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DailyForex is a one-stop-shop for all Forex traders whether they are new to the market or have years of experience. We offer in-depth objective reviews of Forex brokers, money managers, signal providers, Forex courses, and general market products. We also cover the market news and analysis and... More
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  • An In Depth Review of Plus 500 19 comments
    Jun 3, 2009 4:35 AM

    By: DailyForex
    When first encountering Plus 500, my first impression was how clean and user-friendly their website is. They have a very organized way of displaying their offering and all its features. Each category is displayed in its own tab, including Forex, commodities, indices, stocks, and CFDs.

    Depositing funds could not be easier with almost any option open to you. These include money transfer, credit card, and money bookers. Registering for Plus 500 was also completely seamless and surprisingly, so was withdrawing my funds.

    The actual trading was relatively straight forward, however, the lack of a Web-based platform might be a disadvantage to some Forex brokers. Their service is offered in 14 different languages, which is a relatively high number, something some might see as a sign of Plus 500's accountability.

    In terms of funding, Plus 500 offers a mini account enabling you to trade with as little as $100 and a 200:1 leverage. When trading, you have access to the world's financial markets and real time quotes. The platform is very responsive and includes the standard Entry Limit, Stop Loss, Profit Limit, Trailing Stop, and Market Orders. They also offer an unlimited free demo account, which should be taken advantage of by every Forex trader interested in opening an account with Plus500.

    However, not everything is so rosy when it comes to Plus 500. Their customer service is available 24/7, but only by phone and email. They do not offer the basic feature of live chat, something that has become completely trivial in the world of Forex Brokers. Not only is it trivial, live chat is also very necessary. For example, as I am writing this review, I am still awaiting a response from their customer service regarding some questions I had. Another disadvantage of Plus 500 is that they are now awaiting FSA approval, which once again, might be a sign to wait some time before trading with them.

    Their site offers very helpful training videos explaining and displaying their trading platform and exactly how to trade with it. I found these to be very helpful and a resource that should definitely be used before trading with Plus 500.

    When opening an account with Plus 500, you will be surprised by some very nice and helpful bonuses. For one, their demo account is not limited by time, something that is quite unusual in the Forex market. In addition, Plus 500 offers a 30% bonus on your first deposit, as well as a $50 gift toward your trading account.

    Plus500 is an impressive broker and they give you the feeling they really want your business with all their offered bonuses. However, for some odd reason, they do not offer live chat, something that raises a red flag and gives you the impression that they might want your business, but they do NOT want to talk to you about it, a theory magnified by the fact that they do not take phone orders.

    Themes: Forex, Plus 500
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Comments (19)
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  • Nasdaq Chainsaw
    , contributor
    Comment (1) | Send Message
     
    Any one have live account with them ? is it a secured company and we can trust or not in money issues ?

     

    Please advise
    3 Sep 2009, 04:58 AM Reply Like
  • isiliadis
    , contributor
    Comment (1) | Send Message
     
    An excellent platform and program to spend your free time only for recreation purposes.

     

    DO NOT DEPOSIT REAL MONEY

     

    While you lose your hard earned money everything is ok, up until you make any profit or decide to withdraw your earnings.

     

    They lock your account with the excuse that you have violated the user agreement.

     

    KEEP AWAY FROM plus500 at all cost.
    15 Jan 2010, 04:51 AM Reply Like
  • hapo45
    , contributor
    Comment (1) | Send Message
     
    Further to this, your money is not safe at their hand. No matter how hard you work, or how intelligently place your bid, their is a robot at the other side of the platform and it will eat your money, eventually and legally.

     

    Yes, KEEP AWAY FROM Plus500 at all cost!
    12 Apr 2013, 11:14 AM Reply Like
  • oDeskPromoter
    , contributor
    Comments (2) | Send Message
     
    I like the way you put info in this post I wonder if I can use some of this in my Forex Education Center & in my new eBook, waiting for your response & thanks a lot for sharing that with us.
    3 Oct 2009, 05:34 AM Reply Like
  • oDeskPromoter
    , contributor
    Comments (2) | Send Message
     
    I like the way you put info in this post I wonder if I can use some of this in my "www.dodjit.com" Forex Education Center & in my new eBook, waiting for your response & thanks a lot for sharing that with us.
    3 Oct 2009, 05:35 AM Reply Like
  • Daily Forex
    , contributor
    Comments (5) | Send Message
     
    Author’s reply » Sure, as you know, we are always open to cooperation. Please contact me at hfuld@dailyforex.com
    11 Jan 2010, 02:32 AM Reply Like
  • Daily Forex
    , contributor
    Comments (5) | Send Message
     
    Author’s reply » Thank you for your feedback. Based on our review and experience with Plus500, they are a very legitimate broker and we have not encountered any issues with them. If you had a personal problem with Plus500, please email me at hfuld@dailyforex.com and we would be glad to look into it. We will also be glad to share the results here so other people can benefit from them.
    19 Jan 2010, 03:20 AM Reply Like
  • Idantrade
    , contributor
    Comment (1) | Send Message
     
    i trade at Plus500 for almost 10 months and it is going great, i withdraw alot of money and almost triple it.
    Plus500 it is very nice, i didn’t had any problem with them, they got not so good suport but if you will need to get them you will…
    they got 20$ bonus free without deposit and bigger bonus in first deposit.
    i got there from this link: (my friend gave me)
    www.plus500.com/?id=4&...
    hope you will have fun
    Idan
    20 Jan 2010, 08:34 AM Reply Like
  • mikebecker
    , contributor
    Comment (1) | Send Message
     
    I opened a LIVE account with plus500 last week an decided to deposit €15,000 on Monday, February 01. I wired funds to their bank as per their instructions and was told that they will credit my account and will add the applicable bonuses. Everything was ok up to that point.
    On Thursday I started ask some questions, like when is my account will be credited but there was no response. Since then, I sent another 5 emails asking when is my account will be credited so I can start to trade. Again, NO response. Today is Friday afternoon 1:00pm local time and not one email to my question. What to do now, and who can I turn to??? Please HELP.
    5 Feb 2010, 07:08 AM Reply Like
  • captainmoonlight
    , contributor
    Comments (3) | Send Message
     
    The Plus500 platform is extremely accessible, very simple to use and very basic in it's functionality. They offer a reasonable range of CFDs on forex, commodities, ETF, Indices and a few major companies (UK, EU and US) which allows you to vary your strategy within a limited, but uncomplicated framework.Their leverage is good, making this a seemingly cheap and attractive option for playing the markets.

     

    Stops, Closes, Trailing Stops and Orders all function well, and the actioning of orders is satisfyingly rapid, but I remain somewhat suspicious of the total accuracy of their realtime information (i.e. compared to another platform I have been running). My personal experience of contact with their support staff has been almost entirely positive, including the refund of a significant loss incurred when one stock was temporarily untradeable, leaving me unable to protect my position. I have yet to attempt drawing down a profit.

     

    I am aware of the structure of the business, and the various warnings issued regarding their legitimacy in certain countries, but I am satisfied that enough information exists to enable tracing and prosecution if they do in fact behave fraudulently.

     

    HOWEVER...for those of you who are tempted into downloading and using their platform, be aware that many of their spreads on Buy and Sell quotes are very high when compared to other, equally easily available trading platforms (eg. Apple @ 0.30, Google @ 0.65, Wheat contracts @ 1.25!).

     

    Some are about equal (eg. Gold @ 0.65, Oil futures @ 0.05), and there are some cheaper spreads (Silver @ 0.45, Cotton contracts @ 0.19), BUT their premiums on both Buy and Sell are also very high by comparison, notably charging you a premium on Sell positions rather than paying interest in almost every case.

     

    My guess is that they are either working with a brokerage which charges very high commissions (perhaps in direct partnership), or they are adding their own premium on top. Either way, the Plus500 platform is not the cheapest way to access the markets.

     

    Finally, whether by deliberate design or negligence, the only window which cannot be maximized is your deposit summary. This window is also the only one which doesn't show a running total, making it difficult to easily calculate how much you have committed to your account (and therefore how much you may have lost!). Charting tools are also minimal and there are almost no outside links or additional information available directly through the platform.

     

    For alternative platforms, equally accessible, cheaper and much more comprehensive, try AvaFX or IGMarkets. Be prepared for a much steeper learning curve however, the main attraction of Plus500 is it's relative simplicity!

     

    M.M.
    France
    21 Apr 2010, 01:16 PM Reply Like
  • User 109787
    , contributor
    Comment (1) | Send Message
     
    I am new to this site and to trading What I seek is a site which is not too fussy or complicated. Plus500 seems to satisfy this requirement. However, I am a little uneasy to read some of the comments posted as to the real costs, the accuracy/timeliness of the data, the ease/otherwise of withdrawing funds etc. Is there anyone in a position to give the site the thumbs up unconditionally?
    24 May 2010, 12:58 PM Reply Like
  • b3rkut
    , contributor
    Comments (160) | Send Message
     
    2009-12-06

     

    Cysec (Cyprus Securities and exchange commission) has issued a warning agianst this company.
    This is the link:
    www.cysec.gov.cy/warni...

     

    many others have complained online about not being able to withdraw their funds from their accounts.
    19 Jul 2010, 09:33 AM Reply Like
  • RashidUAE
    , contributor
    Comment (1) | Send Message
     
    Thank you for posting this link and its helpful. Plus 500 has taken license from DFSA, Dubai, UAE but based on FSA license.
    Please reply; Are they licensed by FSA and do they have FSA approval for opening an offshore branch? They are heavily advertising in UAE and HY Markets has any connection with them because Plus 500 & HY Markets seems connected in Dubai?
    10 Sep 2013, 12:12 AM Reply Like
  • alojamento@gmail.com
    , contributor
    Comment (1) | Send Message
     
    plus500 is a tool for people with mental problems. how can you trade on platform with no possibility to make a technical analise ??? I always thought that MT4 is too basic., but this ??? what kind of person can actually put there any money ??
    16 Jan 2012, 04:28 PM Reply Like
  • jimmyne
    , contributor
    Comment (1) | Send Message
     
    A warning? It is one of the best brokers out there. On http://www.earnforex.com and http://www.forexhug.com it has top ratings.
    20 Dec 2012, 06:38 AM Reply Like
  • Titantrader767
    , contributor
    Comments (4) | Send Message
     
    My Experience regarding Plus500 are extraordinarily good.
    This Forex Broker provide a profitable Bonus and extreme basely Spreads.
    Furthermore a wide Choice of Currencies,Commodities and Stocks.
    No Problem with Moneybookers Payout Option. After a quickly Verification,the Amount was booked immediately.
    So there is no Reason for me to change so far. More First Class Broker at Forexcheck24.de !
    Germanys greatest Forex Broker Comparison.
    19 Mar 2013, 03:26 AM Reply Like
  • mikekitoune
    , contributor
    Comment (1) | Send Message
     
    they are not a scam but very expensive on spreads and overnight fees.

     

    in another hand others brokers may have better spreads and overnight fees but they usually charge other fees and sometimes they ask a minimum of 10K deposit. (not talking about FX)

     

    for example, plus500 overnight = 2.6% while others brokers are around 1.5% but they usually charge 5-20 usd per transaction.

     

    so on small transactions i think plus500 might be descent. for example if you buy 100x $FB you can expect taking something like $100 per day if the stock takes 4-5% - with another broker like saxo, you can maybe take $120 instead of 100 but they charge $20 of fees per transaction so it's pretty much the same.

     

    plus500 is good to start trading with a little budget but if you really have money and expect something pro look elsewhere.
    22 Dec 2013, 11:40 AM Reply Like
  • Aussie247
    , contributor
    Comments (2) | Send Message
     
    Plus500 offers a $25 No deposit bonus offer to the traders .Is that offer available for the Australian Traders ? please reply about this ,i want to update this on my blog.
    11 Aug, 09:52 AM Reply Like
  • marcadam
    , contributor
    Comment (1) | Send Message
     
    Handy review, although they've changed quite a lot in the past five years. Does anyone have any recent feedback?

     

    There's some good reviews on http://bit.ly/1tK7KWY which are quite recent. Anyone else had any experience with Plus500?
    5 Nov, 09:43 PM Reply Like
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