|Jacob Frenkel (Chairman)|
David Zruia (CEO)
|Services||Online trading platform|
|Revenue||US$ 872.5 million (2020)|
|US$ $513.6 million (2020)|
|US$ $500.1 million (2020)|
Plus500 is a global fintech firm providing online trading services in contracts for difference (CFDs), in more than 2,500 financial instruments. The company is currently in the process of adding share dealing and futures trading to its offering.
The company has subsidiaries in the UK, Cyprus, Australia, Israel, Seychelles, Singapore, Bulgaria, and the United States.
The company was founded in 2008 by six alumni of the Technion - Israel Institute of Technology: Gal Haber, Alon Gonen, Elad Ben-Izhak, Shlomi Weizmann, Omer Elazari, and Shimon Sofer, with an initial investment of $400,000 contributed by Gonen.
The initial platform was based on a Windows OS. In 2010, Plus500 launched a web based version of its online trading platform, allowing Mac and Linux users to trade online. In 2011, they launched their first app for iPad and iPhone users.
In October 2012, Plus500UK Ltd was fined £205,128 by the FCA failing to report transactions accurately for a year and a half. The company was not able to submit complete and accurate transaction reports because of the absence of appropriate systems and controls, documented procedures, or appropriate training for staff. (Chapter 17 of the FSA’s Supervision manual and Principle 3 of the FCA’s Principles for Businesses).
In 2013, The company went public in the AIM section of the London Stock Exchange.
In May 2015, Plus500 was hit with massive value loss when its stock plunged almost 60 percent due to the company's move to freeze UK based trader accounts. The UK Financial Conduct Authority had ordered Plus500UK (the UK subsidiary of Plus500) to freeze the accounts as part of a review into anti-money-laundering controls. Most customers were able to access their funds within 2 months. The Australian and the Cyprus subsidiaries were not affected.
In June 2015, Plus500 agreed to a US$703 million bid from Playtech, an online gambling company that was expanding into trading. However, Playtech walked away from the deal in November 2015 after it failed to get regulatory approval for the takeover.
In 2016, the Israeli operating subsidiary of the company, Plus500IL Ltd. was one of a small number of companies to be granted a Trading Arena Licence by the Israeli Security Authority (ISA). In that same year, Plus500 released an app for Apple Watch to trade and view account details directly from Apple’s wearable.
In early December 2017, Plus500SG Pte Ltd., the Singapore subsidiary of Plus500, was granted a Capital Markets Services license by the Monetary Authority of Singapore (MAS) for dealing in securities and leveraged foreign exchange trading.
In June 2018, Plus500 launched its Economic Calendar, covering major financial events and indicators from all over the world, which are provided by Dow Jones & Company, a subsidiary of News Corp. Plus500’s calendar includes a list of the most highly-affected instruments for each economic event.
In 2021, Plus500 named Professor Jacob Frenkel, former Chairman of J.P. Morgan Chase International and former governor of the bank of Israel as its new Chairman. Also in 2021, Plus500 signed a deal to acquire Cunningham Commodities LLC. and Cunningham Trading Systems LLC., a technology trading platform provider that operates in the futures market in the U.S. as part of the company’s global expansion program.
Plus500 trading apps are supported in 32 languages, including English, German, Greek, Italian, Spanish, French, Finnish, Danish, Swedish, Estonian, Russian, Romanian, Hebrew, Arabic, and Traditional and Simplified Chinese. It has been reported that 40% of the transactions were made by either Smartphones or tablets.
In December 2017, European and UK watchdogs announced details of planned restrictions on the spreadbetting and CFD sectors. Plus500 CEO Asaf Elimelech said "the board believes the proposals are unlikely to have a material adverse effect on the group's business, thanks to its highly flexible business model".
In February 2019, The Times reported that in the company's 2017 Annual Report Plus500 had told investors "in 2017, as in 2016 and 2015, the company did not generate net revenues or losses from market P&L", however in February 2019 the company issued a contradictory report stating that it had incurred a $103 million loss from client trading activity in the 2017 financial year.
Plus500AU Pty Ltd. AFSL #417727, issued by the Australian Securities and Investments Commission (ASIC). In addition, Plus500AU Pty Ltd is authorised to provide its services by the FMA in New Zealand (FSP No. 486026) and the FSCA in South Africa (#47546).
Plus500SEY Ltd., authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039).
To complement its online marketing technology efforts, in January, 2015 Plus500 signed a sponsorship deal with Atlético de Madrid Football Club. Later that year, Plus500 became the Club’s main sponsor. Also, in December 2016, Plus500 became the major sponsor of the Brumbies, an Australian professional rugby union football team. In 2020, Plus500 signed sponsorship agreements with three major football clubs: the Swiss Super League champions BSC Young Boys, Poland's champions Legia Warsaw, and Atalanta B.C.
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- "Atlético de Madrid Main Partner". Atletico de Madrid. Retrieved 30 May 2021.
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- "Plus500 reaches sponsorship deal with Legia Warsaw". Atalanta. Retrieved 30 May 2021.