Since Plus500cy official website (https://plus500cy.com) is now unavailable, we had to piece together as much information as possible on this brokerage house as a forex broker from other sources.
General Information
Plus500cy is an offshore forex broker registered in Saint Vincent and the Grenadines, and it was not established long, with an operating time of only 2 to 5 years.
Plus500cy boasts that it offers clients access to a massive financial markets, with forex, indices, commodities, and share CFDs tradable, leverage up to 1:500.
As far as we can tell, Plus500cy is not governed by any regulatory authorities, thus that bit of data is settled. As a result, its regulatory status on WikiFX is classified as “No License” and it only manages a score of 1.41 out of 10 overall.
Trading with an offshore unregulated forex broker is a surefire way to lose your money, please be aware of the risk.
Market Instruments
Plus500cy hypes that it allows investors to get access to a massive financial markets.
Different types of trading assets, such as Foreign Exchange, Indices, Commodities, Shares and CFD products are all available through this brokerage platform.
Account Types
Plus500cy offers a total of four tiered trading accounts to suit its clients‘ different trading needs. However, the strict minimum initial deposit requirements (especially the Premium and VIP accounts), and seemingly generous leverage offered indicate that it just wants to extract investors’ available funds at the very first and then disappear.
To open a Micro account, investors need to fund at least $100, which is acceptable to most regular traders. From the Standard account, it starts to ask for a much higher deposit, from $500, the Premium account from $25,000, the VIP account from $100,000.
Leverage
Plus500cy boasts that traders use so-called generous leverage of up to 1:500, which is much above the levels considered appropriate by the vast majority of regulators. Bear in mind that offering high leverage is just a typical tactic employed by most offshore and they just want to attract investors to jump into their traps.
Spreads
With commissions not disclosed, spread is determined by trading accounts, with the Micro and Standard accounts from 1 pip, the Premium account from 0.6 pips, the VIP account from 0.2 pips, respectively.
Trading Platform
Plus500cy allows its clients to use the industry-leading MT4 trading platform, which sounds good news.
Customer Support
Traders with any inquiries or trading-related issues can get access to telephone support. Here are some contact details:
Telephone: 00393 334536781
Email: support@plus500cy.com
However, since this is an unregulated forex broker, investors should be wise to stay away from it.
Risk Warning
There is a considerable degree of risk involved with online trading of leveraged Forex and CFD instruments, and as a result, it may not be appropriate for all investors.
Please keep in mind that the data presented in this article is meant to serve as a guideline only.
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