closing the Plus500 account

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Plus500 is a well-established broker with a range of currency pairs and CFDs. Its offerings cover a broad set of markets: commodities, indices, crypto coins, and more. Sometimes, this company loses clients, just like its rivals. Whatever the motivation, it is quite easy to close the Plus500 account. Here is your ultimate guide to closing and deletion.

closing the Plus500 account

Why Delete Plus500 Account?

Common reasons for closing a Plus500 account fall into two categories. On the one hand, you may want to give up trading altogether. Alternatively, you may be dissatisfied with the scope or quality of services. Sometimes, you should think twice before quitting. Here is a closer look at both situations.

If You Want to Give up Trading

Trading is wildly popular, but it is not simple. To succeed, you need a combination of a solid strategy, forecasting skills, and a predictable market situation. Lucrative decisions also encompass meticulous management of risks. Some people eventually decide this is more than they can handle, so they close the Plus500 account. 

Do not give up too easily, though. If you have only started, and it feels daunting, switch back to the demo mode to practice safely. Remember that mistakes are always possible. They are particularly common for those who have only recently begun working in the financial markets. You can find a wealth of trading secrets online. Nobody is infallible, even the most seasoned experts. If you feel that your own skills are insufficient, enhance them. Take a break from real-market trading and consider all the opportunities. Do not close your Plus500 account too soon.

making money on stock with Plus500

If You Want to Migrate to Another Broker

On the other hand, you may experience some problems with vital brokerage services. Delays in execution or problems with withdrawals are common reasons for abandoning a Plus500 account. If you want to take your trading action elsewhere, switching brokers is a hassle that also requires account deletion. These are the most basic scenarios. But are you sure you really need to leave the Plus500 system for good?

If you cannot find the necessary financial instruments in the broker’s collection, this is a valid reason for migration. At the moment, according to the latest review, the company has 60 currency pairs, but its range of CFDs is slightly limited in comparison with such rivals as eToro. You cannot make money on stocks directly — only through derivatives. The broker has an impressive range, but it does not cover every instrument in existence.

If you are annoyed by technical glitches, we suggest you contact the company first. Traders need speedy execution and smooth transfers to and from their Plus500 accounts. If any broker fails to provide these, their client base shrinks. This is a respected provider with a long history. If you inform them of the issues, they may fix them quickly. However, if the problems persist, you have a valid justification to close your Plus500 account.

request to close Plus500 account

How to Close Your Trading Account

If you eventually decide to leave, there are only a few steps to take. Just contact the team and request to delete your data from the system. Unfortunately, there is no opportunity to quietly delete your own Plus500 account by yourself and leave.

Like any company interested in retaining clientele, Plus500 may try to talk you into staying. This is predictable, and there is nothing wrong with these verbal endeavours. After all, every client contributes to the broker’s revenue, and retention is important. Here is what to do to have your Plus500 account deactivated anyway. 

  • Visit the support section of the official site
  • Type in your name
  • Enter the email address linked to the Plus500 account in question
  • Choose ‘Other Issues’ as inquiry type
  • Fill in the subject line (e.g.,  ‘Account Closure Request’)
  • Include your reasons for termination 
  • Click on the ‘Send’ button to submit your request to close access.

To reduce your communication with customer support to a minimum, describe your reasons clearly and coherently. This way, the broker will take you seriously. Otherwise, the staff will do their best to dissuade you from leaving. After all, this is part of their job.

Plus500 account interface

Remember to Close All Trades

Have you used the platform recently? Deletion of your Plus500 account will not be finalized until you close all remaining trades. Get rid of any open positions on the platform. Log in and do the following:

  1. Check if you need to close a position (the corresponding feature on the left-hand side of the screen will show it). 
  2. Finalize any open trades for your request to be acceptable.

If there is any money on your balance, do not withdraw it too quickly. First, find out about any applicable charges (if these apply). Inform the company of your decision and ask them to confirm if there are extra fees to pay. You can find out about these conditions in the help section, too — just click on the  ‘Contact Us’ button. 

Plus500 homepage

In Conclusion

If you are determined to delete the Plus500 account, this can be done easily. Just remember to close any open positions and specify the reasons for your request. Wait for an official response before the final withdrawal. Clients who want to leave the system do not usually experience any problems. The company’s specialists may try to dissuade you from leaving, but it is the only hurdle you may face. In most cases, removal is effortless.

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This post is also available in: Indonesia Português

About the author Kelly Adamson

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