Is Plus500 available in Saudi Arabia?
First things first, many locals ask about the availability of Plus500 to clients residing in the country, and the answer is yes, Plus500 opens trading accounts to clients who live in Saudi Arabia.
What is Plus500?
Plus500 is a CFD trading platform allowing customers to trade more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, Forex and cryptocurrencies.
Plus500 retains operating licences and is regulated in the UK, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore and Seychelles. Plus500 shares are listed on the Main Market of the London Stock Exchange (symbol: PLUS) and are a constituent of the FTSE 250 index (Britain's preeminent shares index). According to the co's Financial Report issued at the end of the 2020, the platform had over 430k active traders.
The trading platform is accessible from multiple operating systems (Windows, iOS, Android and Surface) and web browsers.
Financial Instruments offered by Plus500
Forex: +70 CFDs on currency pairs – Majors, minors, and exotics.
Stocks: +1,500 CFDs on Stocks from 17 major Stock Exchanges, among which there are the New York Stock Exchange, Nasdaq, London Stock Exchange and Xetra, four of the most popular Stock Exchanges among investors.
ETFs: 86 CFDs on ETFs from iShares, Vanguard, Invesco, VanEck, SPDR, ProShares, Direxion, among other asset managers.
Commodities: CFDs on 22 commodities, including Gold and Oil, the most popular among traders.
Indices: Plus500's offering on indices' CFDs divides into 27 CFDs on stock exchanges indices and four industrial indices (Cannabis, Real Estate, Crypto, and NYSE FANG+).
Options: CFDs on 20 options (Underlyings: Commodities, Indices and 10 CFDs on Shares' Options).
Cryptocurrencies: CFDs on eight coins and crypto pairs.
Is Plus500 a trustworthy broker?
A way to understand if a Broker is reliable is through the Public entities that regulate its operations. Plus500 is governed in the following jurisdictions:
Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
Plus500AU Pty Ltd holds AFSL #417727 issued by ASIC, FSP No. 486026, issued by the FMA in New Zealand and Authorised Financial Services Provider #47546, issued by the FSCA in South Africa.
Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039).
Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products (License No. CMS100648-1).
Bearing in mind that stringent government bodies regulate and supervise Plus500, we can state with certainty that it is a reliable firm, given that it has to comply with heavy regulations.
How to Open a Trading Account with Plus500 from Saudi Arabia
Opening an investment account with Plus500 from SA is a process that is completed online and requires:
Register, and upload an ID and a proof of address (electricity, water bills, etc.), through the Broker's App.
Once their administration team approves your account, it's time to deposit cash. The depositing and withdrawing money methods are usually Credit Cards, Bank Transfers or eWallets (PayPal, and Skrill).
Once Plus500 applies your funds to the account, you are ready to trade.
Does Plus500 offer Islamic accounts in the UAE? Am I allowed to Trade if I am Muslim?
Yes - Plus500 offers Islamic accounts upon request. This means that you need to first open a regular account, and then request the change over the platform's chat or email. And how do they work? An Islamic account is a halal trading account available to clients who respect the Quran and wish to invest while following Islamic finance principles. Islamic trading accounts differ in several ways from regular Forex accounts.
As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates. Also, transactions in Islamic accounts have to be completed without delays, so currencies must be transferred from one account to another immediately, and transaction costs must also be paid simultaneously. Islamic accounts are also known as swap-free accounts because of this, and they follow four basic principles to be considered Halal:
Prohibition of payment and receipt of any interest rate (Riba)
Immediate exchanges in the context of trading operations
Prohibition of gambling
Distribution of risks and benefits
Is it easy to trade with Plus500?
Plus500 allows investing in financial markets, straightforwardly through an optimised trading app called WebTrader. Designed in a way that the investor can learn and start trading very quickly, without the need for much prior knowledge, to buy CFDs on shares of, for example, Apple, or to invest in a financial instrument that replicates the S&P500 index, you have to:
open the trading account as explained before,
Search for "Apple" or "SP500" on Plus500's Trading platform, and
press the "Buy" button.
And, done, you are officially trading in financial assets with Plus500.
Plus500's Minimum Deposit in Saudi Arabia
We have saved some good news for the last paragraph: Opening an account with real funds requires USD 100 (Or the equivalen in Riyal) only.
Plus500, an international, reliable and robust trading platform, provides you with live access to global markets in the form of CFDs on multiple asset classes, quickly and straightforwardly. Good luck and trade safely.