Plus500 Australia Review
For Australian Traders
!! Regulator Warning !!
CFD's are categorized as high risk by some regulatory authorities as there is no protection of capital, no guaranteed return and customers can lose the amount invested. With the Plus500 Trading Platform it is not possible to lose more than the amount invested and customers cannot be left in debt to Plus500
charting on the plus500 mobile app is really frustrating, the chart keeps resetting to default even when i save changes
I requested a withdrawal but it was cancelled because my card had expired but the refund has not returned to my plus500 account yet. Are they waiting for me to beg them to do it? I even contacted them and they said the fault wasn't theirs. They didnt even offer any more help
They keep asking for bank statement when i want to withdraw money
easy to use trading app but their customer service is not so good and they should make it more human instead of robotic replies here and there
Plus500 is a scam broker, they don't really make money from spreads instead they make money when you lose. When trading nas100 they cut connection and the system freezes so I cannot exit a trade. For now I only recommend you use their demo account for practice.
Definitely will recommend Plus500 to others for their low fees but what I don't like about them is their low leverage of 1:500
This is a good forex broker and I trade with them because of their low fees. Although they lack the MetaTrader suite, I always used that of another broker to analyze the market then place my trades on Plus 500
Plus500 is an ASIC Regulated CFD Trading Platform with Spread-Only Trading Accounts in AUD & USD Base Currencies
| 👨 Broker | Plus500 AU LTD. |
| 👨 Accepts Australian Traders? | Yes |
| 📅 Year Founded | 2008 |
| ⚖ Regulators | ASIC |
| ⚖ AFSL No. | 417727 |
| ⚖ Dispute Resolution | AFCA |
| 💰 Plus500 Minimum Deposit | $100 |
| 💰 Minimum Withdrawal | $50 |
| 📈 CFD Instruments | Forex, Indices, Crypto, Commodities, Shares, Options, ETFs |
| 🚀Leverage | 1:30 |
| 🔎Auditors | |
| 💻 Platforms | Plus500 Proprietary mobile app & web trader |
| 📋Account Types | Standard Account |
| 📞Live Support | 24/7 |
| 🏖️ Inactivity Fee | $10 |
| ✅Reason To Trade | AUD base currency, Range of Markets, 24/7 support, Low spreads, Guaranteed stop loss |
| ❌Reason To Avoid | High minimum deposit, High minimum withdrawal, No raw spreads |
Regulation - 5/5
Is Plus500 in Australia?
Yes, Plus500 is in Australia & accepts Australian traders. Plus500 is regulated by the Australia Securities & Investment Commission (ASIC) , here in Australia.
Plus500 Australia is also a member of the Australian Financial Complaint Authority (AFCA).
Plus500 is listed on the London Stock Exchange & its shares are a composite of the FTSE 250 index.
Funding & Withdrawal -3.7/5
How Much is Plus500 Minimum Deposit in Australia?
Plus500 minimum deposit in Australia is $100 but it can be higher depending on your choice of deposit method. However, deposits are free of charge & impact instantly.
| 👨Plus500 Deposit Method | ✅Minimum Deposit |
| Visa/MasterCard | $100 |
| Skrill | $100 |
| PayPal | $100 |
| Local AU Bank Transfer | $100 |
How Much is Plus500 Minimum Withdrawal in Australia?
| 👨Plus500 Withdrawal Method | ✅Minimum Withdrawal |
| Visa/MasterCard | $100 |
| PayPal | $50 |
| Skrill | $50 |
| Local AU Bank Transfer | $100 |
Account Management -4/5
Plus500 Base Currencies
Plus500 base currencies include AUD, USD, GBP & EUR. There is a 0.7% currency conversion fee when you deposit/withdraw outside your account base currency.
Can I Open More Than One Account at Plus500?
No, you cannot open several accounts at Plus500, they limit the accounts you can open to only one.
Plus500 offers only one type of account which is a spread-only account so commissions are zero.
Does Plus500 Offer Leverage?
Yes, Plus500 AU allows you trade CFDs with leverage up to 1:30.
How To Open An Account
Start by registering with your email & creating a password. This will enable Plus500 create a profile & a client area for you.
Login to your client area on the Plus500 website or mobile app to verify your trading account.
Snap & upload your Australian government issued ID such as National ID Card, Drivers License, International Passport etc.
Also snap & upload a proof of residence document such as your recent electricity bill.
After Plus500 authenticated your documents you will get a notification that your live account has been activated and you can make a deposit.
How To Close Plus500 Account
To close your Plus500 account, send an email containing the account details to Plus500 Australia customer support.
Plus500 Fees - 4/5
What is the Average EUR/USD Spread at Plus500?
| 👨CFD | ✅Spread |
| EUR/USD | 1.1 pips |
| EUR/GBP | 1.5 pips |
| GBP/USD | 1.7 pips |
| USD/CAD | 2 pips |
| NASDAQ 100 | 1.9 pips |
Does Plus500 Charge Commissions?
No, Plus500 is a zero-commission CFD trading platform & they are compensated through the spread.
Does Plus500 Charge Overnight Fees?
No, Plus500 Australia does not charge you a fee for leaving your CFD position open till the next day.
Does Plus500 AU Charge Inactivity Fees?
The inactivity fee is applied to accounts that remain dormant for over three months, with a maximum fee of $10, deducted monthly thereafter, provided there are available funds.
Range of Markets - 4.5/5
You can trade CFDs on Forex, Indices, Crypto, Commodities, Shares, Options & ETFs.
Trading Platforms - 3/5
Does Plus500 Have MetaTrader?
No, Plus500 does not offer third-party platforms such as MetaTrader & cTrader.
Plus500 has built its own trading platform which comes as mobile app and a web trader. The Plus500 app has over 10 million downloads on google play store
Does Plus500 Have Guaranteed Stop Loss?
Yes, the Plus500 trading platform is equipped with the Guaranteed Stop Loss tool.
Customer Support - 3.5/5
Plus500 Australia has 24/7 customer support with instant response to live chat. We also noticed the live chat icon on their website homepage leads you to the FAQ page, so you need to login to your personal area to use live chat.
However, Plus500 does not offer telephone support & Personal Account Managers are not assigned to traders.
To support beginner traders, there is the Plus500 Academy that offers video tutorials.
Beginner traders can also use the Plus500 Demo Account to practice what they learnt on the Plus500 Academy using virtual funds.
Our Final Verdict - 8.7/10
Plus500 Australia is the best forex broker for beginners because of the customer support/education & commission-free pricing structure.
We would not recommend Plus 500 to expert traders because of the absence of Raw spread pricing & MetaTrader platforms.