Plus500 is a CFD brokerage that allows users to bet on the prices of cryptocurrencies without actually purchasing them. Discover the features of Plus500 and make an informed decision about your online trading.
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What is Plus500?
Plus500 is a CFD brokerage, meaning that users cannot actually purchase cryptocurrencies on this platform. Instead, users can bet on the prices of cryptocurrencies, and make a profit or loss depending on the outcome. What’s more, Plus500 reviews show that this platform is a great way to make money without actually buying cryptocurrencies, and is a great option for those who want to make money from the cryptocurrency market without actually owning any.
It is a great option for those who want to make money from the cryptocurrency market without actually owning any.
Key Features and Advantages of Plus500
Supports the Main Cryptocurrencies
Plus500 offers CFD trading on 12 different cryptocurrencies. These cryptocurrencies are the following:
- Bitcoin
- Ethereum
- Litecoin
- Neo
- Ripple
- IOTA
- Stellar
- EOS
- Bitcoin Cash ABC
- Cardano
- Tron
- Monero
Plus500 offers a wide range of cryptocurrencies for trading, including the most popular ones such as Bitcoin, Ethereum, Ripple, as well as some lesser-known coins like IOTA, EOS, and Stellar.
Good for People Who Just Want to Trade Crypto CFDs
Plus500 is a CFD trading broker, which means that traders do not need to buy any asset to speculate on prices. What’s more, this can be beneficial for those who want to keep things simple and then are not interested in owning the assets themselves. Furthermore, CFD trading can result in either full profit or a loss, with no assets to the trader’s name at the end of the day.
It’s reviews from crypto enthusiasts often highlight the benefits of owning cryptocurrency, but the process of setting up a wallet, ensuring security, and storing codes can be time-consuming. Fortunately, Plus500 offers an alternative solution – CFDs and margin trading – which allows users to stay up-to-date with the crypto world without the hassle of managing their coins.
A Demo Account to “Test the Waters”
Plus500 reviews are a great way to get started with cryptocurrency trading. They provide users with the opportunity to create a demo account and learn the basics of the process. Plus500’s demo account allows users to get familiar with the trading interface and terminology, so they can start trading with confidence.
A demo account is a great way to test the waters of cryptocurrency CFD trading in a safe and risk-free environment. Plus500 offers users the opportunity to try out CFD trading on demo accounts. It makes it a great choice for those looking to get into this potentially volatile activity.
Key Disadvantages of Plus500
CFD Trading – You Don’t Actually Receive any Cryptocurrency
Some people prefer to trade cryptocurrencies using CFD trading, especially in the short term, as it allows them to bet on a price prediction of a certain asset without actually receiving any cryptocurrency. However, there are also those who disagree with this approach.
If you’re a passionate cryptocurrency enthusiast, the idea of trading crypto coins without actually owning them may not be particularly appealing. In that case, Plus500 may not be the best choice for your cryptocurrency trading needs.
CFD platforms are ideal for short-term trading, or “flipping” an asset for profit. However, long-term trading or hodling is not possible on these sites, as you do not own the asset. While it is possible to do long-term trading on a CFD platform, the risk is always substantial.
Lack of Cryptocurrency Variety
Plus500 offers a limited selection of 12 cryptocurrencies for CFD-trading, including the most popular and common coins. Furthermore, this selection is ideal for most users, as it is not overwhelming and provides access to the most sought-after cryptos.
For traditional cryptocurrency enthusiasts, the limited variety of coins available on the platform may be a surprise. However, there are still a wide range of coins and tokens available, including those based on the Ethereum blockchain.
If you’re looking to invest in a niche cryptocurrency, you may be limited to the 12 options currently available. What’s more, unless something unexpected happens in the market, it’s unlikely that you’ll be able to find a new, profitable cryptocurrency to invest in.
Plus500 Fees
Plus500 offers a straightforward fee structure, with a market spread ranging from 0.02% to 2%, depending on certain variables. However, this makes it a great choice for traders looking for competitive fees and a reliable trading platform.
Plus500’s fees are competitive when compared to other crypto-exclusive platforms, with fees ranging from 0.02% to 2%.
How to Register and Verify Account on Plus500?
Register your Account on Plus500:
- Start trading with Plus500 by visiting their website and clicking “Start Trading”.
- You can either create a real money account or opt for a demo account to get a feel for the game before you start playing for real.
- Create an account by entering your email address and creating a secure password.
- Once you have followed the steps above, you will be directed to the dashboard of the platform. You are now ready to start trading cryptocurrencies – simply navigate to the cryptocurrency tab and begin!
Verify your Account on Plus500:
- To purchase any of the cryptocurrencies listed, click the “Buy” button and you will be directed to the verification page.
- Fill out your personal information including your name, surname and date of birth in the form provided.
- Once you do that, you’ll be asked to select your country of residence and tick the boxes that apply to you.
- Verification of your residential address is a necessary step when using a stock trading platform. Enter your address now to complete the process.
- Plus500 is looking for information about your knowledge and experience with CFD trading, your employment status, income, and more. This information is necessary to verify that you are eligible to trade on the Plus500 platform.
- Once you have completed the verification process, your profile will be submitted for review. After this, you can make a deposit and start trading CFDs!
Based on the user reviews of Plus500 found online, the registration and verification processes appear to be quick and easy.
Conclusion
Plus500 is certainly worth considering for those looking to trade cryptocurrencies. However, there are many other platforms that offer better features and services.
It is a great choice for those interested in CFD trading, as it offers a wide range of cryptocurrency options. With Plus500, you can make predictions on the price of cryptocurrencies without actually owning them.
If you’re looking for a reliable cryptocurrency trading platform, there are many great options to choose from. Kucoin, Binance, Kraken, and more are all excellent choices for trading digital currencies. Make sure to do your research and find the platform that best suits your needs.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
