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The broker promotes CFD trading to such an extent that it looks like there is nothing else to trade other than CFDs. Plus500 wants the trader to hit the bottom of the pit and does that by offering CFDs on ETFs.
A contract for differences, for Exchange, Traded Funds. ETFs are safer as compared to CFDs, as one has leverage and the other does not. But a combination of the two is on a havoc-bound path, for sure.
Lets read about the scam broker more in this review.
Plus500: Account types
On the main website of the broker, there is no provision where it states that these are the offered account types. The user first has to present itself as a confirmed lead and only hen it gets the proper access to the account types.
The broker supposedly claims to offers two major trading accounts, a standard and a professional account.
The normal user has to first opt-in for opening a trading account and only then he or she gets to chose between these two accounts or even gets to have a look on them. The scam broker also differentiates between the two accounts in terms of leverage.
The so-called offered leverage for one of the accounts is 1:3 while for another one it shoots up to 1:300. This is a huge variation for the user and such leverage can create havoc if not traded correctly. The leverage-variation is n very uncommon practice for th legitimate brokers but it is not that common in the scam ones.
Education and research material:
The broker claims that it has been around since 2008 but still, fails to provide any proof for the same. Apart from this, the scam broker does not provide any training or educational material that a trader could use.
The scam broker nowhere provides a section where the trader could use the trading material that can help in increasing trading skills. Legitimate brokers focus on providing the trading material to their users because it is a fact that education is important for a trader, just like capital is. The absence of such material from the home page of the broker asks serious questions to the community. Do we have to entertain such a broker that does not even want its traders to be educated? Not really.
Plus500: Trading platforms
The broker does not provide the right trading platforms to its users. In fact, nothing is clearly mentioned about the same on the website of the broker. This is utter disrespect to the user visiting the website for the first time.
The user tries to look out for the trading platforms and all he or she is left with is a cluttered website with irrelevant information placed at the eye level.
After digging up a little more about the scam broker, we came to know that it supposedly gives the user a choice between MT4 and MT5. the use of an older software in a trading firm leads to serious questions and the broker is liable to all of them.
Older softwares do not have what it takes for a platform ton make the correct trades and the broker knows each and everything about it. Still, forces the use of an older software onto its users. All of this is trading in bad faith and such a scam broker should not be entertained any further.
Tradable assets:
The broker promotes every possible tradable asset under the CFD condition. The broker supposedly offers a wide variety for the same but does not allow those instruments to be traded traditionally. CFD trading is [oplular, however, there is also huge risks involved with CFDs.
The broker is so scammed, that it provides ETFs on CFDs. This might sound a little too technical but here is the deal. The broker is forcing a loss on a scheme that is already loss-bound to the traders. CFDs are not the ideal trading strategy for beginners and ETFs are definitely not.
The broker also does not provide any information on the spreads it provides and the leverage that is offered. The broker claims that all of these are different but at not even one single place, the broker even tries to explain what are spreads, what ios leverage and why are they variable for each trading instrument.
Plus500: Deposits and withdrawals
If the user exceeds a specific number of withdrawals request that the scam broker decides, then he or she is liable to fees. If the user somehow cannot access the account for a specific period of time, then he or she ire again liable to a fee charged.
The broker claims that it has commission-free trades but it does not really look like it. The broker asks for a lot of money at places that are unnecessary. The scam broker does all this to keep the user ort the trader in a constant loop of payments.
Commissions and spreads:
The broker claims that it provides commission-free trading but also, at a lot of places the scam broker asks for money that is uncalled for. For example, if the trader tries to hold a position for more than a day, he or she is liable to some fee that the scam broker asks for.
If due to some reason the trader is not able to access his or her account, then again a fee is charged by the broker. It really comes in hard for us to understand what does the broker actually want from its users. First, it makes sure that a user is first converted into a lead and then also, the broker treats the users like just someone who is visiting the website
Scam or safe:
By the look of it, the broker is a complete scam, hides a lot of information from its users and also, asks for money that is unaccounted for. The scam broker also provides over the top leverage that might sound good but is not, in reality.
Leverage, with exposing the trader to a profit, also exposes them to loss. Most of the novice traders do not understand this and scam brokers like Plus500 benefit themselves with this knowledge. If not this, then we do not know what scam is.
Conclusion:
The broker is a complete scam and the traders should not get involved financially with the financial service provider. Apart from this scam broker, there are a lot of legitimate brokers that have been in the market for a far less time but have been making big noises. The brokers like HFTrading, ROInvesting, GlobalTrade ATF are far better options than the scam broker Plus500.
Choose wisely before handing your hard-earned money to a broker.
Frequently asked questions:
Will I lose my money if I trade with Plus500?
A profit is never a probability with this scam broker and if the loss has not occurred, it is bound to happen in some time.
Where else can I trade?
The trader has a plethora of options that include a lot of barkers, not just plus500.
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