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Is PLUS500 a scam broker?

Overview:

As the name of this broker “PLUS500” suggests, in reality, it provides more than five hundred trading assets. It also provides Contracts for Differences, trade on Stocks, Foreign Exchange, many Commodities, all types of Cryptocurrencies, ETFs, and Indexes on an ingenious trading platform. This review will try to cover all the aspects of PLUS500.

About PLUS500:

According to its website, PLUS500 is a brand name of PLUS500 Ltd. It also provides the name of all the subsidiary in a detailed manner. PLUS500CY Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission and is situated in Limassol, PLUS500UK Ltd is registered with the Financial Conduct Authority, PLUS500AU PTY Ltd holds AFSL issued by ASIC, FSP issued by the FMA in New Zealand and Authorised Financial Services Provider issued by the FSCA in South Africa. Also, PLUS500SG PTE Ltd has registered itself in the Monetary Authority of Singapore. This broker wants to be straight forward and provides only two kinds of trading accounts namely Gold Account and Pro Account. But the information about the trading conditions such as leverages, spreads, and trade size is missing. The website also proudly features its sponsorship towards a football club in Madrid, Spain. It features a demo account which is a positive sign. This broker provides very tight spreads meaning there is no commission associated with it. There is a provision of negative balance protection and investment protection funds this helps traders to secure money. PLUS500 makes use of segregated accounts to safeguard trader’s funds.

It provides live chat and email customer services 24/7 in more than 30 languages around the world. The payment and withdrawal gateway provided are from all types of cards to e-wallets. It avails of a web-based trading platform that can run on all operating systems. Traders can use all the above services provided by PLUS500 at the minimum deposit of $ or € 100.

The minus points are also scored by this broker in our review.  There is a lack of world-leading trading platform MetaTrader. Its operation is restricted in many regulated markets. The telephone customer service is missing.

Is PLUS500 scam or legit?

To start with we can firmly say that this broker is highly regulated and licensed. The services provided by PLUS500 are extraordinary. PLUS500 appears to be a legit broker. But taking consideration of the current market environment we come across many scam brokers rather legit ones. We advise you to follow the registry of financial authorities that oversees your area for the safety of funds from any potential scam broker.