Plus500 is a well known and fully regulated broker that has attracted many traders worldwide.
However, one of the most important things to check about any broker is their withdrawal process. That’s because you should know about how you can withdraw your funds or profits when you want.
To help you out, we’ve looked at the Plus500 withdrawal in more detail.
Let’s get started.
Plus500 Withdrawal Fees
The reason that Plus500 has become so popular, is because they offer zero commissions and pretty competitive fees.
This includes the offer of free withdrawals for clients. Whilst other brokers may charge a fee for withdrawals, Plus500 has made it completely free of charge.
In fact, you’re allowed to make up to 5 withdrawals for free each month.
Once this limit has been reached, the broker charges $10 (or the equivalent in your base currency) for each withdrawal. The limit will be reset when the next month begins.
Providing free withdrawals is a very attractive offer of any broker, especially because many other brokers do charge a fee.
Plus500 Minimum Withdrawal
The only other fee to be aware of is the minimum withdrawal rates. This means that Plus500 requires you to withdraw a minimum amount each time, based on your chosen withdrawal method.
For example, if you withdraw your funds to an e-wallet the minimum amount is $50, or if you withdraw via bank transfer/credit card the minimum amount is from $100.
If you withdraw less than this, a fee of $10 will be applied. Just remember to meet the minimum limit and you’ll be fine.
How to request a Plus500 Withdrawal
It’s easy to request a Plus500 withdrawal, and you can do it directly from your account when you wish.
Just follow these steps to request a withdrawal:
- Go to the Plus500 platform and log in to your trading account
- Once in your account, in the top left corner of the screen you’ll see the ‘menu‘ icon
- Click on the menu icon and from the dropdown menu select ‘Funds‘
- From the Funds Management menu, click on ‘Withdraw‘
- On the withdraw page, you just need to enter the amount of funds you wish to withdraw
- Then select with payment method you would like withdrawal sent to e.g. credit card
- To complete the transaction just click on the ‘Open a Withdrawal‘ button.
Your withdrawal request is then completed and will be sent to the customer service team for them to process.
If you want to track your withdrawal status, you can do so from your account.
Just go to the ‘Funds Management‘ button and click on ‘Monetary History‘. From here you can see the status of the request and whether it has been approved or sent for payment.
Plus500 Withdrawal Methods
There are around 10 base currencies available on Plus500 including AUD, EUR, GBP and USD. This means that it’s easier for you to fund and use your trading account in your local currency.
It also makes things simple for the withdrawal as your bank or card provider will not have to convert any currency,
Plus500 has a range of payment methods available for your withdrawn funds to be sent too. This includes the following:
- credit/debits cards (only Visa or MasterCard)
- bank/ wire transfer
- e-wallets (Skrill or PayPal)
Ideally, it’s the easiest if you choose the same payment method that you used to make the deposit to your account. That’s because the broker prefers to send money to the same method the original payment came from.
For example, if you made the deposit with an e-wallet like PayPal, it’s best to select PayPal as the withdrawal method.
Plus500 Withdrawal Time
It normally takes the Plus500 team from 1 to 3 business days to process a withdrawal request. This is because they need to do security checks before confirming and sending the payment.
For example, they must check that the account owner’s identity has been verified to make sure that money is not sent to the wrong person.
This helps to protect against scams and fraud. As a regulated broker, Plus500 must do these checks to keep trader’s accounts safe. This is why it’s important that your account has been verified before making a withdrawal.
Once the request has been processed and confirmed by the team after the checks, the money will be sent. The time till you see the withdrawn money showing in your personal account depends on the payment method you selected.
For instance, e-wallets should be showing the funds the quickest as they are the fastest payment method. Although Plus500 has advised that funds should show within 3-7 business days.
Bank/wire transfers take from 5-7 business days normally. As for credit cards, it all depends on your card provider’s processing time.
Plus500 Verification Documents
An important thing that might affect your withdrawal request being processed is if you don’t have your Plus500 account verified.
All account should be verified so that the customer support team can verify and check your identity.
Verification is all designed to keep your trading account and funds safe against scams and fraud.
So before you can start trading you’ll be asked to verify your account.
To verify your account you just need to upload 2 documents that show the following:
- Proof of Address: a recent letter showing your current address (utility bill/bank statement)
- Proof of Identity: a copy of a document with your photo on it (passport/driving licence)
The document copies can be uploaded directly from your trading account on the Plus500 platform.
You may also be asked to send a copy of your bank statement or a scan of the front of your credit card to prove that you are the rightful owner of the payment method.
As a regulated broker, Plus500 must allow their clients to withdraw money when they wish. So as long as your account is verified, you can be reassured that you can make a withdrawal anytime you want.
Plus500 is not a scam, as they are a legit broker with regulation licences from CySEC (250/14) and many others including the FCA (Financial Conduct Authority).
If you have any questions about the verification steps or withdrawal process the customer support team can be contacted via WhatsApp, online chat or email.
To finish, we hope that you now know all there is about the Plus500 Withdrawal. Just remember that with Plus500 you’ll always be able to withdraw your money and that there are no hidden withdrawal fees. To learn more about the broker read our complete Plus500 review.