Plus500 is a virtual currency exchange, focusing on trading in a wide range of financial markets with relatively low spreads, no commissions but also not offering many additional services. Plus500 was established in Israel and registered operations in the UK since 2008, focusing on the field of foreign exchange trading and CFD (contracts for differences).
Plus500 floor review – Is it safe, deceptive?
Table of Contents:
1. Advantages and disadvantages of Plus500.
2. Transaction fee
3. Open an account.
4. Deposits and withdrawals.
5. Trading web platform.
6. Markets and transactions.
7. Is Plus500 safe?
Currently, the subsidiaries of Plus500 Authorized and regulated by various agencies, including leading institutions such as the UK Financial Control Authority (FCA). Plus500 is considered a secure cryptocurrency exchange because it operates on stock exchanges, is financially public and is regulated by leading reputable agencies.
1. Advantages and disadvantages of Plus500
Plus500 is recommended for experienced traders looking for an easy-to-use platform, with great user experience.
2. Transaction fee
Plus500 has low transaction fees and average total non-transaction fees. Very high financial rate.
First of all, let’s learn about terms including transaction fees, financial ratios and non-transaction fees (when inactive fees).
+ Transaction fee occurs when you trade. This may be commission and spread.
+ The financial ratio is calculated when you keep your leverage for more than one day, meaning that you borrow money from the broker to make a trade.
+ Non-transaction fees are the same as for withdrawals or inactive fees
2.1. Transaction fee
Plus500’s transaction fee is quite low. There are no commissions, which means everything is included in the difference between the asking price and the bid.
2.2. Financial rate
Plus500 annual financial ratios are very high. The broker will calculate the financial interest if you hold the position of leverage for more than 1 day. Besides, this rate of Plus500 is only announced on trading platforms and calculation methods are not transparent. Plus500 may also change prices at any time at its sole discretion. This may affect your transaction fees if you tend to hold the position for longer.
2.3. Non-transaction fee
Plus500’s non-transaction fees are rated at average, the withdrawal fee is relatively good. You have up to 5 free withdrawals per month, then $ 10 or less. In addition, bank transfer withdrawals are fixed at 6 USD / time. Inactive fee is high, after 3 months you will have to pay quarterly fee of 10 USD.
3. Open an account
Plus500 account opening process is relatively seamless, fast and modern.
3.1. Who can open a Plus500 account?
Plus500 accepts customers from all over the world. There are only a few exceptions, for example, you will not be able to open an account if you are a resident of the United States, Canada, Cuba, Iran, Syria, etc.
3.2. Minimum deposit
The minimum deposit at Plus500 is USD 100 for debit / credit cards and electronic wallets, USD 500 for bank transfer.
3.3. Types of accounts
Plus500 has only one type of live account, serving individual accounts, not providing corporate accounts.
3.4. How to open an account
If you want to open a quick account, Plus500 will help you complete it within a day.
4. Deposits and withdrawals
Plus500 deposits and withdrawals are very convenient You have a lot of options, the process is easy to follow and is often free.
4.1. Base money account
You can open your account in many basic currencies, even low-value currencies are supported. You need to contact support in case you want to change your base currency. Please make sure you do this before sending money to your account.
4.2. Deposit fees and options
Plus500 free deposit. You have a lot of options, including:
+ Bank transfer
+ Credit / debit card
Bank transfers can take more working days, while e-wallets and credit / debit cards can be instantly supported. Note that you can only send money from sources with your name.
4.3. Withdrawal fees and options
Plus500 supports free withdrawal 5 times per month, then 10 USD / time. In addition, the platform also provides a minimum withdrawal of 50 USD for Paypal and 100 USD for bank transfer or credit / debit cards. You can only withdraw money from sources that have your name.
5. Trading web platform
Plus500’s trading platform is easy to use, but the weak point is that it does not allow customization.
Plus500 has its own developed web trading platform, is available in 30 languages and supports mobile and web versions. In addition, Plus500 also provides portfolio reports and transparent fees.
6. Markets and transactions
At Plus500, you can only trade with CFD and Forex. There are nearly 2,000 CFDs to choose from.
7. Is Plus500 safe?
Plus500 is considered a secure exchange. It operates a wide range of subsidiaries and depending on your residence, one of these subsidiaries will serve you. The amount of investor protection you receive depends on the country of the subsidiary you register. For example, if you are from the UK, you will register with Plus500UK Ltd and receive £ 85,000 investor protection. Plus500UK Ltd is under the control of FCA.
Plus500 is listed on the London Stock Exchange’s Main Market – a big plus when it comes to security. Other aspects, such as ownership, corporate profits, regulatory compliance, etc., are transparent, clearly documented and published in Plus500’s annual reports.
A financially strong parent company is also an advantage of Plus 500 as it can provide the broker with additional capital (if needed). Since March 9, 2018, the company’s largest owners have been major investment banks and asset management companies such as JPMorgan and Morgan Stanley. Besides, you guys learn more about AxiTrader floor what? Safe or deceptive?