There are a bunch of negative reviews of plus500, but I have a feeling it is just idiots who aren't following the rules. I found an email interview they gave that was interesting. It says they have over 1 million users!
http://hatemostpeople.blogspot.co.uk/2011/05/plus500-scam-real-interview-focused-on.html
Topic: Forex broker plus500 has opened for Bitcoin trading. - page 3. (Read 16072 times)
Spread is actually very good and I doubt anyone else will be able to offer anything better. I actually fear they will have to widen it if they don't want to lose money. Remember there is no other fees like the 0.6% commission on Gox. Also, with the leverage you basically get to borrow money for free to trade with.
Finally, don't forget the awesome first time deposit bonuses they offer:
http://www.plus500.com/en/Marketing/Promotion1.aspx?id=67176&pl=2
Now if only Gox would offer something similar...
Finally, don't forget the awesome first time deposit bonuses they offer:
http://www.plus500.com/en/Marketing/Promotion1.aspx?id=67176&pl=2
Now if only Gox would offer something similar...
That spread doesn't seem -that- bad. It's not as competitive as elsewhere but I don't understand why people are talking about 10 percent.
I'm in for an account.
Don't forget, bitfinex offers leveraged trading as well.
I'm in for an account.
Don't forget, bitfinex offers leveraged trading as well.
You pay 113.79 and can sell at 112.76. I wonder how this is going to work out for them as most of the people I have talked to have bought through them, not going to be easy for them to keep a balanced book.
I don't understand the posted screenshot and the spread. The screenshot says "buy 113.79" and "sell 112.76". What will I actually pay to buy a bitcoin in that case?
The bonus are easy to clear but fees/spread adds up very quickly. They freeze the buy/sell button when the market is volatile. Price is always rigged in their favour. I'm still trading with them hoping to get a painless first cashout. Since I discovered margin trading I can't sleep anymore. 
Why is everyone talking about 4:1 leverage when it's 1:4?
Why is everyone talking about 4:1 leverage when it's 1:4?
thats a pretty tight spread there
Are you for real? This is a huge spread. I would say that it is not profitable to trade btc/usd on plus500 for that reason.
Spread on btc/usd = 1.03 usd
Difference between high/low on btc/usd = 9.43 usd
10.92 %
Spread on crude oil/usd = 0.05 usd
Difference between high/low on crude oil/usd = 0.89 usd
5.62 %
Spread on eur/usd = 0.0002 usd
Difference between high/low on eur/usd = 0.0075 usd
2.66 %
The spread represents 10 % of the difference between the maximum and minimum values reach in the last 24 hours, but it should be between 2 and 5 %.
No downside as far as I can tell. I actually feel more comfortable having money on a FSA regulated site than on most of these Bitcoin exchanges...
Since I am wildly bullish on bitcoin and do not expect it to drop in half, is it reasonable to load money on this site, buy at 2:1 leverage, and then leave it? What are the downsides compared to just holding coins myself at 1:1?
In these slow markets it sure helps to have 4:1 leverage, meaning a 2% swing in price gives you potential of 8% win (or loss 
), helps me from falling a sleep. Still waiting for a nice trend to jump on to make some big $$$.
), helps me from falling a sleep. Still waiting for a nice trend to jump on to make some big $$$. 
This is pretty awesome, hopefully they enable Bitcoin withdrawals and it would be a bit of competition with MtGox.
Screenshot of
http://www.plus500.com/Instruments/BTCUSD
No competition, it is using mtgox price API,its the same as trading on Mtgox with different spread,hedging and 4:1 leverage.
I think the bonuses might be different for different countries then. Here in Norway it is NOK7500 ($1100) for NOK30000 ($5000). The rest of my math is correct, so it should be very easy to clear.
Even if what you are saying is true for UK, you need to remember you have 4:1 leverage so if you deposit £5000 you actually get to trade with £20000, making the £75000 requirement less than 4 full trades.
Of course I 100% agree that trading with leverage can be very risky, but so are most Bitcoin related things.
Even if what you are saying is true for UK, you need to remember you have 4:1 leverage so if you deposit £5000 you actually get to trade with £20000, making the £75000 requirement less than 4 full trades.
Of course I 100% agree that trading with leverage can be very risky, but so are most Bitcoin related things.
I have check the table ,leverage isn't count in trading point.....
We still need full trading of the £5500 for about 13 times.....
I think the bonuses might be different for different countries then. Here in Norway it is NOK7500 ($1100) for NOK30000 ($5000). The rest of my math is correct, so it should be very easy to clear.
Even if what you are saying is true for UK, you need to remember you have 4:1 leverage so if you deposit £5000 you actually get to trade with £20000, making the £75000 requirement less than 4 full trades.
Of course I 100% agree that trading with leverage can be very risky, but so are most Bitcoin related things.
Even if what you are saying is true for UK, you need to remember you have 4:1 leverage so if you deposit £5000 you actually get to trade with £20000, making the £75000 requirement less than 4 full trades.
Of course I 100% agree that trading with leverage can be very risky, but so are most Bitcoin related things.
If you use the site to buy and hold you are correct, its probably best to avoid the bonus, but if you trade somewhat active you will go through bonus requirements in no time.
Lets do the math:
-If I deposit $5000 I get $1100 bonus.
-I need 1000 traderpoints to be able to cash this out.
-For every $1250 or about 10 Bitcoins that I buy or sell I receive 11.25 points.
All it would take to cash out this bonus will be to buy or sell 870 Bitcoins. With the 4:1 leverage I have $20 000 in buying power with my $5000 deposit so it would take me about 5 trades to be able to cash out. Not too bad, and if you have done any Bitcoin trading you know you can do that in a day
Lets do the math:
-If I deposit $5000 I get $1100 bonus.
-I need 1000 traderpoints to be able to cash this out.
-For every $1250 or about 10 Bitcoins that I buy or sell I receive 11.25 points.
All it would take to cash out this bonus will be to buy or sell 870 Bitcoins. With the 4:1 leverage I have $20 000 in buying power with my $5000 deposit so it would take me about 5 trades to be able to cash out. Not too bad, and if you have done any Bitcoin trading you know you can do that in a day
you are wrong, that if you deposit £5000 you only get £500...if you deposit £7500 you will get £1000.
and for example, able to withdraw this £500, required £1000 trading point.
for trading bitcoin you will get 750 for 10.11 trading point. for that 500, you need to trading amount up to 75000.which mean you need hold full stock for 13.36 times. I think this is very risk...and remember each time you purchased stock they will charge you.
If you use the site to buy and hold you are correct, its probably best to avoid the bonus, but if you trade somewhat active you will go through bonus requirements in no time.
Lets do the math:
-If I deposit $5000 I get $1100 bonus.
-I need 1000 traderpoints to be able to cash this out.
-For every $1250 or about 10 Bitcoins that I buy or sell I receive 11.25 points.
All it would take to cash out this bonus will be to buy or sell 870 Bitcoins. With the 4:1 leverage I have $20 000 in buying power with my $5000 deposit so it would take me about 5 trades to be able to cash out. Not too bad, and if you have done any Bitcoin trading you know you can do that in a day
Lets do the math:
-If I deposit $5000 I get $1100 bonus.
-I need 1000 traderpoints to be able to cash this out.
-For every $1250 or about 10 Bitcoins that I buy or sell I receive 11.25 points.
All it would take to cash out this bonus will be to buy or sell 870 Bitcoins. With the 4:1 leverage I have $20 000 in buying power with my $5000 deposit so it would take me about 5 trades to be able to cash out. Not too bad, and if you have done any Bitcoin trading you know you can do that in a day
Quote
maybe they just make it up in fees somehow?
No other fees, in fact they have some very nice deposit bonuses:
http://www.plus500.com/en/Marketing/Promotion1.aspx?id=67176&pl=2
If you are only into Bitcoins for the trading, you probably save money by using them instead of Mt. Gox.
Their bonuses for me just like traps....you need at least accumulate trading amount up to 60 times of your deposit , then you can get withdraw you money...it is better not to take their bonuses.. but for some one who hold huge amount of BTC, it is wise to use their service to hedging the risk of BITCOIN.
Ye, whenever you make a winning trade you literally take money out of their pockets and they don't like that much. However as long as you keep your position for more than a couple of minutes you will not have any problems with their scalping rules.
Obviously, if you are going to take a huge long term position it will be better to just buy the coins on Gox, but for quick and easy access to buying when you hear some positive news like this China stuff it is great. Avoids the pain of just seeing the price go up and up while you wait for the wire transfer to hit Gox. Also, remember plus500 is actually regulated in the UK so should something go wrong you at least have a chance compared to some of these Bitcoin sites.
Obviously, if you are going to take a huge long term position it will be better to just buy the coins on Gox, but for quick and easy access to buying when you hear some positive news like this China stuff it is great. Avoids the pain of just seeing the price go up and up while you wait for the wire transfer to hit Gox. Also, remember plus500 is actually regulated in the UK so should something go wrong you at least have a chance compared to some of these Bitcoin sites.
Plus500 do not like scalpers...be warned. They also refused to define what they consider to be scalping - but still froze my account.
I have also seen screen evidence of plus500 disabling the buy/sell options when a market becomes volatile.
I think playing with small money no problem - but i know i would not trust plus500 with a large amount of my fiat.
I have also seen screen evidence of plus500 disabling the buy/sell options when a market becomes volatile.
I think playing with small money no problem - but i know i would not trust plus500 with a large amount of my fiat.
Manipulation can certainly be a problem, but it is usually a bigger problem when the leverage is higher. With 4:1 leverage you would need to move the price almost 25% to force someone out.
Still, 4:1 leverage is pretty sick, and if you time your entry well in a trending market like this there is a lot of money to be made. Bought 8 Coins yesterday putting up just ~200 Euro and I am already up well over 50% on my account.
Still, 4:1 leverage is pretty sick, and if you time your entry well in a trending market like this there is a lot of money to be made. Bought 8 Coins yesterday putting up just ~200 Euro and I am already up well over 50% on my account.
Warning! CFD price can be easily manipulated by those brokers (but anyway, Gox does it too). Lot of broker's profits comes from price manipulation, not from spread or commissions
On the other hand, 1broker closed down BTCUSD because of users manipulating prices. Jump to: