plus 500

colman1212

Has anyone ever heard of these guys?
Thinking of setting up and account, really like the app.
https://trade.plus500.com/Trade

maldog

I'd also love to get any feedback on plus500. Been using their demo account for a while now and considering using real money but i see a lot of negative reviews and problems withdrawing money and 'delays' on their system when trying to open and close positions.

Trading Forex, does anyone have any recommendations for a decent broker if Plus500 sucks ? I like the simplicity of their platform but i guess thats their angle ?

strmin

Have you tried any other brokers, apps, platforms? For me plus500 was by far most expensive.

maldog

strmin wrote: »

Have you tried any other brokers, apps, platforms? For me plus500 was by far most expensive.

No havent tried any other brokers. I'M a day trader so i wouldnt have any trades carrying overnight. I like the simplicity of plus500 but i'm afraid if i make a profit i won't be able to withdraw it, or once i start using real money things will start to become shady. What was your experience with withdrawing money from plus500 ?

colman1212

Whats a good alternative that allows you to trade in multiple markets?

niallers1

Once you send them the usual money laundering proof of Identification you will have no problem withdrawing. It does take about a week to get it though.

Only advice is to practice on the demo using realistic trades for at least a month before you use your own money. Don't be greedy and you will do ok. I use it mainly to scalp small amounts and get out .

maldog

niallers1 wrote: »

Once you send them the usual money laundering proof of Identification you will have no problem withdrawing. It does take about a week to get it though.

Only advice is to practice on the demo using realistic trades for at least a month before you use your own money. Don't be greedy and you will do ok. I use it mainly to scalp small amounts and get out .

thanks for the pointers. wont be coming off demo mode for another couple months at least (depending on results). My main worry was withdrawing so thanks for sharing your experience !

Boring username

Has anyone else any experience of plus500? I've heard conflicting reports about them. I'm not trading real money with them, just virtual. Has anyone had any negative experiences getting money out or having their account shut down without any explanation?

650Ginge

Never has a problem in the last 3 years.

Boring username

650Ginge wrote: »

Never has a problem in the last 3 years.

What has been your experience of withdrawing money with them? Apparently they expect you to send a picture of your credit card....was this your experience?

eeepaulo

They do there ID checks at the point of withdrawal, rather than at the start.

There was an article in the FT a few months back, suggesting that plus500 were breaking fca rules.

https://heisenbergblog.wordpress.com/2014/09/23/plus500-limited-why-the-times-story-is-simply-a-story/

In terms of accounts closing, the company is fully regulated by the fca, there is a clear complaints process using the fca in the uk, you are also entitled to compensation upto £50000 if the company went bust.

Boring username

eeepaulo wrote: »

They do there ID checks at the point of withdrawal, rather than at the start.

There was an article in the FT a few months back, suggesting that plus500 were breaking fca rules.



In terms of accounts closing, the company is fully regulated by the fca, there is a clear complaints process using the fca in the uk, you are also entitled to compensation upto £50000 if the company went bust.

Thanks, can I ask if you have an account with them? I'm just trying to get as many personal opinions as possible.

Boring username

650Ginge wrote: »

Never has a problem in the last 3 years.

What was your experience of setting up the ID checks? Did you experience any issues here?

eeepaulo

Boring username wrote: »

Thanks, can I ask if you have an account with them? I'm just trying to get as many personal opinions as possible.

No, i bought shares in them.

Boring username

Another question-do you have to pay income tax on any earnings made on a trading platform/broker account?