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Plus500 Review UK 2024

Tobi Opeyemi Amure
Reviewed by:
Plus500 review UK
82% of retail investor accounts lose money when trading CFDs with this provider.

You should consider whether you can afford to take the high risk of losing your money.

Plus500 is home to over 24 million users worldwide. With an emphasis on CFD trading, it’s certainly not a platform for the faint of heart. But, if you can handle the risk, Plus500 might just become your next favourite trading platform. 

In this review, I’ll break down the intricate details of the Plus500 platform, so you can make sure this is the right platform for you.

We base our review on a qualitative-points-based scale. These points are then converted into a star rating, to give you the most accurate rating. For more information on how we test view here.

This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at InvestopediaInvesting.com, and Trading.biz.

Overall Rating – 4.5 stars 

Overall, I give Plus500 a rating of 4.5 stars, based on an average of 86.2% and a total score of 77.6.

Plus500 is a perfect trading platform for any experienced CFD investor, or beginner looking to trade this asset group for the first time.

The friendly user interface, low fees, and easy onboarding make for a platform that’s enjoyable to use. With the range of CFDs, you’ll never feel like anything is missing, either.

However, for the average investor, who just wants to invest in normal stocks and ETFs, Plus500 is nothing short of a useless platform, because it only allows CFD trading.

Furthermore, the lack of educational content and research tools could also be an issue for newer investors.

Top pick
Plus500 - Overall best CFD trading platform
4.5

One of the fastest-growing trading platforms in the UK for CFD trading. Comprehensive for all levels of experience.

Pros:
  • Intuitive, user-friendly platform
  • Demo trading account & learning academy
  • Fast and responsive customer service
  • Trading tools & charts
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Here’s a breakdown of how Plus500 performed in each category:

CategoryPointsStar ratings
Fees8.94.5
Safety9.65
Onboarding9.55
Deposit & withdrawal methods9.55
Markets6.33
Tools8.54.5
Investment & trading platform8.84.5
Education73.5
Customer service9.55

Ultimately, Plus500 is great for doing one thing – CFD trading. But, if you’re not interested in this, the platform won’t be at all useful to you. 

Here’s a quick overview of the pros and cons of Plus500:

Pros

  • Safe platform, regulated by the Financial Conduct Authority (FCA)
  • Perfect for CFD trading
  • Low fees

Cons

  • CFD trading only
  • Educational material is lacklustre
  • Research tools could be better

Fees – 4.5 stars

The Plus500 fee structure is very basic and most fees follow the industry standard. However, it does charge pretty high CFD and forex trading fees.

Deposits

Plus500 does not charge users for deposits. So, you’ll be able to trade with the exact amount that you deposit. The only limitation is that the minimum deposit is £100 at the time of writing. For newer investors who just want to invest some pocket change now and then, this deposit limit may be a little too high. 

Withdrawals

Plus500 does not charge users for withdrawing funds. This is a major advantage, because it means any profit that you do make won’t be quashed by sneaky withdrawal fees that make trading worthless. 

CFD fees

On the bright side, Plus500 doesn’t charge a commission with CFD trading. This means that you’ll only ever need to pay the spread fee when trading CFDs.

However, Plus500’s spread fees tend to be much higher than competitors like eToro. For instance, if you were to trade with $2,000 worth of Apple CFDs, Plus500 would charge $7.30.

eToro, on the other hand, would charge just $2.

Over time, these small fees can add up, and start to eat at your margins.

Forex

Plus500’s forex fees are very standard and follow the general industry standard. Once again, there are no commission fees.

Other fees

If you’re looking to trade with different currencies, Plus500 does charge a conversion fee of 0.7%. Again, this is pretty standard and nothing particularly unreasonable. 

There are also fees associated with inactivity. If you don’t log onto the platform for three months, you will be charged £10 per month.

However, you can circumvent this easily by just logging on to the platform. With some other platforms, you’ll have to deposit or withdraw money to counteract the inactivity fee.

Professional clients

If you qualify as a professional client on Plus500, you will gain access to cash rebates. However, the average solo trader likely won’t qualify for this account, and therefore won’t feel any benefits here. 

Pros

  • Industry-standard forex fees
  • No deposit or withdrawal fee
  • Commission-free trading

Cons

  • Inactivity fee
  • CFD fees could be lower

Safety – 5 stars

Plus500 is easily one of the safest trading platforms to use in the United Kingdom. For starters, it’s regulated by multiple financial bodies, including the Financial Conduct Authority (FCA).

Furthermore, the company was founded in 2008 and has since displayed 15 years of trustworthy conduct.

Unlike other platforms, Plus500 is also listed on the London Stock Exchange (LSE). This means that virtually all the company’s information is public, and you can rest assured that any actions it takes will be clear and transparent.

The only minor concern is that Plus500 does not hold a banking license. However, this isn’t out of the ordinary for trading platforms, so shouldn’t ring too many alarm bells.

Pros

  • Listed on the LSE
  • Regulated by the FCA

Cons

  • Lack of banking license

Onboarding – 5 stars

Opening a Plus500 account couldn’t be any easier. I struggled to find a single flaw in the entire process. 

Accounts

Plus500 offers two different accounts – a retail account and a professional account. 

Retail account:

The retail account is the standard account type for Plus500. You don’t need to meet any special criteria and is recommended for most traders. 

Professional account:

The professional account is essentially a premium version of the retail account, reserved for Plus500’s most important clients.

You can apply for a professional account should you meet the following criteria:

  • Have an investment portfolio worth over €500,000 (£430,000)
  • Have sufficient trading activity within the past year
  • Have good experience in the financial services sector

For most people, the retail account is the best account to apply for. This is the account I went for, too.

Account opening

I found the account opening process extremely easy, and from start to finish it took me less than 20 minutes.

First, I downloaded the app which is available on Apple/Android devices, as well as Windows.

After downloading the app, I was prompted to enter my basic information.

Opening a demo account Plus500.

At this stage, I also needed to provide proof of identity and residency. 

Entering your residential address on Plus500.

To verify your identity, you can use the following documents:

  • Full UK driving licence
  • British passport

Next, to verify your residency, you can choose from the following documents:

  • Toll taxes letter
  • Address card
  • Paycheck
  • Bank statement
  • Utility bill

After uploading my documents, I waited for my account to be verified. This took less than a day. From here, I just had to fund my account with £100, and I was finished!

I didn’t run into a single hiccup when opening my Plus500 account. And even if you’ve never used a trading platform before, you can rest assured that the process is extremely straightforward. 

Pros

  • Fast onboarding process
  • Simple to understand
  • Premium account offered for experienced traders

Cons

  • Minimum deposit could be lower

Deposit & Withdrawal Methods – 5 stars

Funds management on Plus500.

Depositing and withdrawing funds is extremely simple and hassle-free with Plus500.

Firstly, you can choose from 14 base currencies, these being: AUD, CAD, AUD, NOK, EUR, GBP, HUF, JPY, SGD, PLN, CHF, CZK, TRY, SEK.

The currency used in your location will automatically be set as the default currency on your account. However, you can change this at any time by contacting customer service. Doing so will allow you to bypass the currency conversion fee.

Deposits

Deposits are completely free to make on Plus500. Furthermore, you can choose from a variety of methods, including:

  • Credit card
  • Debit card
  • Bank transfer/wire
  • e-pay methods (Paypal, Google Pay/Apple Pay)

Most methods for depositing cash are instant, allowing you to start trading immediately. 

There is a minimum deposit of £100 per transaction. But, other than this, depositing money into your Plus500 couldn’t be simpler. 

Withdrawals

Withdrawals are likewise free to make, and you can withdraw funds to the same payment methods. 

There is a minimum withdrawal amount of £50 for e-payment methods such as PayPal, and £100 for bank transfers. 

Withdrawals can also take several business days, depending on your withdrawal method. This is significantly slower than competitors such as Trading 212, which will often deliver your funds on the same day. 

Pros

  • Free to deposit and withdraw funds
  • Plenty of base currencies are offered
  • Easy to deposit and withdraw funds

Cons

  • Withdrawals can take a long time
  • The minimum withdrawal amount could be lower

Markets – 3 stars

Different markets on Plus500.

Plus500 exclusively trades Contract for Differences, or CFDs. When you trade CFDs, you do not gain any interest in the underlying asset and instead rely on market speculation to receive a return.

CFD trading is incredibly risky, and a recent report found that 82% of Plus500 traders lose money through trading CFDs.

However, this isn’t to say that Plus500 is a terrible platform for trading CFDs, because it’s a very solid platform with a wide range of CFDs to trade.

The CFDs currently available to trade on Plus500 include:

  • CFD forex (65 pairs available)
  • CFD stocks
  • CFT ETFs
  • CFD commodities
  • CFD crypto derivatives

This range of CFDs is very diverse and offers more than enough choice for most CFD investors.

However, you won’t be able to change the leverage levels during CFD trading. This is a key feature for most CFD traders, as it allows you to lower risk significantly. The fact that such a CFD-centric platform doesn’t include this key functionality is a major issue. 

Furthermore, unlike other platforms, Plus500 doesn’t offer other core asset classes like underlying stocks and ETFs. There is also no offering of bonds or options.

Additionally, in the UK, futures trading is unavailable.

Pros

  • Excellent selection of CFDs

Cons

  • Core asset classes like stocks and ETFs are unavailable 
  • Unable to change leverage levels

Tools – 4.5 stars

Plus500 offers a good range of charting and drawing tools, as well as a handy demo trading account. However, there is a lack of key research tools like trading ideas and fundamental data.

Demo account

One of the best features of the Plus500 platform is its demo account. This account lets you practice trading real-time assets with virtual money, thereby reducing your risk.

Trading is a skill that you can hone best by practicing. And the demo account allows you to do this, without putting any of your capital at risk. It also comes complete with all the tools of the real account, so you can trade as if you were putting real money on the line. 

Research Tools

Plus500 also offers pretty solid charting tools. For instance, there are over 109 indicators and 20 drawing tools for you to use. Furthermore, you can save any charts that you edit for future reference. 

You’ll also find an easy-to-read economic calendar, which you can filter for different criteria like macro or company events. The calendar is also home to real-time market analyses from the Plus500 research team.

Another tool worthy of note is the insights section. This allows you to view the most popular assets on Plus500, and filter the results down by location, time frame, and instrument type. 

Plus500 insights tool.

These tools are excellent to use. However, there is also a distinct lack of key research tools that you would expect to see on a platform as sophisticated as Plus500.

Notably, the platform doesn’t provide any trading ideas or fundamental data. Trading signals are also not provided. 

Pros

  • The demo account is awesome
  • Great charting tools
  • Good economic calendar

Cons 

  • No trading ideas or signals
  • No fundamental data provided

Investment & Trading Platform – 4.5 stars

As a CFD trading platform, Plus500 is sublime.

There are two different platforms available, these being a web and mobile version.

Both are excellent to use. 

Plus500's trading platform and charts.

Web platform

Plus500’s web platform looks the part. With a light or dark mode to choose from, you’ll be able to choose the look that fits your personal preference. 

Aside from the excellent looks, the web platform is incredibly easy to use. You can search for anything in the search tab, and the menus are well laid out and easy to navigate. 

The only drawback to the web trading platform is its lack of customisability. However, because it’s so well laid out in the first place, you probably won’t feel the need to customise it anyway!

Mobile platform

The mobile platform is just as easy to use as the web platform. It carries over a very similar design and is likewise available in light or dark mode.

All the charts are incredibly easy to read, the menus are fixed at the bottom of your screen for easy accessibility and the search function is just as good. 

You’ll also get an option to turn on push notifications for certain CFDs, which is incredibly useful. 

Though, customisability is again limited on the mobile platform. 

Making a trade

Making a trade on Plus500 is very easy.

All you need to do is choose the CFD that you’d like to trade and click ‘Buy’. From here, you can choose the amount you want to trade, and whether you want to close at a profit or a loss.

In this menu, you can also get info on the specific CFD and insights via the ‘Info’ and ‘+Insights’ tabs.

There are also a couple of advanced trading features that you can take advantage of.

For instance, you can choose a Trailing Stop figure, and hold off buying the CFD until it reaches a desired rate.

User experience

Overall, my experience using Plus500 for trading was very pleasant.

For one, trading was very easy to make. I also liked how consistent the mobile and web platforms were, which made transitions between them much simpler. 

The charting tools were excellent and made research extremely easy. I also found the indicators particularly useful for riskier trades. 

I would also recommend Plus500 for day trading.

The range of CFDs, coupled with the excellent interface makes day trading a very viable option, especially when compared to other platforms. 

On the downside, Plus500 does miss out on some key markets such as MT4. Copy trading also isn’t supported.

Pros 

  • Easy to use
  • Consistent design across mobile and web platforms
  • Useful tools available
  • Good for day trading

Cons

  • No desktop platform is available
  • MT4/copy trading is not supported
  • Lack of customisability

Education – 3.5 stars

Plus500 has recently revamped its educational content, with the launch of the Trading Academy.

This is full of videos and articles on trading methods and advice.

There’s also a host of webinar content for premium users. 

Plus500 educational content.

Aside from this, the platform has a Trader Guide section, which offers a few more articles, videos, and a short eBook on trading advice. 

Unfortunately, the educational content found on Plus500 feels extremely lacklustre, especially when compared to competitors such as eToro.

For one, the number of articles and videos is very underwhelming. The learning centre, for instance, contains less than 15 videos and articles. 

Furthermore, the actual content of the videos and articles could be better. Oftentimes, the content seems more like a tutorial on how to use Plus500, rather than sound trading advice. 

The good news is that Plus500 has been expanding its educational content recently. So, there’s a good chance that these limitations will be mitigated in the future.

Pros

  • Devoted section to educational material
  • Free eBook

Cons

  • Webinars only available to premium users
  • Educational content is limited

Customer Service – 5 stars

Plus500 offers users near-flawless customer support, with a wide array of contact links and an excellent team that will solve your problem in a matter of minutes.

Plus500 customer support agent.

I found contacting the customer support team incredibly easy. There are multiple ways to do this, including a live chat feature on the platform, a number to contact via WhatsApp, and traditional email support. 

When I used the live chat feature, I was connected to a member of the team within a few seconds. After posting my query, I had a detailed response back within minutes. Other users have reported an equally excellent experience.

I also tested out the email support and was pleasantly surprised. Normally, it can take a company multiple hours to respond to an email inquiry.

But, with Plus500, I got a response back within an hour. The response had my question answered immediately, and I didn’t have to go through that annoying cycle of back-and-forth emails that can take days. 

All of these methods are available 24 hours a day, 7 days a week. So, no matter what your issue is, or when it arises, the customer support team will have it taken care of in minutes. 

Customer service can make or break a trading platform, and for Plus500, it certainly achieves the former. 

The only way that you won’t be able to contact the Plus500 team is via phone call. This could become frustrating, especially if you have a complex issue.

However, for the vast majority of people, the live chat and email support service will be more than adequate for solving any query. 

Pros

  • Extremely fast response times
  • Live chat is available 24 hours a day
  • The customer support team knows their stuff

Cons

  • Lack of phone support

Final Thoughts

Ultimately, Plus500 is undoubtedly one of the best trading platforms for CFD trading in the UK right now. It’s free to use, easy to navigate, has a great variety of CFDs to trade, and is backed by a near-perfect customer service team.

However, because you can only trade CFDs, Plus500 isn’t an attractive option to the majority of investors.

For most people, a simple portfolio of ETFs and individual stocks will be more than adequate, and as such, you’d probably be better off using a platform like eToro or Trading 212, which does offer these asset groups. 

I would therefore recommend Plus500 to any trader who wants to experiment with higher-risk, higher-reward CFD trading.

But, if you have no interest in CFDs, you shouldn’t even consider trying the platform out.

Top pick
Plus500 - Overall best CFD trading platform
4.5

One of the fastest-growing trading platforms in the UK for CFD trading. Comprehensive for all levels of experience.

Pros:
  • Intuitive, user-friendly platform
  • Demo trading account & learning academy
  • Fast and responsive customer service
  • Trading tools & charts
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

Is Plus500 good in the UK?

Plus500 is a well-known online trading platform and is commonly used in the UK. It offers a user-friendly interface, a wide range of financial instruments, and competitive pricing.

How long do Plus500 withdrawals take in the UK?

Withdrawals from Plus500 to a bank account in the UK generally take around 5-7 business days from the authorisation of the withdrawal. However, it’s important to note that withdrawals to a bank account can occasionally experience additional delays depending on the banking institution and jurisdiction involved.

Is Plus500 safe?

Yes, Plus500 is considered highly safe. It is regulated by six global regulators, including the FCA and ASIC, indicating a high level of trustworthiness and reliability in its operations. Plus500 is also publicly traded and does not operate as a bank.

Is Plus500 good for beginners?

Yes, Plus500 is suitable for beginners, offering a user-friendly platform and a range of educational resources to support new traders in learning the basics of trading and financial markets.

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Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”.

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