In this second article in the series of three articles in which we show you how Plus500 works , we are going to see how to make a money deposit , what are the forms of income that the broker allows, the particularities that you must take into account in each one of them.
To show you this process we wanted to do it through our real experience . To do this, in the previous article (Real Experience: Plus500 How to open an account?) We have opened an account in Plus500 and we have passed the account verification process . In this article we will focus on the deposit of funds and finally in the next article in the series, we will carry out a real trading operation and then request to withdraw the money from our account . In this way you will be able to check in a graphic and real way how these operations are carried out step by step.
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.
To start trading in a real Plus500 account, with which you can trade with more than 2000 different financial instruments (such as currencies, stocks, stock indices, raw materials, …) it is necessary to make an initial money deposit of at least € 100 . As we will see below, the process of depositing funds in Plus500 is quite simple and agile . Plus500 is a duly regulated broker and therefore, in compliance with the investor protection directives , the funds of the clients of this online broker are deposited in bank accounts separate from those of the broker itself, and cannot be used or affected by the financial situation of the company.
How to deposit funds in Plus500?
We start at the point where in the previous article we left our Plus500 account open and fully verified by the broker, therefore ready to deposit funds and start trading.
On the trading platform we see at the top how capital is at zero:
We have the option of managing all the funds in the trading account directly through the ” Funds ” option . This option appears in the vertical menu bar on the left side of the screen (easily recognizable because it shows an icon with the dollar symbol; $).
STEP 2- Fund Management Screen
By clicking on ” Funds “, we automatically go to the Fund Management section . This screen looks like the following:
On the screen we have a clearly differentiated part on the left . This part is the section menu, where you can select the different actions necessary to manage the funds in our account with Plus500. Depending on the option selected, the information and commands necessary to execute the task will appear on the right side.
By default, the first command in this menu is displayed: General aspects ; where we can check the different concepts of monetary management of our account.
These concepts are the following:
- Capital: It is the value of the account. It shows the deposits made, less the possible withdrawals, plus the balance of the gains and losses of the operations that are open. This balance will not stop fluctuating if we have open positions, the balance is adjusted automatically as the market moves.
- Initial margin: Refers to the funds used to open positions. That is, the money that has been necessary to leave as collateral to open all current trading positions. As they close, this margin will be available to open new operations and the value will decrease.
- Maintenance margin: This is the amount of capital used to keep the positions open. Capital must be greater than this value. Otherwise, we would be without sufficient guarantees and the broker can close positions if no more capital is deposited. It is the initial margin used to open positions by adding (or subtracting) their net balance.
- Available to settle: It is the liquid balance, so to speak, that we have available. If we subtract the margin used in open positions from capital, we will have a net amount, which we can dispose of by withdrawing funds. The rest of the capital is engaged in trading operations.
Regardless of the monetary management concepts that we have just explained, on this screen we can see the option to “Deposit” or “Withdraw” funds , we just have to click on the corresponding button (the “Deposit” button would be valid for our purpose).
STEP 3- Selection of the payment method
Then the following screen will be presented:
Remember that, as happened during the account registration process in the previous article, at the top, Plus500 offers us the possibility of solving any questions by direct contact through your online chat.
If we look at the screen, we will notice that the upper part is divided into tabs . These tabs correspond to the options that Plus500 offers as a means of payment to make a deposit of funds in our trading account. The deposit amount that appears by default in all fields is € 500 but it is perfectly adjustable and we can choose the amount we want to deposit as long as it exceeds 100 EUR / USD, which is the minimum deposit required by the broker.
IMPORTANT : As we already mentioned in the previous article in this series, 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 the money .
There are payment methods in which the balance is charged to your account practically immediately and others that may take longer . But above all, in the face of 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 .
Plus500 Deposit payment methods
We will analyze the payment methods available to deposit funds in Plus500:
– Debit / Credit Card
This route is one of the most agile , deposits are instantaneous . In addition, it is simple, comfortable and has all the security guarantees imposed by current legislation.
Some people feel uncomfortable entering their credit or debit card details through a website . To resolve this issue, Plus500 has alternative payment methods .
For us, in this real experience, card payment represents the first option (it is fast and comfortable) and it is the way we will select to deposit funds in our Plus500 account.
The data requested by the broker is the same as that required for any online payment service :
- Cardholder (it is necessary that the cardholder coincides with that of the trading account, so this field does not need to be entered, Plus500 verifies the ownership of the card).
- Card number.
- Card expiration date.
- Verification code (CVV).
The deposit with credit or debit card does not usually carry any commission, as a general rule (the operation is similar to any online payment). Plus500 does not apply it, so any cost of the operation will depend on the conditions existing in the contract of the card itself with your bank.
The Paypal digital payment service is commonly used in online transactions . The main advantage of this medium is that it acts as a bridge between the financial data of the user and the recipient of the payment or transfer of funds. Therefore , privacy is maintained and it will not be necessary to supply any data from our card or account to Plus500.
It is a serious alternative to the credit or debit card because it is also a fast and comfortable way.
It is enough to indicate the amount that we want to deposit in the field that is shown to us and with a single click the transfer of funds is made (it will take us to the Paypal page to finish the deposit).
– Wire transfer
Bank transfer is the most classic way for financial transactions . The only problem is the time it takes to complete the process (a few days) , being therefore a slower payment method than the others that the broker offers to deposit. On the screen we will see the data of the destination account of the broker and when issuing the transfer we must put as a concept the Reference provided by Plus500 so that, when receiving the money, the account to which these funds are sent is easily identifiable. Keep in mind that the data you see in the image below is what corresponds to us, in your case these may vary depending on your country, account currency, …
The procedure is simple and completely safe , Plus500 does not intervene in the process: we are the ones who have your data and the initiative (it is not necessary to carry out any action from the platform). Plus500 does not apply any commission to transfer deposits but in your case, if you have doubts, you should check with your bank if there is any commission on your part for sending money to that destination account, which in certain cases may be a transfer international bank or there may be currency exchange if your bank account is in a different currency than your trading account.
– Online bank transfer
If the problem of the current transfer was slow, this question is solved with the online bank transfer. Only, in this case, it is Plus500 that loads the selected amount in our account and we must facilitate the corresponding acceptance .
In any case, any person who has an account number from another, can only serve to deposit funds in it. To withdraw funds from a bank account, you must demonstrate its ownership; or, failing that, authorization.
For this specific case, we are giving express consent for Plus500 to withdraw the selected amount from our account , for this reason it is possible that the broker may carry out the operation.
Simply by selecting the amount and pressing on “Make a deposit” , we will be redirected to the corresponding page in which the receiving bank requests the consent to carry out the transfer request.
Trustly is an online payment method authorized by the Swedish Financial Supervisory Authority (FSA). Similarly, it complies with the European Directive on payment services and is registered with the Bank of Spain . So we are sure that it is a legally established and reliable medium.
The advantage of this approach is that it does not require registration, account opening, etc . Payment (in our case transfer) is made from the bank account itself.
We simply select the amount in the enabled field and press the “Make a deposit” button . At this time it will take us directly to the corresponding page, where we will have to select our bank . The process is completed by indicating our credentials to access online banking .
In addition to being a convenient and safe method , it is fast : funds are usually available almost immediately.
We have already seen the different forms of payment available to deposit money in the Plus500 account . In order to create this real experience with Plus500 we have decided to deposit € 200 through a credit card .
STEP 4- Enter the data to deposit funds
We continue with our experience and return to the credit card tab . Now, with the intention of completing the deposit of funds in our real account that we have opened with the Plus500 broker.
We select the amount (€ 200) and enter our card number in the corresponding fields.
At the time of entering the card number, Plus500 asks us for its expiration and its CVV verification code . These data are found on the credit card itself, so we have no greater problem than checking and entering them.
However, it takes us to a screen in which it informs us that there is a pending issue: finish confirming our account, verifying the means of payment . In other words, Plus500 asks us to verify the credit card before we can make transactions with it.
This management is necessary for security reasons , in this way Plus500 makes sure that the owner of the means of payment is truly the owner of the trading account . It is not possible to use a card that is not your own and, in the same way, nobody can use our card to carry out transactions with this broker.
Verification of the means of payment is for security and we must carry it out. As we have commented in the previous article of this real experience, it is a task that could have been completed at the same time of opening the trading account . We have decided to carry it out – and expose it – together with the operation of depositing money into the trading account.
If we look at the following image, Plus500, at this moment, sends us an email informing that the funds are deposited , however, they remain in a state of “reserved funds” until the credit card verification . It also informs us of the method to verify the debit or credit card , since this has been our chosen means of payment.
STEP 5- Verification of the credit card
If our card is not linked and previously verified. We will be asked for verification at the time of linking to deposit funds.
The Plus500 platform will take us directly to the section enabled for it (it appears as one more field within the confirmation of the account data).
In any case, this task can be carried out from the “Fund management” screen itself and selecting the “Payment methods” option on the left side of it.
The verification of the card is simple, it will be enough to carry out a scan or photograph of it (from the front) and send it to the broker via online , uploading it to the platform itself. The supported formats for shipping are:
If we click on the “Verify” button, a box will open that will allow us to select the corresponding file .
Meanwhile, we can see that the € 200 that we are about to deposit are pending as s (in the top bar of the trading platform). The process is ongoing and we are only lacking this security requirement.
The moment the broker finishes reviewing the submitted file (and everything is correct, of course) the process will continue and our funds will be fully available in the account we have with Plus500.
Indeed, in our case the verification has been completed within 15 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, … Plus500 checks the documentation sent quite quickly on working days and the money usually be available in minutes.
Our card is verified and the € 200 that previously appeared pending, is now shown to us released as available capital to start trading.
At this time, the broker also sends us an email informing that the deposit has been completed and the funds are charged to our account.
We can conclude that the procedure for depositing funds in the Plus500 account has been quick and easy . When choosing the means of payment or if there is any doubt, we have the possibility of contacting the broker through live chat.
The different alternatives to transfer money to the trading account allow adapting to all user profiles . There are traders who prioritize speed, without sacrificing the reliability that a regulated broker like Plus500 provides . Others, on the other hand, have a greater aversion to providing financial data. All options are valid and within reach with Plus500.
As a personal appreciation, our experience with Plus500 during this process has been satisfactory .
In the next article , and the last in this series of three articles that make up our real experience with account opening, depositing and withdrawing money at Plus500, we will show you how the process of withdrawing money from your Plus500 account works. .
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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.