CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Experts rate Plus500 as a beginner-friendly CFD broker, highlighting its straightforward trading platform, competitive spreads, and access to over 60 forex pairs. They recommend using a demo account and the Trading Academy for new traders to build their skills before trading with real money. However, the platform lacks advanced features like MetaTrader support and in-depth research tools, which may not satisfy more experienced traders.
- Across 146 user reviews on Good Money Guide, averaging 3.7/5, customers frequently commend the user-friendly interface and the wide range of trading options available. Many users appreciate the demo account feature, which helps beginners learn without risk. However, some users express concerns about the platform's reliability and customer service, citing issues with trade closures and account management.
Plus500 Canada Forex CFD Trading Expert rating
Our expert rating is the average of the areas listed here, each scored out of 5 by our team.Our experts have rated Plus500 Canada Forex CFD Trading across five key areas of our review framework.
- Pricing4.0
- Market Access4.0
- App & Platform4.5
- Customer Service4.5
- Research & Analysis4.0
Pros
- Very easy platform
- Commission-free forex trading
- Strong risk management
Cons
- No MetaTrader support
- Limited research tools
- Fewer advanced features
See full expert review
Our verdict
Plus500 has become one of the world's most recognisable CFD brokers thanks to its clean, basic platform and straightforward approach to leveraged trading. For Canadian traders, Plus500CA provides access to more than 60 forex pairs alongside CFDs on shares, indices, commodities and other markets. While it lacks some of the sophisticated features offered by brokers such as Interactive Brokers or FOREX.com, its simplicity is exactly what many retail traders are looking for.
Is Plus500 good for forex trading in Canada?
Yes, we rate Plus500 as a beginner-friendly CFD broker offering a straightforward trading platform, competitive spreads and access to global forex markets, making it ideal for traders who want a basic trading experience.
Plus500 is a beginner-friendly CFD broker offering a straightforward trading platform, competitive spreads and access to global forex markets, making it ideal for traders who want a basic trading experience.
However, if you are a beginner forex trader in Canada, it is best to start with a demo account and utilize Plus500's Trading Academy, webinars, and insights for learning before using the live platform and risking real money.
Pricing
Plus500 operates a spread-only pricing model with no commissions on forex trades (however, additional fees may apply, like overnight funding). This makes costs easy to understand, particularly for newer traders. Spreads are generally competitive, although active traders looking for ultra-tight institutional pricing may find commission-based brokers offer better value for high-volume trading. Overnight financing charges apply to positions held beyond the trading day.
Market Access
Canadian clients can trade over 60 forex pairs as well as a broad range of CFDs covering global shares, indices, commodities and other asset classes. While the overall selection is smaller than some multi-asset brokers, it provides more than enough choice for most retail CFD traders.
Platforms & Apps
The proprietary Plus500 platform is one of the easiest trading platforms to learn. Available via web browser and mobile app, it includes integrated charting, price alerts, risk management tools and Guaranteed Stop Loss Orders. However, traders looking for MetaTrader, TradingView integration or algorithmic trading support may find the platform too limited.
Customer Service
Plus500 offers 24/7 customer support and provides a secure trading environment with segregated client funds. Canadian clients benefit from CIRO regulation and CIPF membership, giving additional confidence that the broker meets Canada's regulatory standards.
Research & Analysis
Research is adequate rather than exceptional. Plus500 provides market news, educational articles, trading guides and its Trading Academy to help clients improve their knowledge. However, it lacks the depth of proprietary research, advanced analytics and professional market commentary available from some of its larger competitors.
Customer reviews for Plus500
Customer ratings come from reviews left on this site. Every review is read and approved before it is published.Based on 146 reviews
- Excellent42%
- Very good18%
- Basic18%
- Poor9%
- Bad12%
What customers like
- User-friendly platform
- Wide range of trading options
- Helpful customer support
What customers dislike
- Manipulative trading practices
- Unfair trade closures
- High fees on withdrawals
Read customer reviews
2/5
Pros:
charts
Cons:
most things
3/5
Pros:
Trustworthy
2/5
1/5
Pros:
nothing
Cons:
n/a
3/5
3/5
4/5
Cons:
Corses for beginners
4/5
3/5
Pros:
Unlimited trading instruments
Cons:
Telephone communication
Thank you for your feedback. At the moment, we don’t offer telephone support, as we believe written communication allows us to provide clearer, more accurate assistance and ensures all information is properly documented. Our support team remains available through written channels.
3/5
3/5
5/5
3/5
Pros:
Spreads
3/5
Pros:
Not friendly plattform
Cons:
Be more friendly (interface)
Thank you for sharing your experience. We’re sorry to hear the platform didn’t feel user-friendly to you. Ease of use is something we focus on strongly, and feedback like this helps us understand where improvements may be needed.
1/5
Pros:
1000
3/5
Pros:
Ability to go short
Cons:
Don't onow
dean R @ 02/03/2021 05:38
6 months in, and after my experience with a competitor, i can report Plus500 has been very good. I don't understand some of the bad reviews. I find it really clear and easy to open a Buy or Sell position exactly when i want to. the live prices and required Margins are well indicated and the graphs are g8. Withdrawing profit has been fuss free and fast. The mobile app is fab and better that their website app because the latter has troublesome nasty ultra-thin scroll bars despite my feedback to their developers.
Jay @ 05/29/2020 09:22
In my opinion all the bad reviews are correct and the good reviews are very suspicious. Go read all the Trustpilot reviews in all the threads. When people say theyÔÇÖve had their close button frozen and theyÔÇÖve been logged out and theyÔÇÖve lost their money, itÔÇÖs truth. CFD trading is where your loss is Plus500ÔÇÖs profit. They make huge profit. If you donÔÇÖt want to be a bad reviewer then stay clear of Plus500.
We understand why online reviews can influence opinions, and we respect everyone’s right to share their experience. CFD trading involves significant risk, and losses are a possible outcome. We aim to be transparent about how our platform works and encourage anyone considering trading to carefully review the risks and decide whether it’s right for them.
Karl @ 06/18/2019 11:03
Be carefull, to many fake reviews. They close your positions if the market is in your favor.
We understand why comments like this can raise concerns. We’d like to clarify that Plus500 does not close positions based on whether the market is in a client’s favour. Trading outcomes are influenced by market movements and trading conditions, which are explained in advance.
Paul M @ 05/29/2020 09:39
You claim you source prices from third parties, so name them, who are these third parties? Your execution order says that Plus500 obtain there prices from Plus500 Ltd. So do you set your own prices? You do know under law you are obliged to be clear so answer this do you set your own prices.? Do you profit from client losses? Your misleading hedging policy indicates you do. You say on your user agreement you may hedge client trades with third parties yet your support staff say that you use an internal hedging system that is managed by the buy and sell spreads. You operate with a conflict and interest and with that comes the ability to manipulate but the motivation is there too as clearly you are profiting from client losses.
We understand the concerns being raised and appreciate the opportunity to clarify at a high level. Plus500 prices are derived from external market data sources and are set in accordance with our execution policy, which is publicly available. Pricing and execution are handled in line with regulatory requirements, and relevant information is outlined in our legal documentation.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
