Plus500 Account Types Reviewed
Plus500 is a CFD broker that offers three different account types:
- Plus500 demo account
- Plus500 retail account
- Plus500 professional account
The main difference between the accounts is that the demo account is totally free and is used to test the Plus500 trading platform.
The retail account is the basic account of the broker which is made for those who can handle the risk involved in CFDs.
The professional account is for all those traders who have advanced knowledge of trading and wish to have higher leverage.
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(72% of retail CFD accounts lose money)
Table of contents
Plus500 Account Types
You have a wealth of choice available when it comes to selecting your Plus500 account type. Here is everything you need to know about each Plus500 account type and some of the most important features they carry.
Demo account
The Plus500 demo account is an ideal place to begin. This is particularly true if you are new to trading or even just new to Plus500. The Plus500 demo account itself is unlimited in terms of time. This means you can really take your time to focus on learning about trading with the broker.
Aside from the obvious difference of real funds vs virtual demo funds, the account functions in the exact same way as a Plus500 live account.
Retail Account
The Plus500 retail account is effectively the Plus500 standard account which will likely be used by the majority of traders. This account is available within the EU, UK, Singapore, Australia, and the global market which Plus500 services.
Within the Plus500 retail account itself, you can look forward to trading more than 70 currency pairs as well as indices, commodities, shares, options, ETFs, and and 8 of the most popular cryptos (availability subject to regulation) through Plus500 cryptocurrency trading.
The majority of these assets like Plus500 options and crypto are available to traders around the world. Leverage depends on the assets you are trading and is restricted to a Plus500 leverage maximum of 1:30 within the EU as a consequence of ESMA regulations regulations and within Australia because of the ASIC regulation. 1:50 leverage is available to Singapore based traders, while the rest of the global market can access 1:300.
Trading with Plus500 you can manage multiple accounts. If you need this service you should contact the broker support, though you should also know that it can take some time to process.
Trading with a Plus500 retail account, you can look forward to some of these key features:
- Negative balance protection.
- Commission-free trading with the exception of a minimal spread.
- 4 different stop order types. This includes a guaranteed stop which slightly increases your spread, but protects you from slippage.
- ICF (Investor Compensation Fund).
- Access to the proprietary Plus500 trading platform.
Professional Account
The Plus500 professional account is also known as the Plus500 gold account. This professional account allows for all of the same features as a Plus500 retail account, adding a few more. You should note that ICF is not available on these accounts.
You can access a Plus500 professional account if you fulfil 2 of the following 3 requirements:
- High volume of trading activity within the last 12 months.
- €500,000 or more to invest.
- Experience within the financial services field.
If you wish to downgrade to a Plus500 retail account at any point, you can do so by contacting customer support.
Plus500 Account Openings
Now that you have selected the ideal Plus500 account type, let’s devote some time to focus on a few important parts of the Plus500 account opening process.
Live Account Opening
Plus500 live account opening is quite like that of any other broker. It should not take too much time to complete so long as you have your documents ready. Don’t forget to consider a demo account first.
Live Account Verification
Plus500 live account verification should be a process which runs smoothly and quite easily as we have mentioned. If you do see the message that “your account is under review” or that it requires “additional review” during the process, not to worry. This just means that Plus500 verification is still being processes and should be completed shortly.
Account Currency
When it comes to account currency and the available base currency of Plus500, every major pair is available to be used. Actually, the broker tries to match your base currency to that of where you live. If you need to change it, simply contact support.
Plus500 ZAR base currency is available to traders in South Africa. Plus500 also accepts Singapore Dollar though.
Account Funding
Plus500 account funding should be easy. Accepted methods for funding include credit/debit cards, Paypal, Skrill (from 2nd deposit only), and bank transfer.
The methods of payment available to you do not depend on the jurisdiction, but the country you are living in. Bank transfers may receive a fee, but not from Plus500, this is up to the policy of your bank.
If you deposit an unsupported base currency, you will incur a small conversation fee to a tradable base currency.
Minimum Deposit
The Plus500 minimum deposit is as follows:
- €100 with your credit or debit card.
- €100 with your eWallet.
- €500 by bank transfer
Deposit and withdrawal
An important point to note from the outset here is that all of you deposits are held in segregated accounts. This ensures maximum transparency.
The methods of payment available to you depend on the country you live in as opposed to the jurisdiction.
Plus500 deposits and withdrawals are mostly fee free. There are just a few exceptions:
- Your bank may charge a fee for a bank transfer. This is not a Plus500 decision.
- If you deposit an unsupported base currency, you may incur a conversion fee.
- If you exceed the number of monthly operations, Plus500 may charge a fee.
Deposit and withdrawal methods must match what is registered. Therefore, you cannot withdraw in any name or payment method which is not yours. The deposit and withdrawal process is usually very fast, but can take 1-3 days depending on the method.
Bonuses
When it comes to Plus500 bonuses, the first important point to note is that they are not available in the UK, CySEC, and other regulatory bodies such as ASIC. They are however available in Singapore, and the rest of the Global Market.
The first form of bonus available will be the Plus500 Deposit Bonus. To access this, simply deposit the amount of money shown on the following pages:
Input the code related to the deposit amount you are making and this will put your bonus in standby. Once you have been active enough to reach enough TraderPoints, your bonus will be unlocked and ready for use. The points amount changes depending on the assets you are trading.
You have a time period of 90 days before your Plus500 bonus will expire. On occasion, if your bonus is not delivered on time, you can contact the support team to activate it for you.
Plus500 rebates are also available. These are activated automatically in Indonesia. In Australia and the global market though, this is not the case. Plus500 will notify if you are eligible.
You can earn rebates through trading on every operation. These are accumulated and released to your account on a weekly basis.
Plus500 Account Management
Now that you have selected your account type and noted the important features, we will finally focus on a couple of points which may come up during the course of running your Plus500 account.
Account expiring and reactivation
Plus500 demo accounts do not expire due to inactivity at all. They are also unlimited in the amount of time which you can use them for.
Plus500 live accounts however can be marked as disabled after a period of 3 months with no trading activity. If this happens, an inactivity fee of up to $10 will be applied depending on your account balance.
For login issues, if you are having any difficulties, you can easily contact Plus500 customer support. This support is available in more than 32 languages.
Close account
In rare cases you may be thinking of closing your Plus500 account. If that is the case, you should login and contact support who will assist you. To avoid the inactivity fee, it is important to complete this step instead of just leaving your account to be dormant.
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