Is Plus500 a safe trading platform and a good choice for a beginner?

 

Plus500 is a global online platform for trading Contracts for Difference (CFDs) on shares, forex, commodities, ETFs, options, and indices. It was founded in 2008 and is headquartered in Israel with subsidiaries in the UK, Cyprus, Australia, Singapore, and Bulgaria. Plus500 provides access to over 2,000 financial instruments to traders from around the world. It is regulated by several financial authorities including the UK Financial Conduct Authority, the Australian Securities and Investments Commission, and the Cyprus Securities and Exchange Commission.

Attention everyone! I have a clear and loud message for you: do not even consider using Plus500! It may appear sophisticated and legal, but it is actually a scam! If you sign up to Plus500, you will lose your money.

It may not happen tomorrow or next week, but one day you will suddenly be blocked out of your account. You will not be able to close your position because the close button will not respond, and you will not be able to withdraw your remaining funds. You will experience strange price movements, and it will seem like the system is always working against you. Plus500 can do anything they want because they are regulated by the FCA.

They can even steal your money. Understand? This is what will happen, for sure. 95% of people who use Plus500 will end up feeling frustrated and angry, but they won’t be able to do anything about it.

When you complain to Plus500, they will laugh in your face. They will pretend to investigate your case, but the result will always be that it’s not their fault. Only the 5% of people who leave angry reviews will speak out about their experience. This is why their rating looks good. Peopl

 

e feel ashamed and angry, so they walk away quietly with their losses. I believe that hundreds of people lose money and walk away every day without the public knowing about it. Unfortunately, I was one of those people who believed that FCA regulation meant my money was safe. It wasn’t.

I opened buying positions on oil, but the price started dropping. When I tried to close my losing positions to cut my losses, I discovered that the close button wasn’t working. I watched helplessly as my money melted away. Margin calls came in, and my positions were closed by the system with a heavy loss. By the time I could close the remaining positions, I had lost 25K in just 20 minutes. Plus500 paused the close button, so I wasn’t in control of my positions anymore.

They blamed me for losing my money, but I was not in control. I only started searching for complaints about Plus500 after this happened to me and found many similar stories. This has been happening for years, and their revenue keeps growing. Lots of people have lost their hard-earned money the same way I did, and others have lost it in other strange ways. The result is always the same: you will lose your money. Please understand that you can only lose your money if you sign up with Plus500.

You might think I am overreacting, but wait until it happens to you. Plus500 may appear to be a nice platform, but don’t be fooled. As soon as you deposit your money in their account, you are at their mercy. People from all around the world complain about Plus500. I wish I had known this two months ago. I would never have come anywhere near them.

My only options now are to go to the Financial Ombudsman, leave bad reviews to warn people, and report Plus500 to all the authorities (FCA, ESMA, Actionfraud.police, CMA, etc.). If you are a victim too, get in touch with Jay and tell your story. This is the biggest legal scam I have ever come across. I wish I could turn back time, but I can’t.

Therefore, I warn everybody not to fall into this clever trap, or you will lose your money, guaranteed. (Plus500 is probably laughing right now as they know that hundreds of new victims sign up with them every day.) Please do not sign up with Plus500! Please do not become a victim of legal crime.

Is Plus500 Safe?

Plus500 has a very high level of trust, with an overall trust score of 98 out of 99. As a publicly traded company, Plus500 does not function as a bank. It has been authorized by four tier-1 regulators, which indicates a high level of trust, and by four tier-2 regulators, indicating an average level of trust. It has not been authorized by any tier-3 regulators, which typically indicates a low level of trust. The tier-1 regulators that have authorized Plus500 include the Financial Conduct Authority (FCA), Australian Securities & Investment Commission (ASIC), Financial Markets Authority (FMA) – New Zealand, and the Monetary Authority of Singapore (MAS). To learn more about the Trust Score, visit the relevant source.

Offering of investments

Unlike brokers that offer non-deliverable spot forex as a rolling contract, Plus500 conducts all forex trading through CFDs. In 2021, Plus500 launched shares trading through Plus500 Invest and acquired a futures firm in the U.S. Plus500 clients can invest in various products, including cryptocurrencies, through CFDs. However, trading the underlying asset (such as buying Bitcoin) is not available. Note that cryptocurrency CFDs are not offered to retail traders from any broker’s U.K. entity, nor to U.K. residents. Plus500 offers CFD investment products as summarized in the table below, and non-CFD shares are only available through the broker’s Plus500 Invest platform.