Withdraw money from Plus500
Do you want to withdraw money from your Plus500 account? In this article, we take a look at how you can cash out the money in your account. We will also discuss what the minimum withdraw amount is, and we will research whether Plus500 always pays out.
How can you withdraw money?
In order to withdraw money from your account, click on funds in the menu and then withdraw. In the withdrawal screen you can fill in the amount you want to withdraw. You can choose from different payout methods at Plus500:
- Bank transfer
Payouts with PayPal or Skrill can be made quickly. A payout on your bank account may take a little longer.
When can you withdraw money?
You can only withdraw your money after you have completed the entire verification process. Plus500 is a financial service provider. Financial brokers are required by law to audit all customers that trade with them. Before you can withdraw money, you must upload a copy of your passport. Plus500 also checks whether your mail and telephone are active.
What is the minimum amount to withdraw?
On Plus500 the minimum deposit amount is $100. The minimum amount you can withdraw depends on your payment method. (For example $50 for PayPal/Skrill and $100 for Bank transfer/Visa). Do you not have enough money in your account and do you still want to have the amount paid out? Then it can be smart to deposit enough extra money in your account to be able to complete the withdrawal request. After you meet the minimum balance required, you can have the full amount paid into your account.
How long does it take to withdraw money from Plus500?
When you submit a withdrawal request, it must first be approved. After the withdrawal has been approved, it normally takes 5 to 7 business days before you receive the money. When you transfer the money to your bank account it can sometimes take longer. Some countries and banks have additional control processes that take time.
Which part of your balance can you withdraw?
If you still have open trades, you can’t withdraw the full amount in your account. At the top of the Plus500 software you see an overview of your balance:
Only the available part of your balance can be paid out. When you open a position, you have to comply with a maintenance margin. This is the minimum amount you need on your account to keep your position open. In the article about the margin, we explain how this works.
Do you want to have the full amount paid into your bank account? Then you will first have to close all open positions.
Does Plus500 always pay out?
Plus500 is a reliable broker that has been active for more than ten years. The company therefore always pays out. It can take a few working days before you receive the payment on your account.
If you did not receive your payment after a few days, you should contact the Plus500 costumer service. Customer service can check why you have not yet received the money.
Do you want to know more about the reliability of Plus500? Then read this article.
Can you leave the money in your account?
It is not recommended leaving the money in your Plus500 trading account when you do not use it. You pay inactivity costs if you do not use the account for a long time.