Plus500CY is an unlicensed Forex and CFD broker that is owned and operated by FinTrade with address at St Vencent and the Grenadines. Do not mistake Plus500CY with Plus500CY Limited, which is the company behind Plus500 – a reliable CySEC regulated broker.
Plus500CY.com is considered not safe, as it is not regulated by top-tier financial authorities, like the CySEC in Europe, UK FCA and the Australian ASIC.
We believe this firm has been providing financial services or products in jurisdictions where it is not authorized to. Find out why to be especially wary of dealing with this unauthorised individual and how to protect yourself from scammers.
- 1 Plus500CY Review
- 1.1 Is Plus500CY Safe?
- 1.2 Plus500CY Accounts
- 1.3 Breakdown
- 1.4 Trading Platform
- 1.5 Plus500CY Spreads
- 1.6 Plus500CY Bonus
- 1.7 Plus500CY License
- 1.8 Are funds safe with Plus500CY?
- 1.9 Review Verdict
- 1.10 Plus500CY Review Conclusion
- 1.11 Compare Brokers
During our review of Plus500CY, we saw that the broker is offering 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. We strongly advise you to only deal with financial firms that are authorized.
Is Plus500CY Safe?
Forex Broker Expert reviews brokers for readers across the whole world to know whether they worth your time or not. We use a trust score algorithms to asses risk level. They major criteria we use in grouping a forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
Plus500CY has a trust score of less than 50% which shows High risk. This means they are not regulated by any top tier licensing agency like CySEC or the UK FCA. The company operating this broker, FinTrade LTD., has address at SVG as a registered company but not as a dealer of financial securities.
When we want to compare the accounts of Forex and CFD brokers, we download the demo version in other to see.
Plus500CY is an offshore broker, offering four account types and attractive trading leverages. The accounts are Micro, Standard, Premium and VIP. Micro account has a minimum deposit of $100, Standard account has minimum deposit of $500, Premium account crequires a minimum deposit of $25,000. If you are interested with the VIP account the minimum deposit is as high as $100,000.
We saw 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
All the 4 account types comes with a very attractive leverage as high as 1:500. 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.
Location: St. Vincent and the Grenadines
Minimum deposit: $100
Spread: From 1 pips
Leverage: Max 1:500
Assets: Forex, CFD, Indices, Oil & Gas, Precious Metals
Support MT4: Available
License: No license
During the check for Plus500CY we saw that the are using the popular MT4 platform which can be downloaded from a third party site – 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.
We usually use spreads on EURUSD to judge because the currency is the most popular today.
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, which is still acceptable.
FBE do not recommend accepting bonus from Forex brokers. 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.
Plus500CY is offering attractive trading bonus but you should bear in mind with Plus500CY your bonus will never be available for withdraw according to their Terms and Conditions.
Here are the Forex Broker Expert, we have reviews of more than 200 Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a valid license.
The reason smart people online invest with a licensed broker, is because there are many investment scams online. By using a licensed and regulated broker, you know your money is safe, and the company is monitored by the governments regulators.
- Plus500CY operated by FINTRADES Limited is not a Licensed broker
Are funds safe with Plus500CY?
If you haven’t noticed, this broker fails to disclose which bank they use to deposit funds. Is it possible users are depositing funds to owner’s bank account? These are some of the reasons why depositing funds with Plus500CY is the last thing to do.
Another perturbing issue is in relation to segregation of accounts. Pooling funds in one account is extremely risky which this broker is doing. Plus500CY is pooling funds in one account which is extremely risky. Members should not expect any compensation as this broker does not insure funds. Simply stay away from this broker and make sure to sign up with credible entities.
All evidence clearly point we are dealing with a scam outfit. Plus500CY is a scam which must be exposed by all parties. Authorities are asked to look into this shoddy platform.
Plus500CY is a SCAM!
Plus500CY Review Conclusion
In order to protect our readers, we will be adding this platform to our scam blacklist. Make sure to mark all their emails as spam and ignore all incoming calls.
Make sure to use brokers who are credible and dependable at all times. Genuine and honest brokers will ensure your trading is safe and smooth. What are you waiting for? Sign up with effective brokers today!