Pros

  • All of the main cryptocurrencies available
  • Decent fees
  • No deposit fee
  • Accepts PayPal, credit/debit card , bank transfer deposits
  • Easy to use

Cons

  • CFD trading - you don't actually receive any cryptocurrency
  • Lack of cryptocurrency variety

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.

Plus500 review: professional traders.

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.

Plus500 review: supported crypto assets.

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).

Plus500 review: why Plus500?

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.

Plus500 review: ETH price.

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.

Plus500 review: buy and sell crypto CFDs.

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…

Plus500 review: available crypto assets.

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!

Compare Plus500 Side by Side With Others

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Compare Plus500 Side by Side With Others

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Fees

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 amarket spread” on this particular platform. This “spread” can range from 0,02% up to 2%, depending on some certain variables.

Plus500 review: buy/sell spreads and fees.

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”.

Plus500 review: the Plus500 homepage.
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.

Plus500 review: select account mode.
3. Here, you will have to enter your email address, and create a password. Do so.

Plus500 review: enter email and password.
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!

Plus500 review: the dashboard.
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.

Plus500 review: name, surname, date of birth.
3. Once you do that, you’ll be prompted to enter your country of residence, and tick the options that apply to you.

Plus500 review: country of residence.
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.

Plus500 review: address.
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.

Plus500 review: CFD training experience.
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!

Plus500 review: depositing funds.
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!

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Pros
  • A very well-known crypto exchange platform
  • More than 100 different cryptocurrencies available to trade
  • Two-factor authentication
Main Features
  • Over than 100 different cryptocurrencies available
  • Strong security
  • Small withdrawal fees
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Pros
  • Fiat currencies - accepted
  • Simple to use
  • Accepts only the most trustworthy cryptocurrencies
Main Features
  • A leading cryptocurrency exchange platform
  • Best for beginner investors
  • Accepts fiat currencies
  • Highly-regulated and secure
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Pros
  • High levels of security
  • Helpful customer support
  • User-friendly platform
Main Features
  • Capable security
  • Accepts SEPA banks transfers, credit/debit cards, ApplePay, and others
  • Suitable for beginners

Conclusions

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.

If not, however, I must stress this again - there are much better options for you to pick from, when it comes to trading cryptocurrencies. Coinbase, Binance, Kraken, and many more - check them out!

Thanks for reading this Plus500 crypto review, and best of luck!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

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FAQ

Is Plus500 a good cryptocurrency broker?

Reading through user Plus500 reviews, it's obvious that people aren't too excited to trade crypto coins on Plus500. That's simply because, the platform being a CFD broker, it does not sell you any cryptocurrency - in other words, you work with prices, and not the actual crypto coins themselves.

What are the main features of Plus500?

Plus500 allows you to deposit money in a simple way - you can use PayPal, credit or debit cards, and transfer it via a bank, too. The verifications process is very straightforward, the website itself is simple to use, and there are quite a few user Plus500 reviews that claim this site being completely legit, as far as CFD trading is concerned.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you’re looking to trade only the main cryptocurrencies, you probably don’t really care too much about the variety of coins available on the exchange. It’s all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that Coinbase is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. Coinbase or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.