Plus500 is one of the most interesting CFD providers around. The broker has international recognition and has got some of the best services you can ever imagine. The broker is regulated and this is a sign of the reliability of the Forex broker and every Forex trader in South Africa can register here conveniently. Some of the regulatory agencies with which this broker is registered are:
- FCA in the UK
The trading environment on this platform is also very good and the fee is low. Furthermore, the minimum deposit is $100. Continue reading to learn more about Pluss 500 South Africa.
- The maximum leverage is 1:300 per trade
- The minimum deposit is $100
Plus 500 offers CFD trading and it is one of the best among the outlets offering this service. The broker started operation in 2008 and has increased in popularity over the years. As of today, the outlet has over 320,000 active customers. Aside from CFD trading, the outlet also offers indices, cryptocurrencies, commodities, Forex and so on. This means there are numerous opportunities to make money by trading on this trading platform.
The platform is licensed to offer CFD trading and it also accepts Forex traders from South Africa. Additionally, the company is listed on the London Stock Exchange. The fact that Pluss 500 is regulated by several top tier regulators makes it one of the most reliable brokers for Forex traders in South Africa today.
The Forex broker is even licensed to operate in South Africa; it is licensed by the FSCA and is registered in South Africa as Plus500AU Pty Ltd. The company got registered with this regulator on the 7th of February 2017 and has gained huge followership in South Africa up to date. Its license number with the FSP is 47546. As mentioned earlier, Plus500 is also regulated with ASIC in Australia and the FCA in the UK, as well as the CySEC. So you can rest assured that nothing will ever go wrong with your trading experience on this platform.
Pluss 500 South Africa offers a highly transparent service and we are going to give you more helpful hints about this service provider in the remaining part of this write-up as regards the supports, platforms, trading fees and regulations.
- As mentioned severally above, the Forex broker is regulated with ASIC, CySEC, FCA and FSP.
- The trading fee is also very low.
- The minimum deposit on the platform is not more than $100.
- Pluss 500 offers an easy-to-use proprietary trading platform.
- There are also multiple trading instruments available to the Forex traders, including shares, commodities, crypto, Forex and so on.
- Also, the platform offers a free Demo account to its customers.
Plus 500 cons:
- The platform only offers limited education materials.
- Also, their South African customers cannot get in touch with the customer care agents via phone call.
Regulation and fund safety
Plus500 is regulated with a series of regulators like the Financial Conduct Authority in the UK and the Australian Securities and Investments Commission.
Check below for its regulations:
- It is regulated with the Financial Conduct Authority in the UK in 2010.
- Cyprus Securities Exchange (CySEC) in 2014.
- Australian Securities and Investments Commission in 2013.
Pluss 500 offers adequate protection for its traders in South Africa. For example, the trader can access negative balance protection on this platform. The registered member can equally access Stop on CFD trading. This means that your order will end up closing at the guaranteed price even if the price moves against your position, and this will happen without any slippage.
The trading fee on this platform is low and you will not pay a dime on withdrawal or deposit. However, the trader is required to pay fees for inactivity.
- Low spread: The pip spread on each currency pair is low the average pip spread of 0.6 pips is obtainable in EUR/USD.
- Inactivity fee: You will be required to pay an inactivity fee of $10. You can find the particular period after which you will be required to pay inactivity fees in the user agreement during the registration.
- Overnight charges: You will be required to pay overnight charge for any trade you leave to run overnight. However, the currency pair determines the amount you will pay as overnight fees.
- No withdrawal or deposit fee: You will not have to pay any fee on deposit or withdrawal also. Be that as it may, your payment gateway or bank may apply certain charges on each transaction.
Plus500 account types
You will have access to two types of trading accounts, which hare live account and demo account.
You will need to deposit a minimum of $100 to start using the live account. The demo account, on the other hand, is free.
All registered members can access the demo account for practicing before they can go live. If you are new to CFD Trading, you can start gaining experience by using the demo account.
You can use the demo account for as long as you want. So, you can continue using the account for as long as you want.
There is only one variety of live trading account for Pluss 500 South Africa. You can start accessing the features of the live trading account by depositing as little as $100. Some of the tools available for the live trading account are:
- Various trading instruments
- Access to the economic calendar
- Risk management tools and so on
You also access maximum leverage of 1:300.
How to open Plus500 account
Step 1: Get the trading software downloaded
The first thing to do is to download the Plus500 trading platform; you can find the download link on the website. Get it installed on your mobile device or PC.
Step 2: Create an account
After downloading the trading app, you need to create a real trading account via the app you have downloaded. If you do not have adequate confidence to start trading live, you can start by using the demo account and switch over to live account after you have developed a reliable trading strategy.
Step 3: Verify your phone number
After you have created your account, it is time to verify your phone number on Pluss 500 South Africa. All you have to do is to click on the link that says Verify Phone Number and it will be completed under few seconds.
Step 4: Fund your account
You will be sent a notification email after you have verified your phone number. You can then deposit funds and start trading.
Pluss 500 South Africa offers Proprietary trading platform and mobile trading app.
Deposits & Withdrawals
The various deposit methods available are:
- Credit and debit card with a minimum of 1500 ZAR
- Bank wire transfer with a minimum of 300 ZAR
- E-Wallets transfer with a minimum of 1500 ZAR
- Credit and debit card and the minimum amount is $50
- Bank wire transfer with a minimum of $100
- E-Wallets with a minimum of $50
You can get in touch with customer support via the following methods:
- Live chat support
- Contact form
There is no local phone number for South African traders
Is Plus 500 recommendable?
Yes, this broker has proved itself to be reliable for Forex trading in South Africa. The trading fee is low and there is no fee at all on deposit or withdrawal. Additionally, the trading platform is easy to use and user-friendly. The customer service is reliable and the response is always fast.