Cryptocurrency trading is a topic that, as time goes on, more and more people are becoming increasingly interested in. In order to get into crypto trading, however, you are going to need to sign up to a cryptocurrency exchange. In this Plus500 review, we’ll talk about one such platform.
Well, at least to an extent. The platform in question is rather unique as far as crypto trading and exchange sites go. We’ll cover all of that in the chapters ahead, though.
We’ll also talk about Plus500 online trading, and whether or not this particular trading platform is the best option for you. The pros, the cons, the features, and everything in between - once you’re aware of what Plus500 is, you’ll be able to make the right decision for yourself!
- All of the main cryptocurrencies available
- Decent fees
- No deposit fee
- Accepts PayPal, credit/debit card , bank transfer deposits
- Easy to use
- CFD trading - you don't actually receive any cryptocurrency
- Lack of cryptocurrency variety
Table of Contents
- 1. Plus500 Review: PROS
- 1.1. Supports the Main Cryptocurrencies
- 1.2. Good for People Who Just Want to Trade Crypto CFDs
- 1.3. A Demo Account to “Test the Waters”
- 2. Plus500 Review: CONS
- 2.1. CFD Trading - You Don’t Actually Receive any Cryptocurrency
- 2.2. Lack of Cryptocurrency Variety
- 3. Fees
- 4. How to Register On / Use Plus500?
- 5. Conclusions
Plus500 Review: PROS
So, before we get into the pros and cons of this Plus500 review, we should address the most important part - Plus500 is NOT a cryptocurrency exchange or a traditional brokerage.
What this means is that you CANNOT actually purchase cryptocurrencies on this platform. What you can do, however, is bet on their prices.
User Plus500 reviews will tell you that PLus500 is actually a CFD brokerage. The acronym “CFD” stands for “contract for difference”, and refers to a form of asset trading where you don’t actually trade the assets themselves, but instead form contracts by betting on their price increases or declines over a certain period of time.
It can be quite confusing, sure, but the main takeaway here is that, with Plus500, you won’t actually purchase any cryptocurrency. Instead, you’ll be betting on their prices, and will be making a profit (and, hopefully, not a loss) this way.
Which brings me to the point expressed above - Plus500 isn’t an actual cryptocurrency exchange or a brokerage. Well, at least not primarily - it’s an online asset trading platform. This means that, not counting crypto coins, there are plenty of other assets that you could trade, in the form of CFDs (gold, gas, oil, silver, etc.).
So… What does this mean for our Plus500 review?
A few things, actually.
If you’re interested in trading cryptocurrencies and actually owning the coins yourself, then Plus500 online trading isn’t really for you. If, however, you do actually want to participate in CFD trading, then read on - Plus500 might be the perfect option!
Supports the Main Cryptocurrencies
So, what are the first things that you look for when trying to decide which cryptocurrency platform is going to be best for you? Is it the ease of use of the interface? Perhaps the price margins of the cryptos?
Well, for most people, one of the first things that they look at (apart from the reliability and security aspects of the site) is going to be the number of different cryptocurrencies that are available to be traded on the platform. This is a question that’s important to Plus500 users, too - multiple online Plus500 reviews further this sentiment.
Now, there are two camps of people when it comes to this topic - there are those that talk about a crypto trading platform needing to have as many different cryptocurrencies as possible, and others who claim that a few crypto coins are enough, as long as they are among the most important (most well-known) ones.
If you belong to the latter group of crypto enthusiasts, then user Plus500 reviews do have some good news for you - as of writing this article, the platform has 12 different cryptocurrencies available to be traded with CFDs.
Note: Keep in mind that you don’t actually trade the cryptocurrencies, and instead participate in CFD trading. That said, for the sake of simplicity and to keep things as clear as possible, in this Plus500 review, I’ll be using the term “cryptocurrency trading”.
The cryptos available on Plus500 are:
As you can see from the list above, Plus500 supports most of the main cryptocurrencies on the market. You’ll be able to trade both the top cryptos on the market (i.e. Bitcoin, Ethereum, Ripple), and also some less-known, but still prominent coins, too (i.e. IOTA, EOS, Stellar).
Good for People Who Just Want to Trade Crypto CFDs
While this is one of the more obvious aspects of the platform in question, it’s still something that needs to be mentioned in this Plus500 crypto review.
As noted earlier in the article, Plus500 is a CFD trading broker. The main benefit of CFD trading is that you do not actually need to buy any asset - you’re basically just speculating prices, and at the end of the day, you’re left with either full profit, or a loss - no assets to your name, though.
While it is surely a negative for some people, it will be beneficial to those who want to “keep things simple”, and are not interested in the assets themselves (namely, owning them).
If you’re a true crypto enthusiast, then you’ll likely agree with the user Plus500 reviews that talk about the benefits of owning some crypto, and being part of the community. On the flip side, though, owning cryptocurrency can be of a pretty high-maintenance task - you need a proper wallet, have to take care of some security aspects, find a place to store your codes, and so on.
If you want to skip all of these tedious processes, multiple user Plus500 reviews will tell you that this particular platform allows you to do just that.
With the help of CFDs and margin trading, you can keep it as simple as staying up-to-date with the news of the cryptocurrency world, but not having to worry about your coins being stolen, your wallet being hacked into, and so on.
A Demo Account to “Test the Waters”
A single Google search will reveal to you that there are countless numbers of different articles talking about the best ways of how to get into cryptocurrency trading. As you can imagine, it’s not as simple as jumping on the first crypto exchange that you encounter, and pressing one or two buttons!
There are a lot of intricacies surrounding crypto trading. Some of them concern the research that you might do before and during the process, but others revolve around the actual process of trading itself - terminology, getting used to the interface, and so on.
This is where user Plus500 reviews come in with some good news - if you’re a complete cryptocurrency newbie, and aren’t sure where to start, Plus500 will provide you with the chance to create a demo account, and “learn the ropes” there.
With a demo account, you’ll be able to test the waters (yes, I’m big on idioms today, apparently) and try out cryptocurrency CFD trading in a safe and risk-free way. This is actually important, since CFD trading is considered to be highly volatile, and a risky activity to get into, without doing some proper research!
All in all, it’s definitely a huge plus (pun slightly intended) that the broker in question does, in fact, allow users to try CFD trading out on some demo accounts. Surely one of the highlights of this Plus500 review!
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Plus500 Review: CONS
As you can probably imagine, there are quite a few negative Plus500 reviews left by some users online, too. Well, I should probably say - Plus500 crypto reviews. While the platform does have a good reputation as a CFD trader, when you touch the topic of cryptocurrency, things tend to get… A bit more difficult.
One of the main issues that most crypto enthusiasts have when it comes to Plus500 is, in fact, the reason why other people love this platform - the contract for difference part.
CFD Trading - You Don’t Actually Receive any Cryptocurrency
In this Plus500 review, we’ve already established the fact that, with CFD trading, you do not actually receive any cryptocurrency, and instead place a bet on a price prediction of a certain asset.
We’ve also established that some people prefer to trade cryptocurrencies this way, especially in the short term. However, that’s only one-half of people - the other half’s views are quite the opposite.
If you’re a true cryptocurrency enthusiast, the prospect of “trading” crypto coins without even having them isn’t probably something that’s all that appealing to you. Following that logic, Plus500 probably isn’t going to be your go-to cryptocurrency trading platform, either.
In general, CFD platforms should be kept in mind when you actually want to short-term trade an asset (“flip it” for profit). In essence, it’s quite impossible to participate in long-term trading or hodling (obviously) on such a site, since you don’t even receive or own the asset, in the first place. Well, naturally, you could do it long-term, but the risk would always remain substantial, nonetheless.
Lack of Cryptocurrency Variety
As discussed earlier on in this Plus500 review, the platform in question provides its users with a very limited cryptocurrency selection. You get the chance to CFD-trade 12 different crypto coins, and that’s it.
In some cases, this is a good thing - it’s not overwhelming, and since all of the most common and most popular cryptos are available, it’s going to please the vast majority of people.
Having said that, though…
If you’re a traditional cryptocurrency enthusiast, the lack of variety might seem jarring to you. This is the case simply because of the fact that there are seemingly countless numbers of crypto coins available nowadays, not to mention tokens that are based on the Ethereum blockchain, too!
The main issue here stems from the fact that you won’t really be able to research and invest in some niche cryptocurrency. You are frankly bound to the 12 options that are available to you - unless some unpredictable miracle happens within the market, it’s quite unlikely that you’ll be able to make some sort of a stunning breakthrough!
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Before discussing the usability aspects of Plus500, let’s first take a look at the Plus500 online trading fees - what you can expect to pay as a commission for the trades and transactions that you make.
Plus500 does actually have some rather straightforward fees - they are considered to be a “market spread” on this particular platform. This “spread” can range from 0,02% up to 2%, depending on some certain variables.
If you were to place this Plus500 review side-by-side with some other crypto-exclusive platform reviews, the fees offered by the platform in question would actually be somewhere in the middle. It depends on where it is that you would fall in the fee spectrum - if it’s closer to the 0,02%, great! If, however, you’re charged up to 2%, that’s actually quite high.
How to Register On / Use Plus500?
As a final point in this Plus500 review, let’s quickly discuss the actual processes of registration and usage of the CFD trading site.
1. Go to the Plus500 official website, and click “Start Trading”.
2. You can now choose to either create a real money account, or a demo one. For the sake of simplicity and clarity, let’s choose the former option.
3. Here, you will have to enter your email address, and create a password. Do so.
4. Once you’ve completed the above-mentioned steps, you’ll be sent to the dashboard of the platform. That’s it! You can now navigate to the cryptocurrency tab, and start trading!
Well, almost. In order to actually begin participating in transactions, you will first have to verify your account.
1. Press the “Buy” button on any of the cryptocurrencies you see on the list. You’ll be sent to the verification page.
2. Here, you will have to fill out your name, surname, and date of birth. Do so.
3. Once you do that, you’ll be prompted to enter your country of residence, and tick the options that apply to you.
4. You will now have to enter your residential address. That’s a normal part of any sort of stock trading platform verification - follow through.
5. In the following pages, you will be asked to tell the company about your knowledge in the field of CFD trading, your prior experience with CFDs, in general, your employment status, income, and so on. All of this information is important in order for Plus500 to verify that you are eligible to trade on their platform.
6. One you go through the entirety of the verification process, your profile will be submitted for review. At this point, you can make a deposit, and think about starting to trade CFDs!
That’s it! I have to agree with some user Plus500 reviews that I saw online - the registrations and verification processes are actually pretty quick and straightforward!
- Very low trading fees
- Exceptional functionality
- Mobile trading app
- Very competitive trading fees
- An intuitive mobile app
- Up to 100x leverage available
- Advanced trading feature
So, then - is Plus500 worth paying your attention to?
In all honesty, while there are some great features surrounding the platform, I must say - there are far, far better crypto trading sites out there.
Plus500 is somewhat of a niche site in that it offers your CFD trading - since you won’t actually be getting any cryptocurrencies yourself, and only playing around with their price predictions, it can turn a lot of people away from the site - unless, of course, you’re into CFDs. In that case, Plus500 is a rather decent choice.
Thanks for reading this Plus500 crypto review, and best of luck!
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