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.
How to Trade – Our step-by-step guide
Here’s a detailed run-down of how to get started trading cryptocurrencies on Plus500.
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.
Our Plus500 review Australia found that this broker offers a great range of payment methods. You can choose from any of the following:
- Bank transfer
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.
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.
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.
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.
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.