This is the last in the series of three articles where we show you how Plus500 works . This time we are going to see how to withdraw money from our trading account, what are the forms of payment that the broker allows and the particularities that you must take into account.
As in the previous two articles, we want to show you the process step by step through our real experience . In the first article of the series we have opened an account in Plus500 and we have left it verified ( Plus500 How to open an account? ). In the second article we have deposited real funds ( Plus500 How to make a deposit? ) And now we have our account ready to operate. In this article we are going to carry out a real trading operation and then we will 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 with the Plus500 broker.
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 to invest and how to open, manage and close positions with this online broker.
How to withdraw money from our real account in Plus500?
We start at the same point where the previous article in this series dedicated to Plus500 ended : Our real account is open and we have the balance of our initial deposit of € 200 available . Everything is ready to start trading on the financial markets.
STEP 1 – Open a trading position with Plus500
We start from an opportunity observed in the EUR / USD currency pair , specifically a short trade.
Since we have the instrument in view in one of the platform’s asset lists (specifically in the “Most Popular” list), we simply have to press the sell button to acquire a short position.
At this time, the box relative to configuring all the parameters of the trading operation will open (on the left side of the screen).
It is simply a matter of filling in these fields with our preferences (based on our capital and risk management) and we press the “Sell” button to execute the short market entry order: our trading position is open.
STEP 2 – Close trading position
In order to continue advancing in this real experience step by step, after a few minutes, we decided to close the position, obtaining a profit of € 0.45. . The objective this time is not for us to obtain a high profit but rather that the account balance increases and thus proceed to withdraw both the deposited funds and the profits generated.
We press on the “Close” button that appears in the information of the open position. Our position has been successfully closed and the profit is added to our capital , as we can see in the following image.
The trading operation has concluded , we have a profit of € 0.45 that we can withdraw together with the € 200 of initial capital entered in the previous article of this real experience.
We begin the withdrawal of funds in the Plus500 real account without further delay:
STEP 3- Request for withdrawal of funds
To start our withdrawal request on the live account, we must first go to the corresponding section of the Plus500 trading platform. There are several ways to access it:
The first of these ways is by entering the “Fund Management” section , using the button that appears with the dollar symbol in the vertical bar on the left side of this Plus500 broker trading platform.
Another alternative would be accessing the menu and entering the “Withdraw” option , within the ” Funds ” submenu .
Both paths lead us to the same place: to the application form to withdraw funds in Plus500 .
STEP 4 – Choosing the payment method
In the previous image, in which the form to process the withdrawal request is shown , we can see two upper tabs .
The first of them, the one that appears by default and is shown in the image, corresponds to withdraw funds by credit or debit card . The money will be refunded again through our card (the same one that we used to deposit in the previous article of this real experience), and from there to our associated bank account, if we opt for this payment mechanism.
Remember the ones we already discussed in the two previous articles in this series: Plus500’s policy (as also happens in other regulated brokers to meet the security and anti-money laundering requirements of regulatory bodies) is to execute the withdrawal of funds by the same means of payment by which the funds have been deposited , whenever possible.
Since we already use and verify the ownership of this card when depositing funds, we can see that the last digits are shown in the corresponding box.
Alternative payment methods
In addition to the default option to withdraw by card, in the next tab of the form that we have on the screen, we are given the possibility of choosing the option of using bank transfer as an alternative means of withdrawing funds . However, when accessing it, Plus500 warns us that it will be necessary to enter the destination account data and verify the ownership of it.
The verification of ownership does not pose any problem, indeed, it is even recommended for security reasons. The procedure is similar to the one we did to verify the card when depositing. In this case, it is a matter of demonstrating the ownership of our bank account by providing a document such as a recent bank statement showing that the account is ours.
However, for our real experience and since the credit card was used as a way to enter the funds , we decided to select this same means of withdrawal.
Using the means of payment with which the funds were entered allows Plus500 a more agile processing , since it is verified. The broker itself advises at the bottom that, “whenever possible, returns will be made to the original source of payment.”
In our case, having deposited by card , alternative electronic means of payment such as Paypal are not offered to withdraw funds from the trading account.
STEP 5- Processing of the withdrawal request
Because we have associated and verified our card with the trading account with Plus500 , it is only a matter of entering the amount to withdraw in the field enabled for it. We will press the button “Open a withdrawal” and the request will be processed.
Plus500 informs us of its intention to “make every effort to process withdrawals in one business day . “
Without further ado, we decided to withdraw all the deposited capital plus the profits obtained in the previous trading operation . In other words, all the funds available in our real trading account with Plus500. We enter the amount (€ 200.45) and click on the corresponding button.
The withdrawal request has been completed successfully , as indicated by the box that appears on the screen after carrying out this action. We are expressly advised that, preferably, the withdrawal will be made to the original means of payment used for the deposit (there is no problem, it is the same).
We press “Accept” to acknowledge the information and we check that the account balance is at 0 euros . In addition, this amount appears as “Withdrawal” (pending) in the “Fund Management” section.
STEP 6 – Approval of withdrawal
We are just waiting for the broker to finish the process , by checking and approving the submitted request .
At this point, Plus500 informs us by email that the withdrawal of funds is requested and in a state of “pending review” .
In our case, the day after making the request to withdraw funds from our real trading account, the broker has notified us by SMS that said request has been approved . Also, we received an email from Plus500 informing about the approval of said request. Keep in mind that the approval period will depend on the day and time you have made the request and the time the broker takes for approval, so in your case it could be shorter or longer.
We check this information on the trading platform and, effectively, the funds appear as transferred to our card.
Once Plus500 has completed its approval and transfer procedures, the withdrawal of funds will obtain a status of “Approved settled”.
However, the money is not yet available in our bank account . Now you have to wait for the financial transaction to send and receive the money that is no longer dependent on the broker. Here the term can also vary according to the day and time that the withdrawal approval occurs and especially according to the payment method by which the withdrawal of funds is going to be carried out, being the electronic means of payment and the credit card or the most agile debit and the bank transfer the slowest method that can take several working days to complete.
STEP 7- Verification of the deposit of funds in bank account
We have had to wait two business days to receive the funds in our bank account . It is also usually a term according to this type of banking operations.
As we can see through our online banking, an income from Plus500 has been made in the bank account associated with the card for the amount corresponding to the withdrawn funds (we show the image below). The withdrawal process has been successfully completed . The real experience with Plus500 has developed naturally, without having to force any situation.
The withdrawal of funds with Plus500 has been completed without incident and in a timely manner .
Our actual experience with the Plus500 broker , which closes with this article, has been satisfactory . If we attend to the three articles in this cycle , in which we open a real account, deposit funds and withdraw them, we can verify that we have been able to carry out all the actions without any problem .
We hope this series of three articles that build our real experience with account opening, depositing and withdrawing money will help you see how Plus500 works . We would appreciate it if you could help us share this information on social networks with your Tweets, Likes, … You can also send us your comments.
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.