Our research team identified three major types of accounts in the Plus500 platform that range from novice traders with a few bucks to professional investors with hundreds of thousands of dollars, rands, or euros.
Plus500 offers an unlimited demo account that does not expire. You can open a demo account to try the broker, learn Forex basics, or just to learn and test new strategies every single day. Long story short, it is excellent for beginners and valuable for experienced traders as well.
The demo account does not require you to fund your account with real money as all tradable assets are virtual and you will trade with zero risks. That’s why these options are also known as paper trading accounts. Of course, both earnings and losses are virtual.
The flagship and more popular account in Plus500 is the standard account. You can start trading with just $100 after completing an opening process based on regulatory rules.
To create a standard account, you only need your ID or passport, proof of residency, and fill out a brief form. You can then fund your account with an initial deposit of $100.
With Plus500, you don’t need to download any software as the broker offers its own online trading platform.
A professional account is a direct service to users registered with Plus500AU Pty Ltd, Plus500UK Ltd, and Plus500CY Ltd. To be eligible for a professional account within the EU or the UK, you must comply with at least two of the following requirements:
- An average of 10 transactions of significant size per quarter in the past year
- A financial instrument portfolio of over €500,000 (in your bank or your trading account)
- Relevant experience in the financial services sector
If your broker is Plus500 Australia, you must meet one of the following criteria:
- Net assets of at least 2.500.000 AUD (including properties, businesses or other investments)
- A gross financial income of at least 250.000 AUD in the past two years
After opening the professional account, you will be granted such exclusive benefits as better spreads, leverage up to 300:1 on Forex, a personal account manager, and rebates and promotions from Plus500. As another layer of protection, Plus500 maintains your negative balance protection with the professional account.
Unfortunately, Plus500 doesn’t offer Islamic accounts at the moment. However, we understand that this kind of service is crucial if you want to be Sharia-compliant.
If you are interested in Islamic accounts and be in compliance with Shariah law, please visit our dedicated Islamic accounts page and discover the top 10 best swap free Islamic forex brokers for Halal trading.
MAM (Multi-Account Manager) and PAMM (Percentage Allocation Management Module) are great tools for fund managers to control multiple accounts from a single one without having to create an investment fund.
However, Plus500 doesn’t offer that service as the broker is focused on independent traders through their only and single-user proprietary platform.
Account Base Currency
As an international broker, Plus500 has different conditions and possibilities as base currencies for its accounts. However, everything depends on your country and the entity that you used to open your account.
That being said, Plus500 offers major currencies such as Euro, US Dollar, Australian dollar, and the British Pound for almost all its customers. Other exotic currencies are available on a country by country basis. For example, you can open an account with South African Rands if your country of residence is South Africa.
With over 200 thousand active customers globally and more than $1.3 trillion traded since its foundation, Plus500 has developed reliable deposit and withdrawal schemes with different payment methods and free conditions for all kinds of users.
Plus500 Minimum Deposit
The minimum Plus500 deposit can vary depending on the payment method. Credit cards have a $100 minimum deposit, while the lowest amount is $500 with wire transfers. Funding will be posted in around one business day.
Finally, Plus500 accepts wire transfers, MasterCard and Visa credit cards for your initial deposit. Subsequently you will be able to use eWallets like Skrill and PayPal for future deposits.
Plus500 is a zero fees broker, and it charges no fee for you to make a deposit as long as you deposit the minimum requirements. You should make at least a $100 deposit on credit cards and $500 with wire transfers. Otherwise, you will be charged a small fee.
According to its website, “on rare occasions, you may incur fees when transferring money to and from your Plus500 account. These are determined and levied by your payment issuer or bank, and not by Plus500.”
First Deposit Bonus
The broker offers a welcome bonus to traders who sign up with Plus500SG and Plus500 AU Pty Ltd and make deposits of more than 400 AUD or 300 SGD depending on your location.
To receive the bonus, you should comply with the terms and conditions including a certain number of “TraderPoints.”
Regrettably, due to regulatory environment, traders from the UK and Europe are not eligible for the Plus500 First Deposit Bonus.
There is nothing better when investing your money than redeeming your profits. Plus500 has a specific risk-free withdrawal process.
Plus500 supports the same withdrawal methods that are available for deposits: wire transfers, Visa and MasterCard, and eWallets like Skrill and PayPal. The company will typically make redemptions to the credit card used for previous deposits. Processing times are typically one to three business days.
Consistent with the Plus500 zero fees policy, almost all withdrawals have zero fees. However, a small fee for withdrawals will be charged if it is less than the minimum amount of $50 on eWallets and $100 for other withdrawal methods.
Finally, as the website points out, Plus500 “may charge for exceeding the maximum number of monthly withdrawals.”
Spreads & Commissions
Like any other broker, Plus500 has a diversified business model that works with several revenue streams, including spreads, currency conversion, and inactivity fees among others. Most of the processes have no direct impact on traders’ balances due to its zero cost policy.
That being said, spreads on currency pairs and Forex trading are slightly higher than other platforms.
Please check the following levels. However, keep in mind that spreads below are illustrative. During certain events or volatile moments, ranges may increase.
- EUR/USD – 0.6 pips
- Gold – 0.08% of the value
- S&P 500 – 0.03% of the value
- Bitcoin – 0,50% of the crypto value
- US Stocks – $0.05 to $2 (on average)
When trading, Plus500 will not charge additional trading commissions other than spreads. However, since they are offered as CFDs, you will be charged small maintenance fees such as overnight,
Overnight fees are charged or added on basically every asset on Plus500 as the broker is a purely CFD provider. In line with its transparency, you can check the amount of the overnight fee on every single asset.
According to its website, the formula used to calculate the daily overnight funding account of a position is Trade Size * Opening Rate * Daily Overnight Funding %.
Examples of Buy/Sell rollovers (it may vary):
- EUR/USD – 0.0087% / 0.0012%
- Gold – 0.0071% / 0.0017%
- S&P500 – 0.0095% / 0.0042%
- Bitcoin – 0.0465% / 0.022%
Plus500 will charge you with a $10 monthly fee after the third month of inactivity in your account (i.e., you do not log into your account). The charge will be $10 or less if you don’t have enough funds to pay the total fee. In such a case, the broker may reserve the right to close your account. Demo accounts do not apply to this rule.
Plus500 recommends that “in order to avoid this fee, simply log into your trading account from time to time, as this is deemed sufficient activity to prevent a fee from being charged.”
Trading Conversion Fees
Plus500 will charge you with an up to 0.3% Currency Conversion Fee for all trades on currencies that are different from the base money of your account. It will be applied to net profits and loss and reflect in real-time your unrealized net profit and loss.
For example, if your account is based on USD, you will be charged with a fee every time you trade equities listed in EUR. You should consider this fee as a part of your position when preparing your trading plan.