PlusMarkets Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
CYSEC Suspicious Clone 
I want to say that they have not given me any money, supposedly a withdrawal of $500 came out but these are hours and nothing arrives. I want a solution, please. The broker is proven to be a scam and my deposit was 1000 pesos
In the world of forex trading, selecting the right broker is crucial for success. PlusMarkets, a Cyprus-based broker, has garnered attention for its diverse offerings and regulatory status. However, the overall feedback from users and experts paints a mixed picture of this platform. This review will delve into the key features, advantages, and disadvantages of PlusMarkets, providing potential traders with essential insights.
Note: It is essential to consider that PlusMarkets operates under different entities across regions, which can impact user experience and regulatory compliance. This review aims to present a balanced view based on various sources for fairness and accuracy.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 4 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 4 |
| User Experience | 3 |
How We Rate Brokers: Our ratings are based on comprehensive research, user feedback, and expert opinions.
Founded in 2015, PlusMarkets is operated by UR Trade Fix Ltd, a company regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker offers a range of trading instruments, including forex, commodities, cryptocurrencies, CFDs, shares, indices, and ETFs. Trading is facilitated primarily through the widely-used MetaTrader 4 (MT4) platform, which is known for its user-friendly interface and robust features. However, the lack of a demo account may deter potential clients from exploring the platform before committing funds.
Regulatory Regions: PlusMarkets is regulated in Cyprus under CySEC, which requires brokers to adhere to strict financial standards. However, there are concerns regarding the broker's transparency and the quality of its regulatory compliance. Some sources indicate that UR Trade Fix Ltd has faced regulatory issues in the past, including a fine from CySEC for non-compliance, raising questions about its reliability.
Deposit/Withdrawal Currencies: PlusMarkets supports various deposit options, including bank wire transfers, Visa, Mastercard, Neteller, and Skrill. However, the broker imposes withdrawal fees that can be considered high compared to industry standards. For instance, withdrawals via credit cards incur a fee of $15, while wire transfers can cost up to $30.
Minimum Deposit: The minimum deposit to open a trading account with PlusMarkets is set at €200, which is relatively standard in the industry. However, the broker's tiered account system suggests that higher deposits may be necessary for accessing better trading conditions and features.
Bonuses/Promotions: Currently, PlusMarkets does not offer any bonuses or promotional incentives, which is commonplace among EU-regulated brokers due to strict regulations against such practices.
Tradable Asset Classes: Traders can access a wide variety of asset classes, including forex pairs, commodities like gold and oil, cryptocurrencies such as Bitcoin and Ethereum, and various indices and shares. This diversity is a significant advantage for traders looking to diversify their portfolios.
Costs (Spreads, Fees, Commissions): PlusMarkets advertises spreads as low as 0.1 pips on major currency pairs, although users have reported a lack of transparency regarding actual trading costs. The absence of detailed information on commissions and fees could lead to unexpected expenses for traders.
Leverage: The broker offers a maximum leverage of up to 1:300 for professional clients, while retail clients are limited to a maximum of 1:30, aligning with ESMA regulations. While high leverage can amplify profits, it also increases the risk of significant losses.
Allowed Trading Platforms: PlusMarkets primarily supports the MT4 platform, which is favored by many traders for its advanced tools and features. Additionally, there is an in-house developed web-based platform, although it lacks the extensive features of MT4.
Restricted Regions: There is no specific information indicating which regions are restricted, but like many brokers, PlusMarkets does not accept clients from the United States.
Available Customer Support Languages: Customer support is primarily available in English, with limited options for assistance. Users have reported delays in receiving support, which can be frustrating, especially for new traders.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 4 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 4 |
| User Experience | 3 |
Account Conditions: The minimum deposit of €200 is reasonable, but the tiered account structure can lead to confusion about the actual costs and benefits associated with each level. Users have expressed concerns about the lack of clarity regarding spreads and commissions.
Tools and Resources: The educational resources provided by PlusMarkets are limited, which can be a significant drawback for traders seeking to enhance their skills. The absence of comprehensive tutorials or webinars may hinder new traders from making informed decisions.
Customer Service and Support: Customer support options are limited, with only an English phone number and email contact available. Users have reported slow response times, leading to dissatisfaction with the service provided.
Trading Setup: The trading experience on MT4 is generally positive, but the lack of a demo account prevents potential users from testing the platform before investing real money.
Trustworthiness: While PlusMarkets is regulated by CySEC, concerns regarding its transparency and past regulatory issues raise questions about its overall trustworthiness.
User Experience: Feedback from users indicates a mixed experience with PlusMarkets, with many expressing frustration over customer support and transparency issues.
In conclusion, the PlusMarkets review reveals a broker with potential offerings but significant drawbacks in transparency and customer support. Traders should weigh these factors carefully before deciding to engage with PlusMarkets.
