Plus500 – broker #1 in the UK: review and feedback
Plus500 claims to be the leading CFD broker in the UK. While such a statement may seem ambitious, experience shows that such claims often serve as bait for inexperienced investors. To assess how reliable Plus500 is, let’s conduct a more detailed analysis of its activities and examine client feedback.
Company Information
Plus500 was founded in 2008 and today is part of Plus500 Ltd. It has offices in Cyprus, South Africa, New Zealand, and Singapore, as well as an office in London with a license from the Financial Conduct Authority FRN. The broker also holds licenses to provide services in the Forex market.
Plus500 guarantees the safety of client funds, which are held in separate bank accounts, and hedging risks are managed by the broker’s own funds. Clients face minimal risks as the company is not associated with debts or speculations.
The official website plus500.co.uk is available in 32 languages, however, the quality of translation, especially into Russian, leaves much to be desired.
Trading Platform
Plus500 offers trading platforms in the web version and a mobile application for Android, iOS, Windows Phone. Clients can manage their accounts, use stop-loss orders, protection against negative balance, and receive notifications about market events.
Trading Conditions
The broker does not charge commissions for deposits and withdrawals, offering various payment services. The minimum deposit amount is 100 euros, and the leverage is 1:300. Clients can trade currencies and CFDs on stocks, cryptocurrencies, and other assets.
Plus500 does not pay special attention to educating beginners, offering only a demo account to acquaint themselves with the platform. The company’s analytical tools are limited to an economic events calendar.
Analysis of Reviews
Reviews of Plus500 point to a mixed experience for clients. Schemes described by traders include issues with fund withdrawals, incorrect quotes, and lack of support.
Negative reviews are becoming more common, and the company’s rating is gradually decreasing on both Russian-speaking and international platforms.
Conclusions
The experience and licenses of Plus500 are positive aspects. However, keep in mind that negative feedback and a tendency for risk may affect your experience with the broker. The decision to collaborate with Plus500 should be made consciously, considering the opinions of other traders.
My experience with Plus500 has been exceptionally unpleasant. This broker is nothing short than an international-scale scammer. Right from the onset, their customer service was abysmal, showing zero interest in addressing my queries and doubts. Additionally, making withdrawals seems like an insurmountable task. Despite having adequate balance, they concoct feeble excuses to delay or deny payouts. Their fee structure is also vague and the platform is crammed with hidden charges which sneak upon you. In terms of transparency, they score zero points. To top it all, their trading platform is anything but user-friendly. It is plagued with glitches and frequent freezing issues making trading a tiresome task. You’ll be better off investing your time and money anywhere else. Spare yourself the disappointment.