How to withdraw money on Plus500 – A quick withdrawal tutorial
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One of the most important factors that you need to consider while choosing an online trading platform is its withdrawal process. You should go with a broker that offers a hassle-free withdrawal process. Well, this is where you can trust Plus500. It has been helping millions of traders across the world by offering them an user-friendly platform.
Getting started with Plus500 is a fast process. All you need to do is create a trading account with the broker, deposit money, and then you can begin trading. The platform also supports multiple payment and withdrawal options.
The Plus500 withdrawal duration is very fast, and you can complete the process with a few clicks. Before you start using this platform, you should know the platform’s withdrawal process, time, fees, and complexity. And this review will help you with that.
However, before exploring the process of Plus500 withdrawal, let’s talk about Plus500.
About Plus500
Talking about Plus500, this is a globally-known trusted online trading platform using which the traders can enjoy a smooth CFD trading experience. Besides, it offers a huge selection of CFDs. Established in the year 2008, the broker is a part of the FTSE 250 Index and is traded on the LSE- London Stock Exchange.
The platform is very user-friendly, so this can be a good option for traders. The platform offers more than 2,000 tradable symbols via CFDs (underlying assets such as forex, commodities, stocks, and more.
The broker is authorized by the popular three tier-1 regulators and four tier-2 regulators. Besides, the platform is regulated by MAS- Monetary Authority of Singapore, ASIC- Australian Securities & Investment Commission, and FCA- Financial Conduct Authority.
Investors from more than 50 countries can trade in a reliable way, knowing that the platform is licensed and regulated in different jurisdictions and the services are available in 32 languages. It offers margin trading tools, different order types, segregated accounts, and more for comfortable trading.
It provides the users with an economic calendar that utilizes Dow Jones data. You can also get information about the upcoming events. One of the best parts of Plus500 is its withdrawal process. The broker doesn’t charge anything for Plus500 withdrawal. So, there will be no additional fee.
When you have sufficient funds in your account, you can raise a fund withdrawal request, and the broker offers faster processing time. You will not face any issues during the process. Now, let’s talk about the Plus500 withdrawal process in detail.
Risk warning: 82% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
How to make a withdrawal request while using Plus500?
Most people look at the withdrawal process offered by the online broker while opening a trading account with them. And it can be said that Plus500 offers a simple withdrawal process. You can easily request a Plus500 withdrawal directly using your trading account.
Here are steps that you can follow to raise a withdrawal request.
- First, you need to visit the Plus500 platform and then log into the account.
- Once done, in the top-left corner, you will find the Menu icon. Click on that.
- From the list, you need to choose Funds Management.
- From the menu, click on the Withdrawal option.
- Now, you will have to choose your desired withdrawal method. For example, you can go for Wire Transfer. However, for this, you will need your Swift and IBAN. If you are using a UK account, then you need to get a sort code. Well, if you don’t know much about this, you can contact your bank’s website. In general, the Sort Code represents the branch number.
- Fill out all the details carefully, and then click on the Open A Withdrawal option.
That’s it. You have successfully raised your withdrawal request. The withdrawing fund can take around 5 to 7 days before it is reflected in the bank account. It has also been seen that sometimes the funds could even be in the account within just 2 to 3 days.
After analyzing the process, it can be said that the Plus500 withdrawal process is very easy and hassle-free. You can choose a single payment and withdrawal method for your trading account. That means if you have deposited money through a debit card, you can withdraw funds using that debit card only.
Checking the withdrawal status
Plus500 withdrawal processing time frame is one business day, and during that, the request will move through different stages. However, the platform allows you to easily check the withdrawal status.
You can visit Funds Management and then Monetary History to check the status. You may see four different terms there. These are:
Requested
This is the first stage, and it informs you that you have successfully submitted your request to withdraw your funds from the Plus500 trading account. Well, if you want, you can also cancel the request. For that, go to Funds Management, then click on the Monetary History and cancel the requests by clicking on the Cancel Withdrawal option.
Approved
That means your requests for withdrawing money have been authorized by the broker. But the amount has not been transferred yet to the payment processing party.
Approved and sent
This suggests Plus500 has made the transfer to the chosen external payment processing company.
Settled
It is the final stage, and it suggests that the process has been successfully completed. Just wait for a few days, and you will get your money.
Risk warning: 82% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
Payment methods of Plus500
Most of the popular and trusted online CFDs or forex trading platforms provide their users with multiple payment options so that they can deposit funds conveniently. Well, Plus500 also does the same. As there are multiple payment options, you will never be stuck while making payments.
If you can’t use your credit card, then don’t worry about trading, as you can begin your CFD trading by depositing money through bank transfer. Some of the common payment methods available at Plus500 are:
- Electronic wallets
- Credit or debit cards
- Wire or bank transfers
Electronic wallets
The electronic wallet has become a popular payment option for the Plus500 users. Why? Well, this method allows faster transfer of money to the trading account. Besides, while withdrawing money, you will also get the fund much faster compared to other methods.
Debit or credit cards
Another popular payment method available with Plus500 is debit and credit card transfer. You can also use your cards to withdraw funds. However, make sure your card is active and you have registered that with Plus500.
Plus500 may come as you submit a photo of your debit or credit card to verify that you are the real owner of the card.
Bank or wire transfer
Speaking about bank or wire transfer, it is like transferring money online. As this method is very safe and secure, most investors have selected this as their payment method.
You can also choose this method while withdrawing funds if you have made the deposit through a bank transfer. All you need to do is choose the Wire Transfer option to get it done.
In the year 2021, Plus500 introduced three new payment methods for both deposits and withdrawals. As per the information, the users can use POLi, Google Pay, and PayNow. As a result, all the Plus500 users can now enjoy secure monetary transactions through Plus500.
The broker has informed that these methods will help them in offering localized experience. These payment options are available in more than 30 languages, and both mobile app and website users can use them.
PayNow
This is a trusted online payment services provider in Singapore. Using this, one can seamlessly and securely transfer funds through more than 10 participating banks. It also has three non-bank financial institution participants.
POLi
This payment service is quite popular in Australia and offers faster fund transfers through a huge network of 7 banks in New Zealand and 16 banks in Australia.
Google Pay
This payment and withdrawal method is available for the Plus500 users who are using web and mobile app trading platforms.
To choose the preferred payment option, the users need to visit the Plus500 trading platform and select the desired payment options.
Risk warning: 82% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
Processing time frame for every method
The official site says the time frame for processing a request with Plus500 is generally within 24 hours. Sometimes, it may take more hours as the broker may need to carry out multiple security checks before approving the withdrawal request.
On the other hand, the duration will also depend on the payment method and the third party’s processing time. While some methods may take a long time, with some payment methods, you can enjoy instant fund transfer.
Have a look at the below-given table to know about the total hours involved in withdrawing money from the Plus500 trading account.
Payment Options | Total Duration |
Debit card and credit card | Around 24 hours to 48 hours |
Bank Transfer | It can take up to 5 business days |
E-wallet transfer | Up to 5 to 10 hours |
If you want to enjoy a faster funds withdrawal experience, you can go for an e-wallet transfer. However, while using e-wallets like POLi or FasaPay, the transaction may take time. Check the details carefully and choose a payment method for Plus500 withdrawal based on your requirements.
What is the minimum withdrawal amount with Plus500?
While using Plus500, you should be aware of the minimum withdrawal charges. That means the broker requires the users to withdraw the minimum withdrawal amount every time. This will vary from one withdrawal method to another.
Speaking more about the minimum withdrawal amount, if the users want to withdraw their funds to the registered e-wallet, then they need to withdraw at least USD 50. For credit card or debit cards and bank transfers, the minimum amount is USD 100.
For the e-wallet withdrawal method | USD 50 |
For card and bank transfer | USD 100 |
Before submitting your funds’ withdrawal request, it is advisable to properly check the details mentioned on the official site to avoid possible charges.
Fees that can occur
It has been seen that most well-known online brokers charge fees to their users while withdrawing funds. Are you worried about Plus500 withdrawal fees? When choosing a trading platform, it is important that you should avoid a platform that charges a high withdrawal fee. But by opting for Plus500, you don’t have to worry about that.
As the broker is committed to offering the user’s industry’s best trading conditions, they cover most of the fees related to payment processing. Well, in very rare cases, the broker may charge fees while transferring money from the Plus500 account.
However, the charges are generally calculated and levied by the bank or payment issuer. There is no involvement of Plus500 in that. When you are making any domestic withdrawals, there is no need to pay anything.
But while transferring your funds to any international bank account, the broker may charge around USD 10 to USD 20. For a clear understanding regarding this, prefer to get in touch with the broker directly.
For Domestic Fund Withdrawals | USD 0 |
For International Funds Transfers | USD 10 to USD 20 |
Fees for Withdrawing Less Than the Minimum Amount | USD 10 |
Remember that it is your bank or credit and debit card service providers who can ask for a handling or convenience fee. Plus500 has no control over these things.
Another important thing to remember is that if you are withdrawing less than the minimum threshold set by Plus500, then you may need to pay a fee of USD 10. This can also vary based on your selected payment method.
That’s why it is advisable to withdraw the minimum amount or more than that. On the Plus500’s withdrawal screen, you can explore the minimum amount for every payment method.
Risk warning: 82% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
What are the Plus500’s terms of payout?
Before you can make any withdrawal, it is crucial to make sure that your account is successfully approved. The users will have to submit a valid proof of identity so that the broker can verify the same.
This is mandatory as Plus500 always follows European guidelines, and all the transactions are controlled by the FCA- Financial Conduct Authority. As discussed above, this is a reliable broker and deals with customers’ assets reliably.
Conclusion
Plus500 is currently regulated in different jurisdictions across the world. Through this platform, you can get easy access to different instruments and markets to trade. In fact, it has more than 2,500 CFDs.
As a well-regulated and trusted online broker, they allow the users to withdraw money whenever they want. As long as your trading account is active and verified, just rest assured that you will make your withdrawal anytime you want.
Plus500 is 100 percent legit, and the broker has obtained licenses from FCA and CySEC. The withdrawal time is very fast and hassle-free. The Plus500 withdrawal process involves just a few clicks. You can use your payment methods for withdrawing money.
You can opt for an electronic wallet, debit card, credit card, or bank transfer for withdrawing the fund.
What’s more? As per the review, there is are different withdrawal limits:
- Minimum Withdrawal – AU
The minimum withdrawal amounts are – Electronic wallet – PayPal/Skrill (minimum amount 50 USD or the equivalent in your currency ) – available only if used for a deposit;
Bank transfer (minimum amount 100 USD or the equivalent in your currency)
Visa card/MasterCard (minimum amount 100 USD or the equivalent in your currency) if the card was used for a deposit and can be refunded from the Plus500 part. - Minimum Withdrawal – CY
The minimum withdrawal amounts are – Electronic wallet – PayPal/Skrill (minimum amount 50 USD or the equivalent in your currency ) – available only if used for a deposit;
Bank transfer (minimum amount 100 USD or the equivalent in your currency) Visa card/MasterCard (minimum amount 100 USD or the equivalent in your currency) if the card was used for a deposit and can be refunded from the Plus500 part. - Minimum Withdrawal – UK
The minimum withdrawal amounts are – Electronic wallet – PayPal/Skrill (minimum amount 50 USD or the equivalent in your currency ) – available only if used for a deposit;
Bank transfer (minimum amount 100 USD or the equivalent in your currency) Visa card/MasterCard (minimum amount 100 USD or the equivalent in your currency) if the card was used for a deposit and can be refunded from the Plus500 part.
Besides, the broker doesn’t charge anything from the users for this.
The official site says Plus500 always processes the requests within 24 hours. The platform has all the features and tools to make a proper analysis of charts and trading data!
Risk warning: 82% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
FAQ – The most asked questions about withdraw money on Plus500 :
How long will my withdrawal be pending on Plus500?
Plus500 understands the emergency of people and allows them to withdraw their funds whenever they want. With Plus500, you will enjoy a faster withdrawal experience. The broker takes only one day to process it. However, the total duration will vary based on the payment methods.
How long does it take to withdraw money from Plus500?
The best thing about Plus500 is its faster withdrawal duration. Once you raise your withdrawal request, the broker will process the request on the same day if the request is made before 11 AM. Once processed, you will get your money within 7 working days.
Are there any withdrawal limitations?
It may be noted that all withdrawal methods offered by Plus500 have some minimum amount thresholds. You can get all the details on the platform’s withdrawal screen. As per the rules, the users can use the same method for withdrawals that they have used for making payments. In order to withdraw, Plus500 may ask you to verify the payment methods.
Does Plus500 charge any withdrawal fees?
As per the information mentioned on the official site, Plus500 doesn’t charge any fees for withdrawing money. You are allowed to withdraw any amount without worrying about the withdrawal fees. This is one of the major reasons why people prefer to trade through Plus500.
Can you leave your money in Plus500 trading account?
Well, it is not advisable to leave your funds in your Plus500 trading account if you don’t have to use the account. Otherwise, if you don’t use the trading account for a long time, Plus500 will charge account inactivity fees.
Is it challenging to make a Plus500 withdrawal?
Plus 500 offers a seamless Plus500 withdrawal process. It is an authorized online broker organized by top-tier authorities. It is famous for its great trading platform. Also, it is one of the best mobile apps. Apart from these features, more features make it an exception. The platform is great for customer support and CFD traders. Additionally, it has a user-friendly platform and an account-opening process. And the Plus500 withdrawal process is also lucrative.
Does Plus500 withdrawal allow me to withdraw all money from my Plus500 account?
Yes, you can withdraw all money from your Plus500 account. It is available at basically all brokers. Moreover, you can opt for Plus500 withdrawal funds through a debit or credit card. But many brokers do not offer this choice. So, this is also an outstanding feature. Furthermore, you can also withdraw money from electronic wallets.
Does Plus500 withdrawal make use of real money?
Real money is there only when you trade with a real account. You cannot opt for Plus500 withdrawal in a demo account. But, you will trade in real market situations in the Demo and Real Money accounts.
What is the minimum investment for Plus500?
You must deposit once you complete the registration and the account opening process. First, you will have to transfer the minimum deposit to your brokerage account from your bank account to start trading. The lowest deposit at Plus500 is $100. And you can consider $300 to $1,000 per day for the Plus500 withdrawal.
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Last Updated on March 31, 2024 by Andre Witzel
