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Plus500CY Review - is it scam or safe?

Plus500CY review - Is plus500cy.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Plus500CY
Plus500CY is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Plus500CY is an offshore forex and CFD broker offering access to the FX  and commodities markets with a choice of four account types, leverage of up to 1:500 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $100 1:500 1,6 pips
Standard Account $500 1:500 1 pip
Premium Account $25 000 1:500 0,6 pips + $6/lot
VIP Account $100 000 1:500 0,2 pips + $6/lot

 

Bear in mind that the broker is not regulated, so if you are considering depositing your funds with them be sure to read this review first.

 

Plus500CY Advantages:

 

Leverage as high as 1:500

 

Let us start with the higher leverage as it still attracts many traders despite the recent moves by regulators in Europe, the U.S., Canada, Japan and now also Australia to cap the maximum leverage allowed on the retail forex market well under 1:100.

 

Our advise is to use leverage with extra caution as it easily can erase your funds in a matter of minutes, if the market turns against you.

 

Over 60 currency pairs

 

When we tested Plus500CY trading platform with a demo account we counted over 60 forex pairs, many of which minor or exotic like USDCNH, USDPLN, USDCZK, USDTRY, USDRUB, USDSGD, USDSEK, USDNOK, USDMXN, USDHUF, USDHKD and USDDKK. And apart from that we found also CFDs on gold and oil. 

 

No crypto instruments were available at the moment so here you may also check our list of brokers, where you can trade with bitcoin CFDs:

 

 >>Bitcoin Forex Brokers<<

 

MetaTrader4 supported

 

We were able to download the platform, but we should note that it was provided by a third party - Sky Hub Limited.

 

 

 

Otherwise the MetaTrader4 platform is probably the best trading solution on the market. It is highly reliable and functional, featuring nearly a hundred integrated market indicators and trading bots, with the help of which one can easily run algorithmic trading sessions. On top of that the platform is equipped with an excellent set of advanced charting tools, so here you may also check our list of brokers supporting the MT4:

 

>>MT4 Brokers<<

 

Acceptable minimum deposit requirement

 

At Plus500CY you can open a Micro Account with 100 USD and that is in line with what most other broker would also require. Still, bear in mind that some big, well established brokers like FBS and IG will allow you to start trading with just 5 USD or even less.

 

Acceptable spreads

 

Although in its presentation Plus500CY say to offer spreads starting from 1 pip with its standard accounts, as tested with a demo account the benchmark EURUSD spread floated around 1,5 pips – 1,6 pips. 

 

Still, that is in the upper range of what traders consider acceptable, so we will give Plus500CY credit for the spreads as well. Here however, you may also check our list of brokers, offering really tighter spreads:

 

>> Lowest spread forex brokers<<

 

Various payment methods

 

Plus500CY says to accept payments with bank wire, credit and debit cards like VISA and MasterCard, and several e-wallets including  NetellerSkrill and IaccPay. Unfortunately we were not able to confirm that and as we do not see the option to pay with crypto coins, here you may also check our list of brokers accepting bitcoins:

 

 >>Forex Brokers Accepting Bitcoin<<

 

 Plus500CY Disadvantages:

 

No license

 

We understand that Plus500CY is owned and operated by FINTRADE LIMITED, an offshore company based on St. Vincent and the Grenadines. However, neither the company nor the broker are licensed or authorized by any of the official regulators in Europe, the U.S., Australia, Canada or Japan, so basically there is no way you can feel safe about your deposit.

 

The general problem with all unregulated, offshore brokers is that they are completely unaccountable for the way they handle your money and quite too often are simply involved in scam. 

 

That is why our advise is to avoid such websites altogether and to trade only with brokers regulated by well known institutions like the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) or the Financial Conduct Authority (FCA) in the UK, where your funds will even be insured for up to 85 000 GBP. Here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

And one more note. Do not mistake  Plus500CY with Plus500CY Limited, which is the company behind Plus500 – a reliable CySEC regulated broker

 

Trading bonuses

 

Plus500CY is offering trading bonuses, and although that may sound attractive, in reality the practice is highly controversial as it always comes with strings attached. For sure a trading bonus will be linked with some minimum trade volume requirement, which quite too often scammers use as an excuse to cancel your withdraw requests. And besides, with Plus500CY your bonus will never be available for withdraw – that is according to their Terms and Conditions.

 

Conclusion:

 

Despite the seemingly attractive trading conditions, combined with a well known trading platform like the MetaTrader4, we can not recommend Plus500CY for one obvious reason – the broker is not licensed, and except for an address on St. Vincent and the Grenadines is pretty anonymous. Our experience shows that trading with unregulated, anonymous offshore brokers like Plus500CY is pretty much a recipe for a scam.

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Traders` reviews for Plus500CY

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