Plus500 Review – A Wolf Among Sheep

Plus500 is one of the most famous forex brokers in the world. It was first established in 2008 and since then has been dominating the financial services market in the United Kingdom, Australia, and most recently South Africa as well.

Based on what we saw from our Plus500 review, the broker has multiple licenses from the ASIC (Australia), the FCA (United Kingdom), FMA (New Zealand), CySEC (Cyprus), and the FSCA (South Africa). With this many licenses, we can chuck the scam argument out of the window straight away.

Plus500 has a myriad of trading instruments to offer, but it’s most known for its services on FX and stocks trading. In this review, we will be focusing on FX and FX alone.

The broker is extremely generous with its trading features, with a spread of just 0.00008 pips on popular currency pairs like EUR/USD, a 1:300 maximum leverage on Forex pairs, and little to no commissions required to trade on their platform. The minimum deposit is currently at ZAR 1,500 which is more or less the industry average. But when we speak about Plus500 forex broker, we can’t really say industry average as they’re the ones who usually set it.

Plus500 Account Types

There are more or less 3-4 account types that Plus500 has, but we will be focusing on only 3 of them for now. These are: Retail Account, Professional Account and Demo Account.

Let’s go through each of them seperately.

Retail Account

The retail account is basically like Plus500’s standard account. It’s the quintessential trading account basically. Here are some of the features you may expect with this account type:

• 1:300 leverage
• ZAR 1,500 minimum deposit
• Less than 0.0001 pips on spreads for popular currency pairs
• Negative balance protection
• Nearly 70 currency pairs

Professional Account

A professional account is basically a ticket to the Plus500 VIP club. This account type is reserved for professionals and nothing less than professionals. If you’re not a veteran with years of trading experience under your belt, then it may not be your cup of tea. The account provides:

• 1:300 leverage
• Requires instrument portfolio of nearly 9 million ZAR
• Less than 0.0001 pips on spreads for popular currency pairs
• Negative balance protection
• Cash rebates
• Money protection
• FOS (Financial Ombudsman Service)
• Fast executions

Demo Account

The Plus500 demo account is more like a playground for beginner traders. It’s a virtual representation of the financial markets with real-time price movements, but the funds provided by the broker are not real. The benefits include:

• 1:300 leverage
• No deposit requirement
• Immediate refill after account balance drops to less than 3,500 ZAR
• All available instruments

Plus500 General Overview

As a wrap-up of the review so to speak, we would like to reiterate the key features that Plus500 has.

It’s one of the oldest and trusted forex brokers in the world. It covers specific markets such as the UK, Australia, and New Zealand, but it also has access to global markets thus being available to South Africans.

Its minimum deposits are welcoming and accessible. The leverage in combination with the spreads is one of the most advantageous deals a trader can get regardless of whether they’re a beginner or a veteran.

Overall, Plus500 is a perfect brokerage to start as well as continue your career in forex trading.