knowledge and making informed decisions. Additionally, the broker offers 24/7 customer support through various channels. On the downside, the lack of proper regulation raises safety concerns, and there have been numerous complaints regarding fund withdrawals. Furthermore, there is no demo account available, which could limit the ability to practice and test trading strategies. Additionally, the information regarding the trading platforms is limited, and there is no information on popular trading platforms being supported. Lastly, while there are no trading fees for deposits and real-time quotes, the customer support provided may be limited in certain aspects.
Is PLUS500+ Legit？
It is important to note that PLUS500+ lacks proper regulation, which raises concerns about the safety and security of trading with this broker. Verified information reveals that it currently operates without any valid regulatory oversight. This absence of regulation exposes traders to higher risks, potentially compromising their investments. Additionally, the significant number of complaints received by WikiFX, totaling 10 within the last three months, further highlights the potential for fraudulent activities or scams associated with this broker. It is crucial to exercise caution and carefully consider the risks involved before engaging in any transactions with PLUS500+.
Market Instruments
1. CFDs: PLUS500+ offers a range of Contracts for Difference (CFDs) on various financial instruments. Examples include Hermes Intl, FinecoBank, Coca-Cola HBC, Bellway, Glencore, Accor, ASML, and Clariant.
2. Crypto: PLUS500+ allows trading in popular cryptocurrencies. Examples include Bitcoin, Ethereum / Bitcoin, Ethereum, Crypto 10 Index, Litecoin, Stellar, Bitcoin Cash ABC, and Cardano.
3. Indices: Traders can access global indices through PLUS500+. Examples include Australia 200, USA 2000, USA 30 - Wall Street, VIX Volatility Index, USA 500, China A50, Germany 40, and Singapore 25.
4. Forex: PLUS500+ enables trading in various currency pairs in the foreign exchange market. Examples include EUR/USD, EUR/GBP, EUR/AUD, EUR/NZD, EUR/CAD, EUR/CHF, GBP/USD, and AUD/USD.
5. Commodities: PLUS500+ offers trading opportunities in commodities. Examples include Oil, Brent Oil, Heating Oil, Gold, Gasoline, Copper, Palladium, and Low Sulphur Gasoil.
6. Shares: Traders can invest in shares of different companies through PLUS500+. Examples include Hermes Intl, FinecoBank, Coca-Cola HBC, Bellway, Glencore, Accor, and ASML.
7. Options: PLUS500+ provides options trading on various underlying assets. Examples include UK 100 | Call 7400, Meta | Put 275, Tesla | Call 295, Gold | Put 1900, Natural Gas | Put 2.35, Hong Kong 50 | Put 18200, USA 500 | Put 4400, and NASDAQ 100 | Call 15500.
8. ETFs: PLUS500+ offers trading in Exchange-Traded Funds (ETFs). Examples include USO-Oil Fund, iShares Silver, UNG-Gas Fund, OIH-Oil Service, GLD Gold, Commodity Index Fund, Global X Lithium & Battery Tech, and NUGT.
Pros and Cons
Account Types
1. RETAIL ACCOUNT:
The retail account offered by PLUS500+ is subject to ASIC's Product Intervention Order, which has implemented lower leverage levels for all retail clients. The maximum leverage available varies depending on the instrument category. For example, major forex pairs have a maximum leverage of 1:30, while commodities (excluding gold) have a maximum leverage of 1:10. The retail account provides certain protections, such as client money protection and negative balance protection.
2. PROFESSIONAL ACCOUNT:
For eligible traders, PLUS500+ offers a professional account that allows access to higher leverage levels. The maximum leverage available for professional account holders is significantly higher than that of retail accounts. For instance, major forex pairs have a maximum leverage of 1:300, and commodities and minor indices have a maximum leverage of 1:150. Professional account holders enjoy additional benefits, including a higher level of leverage and potential inducements.
Premium Service:
PLUS500+ also provides a Premium Service package, which is exclusively available to selected premium clients. This service offers a tailored trading experience and exclusive services. Premium Service clients gain access to a dedicated Premium Service client manager, periodic emails containing expert analysis of upcoming trading events, external trading webinars, and a dedicated Premium Service customer support team. To become a Premium Client, one must hold a real Plus500 trading account. The Premium Service is invitation-only, and eligible traders will be contacted by the PLUS500+ team once selected.
Pros and Cons
How to Open an Account
To open an account with PLUS500+, follow these simple steps:
Visit the PLUS500+ website and click on the “Start Trading” button.
Enter your email address in the provided field.
Create a password for your account and enter it in the corresponding field. Make sure to choose a strong and secure password.
Confirm your password by entering it again in the confirmation field.
Click on the “Create Account” button to proceed.
Alternatively, you can choose to create an account using your existing Google, Facebook, or Apple credentials. Simply click on the respective option and follow the prompts to connect your account.
Once your account is created, you will be able to access the PLUS500+ trading platform and begin trading.
Leverage
PLUS500+ offers leverage up to 1:30 for retail account holders and higher levels for professional account holders (1:300 for major forex pairs and 1:150 for commodities/minor indices), enabling traders to potentially amplify their positions and profits, but also magnifying the associated risks.
Spreads & Commissions
Spreads on PLUS500+ vary, and for the AUD/USD currency pair, the spread is 0.66844, representing a 0.48% difference between buy and sell prices. Trading fees include a commission fee of $0.49 per Micro contract and $0.89 per Standard contract (per side). There is also an Auto-Liquidation fee of $10 per contract, in addition to the NFA Regulatory Fee of $0.02 per side and per contract, and any applicable exchange execution and clearing fees for non-members.
Non-trading Fees
PLUS500+ offers most of its services without charging any fees, including deposits, live share CFD prices, real-time forex quotes, and opening/closing trades. Furthermore, the platform does not impose any deposit or withdrawal fees. However, occasional fees may be applied by payment issuers or banks for fund transfers, and these fees are not determined by PLUS500+.
Deposit & Withdraw
To deposit funds into your PLUS500+ trading account, simply log in to your account's “Real Money” mode and navigate to Funds Management -> Deposit. Choose your preferred method from the available options, which include debit cards (minimum $100 per transaction) and wire transfer (minimum $500 per transaction). It's worth noting that PLUS500+ does not charge fees for deposits. When it comes to withdrawals, requests are typically processed within 1-3 business days, although additional processing time may occur due to your bank or financial institution. The available withdrawal methods include bank transfer and card withdrawals, which encompass VISA, Mastercard, Paypal, Skrill, BPay, Apple Pay, Google Pay, and Poli.
Pros and Cons
Trading Platforms
WEBTRADER: The WebTrader platform offered by PLUS500+ provides trading accessibility directly through a web browser, without the need for any additional downloads or installations. Users can conveniently access their trading accounts and execute trades from any device with internet connectivity. Along with its user-friendly interface, the platform also includes features such as +Insights, which enables traders to analyze real-time data on Plus500 customers' activity. Traders can gain valuable insights into market trends and make informed decisions based on the top 10 results and relative differences displayed on the visual scale. Additionally, the platform offers various filter combinations to customize search parameters and further enhance trading strategies.
IOS & ANDROID: PLUS500+ caters to mobile traders with dedicated iOS and Android trading applications. These mobile platforms offer similar functionalities as the WebTrader, allowing users to trade on the go. Traders can access their accounts, execute trades, and monitor market movements conveniently from their mobile devices. The mobile apps also provide access to +Insights, enabling traders to stay updated on market trends and analyze real-time data. The intuitive navigation of the mobile apps makes it easy to explore different trading options and execute trades quickly.
Pros and Cons
Educational Tools
1. Trading Academy:
PLUS500+ offers a Trading Academy where users can access a variety of educational resources to enhance their trading skills and understanding of the platform. This includes informative and comprehensive materials such as “how-to” videos, an eBook, and an FAQ section. Users can choose their preferred learning method, whether it's reading the eBook, watching videos, or exploring the FAQ section. The Trading Academy provides a range of educational tools to help traders improve their knowledge and make informed decisions.
2. Economic Calendar:
PLUS500+ provides an Economic Calendar that offers insights into past, present, and future market events. The calendar categorizes events by date, allowing users to track important economic indicators and announcements that may impact the financial markets. Traders can access information about events from yesterday, today, tomorrow, and the entire week. The Economic Calendar is a useful tool for staying updated on market news and making informed trading decisions.
3. News & Market Insights:
PLUS500+ offers News & Market Insights to keep traders informed about the latest developments in the financial world. This section provides articles and analysis on various topics, including market trends, economic reports, and specific events that can influence trading decisions. Users can access detailed articles that provide insights into specific topics, such as the impact of Fed Minutes on the economy or the potential effects of El Nino on energy supplies. The News & Market Insights section offers valuable information for traders seeking to stay informed and make informed trading choices.
4. ESG Trading:
PLUS500+ recognizes the importance of Environmental, Social, and Governance (ESG) factors and provides ESG trading options. Traders can make informed decisions using PLUS500+'s user-friendly ESG scoring system, available for a range of Contract for Difference (CFD) products on equities and exclusive ESG Indices. These indices are designed to reflect accountability in areas such as Global Warming Reduction, Quality of Life, Poverty Reduction, Diversity and Inclusion, and Sustainable Resources. The ESG Trading feature allows traders to align their investment strategies with their values and trade indices that focus on sustainability and social responsibility.
Customer Support
The customer support team at PLUS500+ is available 24/7 to assist you with any inquiries or issues you may have. You can reach out to them through various channels, including WhatsApp, where you can send a message for support. Additionally, you have the option to contact them through a contact form on their website, where you can provide details such as your name, email address, subject, type of query, and a description of your query. There is also an option to upload an image if necessary. Furthermore, PLUS500+ can be contacted through social media platforms such as Facebook, Twitter, and Instagram.
Reviews
According to the reviews on WikiFX, PLUS500+ has received multiple complaints regarding difficulties in withdrawing funds. Traders have reported that the platform suspends account deposits and confiscates funds, citing terms of service violations. Some users mentioned that their accounts were suddenly blocked after they had accumulated significant profits. Additionally, there are claims that customer support is unresponsive, and the platform fails to comply with anti-money laundering regulations. These reviews highlight concerns about the withdrawal process and raise doubts about the legitimacy of PLUS500+. Traders are advised to exercise caution and consider these reviews before engaging with the platform.
Conclusion
In conclusion, PLUS500+ raises concerns due to the lack of proper regulation, which compromises the safety and security of trading with this broker. The significant number of complaints received further suggests potential fraudulent activities or scams. While PLUS500+ offers a wide range of market instruments, including CFDs, cryptocurrencies, indices, forex, commodities, shares, options, and ETFs, the absence of regulation should be carefully considered before engaging in any transactions. The account types provided by PLUS500+ include retail and professional accounts, each with varying leverage levels. The platform also offers a premium service package for selected clients, providing exclusive benefits and personalized support. However, the legitimacy of PLUS500+ is questionable based on user reviews, which highlight difficulties in fund withdrawals, account suspensions, and unresponsive customer support. Traders are advised to exercise caution and thoroughly assess the risks involved before considering PLUS500+ as a trading platform.
FAQs
Q: Is PLUS500+ a regulated broker？
A: No, PLUS500+ currently lacks proper regulation, raising concerns about safety and security.
Q: What financial instruments can I trade on PLUS500+？
A: You can trade CFDs, cryptocurrencies, indices, forex, commodities, shares, options, and ETFs.
Q: What types of accounts does PLUS500+ offer？
A: PLUS500+ offers a retail account subject to lower leverage levels and a professional account with higher leverage.
Q: What are the trading platforms provided by PLUS500+？
A: PLUS500+ offers a WebTrader platform accessible through a web browser and dedicated mobile apps for iOS and Android.
Q: Does PLUS500+ provide educational resources？
A: Yes, PLUS500+ offers a Trading Academy with videos, an eBook, and an FAQ section. They also provide an Economic Calendar, News & Market Insights, and ESG trading options.
Q: How can I contact customer support at PLUS500+？
A: You can contact customer support through WhatsApp, a contact form on their website, or social media platforms like Facebook, Twitter, and Instagram.
Q: Are there any concerns or complaints about PLUS500+？
A: Reviews indicate difficulties with fund withdrawals and account blocking, raising doubts about the platform's legitimacy.
2023-03-01 10:08
2022-12-13 10:26
