Plus500

Plus500 review

Find out what you can do with one of the UK's leading CFD providers.

3.6 ★★★★★ (31 reviews) Write a review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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No charges for trading, New and updated trading platform
No phone support

Founded in 2008, The Plus500 trading platform is offered by Plus500UK Ltd. Plus500 is a leading contracts for difference (CFD) provider, letting you trade shares, forex, commodities, exchange-traded funds (ETFs), options and indices, alongside innovative trading technology.

The trading platform allows you to trade on movements in the price of shares, indices, commodities, forex, ETFs and options without having to buy or sell the underlying instrument.

What is Plus500?

Plus500 is a contracts for difference (CFD) provider based in Israel. Its shares are listed on the London Stock Exchange with a market capitalisation of more than £1.5 billion. You can trade on forex, stock indices, shares, commodities, exchange-traded funds (ETFs) and options.

CFDs aren’t quite the same as investing in shares – make sure you understand how they work and the risks involved before you trade CFDs.

Is CFD trading for me?

CFDs are complex, much more so than buying shares or general investment. In general, it’s all about speculating rather than owning, but it’s very risky. If you’re quite new to the trading game, it might not be suitable for you and you may want to do some research into it first. If you’re not prepared to lose the money you invest, this isn’t for you.

What products does Plus500 have?

For actual real-life trading, there’s only one account available (two if you count the professional account, which is really just an upgrade). This is Plus500’s standard trading account. This account does not have any tax benefits, so you’ll need to pay tax on any profits you make over the capital gains tax allowance of £12,300 in each tax year.

For those who want to have a go before they get started, there’s a handy demo account available. You don’t have to choose between them – you can toggle from one to the other on the main menu.

Plus500 demo account

It’s always nice to see a trading provider that has a demo account. This is great if you’re a beginner to CFD trading or just Plus500. There’s no limit to how long you can trade on the demo account. Even if you’re trading with real money, you can switch back to it whenever you want.
This is a great learning tool and allows you to really get to grips with Plus500 and CFD trading without real money.

Plus500 retail trading account

The retail trading account is effectively just a standard account. This is the one you start with when you sign up and allows you to trade CFDs in:

  • Indices
  • Commodities
  • Shares
  • Forex
  • ETFs
  • Options

Benefits of the Plus500 retail account include:

  • Negative balance protection
  • Commission free trading
  • Minimum spreads
  • Access to stop orders

Plus500 professional account

The professional account is an upgrade of the retail account, available to customers who fulfil certain requirements, detailed below. One of the main benefits is leverage available up to 1:300.

What is leverage?

Leverage lets you open positions that are larger than your capital. It’s shown as a ratio, like 1:3, which essentially means that for every £1 traded, you get the effect of £3 capital. However, this does mean that you can lose more than your initial investment, so it’s risky. You may have to have sufficient funds in your account to cover these losses.

To get access to the pro account, you need to request consideration. Plus500 considers your knowledge and expertise in financial markets and your investing experience.

To be eligible for a professional account, you need to meet at least two of the following criteria:

  • Sufficient trading activity in the last 10 months. This is at least 10 transactions per quarter of significant size over the previous four quarters. This could be with Plus500 or other providers.
  • A financial instrument portfolio of over €500,000. This includes cash savings and financial instruments.
  • Relevant experience in the financial services sector. This includes people who have worked in the financial sector for at least one year in a professional position which requires knowledge of related transactions of services.

Plus500 fees

Plus500 doesn’t charge fees for most of its services. It makes its money from the bid/ask spreads. These are still pretty narrow, making Plus500 a competitively priced product.
Services with no fees include:

  • Deposits
  • Real-time forex quotes
  • Dynamic charts and graphs
  • Live share CFD prices
  • Opening and closing trades
  • Rolling your position

Buy/sell spreads
When you open a position with Plus500, you are paying the spread. It is incorporated into the quoted rates. The spreads differ between instruments. You can see the spread by selecting “details” and scrolling to “info” after searching for the instrument.

Other fees
Other fees can be added to your account. These depend on your trading activity.

  • Overnight funding. If you hold a position after a certain time, an overnight funding amount is either added to or subtracted from your account.
  • Currency conversion fee. If a trade is denominated in a currency different to the currency of your account, you’ll be charged a currency conversion fee.
  • Guaranteed stop order. This is an order type that helps manage your risk. It is subject to a wider spread.
  • Inactivity fee. If you don’t log in to your trading account for at least three months then a US$10 fee will be charged each month.

What CFDs can you trade with Plus500?

Here are the different types of financial instrument that you can trade with Plus500:

Investment typeAvailable with Plus500?
US Stocks
UK Stocks
ETFs
Forex
Funds
Bonds
Options
Futures
Commodities

If you’re not sure what some of these instruments are, here’s a brief explanation of each one:

How safe is Plus500?

When you open an account, Plus500UK Ltd will hold your funds on a segregated basis, in accordance with the Financial Conduct Authority’s client money rules.

Plus500 is covered by the Financial Services Compensation Scheme, which covers you up to £85,000 if Plus500 were to go bust. You’re not covered if your investments lose value, so you need to ensure you understand the risks of investing and don’t invest more than you can afford to lose.

Plus500 customer reviews

We carried out a customer satisfaction survey in December 2020.

Plus 500 customers find its customer service to be friendly and helpful when dealing with queries. Some choose to use Plus 500 because it’s a well known and long standing company. People like that it has an easy to use interface and like that it has a demo account.

Some negative reviewers mentioned that withdrawals take a long time.

Pros and cons of Plus500?

Pros

  • Charges no commissions on any trades – all costs are in the spread
  • Offers access to a wide range of markets and instruments
  • Competitive spreads
  • Free and unlimited demo account
  • 24/7 online support
  • Advanced trading tools
  • No commission

Cons

  • Reduced leverage on some markets
  • No phone support

Our verdict: Is Plus500 any good?

We’d say so, yeah. Plus500 is a well respected CFD provider. CFDs aren’t necessarily suited to every type of investor, so you should make sure that they’re right for you before you dive in. You can trade a huge range of financial instruments with Plus500, and its demo account is a fantastic way of getting some experience without trading real money.

It’s also got a range of videos to explain each type of financial instrument and some of the features of Plus500 that you can use.

Compare CFD trading accounts

Table: sorted by promoted deals first
Name Product Spreads from What you can trade Link
IG CFD
IG CFD
0.3 points
Forex, commodities, indices, shares, ETFs, bonds, interest rates, sectors
Go to site
70% of retail CFD accounts lose money
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
City Index CFD
City Index CFD
0.5 points
Forex, commodities, indices, shares
Go to site
67% of retail CFD accounts lose money
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Pepperstone CFD
Pepperstone CFD
0.0 pips
Forex, indices, commodities, stocks
Go to site
79.8% of retail CFD accounts lose money
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.8% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Plus500 CFD
0.01%
Shares, commodities, forex, indices
Go to site
72% of retail CFD accounts lose money
More Info
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
eToro CFD
eToro CFD
N/A
Stocks, commodities, currencies, indices
Go to site
68% of retail CFD accounts lose money
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Saxo Markets CFD
Saxo Markets CFD
2 points
Stocks, indices, forex, commodities, options and bonds
Go to site
61% of retail CFD accounts lose money
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products. Professional clients can lose more than they deposit. All trading carries risk.
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All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

Frequently asked questions

All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

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