de | cn | ru

Brokers News

Plus500's Mobile Forex App Statistics - True or Highly Inflated?

Jul 12 2013

Last week Plus500 announced its plans for an IPO in the near future. I reported this news, then set it aside until there's any new development to share. 

Then something caught my attention. I was browsing the Google Play Store on my way to work this  morning, and I came across Plus500's mobile trading app. Even though I trade with the broker, I admit that I only do it from the desktop build of its proprietary platform and I had never tried out the mobile app. But that's not my point. 
Scrolling up and down the app's page on the Play Store, I noticed the download stats: according to the data there, the Plust500 mobile trader has been downloaded between 500,000 and 1,000,000 times.  
As a standalone fact, this isn't too weird. There are many apps that are popular and people download them like crazy – a silly game like Angry Birds for example falls in the range 100 million – 500 million downloads, and so does the Facebook app for Android. 
However, when I wrote about Plus500's IPO I reviewed the broker's operational data and I couldn't shake myself off the feeling that something didn't add up. I revisited the data, only to see that the broker reports 58,000 active customers at the end of 2012. So how is it that these 58,000 people have managed to download the app more than 500,000 times? I suppose that there are a lot of demo and/or inactive accounts included in the number of downloads but the figures still don't seem legit - if you take a look at the table below, you'll see that eToro for example has 2.75 million live and demo users, and just as agressive marketing as Plus500, and yet eToro's app has been downloaded way less times.
Along with that, the app has 5,729 ratings and reviews from users. I took my time to go through the reviews, and a great deal of them looked plain fake – full of praise but containing no actual information about the app. 
At that point I decided to compare this app with the ones of other brokers. Take a look: 
  Number of app installs Number of ratings/reviews Number of active traders
Plus500 500K – 1 million 5,729 58,000
FXCM 50K – 100K 428 197,506 100K – 500K 487 100,671
OANDA 100K – 500K 1,115 n/a
IG 50K – 100K 404 143,304
eToro 100K – 500K 887 2.75 million*
* Total number of users, both demo and live
You don't need to hold a Mathematics/ Statistics degree from Harvard to see that something's not right. I'm not saying that it's impossible for the broker with the smallest number of customers to have an insane number of app downloads and reviews – but it's not very likely, is it?

And if that is not true, how much of the other data reported by Plus500 is true? After all, the broker has been known for reporting false data so if this is the case here, it won't be a precedent. The operational data that it reports for the IPO places it as quite a large business - so naturally, I ask myself whi list on the AIM, an exchange for small companies, rather than on the London Stock Exchange for example? 

I will not try to answer these questions - I trust you can draw your conclusions yourself. I for once will not be buying any Plus500 shares, that's for sure.

About Plus500 

Plus500 is owned by Plus500UK Ltd. A UK based company with its main offices located in the city of London. The company is authorized and regulated by the Financial Services Authority (FSA) to offer Contracts For Difference (CFD). The company is a rapidly growing CFD provider in Europe and Asia and currently offers its portfolio of over 1000 instruments to over a million clients.


TAGS: forex broker  forex trading  forex  forex platform  mobile trading  mobile forex app  Android  Plus500 

More news about Plus500

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review

More Forex Brokers News

FC Barcelona and FBS Sign New Global Partnership Agreement

Jan 17 2020 13:05:55

Broker specializing in online trading becomes club’s Official Trading Partner for four years, through 30 June 2024. Read more

FP Markets adds Autochartist to its list of analytical tools

Jan 13 2020 17:56:25

FP Markets, one of the leading brokers in Australia and a trusted global Forex and CFD broker, has added yet another instrument to its long list of trading tools  - the Autochartist - an online technical analysis tool which scans the market to provide detailed breakdowns across a wide range of ... Read more

FBS clients grow to over 14 million in 2019

Jan 07 2020 18:15:13

FBS, one of the leading players in the forex industry, published its annual report for 2019, celebrating its 10th birthday and 14 millionth client in some 190 countries around the globe. Read more

#FBS2020: FBS Gives Away Lucky Gift Boxes In A New Year Promo

Dec 09 2019 14:36:59

As many companies out there, FBS broker finishes off its year with a New Year promotion for its clients. At the end of 2019, they are offered to create a fancy Thank You e-card for their loved ones and get a gift box full of nice surprises. Read more

Trip For Pip: FBS To Launch A Quest Game For A Trip To London, Tokyo, Or Dubai

Oct 29 2019 14:09:54

FBS broker starts its new marketing campaign, and it has already attracted many eyeballs on social media. The promotion is called “Trip for Pip,” and it is very engaging for several reasons:    a) it’s playable;  b) it features a dream trip for two as the main prize. Read more

HYCM tops the list of brokers with highest percentage of winning clients

Oct 23 2019 12:12:59

The importance of choosing a reliable broker is paramount to trading. Most traders have given a serious thought to the security of their investments and these concerns are increasingly common in this highly competitive market. Read more

FXCM expands its crypto offering with CryptoMajor baskets

Oct 14 2019 14:49:01

  Major forex broker FXCM Group enhances its CFD offering with the launch of CryptoMajor- cryptocurrency baskets, which will allow its clients to trade in to multiple digital assets in one go. Read more

FXTM Launches 30% Welcome Bonus

Aug 06 2019 13:38:53

  As part of FXTM’s mission to provide clients with an exceptional trading experience, the international broker has launched its latest offering – the 30% Welcome Bonus!   This promotion, available under Exinity Limited, boosts your account by an extra 30% when you deposit $100... Read more

XM parent actively prepares for the launch of its US brand

Jul 03 2019 14:19:28

  Trading Point Group, the owner and operator of the XM brand, actively prepares for the future launch of its US brand Read more

FBS Invites 20 Best Partners To a VIP Party

Jul 02 2019 15:04:24

Partner parties is a great way to get to know company’s local promoters and celebrate loyalty, motivation, and cooperation. In 2019, FBS broker launches the FBS Stars contest with a round trip flight to Russia’s second largest city and a VIP party invitation as a prize. Read more

de | cn | ru