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 2012, Plus500 introduced its Android-based trading platform for Android smartphones and tablets. 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. . In 2014, the company launched its Windows app. 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 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 company, Plus500IL Ltd was one of a small number of companies to be granted a Trading Arena Licence by the Israeli Security Authority. 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 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 July 2018, shares of Plus500 were listed in the main market of the London Stock Exchange.
Operations
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.
