He is a forex industry expert and an active fintech and crypto researcher. Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses. This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details. Just remember, no matter which broker you choose, only use a broker that is licensed and regulated by your countries financial regulator.
The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website. However, due to large amounts of ongoing customer complaints, they should not be considered a trusted broker and we recommend that individuals avoid trading with them. To prove a Plus500 scam will require more investigative research and legal initiatives. The UK licensed broker announced this Wednesday that they are adding a new organization to their list of sponsored teams.
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We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms. At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). Plus500 is regulated by multiple trusted authorities (ASIC, FCA, CySEC, FSCA, MAS, DFSA), keeps client funds in segregated accounts, and uses 256-bit SSL encryption. The final verdict on Plus500, according to traders, is Positive but Cautious. Reviews praise Plus500’s simplicity, beginner-friendly interface, and zero deposit fees.
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In a post that both describes and recruits for the class action lawsuit the User also tags IronFX, a Cyprus based online broker plagued with plus500 scam a dark past of misconduct. The FCA urges the public to be vigilant and always verify the authenticity of any financial service provider before engaging in any transaction. This incident serves as a stark reminder of the sophisticated tactics employed by scammers in the financial world and the importance of conducting thorough checks to ensure the legitimacy of a firm. Clone firms like this are a growing concern, as they exploit the credentials of legitimate businesses to deceive individuals into believing they are dealing with the real entity. Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com.
Can EU clients use Plus500?
In a word, yes, but as a trader, you are going to need a more comprehensive answer to that. Is Plus500 a legitimate broker worth trusting with your online investments? Being listed on a stock exchange does not completely prove the legitimacy of a broker. And with more than 2000 tradable assets, you can find lots of investment opportunities. Best of all, they have a support team that is well-trained in assisting their clients. We’ve tested the spreads on Plus500’s platform and we found them to be very tight and that’s why we have awarded this broker with a perfect spreads score.
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This transparent, no-hidden-fee approach makes it an easy-to-use platform for traders prioritizing cost-efficiency. Plus500 offers a clear and affordable fee structure tailored for budget-conscious traders. It charges no fees on deposits or withdrawals, and all costs are included within the quoted spreads. Consequently, users can trade confidently, knowing exactly what expenses to expect without hidden charges.
- You can find out more about this scam tactic and how to protect yourself from clone firms.
- While the website has a built in economic calendar, it lacks daily news updates.
- Plus500’s Affiliate Program offers strong earning potential, professional support, and top-tier marketing tools.
- There already exists a community of individuals particularly on Twitter that seek to strip Plus500 of their regulation.
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You can find out more about this scam tactic and how to protect yourself from clone firms. No, Plus500 uses its proprietary platform and does not support MetaTrader (MT4/MT5) or cTrader. The Plus500 Affiliate Program offers a reliable and rewarding opportunity for content creators and website owners to monetize their traffic. Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions. You can fund your Plus500 account using either your Visa or MasterCard credit card. To make sure that the quotes on the platform are accurate, we’ve compared the prices displayed there and the prices from other quote providers like Yahoo Finance and Google Finance.
One of the key features of the Plus500 platform is the use of demo accounts. By registering a demo account, both beginners and experienced traders can check out the platform and familiarize themselves with its features for free before committing to a live account. Note, however, that cryptocurrencies, ETFs, and options are subject to individual operators.
With broad market access, no need to own physical assets, and a simplified trading interface, it caters to both novice and experienced traders. The 100 USD minimum deposit at Plus500 is ideal for new traders and those preferring to start with smaller capital. Additionally, the Demo Account enhances accessibility by allowing beginners to practice and build confidence without any financial risk. Plus500 serves major global markets through regional subsidiaries and strict regulatory oversight to maintain high standards. However, some countries have legal restrictions that limit access to its services.
- It charges no fees on deposits or withdrawals, and all costs are included within the quoted spreads.
- +Insights is easily accessible on WebTrader by hovering over the side-bar menu, and on mobile apps (iOS and Android) via the main menu.
- With efforts underway, alleged victims of Plus500 detail their experience losing money unfairly to the online broker.
- There are notifications that look like headlines, but those are articles that are less frequent than the streaming news headlines offered by the best brokers in this category.
- This ensures their losses won’t exceed the amount of funds they have deposited into their accounts.
Plus500 trading platform with a watchlist of a EUR/USD chart and insights showing sentiment data and analysis. For example, while you can see your orders (like stop or limit orders) on the chart, you cannot drag-to-modify those orders easily from the chart. That said, like its WebTrader counterpart, the Plus500 trading app lacks the advanced tools and all-around functionality to challenge the best mobile trading apps.
Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA). While Plus500 currently has a limited array of educational materials, it remains a good choice for beginners due to its software’s ease-of-use factor.