The objective of this article is to show our experience when opening a real trading account with the Plus500 broker .
Everyone who starts trading should start by opening an account with an online broker. This is an action in which doubts may arise, especially in view of the need to send a series of documentation and make a deposit of funds . For this reason, we are going to show you step by step, with screenshots, our real experience opening an account in the Plus500 broker .
This real experience is divided into three articles:
- In this first we have opened an account in Plus500 and we have passed the verification process.
- In the second article of the series we are going to deposit real funds in our trading account.
- Finally in the third article, we will carry out a real trading operation and then request the withdrawal of all the money from our account.
As for Plus500 , comment that we are dealing with an online CFD broker, very popular worldwide , with which you can trade more than 2,000 financial instruments such as currencies, stocks, raw materials, indices, cryptocurrencies, … It is duly regulated by several Bodies: Plus500 UK Ltd is licensed and regulated by the United Kingdom’s FCA (Financial Conduct Authority) (FRN 509909). Plus500 CY Ltd is licensed and regulated by the CySEC (Cyprus Securities and Exchange Commission) with license number 250/14. Plus500AU Pty Ltd is regulated by ASIC (Australian Securities and Investments Commission) licensed ACN 153 301 681, AFSL # 417727.
As we will see below, much of the data and documentation that this broker requests in the account opening process is due to the requirements of these regulatory bodies to comply with safety regulations, investor protection and against money laundering.
NEW: Discover the user guide we have prepared for the Plus500 broker. You can learn step by step how the trading platform is managed , the tools available for your operations and how to open, manage and close positions with this online broker.
How to open a real account in Plus500?
STEP 1- Request for account opening
The request for opening an account with Plus500 is made 100% online . You can start the process by clicking here .
STEP 2- Selecting the account mode
On the first screen that is displayed we have the option to select if our intention is to open a demo account or a real account .
The Plus500 demo account is free and unlimited in time and allows us to test the broker’s platform and trading conditions using a virtual balance in an environment virtually identical to that of a real account but without putting our money at risk. Instead in the real account we can deposit funds and start doing real trading operations.
In our case, since it is a real experience, we press the “Real Money” button.
STEP 3- E-mail address and password
In the first form that is presented to us, we must provide an email address and define a password to access the Plus500 trading platform . It is also possible to create an account and quickly access through our Google or Facebook profile.
We continue with the process by entering the requested information and clicking on “Create Account”.
STEP 4- Access to the trading platform
After the previous step, the broker automatically provides us with access to the trading platform . However, the account is not ready to operate yet , it is necessary to complete the contractual information and verify it.
Before you can deposit funds and start trading, you need to complete the account verification process . For this we can access the “Menu” in the upper left corner of the platform .
At this point, we see the available options . We are located in the “Account” submenu and within this we access the “Confirm account” option .
STEP 5- Indicate name and date of birth
After completing the previous step, this form is shown:
As we can see, the requested data is the full name and the date of birth .
At the top of the form you have the possibility to contact the broker through a live chat , in case any doubt arises when opening the trading account with Plus500.
We enter the data and press the “Next” button.
STEP 6- Indicate country
Residence is important for tax and regulatory issues . We must select our country in the drop-down list and activate the corresponding boxes that appear below based on our personal situation:
When we make sure that all the data is correct, we simply press the “Next” button.
STEP 7- Indicate address
The following form is the one related to the client’s address, the residence must be entered to later verify that the user actually resides in the country that he indicated in the previous step .
It is simply a matter of entering the requested data and clicking on “Next” .
STEP 8- Indicate identity document
As shown on the screen, we must then provide our ID or personal identification document.
The information provided will be verified later by the broker.
STEP 9- Acceptance of the terms and conditions
This is to express that we have read and agree to the terms and conditions of contract (documentation that comes in the links below).
Plus500 provides us with all legal information . Before proceeding with the contract, you must ensure that your client knows everything related to:
- The risks of trading with CFDs.
- Conflict of interest policy.
- Document with key information.
- Policy on the execution of trading orders.
- Customer categorization policy.
Once the documentation has been read, we check the box and click on “Next”.
STEP 10- Suitability Assessment
We have mentioned on several occasions that Plus500 is a regulated broker. As such, it must comply with current financial regulations , which are simply present to protect the interests of clients . Due to the imperative of this regulation, online brokers must carry out a suitability test to check if the financial products and services they offer are adequate for the level of knowledge and financial situation of the trader.
The questionnaire tries to verify whether or not you are sufficiently prepared to trade CFDs . We began to fill it in then (the required knowledge is basic, but our economic situation also comes into play to determine if CFDs are suitable products for us).
At the end of the questionnaire there is an important issue that affects us to open a real account in Plus500. We must choose the means of payment we want to deposit funds in our trading account :
IMPORTANT : Choosing the payment method to make your deposit in Plus500 is a key point to be able to start trading quickly and also to avoid problems when withdrawing money later .
There are payment methods in which the balance is charged to your account practically immediately and others that may take longer . But above all, with a view to a subsequent withdrawal of funds , you must bear in mind that Plus500’s policy (as also happens in other regulated brokers to comply with the security and anti-money laundering requirements of regulatory bodies) is the to execute the withdrawal of funds by the same means of payment by which the funds have been deposited , whenever possible. For example, if you deposit by credit card, they will try to refund the money to the same card, if you do it by transfer, they will try to execute the refund in the same bank account …It is important that this means of payment remains available at the time you go to withdraw the money and also that you can demonstrate that you are the holder of that card, bank account, … This issue of withdrawal of funds is another of the points that causes More doubts among Plus500 customers but taking into account these tips that we discussed, you will avoid problems when withdrawing your money .
The payment methods available to deposit funds in Plus500 are the following:
- Wire transfer.
- Credit / Debit Card.
- Virtual wallets (such as Paypal, Skrill, etc.).
In the following article of this real experience, we will deal with more carefully everything related to the deposit of funds in the account and you will be able to know the characteristics of each means of payment.
Everyone can choose the option that best suits their needs , we, for this real experience with Plus500, we opted for the use of a credit (or debit) card; mainly for speed reasons.
We finish the questionnaire and click on the “Send” button.
STEP 11- Declaration of risks
Whether Plus500 considers CFDs to be suitable for us or not, it must be stated that we are aware of this and clearly stated that we know the risks involved in using leveraged financial products such as CFDs.
To do this, in compliance with financial regulations , we must write the text “this product is complex and has been determined as not appropriate for me” in the box that appears on this screen and press the “Send” button.
STEP 12- Send documents for account verification
After concluding the evaluation questionnaire, it is time to complete the verification of our trading account by sending the necessary documentation to prove that the identification and address data that we have indicated are correct.
To do this, we must send the following documents in digital format (scanned):
- Your DNI : This is proof of identity. You can carry a copy of your ID for both sides, your passport or driving license . In any case, it must be an official document that shows your identity and that is current . Keep in mind that the document you send should not be expired, ideally you should have any of these documents scanned and upload it using a file in PDF, JPG, GIF or PNG format. The image must have good quality and be readable, otherwise it may give you problems to verify it. If you do not have a scanner, you can use your mobile camera or a digital camera, but it is important that the image is fully legible.
- Your address : In this case, you will need to upload ascanned or photographed legible invoice in PDF, JPG, GIF or PNG format showing your current address. Your name and address must appear clearly and be recent (not more than 6 months). It must correspond to arecurring utility bill (for example, electricity, water or telephone) or it is also worth a bank statement that shows your name and full address. If you did not have any bill in your name at the indicated address or any other alternative to demonstrate that this It is your address, they also usually accept official administrative documents such as a registration certificate, …
In case of doubt you always have on hand at the top a link to the live online chat where you can contact the broker and comment on your case so they can help you or offer you an alternative .
It is also necessary to verify the email and the phone , to demonstrate the ownership of the same, for the purposes of notifications. The way to verify both communication channels is requesting that they send an SMS and an email with a code . The displayed code must be entered in the corresponding verification box
This information, although it seems a nuisance and may cause mistrust, in reality it is a measure in favor of security . Both the broker and the trader benefit from this: it is a transparent contract, in which we must justify our identity, our residence and our contact details . If the broker does not carry out this action, it would not be difficult to impersonate the identity of another person, and it would also be failing to comply with the demands of the regulatory bodies that supervise their commercial activity.
The broker generally takes no more than a few minutes to verify the submitted documentation. In our specific case, the time has been 20 minutes . Keep in mind that this period of time can be variable , for example depending on the day and time you send the documents, that there is no problem in the verification, … even so Plus500 checks the documentation sent quite quickly on working days.
As soon as all the fields are verified, our real trading account with Plus500 will be active for all purposes.
Verification confirmation and account opening
Indeed, when Plus500 completes the account verification , it sends a notice stating that the trader can start trading. All steps are complete and the process is complete: we have opened a live trading account with Plus500 .
If we have the trading platform open we will see a message like this on the screen:
Plus500 also notifies us by email and SMS.
Now we are ready to enter funds and start trading in the financial markets.
Only one procedure remains to be done: Verify the ownership of the payment method we have selected . We will tackle this procedure in the next article of this real experience, when we proceed to make the initial deposit of funds in our trading account.
As we have seen, the process to open and verify a trading account in Plus500 has been simple, fast and intuitive . The forms and steps are simple, also with the possibility of communicating with the broker through a live chat . We could rate our account opening experience with Plus500 as satisfactory .
In the following article , from this series of three that make up our real experience with account opening, fund deposit and money withdrawal operations at Plus500, we will show you how the fund deposit process works and the peculiarities of the means of payment available .
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Risk Warning: CFDs are complex instruments and have a high risk of losing money quickly due to leverage. 80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can take the high risk of losing your money.