Plus500 Broker Review

Author By Jeffrey Cammack
Updated: April 9, 2021
Overall Rating
4.09 4.09 / 5
Rated #38 of 50 Recommended Brokers
Min. Deposit
USD 100
Regulators
Trading Desk
Trading Cost
USD 8
Website Language
English, Chinese, Arabic, Hungarian
Support Language
English, Polish, Portuguese, Arabic, Chinese
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. Plus500 proprietary platform support. Plus500 Group is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.

Forex Malaysia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

Offering trading in over 60 Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs, Plus500 is a popular CFD provider with both its new and long-standing customers. Plus500 boasts tight spreads and fast execution on a single account with a 100 USD minimum deposit requirement.  Support is only offered for its proprietary Plus500 platform, a web-based platform with no need for any downloads or setup, making it a good provider for those who want to keep it simple.  

Award-winning customer service is available 24/7, but unfortunately, not in Malay.  It also does not offer hedging, scalping, or copy-trading.  Furthermore, its education and market analysis materials are virtually non-existent, making it a poor choice for beginner traders.  Malaysians will be pleased to note that Plus500 offers Islamic swap-free accounts.

 

Reviews

Regulation
111115/ 5
Trading Conditions
111003/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
1110.503.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Standard
Bonuses
None

Account Information

Base Currencies
EUR, USD, ZAR
Number of FX Pairs
70+
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
Fees Included in Spread
EUR/USD
0 pips
GBP/USD
0 pips
USD/JPY
0 pips
Max. Leverage
300:1

Company Details

Company Name
Plus500 Ltd
Founded
2008
Office Locations
Israel

Pros

  • Well regulated
  • Wide range of assets

Cons

  • Limited education
  • Limited account options

Is Plus500 Safe?

Plus500 was founded in 2008 and has grown into one of the largest online CFD providers in the world – not only is the company publicly traded on the London Stock Exchange, meaning an additional level of scrutiny, but three national authorities also regulate its subsidiaries:

  • Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA), licence number 509909.
  • Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence number 250/14.
  • Plus500AU Pty Ltd is authorised and regulated by the Australian Securities Investment Commission (ASIC), licence number 417727.

Plus500 also holds licences from the following national authorities:

  • The Financial Markets Authority (FMA) New Zealand, licence number 486026.
  • The Financial Sector Commission Authority (FSCA) South Africa, licence number 47546.
  • Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products, license number CMS100648-1.
  • Plus500IL Ltd is registered in Israel and is licenced to operate a trading platform.
  • Malaysia falls under Plus500SEY based in Seychelles. Regulated by the Seychelles Financial Services Authority, FSA License Number SD039, Plus500 is registered in Seychelles, Registration Number 8426415-1.

As per FSA Seychelles regulations, all client funds are kept in segregated accounts, and Plus500 also offers negative balance protection, ensuring that clients cannot lose more than they have in their accounts.  However, Malaysians should note that the Securities Commission of Malaysia does not currently licence trading with Plus500. 

Plus500 does not highlight any industry recognition it has received, but the company did win the Best Trading App Award from Daytrader.com in 2019.

Trading Conditions

Plus500 offers trading on multiple assets, including over 60 Forex pairs and indices, commodities, share CFDs, cryptocurrencies, and currency indices.  Boasting excellent trading conditions on one live account and an Islamic Swap-Free account, Plus500 offers variable spreads averaging at 0.80 pips, leverage of up to 300:1, and a minimum deposit of 100 USD.  No commissions are charged, and Plus500 only supports its own proprietary trading platform.  Accounts can be denominated in the following base currencies: USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK, and SGD.

While Plus500 is a market maker, as soon as a client places a trade on the platform, an automated system (with no human interference) sets a hedging trade to protect Plus500 against any potential loss. Because it is a closed system where Plus500 is the counterparty, there are few requotes and fast trade execution.

There is no account choice at Plus500, which is unusual as most of its serious competitors have several account types with tighter spreads linked to higher deposit requirements.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Standard
USD 100
300:1
0
None
Account Details

Demo Account

The demo account allows traders to practice trading and get used to the Plus500 platform before depositing real money. The Plus500 platform is different from other CFD providers, so it is advisable that new clients take the time to get comfortable with the platform before committing to a deposit. Many traders enjoy the clean design of the Plus500 platform, but others may prefer a more traditional layout.

Spreads and Commissions

The spreads at Plus500 are variable with EUR/USD spreads often below 1 pip.  As spreads are dynamic, expect them to be higher in times of low liquidity and for non-major currencies.

The currency pricing used at Plus500 is taken from a third party and reflects actual market value; Plus500 adds a mark-up to the spread to create the trading price. Spreads are published alongside the instrument on the platform.

**For illustrative purposes only**

Deposit & Withdrawal Fees

Deposit and withdrawals methods include Credit Card, PayPal, Skrill, and bank transfers. Plus500 accepts deposits and withdrawals from all Malaysian banks.

Deposits and withdrawals are generally commission-free, though a 10 USD withdrawal fee is charged after more than five withdrawals have been made in a single month. Withdrawals via bank transfer may also incur a 6 USD charge. Please check with Plus500 customer service to see if your bank will incur a transfer charge.

Plus500 also requires a minimum withdrawal amount of 50 USD for Skrillex, Neteller, and Paypal and 100 USD for bank transfers and credit cards. Withdrawals below this amount incur a 10 USD fee.  Withdrawals are processed in 1-3 days, which is about average for the industry. 

Inactivity Fee

Plus500 charges an inactivity fee of 10 USD per month after 3 consecutive months of dormancy.

Bonus Structure

Plus500 offers several bonuses.  Each bonus has conditions for eligibility and availability for trading and/or withdrawal, such as certain minimum trading volumes (represented by Trader Points), within a specified time period. From time to time, Plus500 may offer additional bonus promotions, which are offered to clients based on certain predefined criteria and at Plus500’s sole discretion. If a client is eligible to receive such a bonus, a message with the bonus details will appear in their Plus500 Account.

Plus500 for Beginners

Plus500 offers very little in the way of educational and market analysis materials, making it a poor choice for beginner traders.  Furthermore, none of these materials nor the website is translated into Malay. 

Education

Educational materials include a set of videos covering topics such as ‘What is CFD Trading,’ ‘Slippage When opening a Position,’ and more.  It also provides a set of ‘how-to’ videos to learn more about online trading with Plus500’s platform.  All videos are accompanied by an article on the respective topic.

Plus500 education

Market Analysis

Plus500 offers a better selection of market analysis materials written by an in-house research team.  These include a News and Market Insights blog and an Economic Calendar.  The Market News is updated daily, providing traders with good insight into various market events. 

Customer Support

Plus500 offers 24/7 customer support via email, online chat, and WhatsApp message in 35 different languages.  This, unfortunately, does not include Malay.   Customer support could be improved by offering phone support for more complex queries and troubleshooting.

For the purposes of this review, we found the customer service polite, responsive, and knowledgeable. 

Trading Platform

Unlike most CFD providers, Plus500 only offers its proprietary trading platform. This could be a concern as most similar providers also offer MetaTrader 4 or 5 in conjunction with any first-party software.

The Plus500 platform is web-based and appeals to traders who want to avoid the complexity of third-party platforms.  The platform looks fantastic, is very easy to use, and has a solid reputation in the trading community. Exceptionally, it is available in over 30 languages, but not in Malay.

The platform is not customisable, so traders used to set up their own charts over a bespoke workspace will be disappointed.

Mobile Apps

The Plus500 mobile app is free for Android and IOS. It offers all of the features of the web and downloaded version of the trading suite and is a convenient on-the-go trading solution.

**For illustrative purposes only**

Trading Tools

Plus500 offers a few basic trading tools within the platform.

for illustrative purposes only

You can set automated price and percentage alerts that will inform you when a certain price has been reached or when a price has increased or decreased by a chosen percentage.

You can also view trader sentiment and set alerts to inform you when a predefined percentage of traders are buying or selling an instrument.

All of these alerts can also be sent via email and SMS.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Plus500 offer. Central to that process is the evaluation of the reliability of the CFD provider, the platform offering of the CFD provider, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the CFD provider.

Plus500 Risk Statement

Trading Forex is risky, and each CFD provider is required to detail how risky the trading of Forex CFDs is to clients. Plus500 would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

Plus500 is a leading brand in the CFD trading industry and has a loyal following of traders. With a strong focus on making the trading platform easy to understand, the Plus500 platform appeals to traders who find third-party applications too complex. It also provides good trading conditions, but a very limited account choice.  Furthermore, the education and market analysis sections are lacking and need further development.

AlertAccepts Malaysian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. Plus500 proprietary platform support. Plus500 Group is regulated by FCA, CySEC, ASIC, and MAS. All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
  • Haslina Lina says:

    Help me to solve my problem
    Please
    He say from 500 plus market
    He took my money n lie

    • Chris Cammack says:

      Hi Haslia, I’m very sorry to hear about your difficulty. This person is not from Plus500 as they do not contact customers and ask them to give them money. Could please fill out our Scam Broker form here: https://forex-malaysia.my/forex-scams-report-a-broker/ and please include as much detail as possible – include the person’s name and email address if possible. Many thanks.

  • Joseph says:

    Hi, wonder if anyone can solve my confusion if the profit generated from trading share/forex/commodities using this Plus500/eToro… is taxable under Malaysia law?

    • Chris Cammack says:

      Hi Joseph, thanks for your comment.

      Indeed, this is a confusing subject, and the answer is whether gains from your Forex trading are considered revenue or not. The Inland Revenue Board of Malaysia defines revenue as “transactions relating to normal income-earning operations or are directly or sufficiently bound to business operations”. If Forex trading is what you do for a living, then yes, the gains are taxable.

      On the other hand, if your profits are capital in nature, then they are not taxable. Inland Revenue defines Capital gains as: “those that involve assets of enduring value i.e. fixed capital, investments and speculations outside the normal income-earning activities of a person.” So, if you have a job and you trade Forex on the side, then your profits are not taxable.

      Please read through this document for more information: http://lampiran1.hasil.gov.my/pdf/pdfam/PR_12_2019.pdf.

      Hope that helps!

  • Mrgan says:

    Hi Mr. Chris

    I come across your trading company on FB, once I ask for more details thru WhatsApp and I receive the details with an investment package. The lowest investment package is RM350 and the profit is RM6500 in 24 hours. They also send me the testimonial ( WhatsApp screenshot) of a few investors who had gained profit in 24 hours.

    Is this true?

  • Scroll for more detailsPreviousNext
    Overall Rating
    Min. Deposit
    Regulation
    Trading Desk Type
    Trading Instruments
    Forex Pairs
    Crypto Pairs
    Pros
    Cons
    Regulation
    Trading Conditions
    Trading Platforms
    Deposit & Withdrawal
    Education & Research
    Assets Available
    Customer Service
    % Lose with this broker
    Leverage
    Spread
    Hedging
    Scalping
    Account Types
    Islamic Account
    Trading Platforms
    Funding Methods
    Trading Commission
    11110.54.09/ 5
    USD 100
    Market Maker
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Equities
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    ETFs
    70+
    9
    • Well regulated
    • Wide range of assets
    • Limited education
    • Limited account options
    111115/ 5
    111003/ 5
    111104/ 5
    11110.54.5/ 5
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    11110.54.5/ 5
    11110.54.5/ 5
    76.4% of retail investor accounts lose money when trading CFDs with this provider
    300:1
    0 pips
    Standard
    Plus500
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Paypal
    Fees Included in Spread
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    Cryptocurrencies
    Forex
    Indicies
    Equities
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    • Innovative trading tools
    • Limited education
    • Wide spreads
    11110.54.5/ 5
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    111104/ 5
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    11110.54.5/ 5
    111104/ 5
    67% of retail investor accounts lose money when trading CFDs with this provider
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    Professional
    Standard
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    Mastercard
    Neteller
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    Paypal
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