If you haven’t used PLUS 500 or don’t know who they are, they are a discount CFD broker offering online only trading and a sippy little £20 no deposit bonus plus excellent affiliate tools to win business from the established brokers already out there.
Plus 500 have stayed away from MT4 and instead focused on building their own trading platform. The firm has only been around since 2008 but amazingly has a market cap of £622m (as of today) and is listed on the LSE.
As with all the other firms PLUS 500 took a knock when the FCA banned bonuses and said that it was reviewing retail client margin facilities.
The PLUS 500 share price dropped from 600 to around 360 after the news, but has since bounced back to 550. Helped mainly due to volatility in the markets increasing trading volumes and the buyback program to help distribute more profits back to share holders.
They already pay out 60% but want to do more.
PLUS 500 is not quite as diversified as IG who now offer stockbroking and ISA accounts as well as access to new issues, trying to compete with Hargreaves Lansdown (who they provide a spread betting white label to). Or CMC which also offers spread betting (PLUS 500 does not offer spread betting) who have a larger global foot print and their new FX Prime institutional offering.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.