How to Open a Plus500 Account
Plus500 is a reliable online broker’s platform for forex trading activities. With several competitive spreads, Plus500 offers more than 2800 CFDs.
However, before investing in the Forex market and carrying out trades, you must create your Plus500. You can now go through a brief guide on how to open your Plus500 account.
Plus500 account requirements and documents
To create your Plus500 live account successfully, you should fulfill some requirements. Submit essential documents and let Plus500 verify them.
Documents that you need for Plus500 account creation-
A Government-Issued ID with details like photo, full name, identity number, and date of birth
A Document For Residential Verification should display your name and address. Any government agency, utility company, or financial institution must issue the document. For instance, it may be your bank statement, gas/water bill, electricity bill, phone bill, tax letter, debit/credit card statement, or internet bill.
Proof of your source of funds- To prove that you legitimately own the money (deposited to the Plus500 account), you can submit a copy of your bank statement.
Restrictions while working with Plus500-
Automated data entry, hedging, and scalping are some prohibited trading methods. Traders who apply these techniques are responsible for market abuse. They also abuse the bonus system of Plus500. The online broker will stop their trades and close their accounts.
Plus500 Minimum Deposit And Payment MethodsIn which countries is Plus500 available?
As a global fintech firm, Plus500 has tried to make trading services available to different countries. It has subsidiaries in-.
The UK
Australia
Seychelles
Bulgaria
Japan
FCA, CySEC, ASIC, MAS, and FSCA & FMA regulate the broker.
IMinimum initial deposit-
The minimum deposit you should make for the Plus500 account is $100.
Plus500 account types
When you register with Plus500, you can decide on the type of account you need.
Demo account-
Beginners can open this demo account as they are new to online trading. They should take some time to learn about trading with Plus500. There is no risk factor associated with a Demo account. You can deal with the virtual fund to practice trading.
The main real-money account is of 2 types - Professional and Retail.
Best Free Forex Demo AccountsPlus500 retail account-
It is the common choice for traders from the UK, Australia, Singapore, and other countries. Deposit at least $100 as a Retail Account holder. There are over 70 currency pairs, eight cryptos, and three stop-order types. Other noticeable features include the following-
Investor Compensation Fund
Negative balance protection.
Commission-free online trading (minimal spread)
Plus500 professional account-
It is a gold account with some features similar to the Retail Account. For instance, the currency pairs, cryptos, and stop order types are the same as that of the Retail Account. However, you should fulfil any 2 of the three conditions-
Your trading activities in the last year must be very high.
Invest at least €500,000
Proof of experience
You can also switch to a Retail Account by contacting customer representatives.
Plus500 account opening guide
A comprehensive tutorial on how to create your Plus500 live account will give you a clear idea.
1st Step- Add your details-
Plus500
First, visit the official website of Plus500 and hit the Start Trading button. You will then reach a registration page. Add your email address, password, and other personal information to the space available on the page. You will be directed to a page for setting up your Plus500 account profile.
2nd Step- Manage your profile details-
Plus500
Confirm your date of birth and name. You can then upload the verification documents. Click on the Verify Account option.
3rd Step- Determine The Trading Platform
Plus500
In the case of other online trading brokers, this step is essential. However, Plus500 has a proprietary platform that automatically becomes accessible during your account creation.
Commonly, Plus500 traders have found a quick account verification process. In most cases, it is at most 24 hours. You have to verify your contact number and email ID. The company will send you a code to be entered on the screen for verification.
After confirming and opening the account, you can enter the trading world.
Is Plus 500 legit? Is it safe or Scam?How to close a Plus500 Account?
You can close your account if you are still looking for the desired trading instrument or have any other problems.
Go to the Help/Contact Us section of the Plus500 website. Below is a guide on how to close a Plus500 account.
Enter your full name.
Submit your registered email address.
From the Type of Query, choose the General option
Click on the Delete Account
Let Plus500 know the reason for deleting your account.
By clicking on the Send button, you can accomplish the process.
FAQs
Do I need to pay trading fees to Plus500?
You do not need to pay commissions on every trade. But, there are some additional fees applicable for traders. For instance, you should pay the charge for your inactivity, currency conversion, and overnight funding. For currency conversion, the fee is up to 0.7% of the total profit and loss.
Can I open a Plus500 Demo account?
While registering with Plus500, you can create a Demo account. Click on the Demo Mode in the window. However, you may again switch to Real Money mode from the menu.
Does Plus500 have a mobile app?
Yes. Plus500 mobile app is available with most features and tools found in the web version. Biometric authentication has made the app highly secure. You can trade CFDs with a few clicks.
Does Plus500 charge a withdrawal fee?
You do not need to pay the charge for the initial 5 withdrawals. Then, you have to pay only $10 as a withdrawal charge.
Team that worked on the article
Knows about
Trading strategies, technical analysis, Forex, stock market, long-term investing
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Experience
Andrey's passion for finance began in 2009, and he has since accumulated extensive experience in trading and investing across various asset classes, including stocks, Forex, and cryptocurrencies.
He has spent over 15 years managing his own capital and working with financial portals, financial institutions, and IT companies, as a financial writer and analyst, further refining his investment expertise.
He is the author of several training courses on investing and trading in financial markets. Led multiple FX/Stocks/Crypto webinar educational presentations. Authored hundreds of articles on the global economy, stock, cryptocurrency, and Forex markets, along with trading strategies. He has also penned hundreds of professional reviews of financial firms.
Throughout his journey, Andrey has been heavily influenced by the works of renowned authors and investors like Benjamin Graham, Ray Dalio, Robert Shiller, and Nassim Taleb.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.