Table of contents:
- 1 Plus500 payment methods – How Plus500 deposits and withdraws!
Plus500 payment methods – How Plus500 deposits and withdraws!
Broker Plus500 has been in the market for quite some time – the company was founded in 2008 by students from the Israeli Institute of Technology and has since grown to become one of the world’s largest providers. Plus500 has offices in Australia, Singapore and the UK, but German traders trade with Plus500 CY Ltd. based in Limassol, Cyprus, which is regulated by CySEC. In order to trade the more than 2000 underlying forex pairs and CFDs, clients must open a trading account and make initial payments. The available payment methods and the Plus500 deposit and withdrawal process are explained here.
- Plus500 minimum deposit is only 100 Euro
- Plus500 payment methods: credit card, bank transfer, IMMEDIATE, Ideal, PayPal, Skrill, Trustly, Multibanco, MyBank, Bpay, Przelewy24
- Longer processing times for deposits and withdrawals
- Conditions and costs are not clearly displayed
Payment options: the more, the better
The choice of payment methods varies from broker to broker. It is not uncommon that this area of services is initially only skimmed over, but wrongly so. In addition to the conditions and the trading offer, the payment options contribute to a satisfactory trading result. If incoming and outgoing payments are subject to high costs and delayed by long processing periods, traders have to accept losses in returns and may not have the required capital at hand in time to execute a planned strategy. Excessively high minimum deposit limits block the way for retail investors to trade Forex and CFDs, and high minimum withdrawal limits result in funds being stuck in the trading account.
- The payment methods offered depend on the broker
- Good payment conditions contribute to success
- eWallets are more and more often found
- At least one free payment method is usually available
However, the available payment methods are becoming more versatile overall and, thanks to competition among Forex and CFD brokers, also cheaper and more convenient for customers. In most cases, there are no costs for deposits, and withdrawals can be made free of charge through at least one channel. The speed of execution is on a different page. Therefore, before choosing a broker, traders should ensure that their preferred payment method is actually offered.
Live account at Plus500: only one model
Unlike some brokers, where a variety of account types initially confuse especially novice traders, Plus500 offers only one account for private traders. Trading forex pairs and CFDs on a broad portfolio of underlyings is done through an in-house trading platform.
- Costs or spreads depend on the financial instruments selected
- Plus500 offers a free demo account
- Plus500 Minimum deposit 100 Euro
- Leverage and deposit protection in accordance with binding European guidelines
The broker acts as a market maker, i.e. he sets the prices himself. This is not necessarily a disadvantage as long as a provider does not act too much in his own interest. One criticism of Plus500 is that the conditions and costs are not easy to find on the website. Comparable brokers, including market makers, make it easier for interested parties to make a decision thanks to a high degree of transparency. However, users can test the broker with an unlimited demo account. After opening a real money account, a Plus500 minimum deposit of 100 Euros is required; once the money has been credited, it can be traded immediately.
OPEN AN ACCOUNT WITH PLUS500
Those interested in Broker Plus500 can set up a demo or trading account directly from the website. All you need to do is click on the “Start trading” button – initially only your name and e-mail address are entered here, but it is also possible to register via Google or Facebook. If you want to set up a live account instead of trading virtually, you must then decide on the real money mode and provide further details, such as your name and address, trading experience and income. Plus500 also draws attention to the risks involved in Forex and CFD trading and expects new customers to read and accept the company’s terms and conditions. Verification by means of a valid identification document and a current utility bill complete the registration. After verification by the broker, the trading account will be unlocked and can be used after the first Plus500 deposit. The Plus500 minimum deposit for the first transaction must be 100 Euro.
FIRST STEPS WITH THE UNLIMITED DEMO
If you can’t make up your mind right away and want to try the Plus500 offers without investing your own money, you can do so. To use the free, unlimited demo account with this broker, all you need to do is enter your name and e-mail address. A demo is now an integral part of the offer for most Forex and CFD brokers and is a great way to convince interested traders of the benefits of the service. Trading takes place in an authentic trading environment and the broker’s trading platform, but without the need for a Plus500 deposit. Ideal for beginners, who can thus familiarize themselves with trading, but also for experienced traders who like to use a demo account to test and improve new strategies before they are implemented with real money.
According to its own information, Broker Plus500 does not charge any fees for opening and maintaining an account. There are also no commissions or commissions on orders. The Broker makes its profits through the spreads that are built into the prices quoted by Plus500. The spreads are variable and can be viewed from within the trading account for each individual instrument.
- Free trading account
- Plus500 offers a free demo account
- Market maker with not always favourable spreads
- Fees for overnight positions and Guaranteed Stop
- Inactivity fees
Costs are incurred by traders who hold overnight positions at Plus500. There are also additional costs for Guaranteed Stop Orders, in the form of higher spreads. Plus500 will also charge inactivity fees if a trader does not log in to the trading account for at least three months. The fee is then charged on a monthly basis.
The broker does not charge any fees for deposits and withdrawals, but the payment service provider may charge fees in individual cases.
Plus500 Deposit: Capital management in the personal client area
Once a real money account has been set up, initial payments must be made to capitalize it. The deposit process is not very complicated. Transactions are initiated from the personal customer area. Here there is a menu item “Capital Management” and under this item you can select “Deposits”. First of all, the desired method of deposit can be selected, then also the amount. If necessary, further details, such as credit card or eWallet data, must be entered. If everything is complete, the process is confirmed by sending and the payment is made.
- Customers can choose from a fairly wide range of deposit methods. At Plus500 you can choose from
- Credit and debit card
- Bank transfer
- IMMEDIATE bank transfer, Trustly or GiroPay
- Regardless of which payment method the customer chooses, the broker’s deposits are free of charge. Only if a currency other than the account currency is deposited, conversion costs can be incurred.
DEPOSIT LIMITS ARE DEPENDENT ON DOMICILE
Restrictions on both deposits and withdrawals are not unusual. Plus500 may also have limits on the capitalization of the trading account. These depend on the payment method you choose, as well as the country of residence of the trader. The limits are visible when choosing a deposit method, but unfortunately you will miss a clear presentation, for example in tabular form, on the website.
Deposit and withdrawal methods at a glance
For years, bank transfers or the use of credit and debit cards such as Visa, Mastercard and Maestro were the only way to capitalize the merchant account. They are still standard today, but are being supplemented by more and more electronic payment service providers that combine speed with cost-effective execution.
CREDIT CARD: FAST PAYMENT WITH RESTRICTIONS
Before deciding on a payment method, traders should be aware of its advantages and disadvantages. Credit and debit cards allow immediate value, usually at good terms. Since many direct banks now offer the credit card for free, customers do not have to expect costs from the bank. However, the reference account of a credit card can usually only be used to pay out as much as was previously deposited. No wonder, since the cards were designed to pay for purchases. Reversals are therefore only possible up to a maximum of the amount previously spent. If a larger amount is to be paid out, an additional payment method is usually necessary. As a rule, payment is then made by bank transfer to the current account. No problem – but further verification is necessary.
BANK TRANSFERS REMAIN POPULAR
Transfers within the euro zone have become much faster and remain popular because of their security. Although they are still slower than payment by credit card or eWallet, they can be carried out conveniently from home banking and are free of charge, at least as long as they are not made at the bank counter with receipts. For international transfers, however, interbank commissions or exchange rate costs must be expected. There are no upper or lower limits for transfers, which is another advantage. The execution of deposits and withdrawals can take between two and five days, if the processing by the broker is included. Nothing for the hurried, then. When withdrawals are made by bank transfer, the broker may have minimum limits, below which costs may be incurred!
PAYPAL: PIONEER AMONG THE ELECTRONIC PAYMENT SOLUTIONS
More and more so-called eWallets are becoming available as fast, low-cost payment options for the capitalization of the trading account. The alternative payment service providers operate internationally or nationally. The oldest of these is PayPal, originally designed for processing purchases on eBay. Today, the provider with a banking license serves millions of customers worldwide. Fortunately, traders at Plus500 can use PayPal. Customers must first create an account with the platform Go and capitalize it or link it to their own checking account. The service combines uncomplicated payment online with high buyer protection, but is not offered by many brokers, because PayPal charges the recipient of payments a fee of up to 1.9% of the amount paid. Payments are confirmed by entering the e-mail address and your own password and are credited immediately. However, when withdrawals are made via PayPal, fees are charged to the trader!
EWALLETS: INCREASINGLY POPULAR, INCREASINGLY UNCOMPLICATED
Similar to PayPal, Skrill, Neteller and other electronic payment solutions are designed. With these, too, either an account is opened on the platform and “stocked” with a payment, or a link to your own current account is established. While it is rather rare that customers can use PayPal like Plus500, Skrill, but also transfer services like SOFORT or Trustly and the German GiroPay are available quite often and also allow an immediate value date of the deposit. The Swedish provider Klarna, the operator of SOFORT, allows an immediate payment via the own current account by entering the own login data for home banking and verifying it with a TAN. Payments via GiroPay are very similar. Electronic payment service providers can be used in many cases, although not always, without the need for additional accounts.
EUROPE-WIDE RESTRICTIONS BY THE LEGISLATOR
Even with a wide range of payment methods, all options are subject to the specifications of the legislator, which are binding throughout Europe. On the one hand, they are intended to protect traders from unauthorized third parties accessing the reference account, but also to help prevent money laundering and crime financing. Therefore, payments may not be made via third parties, all transactions must be made via a reference account whose holder is identical to the holder of the trading account. Business accounts or business credit cards cannot be used to capitalise the trading account either, and before a withdrawal is made, the identity of the account holder must be proven beyond doubt by valid identification documents.
Plus500 Withdrawal via many different payment methods
The many different payment options that Plus500 offers for deposits can also be used for Plus500 withdrawals. Payments can be made with no limits on the amount or number of transactions, and there are no fees for Plus500 withdrawals. However, there may be charges from individual payment providers, such as PayPal, which charges fees to the recipient. However, Plus500’s wide selection ensures that traders will always find a payment method that is free for both deposits and withdrawals.
- Withdrawals from the capital management area
- Do not disburse without verification
- No limits or fees from Plus500
- Processing times of 2-5 working days
How long it takes for a Plus500 payout to actually arrive at the reference account depends on the payment method chosen. The Broker states that it takes between three and five days to process withdrawal requests. In the experience of customers, however, payments are usually made very quickly, sometimes within 24 hours, especially via eWallets.
PAYOUT ALWAYS TO THE DEPOSIT ACCOUNT
Each Plus500 withdrawal will be made to the account from which the previous deposit was made. This is not always one hundred percent the case, as some brokers generally pay out by bank transfer. At Plus500, however, after a deposit is made via IMMEDIATELY or PayPal, the payout is also paid out this way. The same applies to eWallets, credit and debit cards or the SEPA transfer. However, it may be necessary to change the reference account, for example if the trader has changed his credit card provider or has his current account with another bank. For such a change, a consultation with the support is necessary and of course a new verification. After that the new payment method can be used from the personal customer area.
PAYOUT FEES IN EXCEPTIONAL CASES
As explained above, there are no fees or charges for Plus500 to deposit funds into your trading account, and withdrawals are actually free of charge from the broker. The exception to this is the cost of currency conversion, so traders should always deposit and withdraw in the same currency as their trading account. On the other hand, there are costs for withdrawals via PayPal, in this case 1.9% of the withdrawn amount plus 35 cents. Users of the popular eWallet, who are convinced of the service, may accept these costs, alternatively you can choose another, completely free payment option right from the start.
Conclusion: Many payment methods at Plus500
The Forex and CFD broker Plus500, which has been on the market since 2008, is one of the well-known and comparatively popular brokers thanks to its large trading offer and Cypriot regulation. However, newcomers to this provider miss the clarity in the presentation of costs and conditions, account services, as well as deposit and withdrawal methods. A wide range of payment methods is made possible here, on the part of Plus500 all of them are free of charge, but an overview of processing times and possible limits on the part of the payment service providers is missing. Traders should note that although PayPal, part of the Plus500 offer, is free for deposits, it charges the recipient 1.9% +35ct. for withdrawals! One would also like to have an overview of the value date periods. According to users, deposits by credit card or via an electronic payment service provider are processed quickly, but for withdrawals customers have to accept periods of between two and five working days until the funds arrive in the reference account.