Can you buy Bitcoin on Plus500? 👉 Plus500 Crypto Review [2021]

Plus500 is a CFD broker that saw a high-speed crypto train gaining traction among traders and decided to jump right into it by offering bitcoin and crypto CFD trading on their platform. This is a guide on how to buy bitcoin CFDs on Plus500 and also a recommendation on why not to do it.

Read on to see why.

Since you can’t trade actual crypto on Plus500 and can only buy and sell crypto CFDs (which is not allowed in US), we recommend checking out eToro as an alternative. eToro is also more feature-rich and charges lower fees than Plus500 on crypto trading.

We recommend eToro

75% of retail CFD accounts lose money.
✅You can copy single trades or complete portfolios of top traders thanks to eToro’s unique CopyTrade and CopyPortfolio products.
✅eToro is offering, not only CFDs, but also trading of real stocks, ETFs and cryptocurrencies.
✅It offers FREE trading on certain stocks.
✅eToro is available in the USA as well (you can trade only real cryptos).
✅It offers adjustable leverage.

Here is a detailed guide on how to buy bitcoin on eToro.

Plus500 overview


Plus500 is a CDF brokerage that allows you to buy contracts by betting on price increase or decline within a given period, instead of trading the actual assets. In other words, you cannot buy or sell cryptocurrencies on this platform, but you can bet on their prices.

Primarily, Plus500 is not an exchange, which brings us to the question, how then, do you buy bitcoins on Plus500?

Plus500 supports the main digital currencies


If you want to buy cryptocurrencies, the first thing to look out for is the reliability and security of the platform, not forgetting the number of coins you can trade on it as well. As of now, Plus 500 has about 12 major cryptocurrencies available that you can trade as a contract for difference (CDFs).

Remember that you are not trading the cryptocurrencies, but you participate in the CDF trading. The major cryptos supported by Plus500 include Bitcoin, Litecoin, Ethereum, Cardano, Monero, Neo, Ripple, IOTA, Stelar, Tron, Bitcoin Cash ABC and EOS.

You can buy cryptos CDFs on Plus500 but not real crypto


You can use the Plus500 platform to buy cryptos through contract for difference (CFDs). Remember that you are not buying an asset, but you will be speculating its price. Here, you are either left with a full profit or full loss. So, if you want to keep things simple devoid of any interest in assets, then you can try Plus 500.

As a crypto enthusiast, you understand the benefits of owning that crypto coin. However, it has its demands, like having a proper wallet, security aspects, where to store your codes, the list goes on. You can use Plus 500 to do just that.

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The platform gives you liberty to utilize margin trading and CDFs as you monitor the crypto markets. At the same time, you won’t worry about losing your coins or your wallet getting hacked.

Do I need an account on Plus500?


Since you want to buy or sell contracts that anchor on process movements of the underlying digital currency, you can register with Plus 500. Trading happens online and for you to get an account, you need to fill an online form. Regulatory requirements such as identity and residence address verification are mandatory. Then, you can only deposit funds to CFD trading accounts in fiat currency methods. You also have options in the mode of payments.

Dummy trading account


You need intricate details of what crypto trading entails. Numerous articles will have information on how you can go about the actual trading. Either way, you need to be armed with knowledge about this. Now if you are a newbie in this area, Plus 500 comes in with a chance for you to create a demo account for trading.

You will test the process of crypto trading through contract for difference (CFDs) platform. This dummy account is crucial given how volatile CFD trading is, hence, the need for research and testing the waters.

Plus500 trading fees


Even though you will be trading through CFDs on the Plus 500 platform, you are subject to trading fees. The good thing here is that Plus 500 has averaged all trading fees. For instance, the average trading fees for a $2000 long position held for one week amounts to about $2.3. There is no commission charged.

Making deposits and withdrawals when trading digital coins CFDs


Most of the brokers that offer CFDs accept fiat currency for deposits and withdrawals. You can deposit via credit/debit cards, PayPal, Skrill and bank transfers. What’s more, you will not be charged any deposit fee. It also allows e-wallet options, but that depends on your region.

Bank transfers usually take long whereas credit/debit card and electronic wallets are fast enough. You can also make deposits from accounts bearing your name.

The first five withdrawals you make each month are free. After that, expect a $10 fee for subsequent withdrawals. Plus 500 has a minimum withdrawal limit of $50 for PayPal and $100 for bank transfers, debit and credit cards. Withdrawals also take the same methods as deposits.

Note that Plus 500 does not allow third party payment methods. To withdraw your money from Plus 500 you need to:

  • Login to your account
  • Click on the ‘Menu’
  • Then ‘Withdraw’
  • Enter the amount you want to withdraw
  • Click “Open a Withdrawal” to initiate the process

Evidently, Plus 500 has an easy process for both registration and withdrawal

Plus500 pros and cons


Like many other platforms, Plus 500 is not absolved of its merits and drawbacks. You can use the platform for CDF trading, but what do you gain and lose at the same time?

Pros

  • It is an easy to use platform
  • Account opening is easy
  • It has quick and helpful customer support

Cons

  • Plus500 has a limited product portfolio which centers only on CFDs
  • It has limited research tools

Conclusion


If your intention is to trade through CFDs, then Plus 500 should be on your list of choices. They are more of a niche site because they only offer CFD products. The process of opening an account with Plus 500 is quite simple. If you are in the crypto markets, you are either buying and selling cryptocurrencies on an exchange or using a CFD platform. So, whether its bitcoin or any other cryptocurrency, you can use Plus 500 CFD trading. Small price movements could mean profits for you. It’s among the easy-to-use platforms for you so go ahead and try it.

Since you can’t trade actual crypto on Plus500 and can only buy and sell crypto CFDs (which is not allowed in US), we recommend checking out eToro as an alternative. eToro is also more feature-rich and charges lower fees than Plus500 on crypto trading.

We recommend eToro

75% of retail CFD accounts lose money.
✅You can copy single trades or complete portfolios of top traders thanks to eToro’s unique CopyTrade and CopyPortfolio products.
✅eToro is offering, not only CFDs, but also trading of real stocks, ETFs and cryptocurrencies.
✅It offers FREE trading on certain stocks.
✅eToro is available in the USA as well (you can trade only real cryptos).
✅It offers adjustable leverage.

In case you are not swayed into registering on AvaTrade, you might be interesting in learning more about its direct competitors like eToroAvaTrade, IQ Options or City Index.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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