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Main » Plus500 Review

Plus500 Review Australia & Test 2023: Is Plus500 safe or scam?

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If you’re looking to trade CFDs in Australia, it’s definitely worth checking out Plus500.

This popular online broker offers over 2,000 CFDs across a variety of asset classes, a great range of  payment methods, and fantastic security. What really sets Plus500 apart from other brokers is its extremely low fees, with some of the lowest spreads on the market and no deposit or withdrawal fees whatsoever!

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Pros & Cons of Plus500
  • Very low spreads & fees
  • Over 2,000 assets
  • Good selection of crypto CFDs
  • Unlimited demo account
  • Up to 1:300 leverage
  • Not compatible with other trading platforms like MT4
  • Limited features
  • No telephone support
Payment Methods
Bank Transfer
CySEC - Cyprus Securities and Exchange Commission
Plus500 Ltd
Available Languages
Customer Support
Live Chat, Email Support
Overall Rating
Rating follows
  • Usability, Look & Feel
  • Payment Methods
  • Customer Service
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Last Updated on 09/11/2023
Fact checked by: Kane Gregan

Usability, Look and Feel - Our Plus500 review

Trading on Plus500 Australia takes place on the broker’s proprietary platform. Unlike some other CFD brokers, it’s not compatible with other platforms like MT4 or MT5. If you want to check out a broker that is, read our FX Open review.

During our Plus500 review, we found the platform to be very easy-to-use. It’s intuitive and everything is easy to access in just a few clicks, so it’s suitable for both beginners and advanced traders.

We think the platform is a little lacking in terms of trading tools and features. It offers standard charting and drawing tools, but doesn’t push the boat out like other brokers that offer auto trading or social trading. For example, our SelfWealth review found that the broker has an entire investor community and benchmarking tools, whereas Plus500’s features are more basic.

In terms of look and feel, our Plus500 review Australia revealed that the broker goes for a fairly simple approach, using a basic blue and white colour scheme. The menu is on the left of your screen, with instrument classes in the middle and price charts down the bottom. In our opinion, everything feels slightly squashed in and the design could probably be improved on. It’s not bad, but it’s not as well designed as platforms like eToro – check out our eToro review to learn more.

However, the platform has good performance, with fast loading times. As it’s a web platform, there’s no need to download any software. If you want to trade on your mobile, the Plus500 Australia app is available on iOS and Android and has a very similar look and feel to the web platform.

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Vantage FX Highlights
  • Covers plethora of trading instruments
  • Over 300+ markets
  • Spreads on par with industry standards

How to Trade – Our step-by-step guide

Here’s a detailed run-down of how to get started trading cryptocurrencies on Plus500.

Sign Up

Head to the Plus500 website and select the create account option. You can either create an account with your email, or with your Google, Facebook or Apple account. If you want to try the platform out, you can start off with a demo account. You just need to provide some basic personal details to sign up, such as your name, email address and date of birth.


You need to verify your account so that Plus500 can make sure you are who you say you are. You’ll be asked to enter your personal details, including your address, and then confirm that you’re an Australian national, that you pay taxes in Australia, and that you’re not a citizen or resident of the US for tax purposes.

Plus500 will then run a KYC (know your customer) check to confirm your details. You may be asked to upload identity documents, such as your passport and proof of address.


To deposit, click on the ‘Menu’ option in the top left hand corner and then select the deposit option. Then simply choose your preferred deposit method, enter in the amount you want to deposit and hit confirm.


To trade cryptocurrencies, start by selecting the asset you want to trade and choose whether to buy or sell. If you choose to buy, you’re speculating on the price going up, and if you choose to sell, you’re speculating on the price going down. Then set your leverage, stop loss and take profit and confirm. Easy!


To cash out, click the withdrawal option from the menu, select your chosen method and amount, confirm and then wait for your request to be processed, which typically takes 1-3 working days.

Payments - An excellent range of payment options

Our Plus500 review Australia found that this broker offers a great range of payment methods. You can choose from any of the following:

  • VISA
  • MasterCard
  • Bank transfer
  • PayPal
  • Skrill
  • iDeal
  • BPAY
  • Klarna
  • Giropay
  • Trustly
  • MultiBanco
  • MyBank
  • Blik

There are no deposit fees whatsoever, regardless of what option you choose, although bear in mind certain providers have their own fees. Deposits are usually processed instantly, though deposits made with certain methods, such as bank transfer, may take several days to hit your account. The minimum deposit is $100.

Bank Transfer
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Like with deposits, Plus500 Australia doesn’t charge any fees for withdrawals. All withdrawals are processed in 1-3 business days. After that, how long your funds take to hit your account depends on your chosen method. PayPal and Skrill deposits are usually completed instantly after Plus500 has processed the request.

PayPal is our recommended deposit and withdrawal method for Plus500 users in Australia. It’s the fastest option, is extremely secure, and doesn’t charge any fees, unlike other providers such as Skrill.


Customer Service - 24/7 support from Plus500


Plus500 is one of few brokers that offers 24/7 support. You can get in touch with the support at any time via the live chat option, or you can choose to email. Unfortunately, our Plus500 review Australia found that it doesn’t offer telephone support. Support is available in over 30 languages, including English.

Plus500’s customer service has mostly positive user reviews on TrustPilot Australia, but there are several reviews criticizing the customer service. For example, some users claim the customer service aren’t responsive. However, other positive user reviews contradict this.

Our own Plus500 review Australia found that the customer service was fairly responsive, friendly and helpful, although it would be good if there was the option to call some from the support team to help resolve urgent issues.

Ultimately, due to the mostly positive reviews on Trustpilot and our own experience, we’d give Plus500’s customer service a thumbs up.

License and Security - Is Plus500 Safe?

During our Plus500 review we found that the broker is strictly regulated and holds several major licenses. In Australia, Plus500 is licensed by the Australia Securities and Investment Commission, license number AFSL 417727.

Plus500 is also licensed by the UK’s Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Seychelles Financial Services Authority.

This means that Plus500 is a very safe and secure trusted broker. All user’s funds are kept in a segregated trust account, in line with Australia’s legal requirements, so you can be sure your money is kept safe. The Plus500 platform is also secured by SSL (secure sockets layer), so your account and personal details are protected by encryption technology.

Plus500 carries out KYC checks on all users to ensure they are who they say there are. This helps the broker identify minors and prevent potential money laundering.

Reputation and Customer Feedback – Positive reviews

Plus500 is a reputable trading platform that is generally well regarded by users. To start with, it’s a very secure, strictly regulated trading company with licenses for most major jurisdictions. It’s also a FTSE 250 company that’s listed on the London Stock Exchange. In 2019, Plus500 had over 200,000 active users.

On TrustPilot Australia, Plus500 has mostly good reviews, with four stars and a ‘Great’ rating. In total, it has 1,168 reviews on the platform, with 56% excellent, 20% great, 6% average, 3% poor and 15% bad. Overall, the TripAdvisor Plus500 ranking is positive.

Despite there being some negative reviews, users generally praise the fast withdrawal times, user-friendly interface, competitive fees, and responsive customer service. There are some ‘Plus500 scam’ accusations, but the broker is certainly reputable and is definitely not a scam.

CySEC - Cyprus Securities and Exchange Commission
FCA - Financial Conduct Authority
ASIC - Australian Securities and Investments Commission
FMA - Financial Markets Authority
FSCA - South African Financial Sector Conduct Authority
+ 4
Plus500 CFD

Trading CFDs

The entire Plus500 service is based off CFD trading. This allows traders to enter a contract for difference (CFD) where the buy and sell difference amount is settled upon closing of the contract. This trading instrument can be used for a variety of assets and most of the options available at Plus500 make use of it.

Plus500 Crypto

Cryptocurrencies - What’s available at Plus500?

Our Plus500 review Australia found that the broker offers a strong selection of cryptocurrencies and crypto assets that you can trade as CFDs. These are:

  • Bitcoin
  • Bitcoin/Ethereum
  • Ethereum
  • Litecoin
  • NEO
  • IOTA
  • Stellar
  • Bitcoin Cash ABC
  • Cardano
  • Tron
  • Monero
  • Crypto 10 Index

As these are all traded as CFDs on the Plus500 Australia platform, you won’t actually be owning the crypto assets. Instead, you’re trading on price movements. If you choose to ‘buy’ crypto CFDs on Plus500, you’re speculating on the price going up. If you choose to ‘sell’, you’re speculating on the price going down – this is known as short selling.

Our Plus500 review Australia found that the broker allows you to trade cryptocurrency CFDs with up to 1:30 leverage, meaning just $200 can give you the effect of $6,000 capital! Just remember to use leverage carefully, as cryptocurrencies are highly volatile.

One of the nice things about Plus500’s crypto offering is that it offers some unique trading options that aren’t available at other brokers. For example, the BITA crypto 10 index tracks the performance of the top ten cryptocurrencies on the market, while there’s also the Bitcoin/Ethereum blend that’s denominated in USD. Overall, there’s a good mix of the main cryptocurrencies, some lesser-known altcoins and some alternative crypto trading options.

In terms of the crypto trading fees on Plus500 Australia, you only need to pay the spread and an overnight fee if you’re holding positions open overnight. The spreads are definitely competitive – at the time of writing, the spread for both Bitcoin and Ethereum CFDs is 0.28%.

Fees - Are there any fees involved at Plus500?

Our Plus500 review Australia found that it’s one of the cheaper brokers on the market. There are no trading commissions and Plus500 doesn’t charge any fees for deposits, opening or closing trades, or rolling your position.

Plus500 charges the following fees:


Plus500 makes money through the Buy/Sell spread that you pay whenever you open a position. The spread isn’t fixed like with some other brokers and is incorporated into the Plus500 quoted rates. Spreads are generally kept very low for most assets. To give you an idea of Plus500’s spreads at the time of writing the spread is 0.28% for Bitcoin, 0.06% for EUR/USD, and 0.51% for Amazon.

Overnight funding

This fee is either added to or subtracted from your account when holding a position after a certain time (referred to as the “Overnight Funding Time”).

Currency conversion fee

Plus500 charges a conversion for all trades on instruments denominated in a currency different to the currency of your account.

Guaranteed stop order

A stop order trade helps you manage risk by guaranteeing the stop level, but it incurs a wider spread than a regular trade.

Inactivity fee

A fee of up to $10 per month will be charged if you don’t log in to your trading account for at least three months. The fees will then be charged each month onwards until you log in again.

Overall, Plus500 Australia is much cheaper than some other brokers. For example, our CommSec review found charges between $10 and $29.95 simply for placing a trade online, which is much more expensive than Plus500.

Jurisdictions and Limits - What are the limits at Plus500 Australia?

Plus500 is a UK-based broker that’s licensed by the UK’s Financial Conduct Authority (FCA) and is a UK FTSE 250 company listed on the London Stock Exchange. In Australia, it’s licensed by the Australian Securities and Investment Commission (AFSL 417272). Plus500 offers a full service to Australian traders with no limitations. In fact, due to crypto CFDs now being banned in the UK, Plus500 actually offers a wider range of services to Australians than it does to British traders.

During our Plus500 review, we found that the broker is also listed as a financial services provider in New Zealand and South Africa and is licensed by the Cyprus Securities and Exchange Commission and the Seychelles Financial Services Authority. In total, these licenses allow Plus500 to offer trading services to other 50 countries throughout the world and in more than 30 languages.

In most jurisdictions, Plus500 offers its services without limitations, including 24/7 customer support.

Other Trading - More than just crypto at Plus500 Australia

Plus500 offers a wide range of other tradable assets, all as CFDs, with over 2,000 instruments in total. As well as crypto, you can trade forex, shares, ETFs, commodities, options, and indices.

The platform is perhaps best known for its forex offering, with over 60 currency pairs available with up to 1:300 leverage. Plus500 is recognized for having some of the lowest forex spreads on the market, which makes it an attractive option for many forex traders.You can trade major pairs like AUD/USD and AUD/EUR, minor pairs, as well as a selection of exotic pairs such as AUD/SGD. You can also trade the US dollar index.

Plus500 Australia also has a decent selection of share CFDs from markets around the world, including Australia, the US, the UK, Germany, Japan and many more. This means you can trade all the world’s leading companies, as well as top Australian shares like A2 Milk. Shares can be traded with up to 1:5 leverage.

As these shares are all offered CFDs, you won’t actually own the shares. If you’re looking for a broker that offers traditional share ownership, we suggest reading our Suncorp review.

There is also a good selection of global ETFs available, allowing you to invest in batches of stocks, commodities and real estate. Leverage for ETFs is up to 1:100.

One particularly interesting aspect of Plus500 is that it allows you to trade options as CFDs, something that isn’t available at most CFD brokers. There is a good set of options, including commodities, indexes and individual stocks.

You can also trade indices and commodities as regular CFDs on the Plus500 platform. There are country indices from all around the world, like Australia’s ASX 200, sector indices, as well as gold, oil and natural gas CFDs.

Plus500 doesn’t offer spread betting, unlike other brokers such as CMC Markets. Read our CMC Markets review to learn more.

Plus500 ETF

Trading ETFs

There are plenty of ETFs on offer with Plus500. From USO-Oil Fund to iShares Silver, you will have a variety of options. These ETFs are also traded within the Plus500 trading platform allowing all customers the opportunity to trade with ease.

Plus500 Forex

Trading Forex

If you are looking to trade some foreign currency for your dollars, you are in luck. Plus500 offers an incredibly vast range of currency exchanges with some of the lowest spreads in the industry. You will find all the industry favourite currency pairs alongside some more niche options related to the Australian dollar.

Plus500 Futures

Trading Futures

Futures are a trading instrument that allow customers to enter a contract of settlement once a certain date and price has been agreed upon. This will allow anyone with an active account at Plus500 the opportunity to estimate the price of an asset at a certain date and potentially make some gains from the trade. Future options are available at Plus500 but they are relatively scarce.

Plus500 Stocks

Trading Stocks

With such a comprehensive trading offer, it is no surprise that Plus500 also offers plenty of stock trading options from all over the world. There are shares available within exchanges from over 15 countries and each customer will be able to convert their currency into the exchange of choice. This allows all customers an opportunity to greatly diversify their investment portfolios.

Overall Conclusion - A solid crypto trading choice

Overall, we definitely think Plus500 is a solid choice if you’re looking for an Australian CFD broker. It offers a great range of assets, with a good selection of crypto CFDs, and more than enough instruments to suit most traders.

Where Plus500 really stands out is its low fees. There are no deposit or withdrawal fees whatsoever, no account management fees, and the spreads charged by the broker are some of the most competitive on the market.

Other benefits of using Plus500 Australia include its fantastic security, very wide range of payment methods, and up to 1:300 leverage.

In terms of limitations, the main downside of using this broker is that it only offers CFDs, meaning you can’t actually own cryptocurrencies or stocks. It could also do with some more trading tools and features.

We’d give an overall Plus500 rating of 7.5/10.

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CFD Crypto
Rating follows
  • Trade the most popular CFD markets
  • Low trading fees on CFDs
  • Demo account helps you learn risk-free
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Rating follows
  • A great choice of crypto markets
  • Very low fees across the board
  • Helpful demo account available
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Rating follows
  • Trade the most popular ETFs
  • 1:5 leverage available
  • Advanced technical analysis tools
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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