A growing cryptocurrency market is an ideal bedrock for new retail traders, as they can take advantage of price movements using different derivatives. Bitcoin and other leading altcoins have had an impressive run in 2020, and now that 2021 has kicked off, the same elevated interest in crypto trading services continues to persist. 500Investments is an online financial service provider currently covering several cryptocurrencies and today we’ll analyze the offering.
500Investments is a brand owned by Cabsy Holdings Ltd., specializing in providing online trading services for a large audience of traders. Although there are more than 1,000 instruments covered from different asset classes, the focus today will be only on crypto, as we’ll try to answer whether traders should work with this provider or not.
Among the most notable features under our radar are the trading technologies, cryptocurrencies covered, registration process for an account, and other benefits that have already convinced many traders to sign up with 500Investments.
Which cryptocurrencies can you trade with 500Investments?
On top of BTC trading with 500Investments, traders can get involved in other altcoins such as Ether (ETH), Litecoin (LTC), XRP, DASH, Bitcoin Cash (BCH), OMG, Ethereum Classic (ETC), Stellar (STR), and others. Most of them are denominated in EUR or USD, but for Bitcoin, the broker covers instruments in AUD and JPY as well.
There are instruments denominated in USDT, BTC, ETH, and XMR, for those who want to trade crypto against other cryptos. Recently, 500Investments has also added the digital Yuan (e-Yuan), becoming one of the first brands to do so.
With up to 1:5 leverage and competitive spreads, traders can get involved in the market without making concessions in terms of risk management.
Is trading crypto with 500investment secure?
Trading with this broker is secure thanks to the ultimate proprietary platform, incorporating next-generation trading technologies. With crypto trading, traders don’t need to store crypto and thus negate any vulnerability related to custody. A result of years of research, the platform is optimized for the current financial market conditions, promising accurate and fast trading execution. Additionally, 500Investments has multiple policies in place to set up rules on how operations are conducted.
Registering for a 500Investments account
Signing up for an account is a simple process that can be executed even by a beginner. For any assistance, 500Investments has a team of professionals standing by. To create a diversified offer, there are 5 different account types available:
500Investments thinks about all the potential customers, regardless of their financial status, and wants to offer attractive conditions for all account types. A minimum deposit of $250 is required for a Basic account. Payments via credit/debit card or wire transfer are currently accepted.
All accounts need to be verified by submitting several identification documents, in line with the AML/KYC requirements. Only after this step is completed, customers can submit withdrawal requests.
Pros and Cons
- Multiple cryptocurrencies available for trading
- Innovative and user-friendly web-trading platform
- Professional customer support and a team of account managers
- There is still for no prospect the inclusion of other altcoins
- Spreads are wide for some of the crypto instruments covered
- 500Investments does not accept customers from the USA
Should you go for it?
Based on the information provided by 500Investments on its website, the cryptocurrency trading offer is very competitive, when compared to what other large brokerage houses offer. Volatility is still elevated in the crypto industry, but this brand tries to counteract it with lower leverage (1:5) and risk management tools. Also, traders can use the educational resources to learn how to trade professionally. The bottom line is that this looks like a reliable and trusted trading brand.