Plus500 South Africa Review
For South African 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 FSCA Regulated CFD Trading Platform with 750 ZAR Minimum Deposit, ZAR Account Currency & Spread-Only Pricing Policy
| 👨 Broker | Plus500 AU PTY LTD. |
| 👨 Accepts South African Traders? | Yes |
| 📅 Year Founded | 2008 |
| ⚖ Regulators | FSCA South Africa |
| ⚖ FSP No. | 47546 |
| ⚖ Authorized ODP | No |
| 💰 Plus500 Minimum Deposit | 750 ZAR |
| 💰 Minimum Withdrawal | 750 ZAR |
| 📈 CFD Instruments | Forex, Indices, Crypto, Commodities, Shares, Options, ETFs |
| 🚀Leverage | 1:30 |
| 💱Account Currency | ZAR, USD |
| 🔎Auditors | |
| 💻 Platforms | Plus500 Proprietary mobile app & web trader |
| 📋Account Types | Standard Account |
| 📞Live Support | 24/7 |
| 🏖️ Inactivity Fee | $10 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 4/5
Is Plus500 in South Africa?
Yes, Plus500 accepts South African traders & is regulated by the Financial Sector Conduct Authority (FSCA) , here in South Africa.
However, Plus500 is not an FSCA authorized Over-the-counter Derivative Provider (ODP), so they cannot act as market makers or counterparty to your trade.
Plus500 is also 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?
Plus500 minimum deposit in South Africa is 750 ZAR 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 | 750 ZAR |
| PayPal | 750 ZAR |
| Skrill | 750 ZAR |
| Apple Pay | 1, 500 ZAR |
| Bank Transfer | 3,000 ZAR |
How Much is Plus500 Minimum Withdrawal?
| 👨Plus500 Withdrawal Method | ✅Minimum Withdrawal |
| Visa/MasterCard | 1,500 ZAR |
| PayPal | 700 ZAR |
| Skrill | 700 ZAR |
| Bank Transfer | 1, 400 ZAR |
| Apple Pay | 2,000 ZAR |
Account Management -4/5
Does Plus500 Have ZAR Base Currency?
Yes, Plus500 South Africa offers ZAR Base Currency so whenever you deposit in Rand, you will not be charged a 0.7% currency conversion fee.<.p>
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.
Plus500 Leverage
Yes, Plus500 South Africa allows you trade CFDs with leverage up to 1:30.
You can trade CFDs on Forex, Indices, Crypto, Commodities, Shares, Options & ETFs.
Margin Call & Stop Out Level
Plus500 margin call comes when your margin level falls to 100% and stop out happens when your margin level falls to 50%.
Plus500 Fees - 4/5
1. Spread
Plus500 spread starts from 1.0 pips and you have to remember they do not charge commissions and rely on spread for their income.
| 👨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 |
2. Overnight Fees
Plus500 charges you for leaving your CFD trade open till the next day and over a weekend.
3. Guaranteed Stop Loss Fee
Plus500 charges you a fee only after your GSLO has been triggered.
4. Inactivity Fee
You need to trade at least once every 3 months or else a 10 USD inactivity fee will be deducted from your trading account.
Range of Markets - 4.5/5
1. Forex CFDs (1:30 Leverage)
60+ forex CFDs are on the menu and these include ZAR fx pairs listed below:.
- EUR/ZAR
- GBP/ZAR
- USD/ZAR
2. Commodity CFDs (1:20 Leverage)
15+ hard and soft commodities are on the menu and they include XAU/USD, Oil, Natural Gas, Corn, Hogs, Wheat, Sugar, Cattle etc.
3. Indices CFDs (1:20 Leverage)
Over 20+ popular indices are on the menu and these include NAS100, GER40, US30 etc.
4. Crypto CFDs (1:2 Leverage)
20+ Crypto CFDs are on offer including Bitcoin, Cardano, Solana, Ethereum, Toncoin etc.
5. Share CFDs (1:5 Leverage)
Hundreds of Share CFDs are available with a 1:5 leverage.
6. Option CFDs (1:5 Leverage)
Plus500 is an Options trading platform in South Africa so you can trade calls & puts on several company shares, commodities, indices etc.
7. ETFs (1:5 Leverage)
50+ ETFs are on the menu and you can trade with up to 1:5 leverage.
Trading Platforms - 2/5
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
Trading Tools - 5/10
1. Guaranteed Stop Loss
The Plus500 trading platform is equipped with the Guaranteed Stop Loss tool which guarantees that your trade will be closed at your desired stop price no matter how volatile the market is. Guaranteed stops are crucial when trading during news releases such as NFP and CPI.
2. Trailing Stop Loss Tool
The Plus500 proprietary trading platform offers trailing stops to help you secure some profit by adjusting the stop loss as price moves in your favor.
Customer Support - 4/5
Plus500 South Africa has good 24/7 customer support with short hold time on live chat/Whatsapp, 24 hour response to emails & dedicated help lines.
However, the help lines are not toll-free & 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 - 7/10
Plus500 is one of our best forex brokers in South Africa for experienced traders who are interested in risk management and capital preservation.
The shortcoming of Plus500 is that they don't offer MetaTrader but one way to get around this is to only use Plus500 for placing your trades, then use another brokers MT4/5 demo account for doing your analysis.