Plus500: How To Delete Your Account

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Updated: 14 May 2020

As Forex investors know, broker accounts can be tricky to maintain and risky for any investor, especially beginners. If you decide to cut your losses, there is no reason why closing an account should not be simple. When making an online broker comparison, make sure you are aware of a company’s procedures for closing accounts and look for who is the best online broker in terms of service. As part of that process, you should also check how difficult it is to leave. In a broker comparison, how does the Plus500 close account process stack up to other companies?

  • Accounts must be inactive before a broker will take action to close them
  • Closing an account can create tax obligations, especially if you have made money from the account
  • Not closing an account can incur inactivity fees from some brokers
  • Most brokers will want confirmation in writing before they will close an account

Info: A trader with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Crypto currencies, Commodities, Options and Indices.
80.6% of retail investor accounts lose money when trading CFDs with this provider.

Approaching Account Closure

It might take some effort to create the appropriate paperwork and some time to end all account activity so your account can be closed, but investors always have the right and ability to terminate an account. Brokers cannot insist you keep your account open. Each provider will have a different process, but they should all follow the same underlying principles. Above all, make sure to read all the terms and conditions laid out on the company's website, as any and all procedures that the company follows will be there in writing. Traders should take note of the account's balance, then review the contract or terms to see if there are any fees or conditions associated with closure.

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Make sure your account is funded enough to cover any potential charges. In this article, we will look at Plus500 how to delete account with them while also looking at how other companies handle this process. The first thing to do when planning to shut down an account is close all trading positions and delete any future trade orders. Your account must be idle before the broker will be able to close an account. Some brokers may require several days’ notice before closing. If this is the case, this detail will be mentioned in their terms and conditions.

Talk to a Real Person

The next step is to phone or write to your account manager (most providers will assign one to you), let them know you want to close your account and ask for an account closure form. They should be able to advise you about the process. The representative is likely to want to know why you are trying to close your account and urge you to reconsider, as they don't want to lose customers. They want you to keep trading, after all, since that's how they make their money. If your account does not have any red flags and you don't owe any fees, your representative is obliged to close your account once you instruct them to do so.

Your representative may not provide you with the necessary forms, so examine their website and find the account closure request form if they have one. These forms might require you to print them out and return them by mail or fax. There are no such forms found on the Plus500 website because they do not exist, so you will need to tell your account manager or customer service representative directly to close your account. Companies don't want to lose customers, so while some broker websites might allow customers to download closure forms, the Plus500 close account process requires you to contact customer service.

After Submitting the Paperwork

Keep an eye on the account you have asked to close and look for any changes. See if you are still able to log in unless the company has told you not to. Make sure they take action to close the account and have any outstanding funds paid back to you. You may find nothing happens and they don't close your account right away. This is because they are in the business of making money and someone leaving doesn't earn them anything. If this happens, email or write to the company politely but firmly telling them to do as they have been instructed and close the account. If they still won't talk to you, start contacting the appropriate financial regulatory agency.

In the UK, this is the Financial Conduct Authority, although Forex brokers are often regulated in Cyprus. If you close a trading account, it has the potential to bring forward tax obligations from your trading activity, especially if you have made money from investing. Brokers and securities companies do not collect or file taxes. Investors are responsible for their own reporting of taxable income to HMRC. If you are a non-UK resident, you should review capital gains tax laws with the authorities in your country of residence.

Who is Plus500?

Plus500 is an international financial company that provides its customers with online trading services in over thousands individual securities and multiple asset classes. The company is based in Israel and has subsidiaries in several locations worldwide. The company were founded in 2008. Plus500UK Ltd is authorized and regulated by the Financial Conduct Authority (#509909). Plus500CY Ltd authorized & regulated by CySEC (#250/14) Plus500SG Pte Ltd, licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018). Plus500AU Pty Ltd (ACN 153301681), licensed by: ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Authorised Financial Services Provider in South Africa, FSP #47546. The investor has no rights to the underlying assets. Trading is conducted in the form of CFDs. The investor has no rights to the underlying assets. Trading is conducted in the form of CFDs. Further information is available on the Plus500 website.

Plus500 Ltd is listed on the Main Market of the London Stock Exchange. There is a wide selection of tradeable instruments on offer at Plus500. CFD trading stocks, indices and commodities are all available as well as ETFs and numerous currency pairs. Trades are made using either the company's own software, available as a download, or using WebTrader. Plus500 also offers an app for iOS and Android. Plus500 appears attractive for newcomers, given the simple, clear nature of the trading software, although professional or experienced traders might miss MetaTrader.

Why Would You Leave?

There are a number of reasons why you might want to close a Plus500 account, including dissatisfaction with their terms and conditions, high order fees or a lack of transparency in the pricing and fee structure. Poor quality customer support is another reason why you might want to close your Plus500 account. Some traders may have found they no longer have enough time for trading or have taken a heavy hit and want to cut their losses. Perhaps a rival broker is making an offer that is too good to refuse, luring customers away. Like some other trading platforms, Plus500 levies an account inactivity fee after an account has been idle for three months, so in order to not incur this fee, you need to close your account if it is likely to be idle for extended periods.

The Plus500 website says that up to a $10 fee can be charged should a client not use the trading platform for more than three months. They claim this is to recover their costs for keeping the account open and available. This fee is taken from your real money account, provided there is enough money in there. You can avoid the fee by logging in and back out again before the three months is up. Just logging in is considered account activity.

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Plus500 How to Delete Account

There is no button on the Plus500 website allowing users to simply click their account away into oblivion. Unlike some websites, Plus500 does not even provide a link to any required forms. Plus500 how to delete account? If you want to delete your account, you must contact customer service, who are likely to do their utmost to talk you into staying. To be sure the company takes you seriously, write an email clearly stating that you wish to terminate your account. This is less difficult to ignore, as it leaves an electronic trail allowing you to prove that customer service was indeed contacted. If you rely solely on a phone call, it's possible the company can deny you ever made the call.

Make certain you state clearly in your message that you want the account to be immediately cancelled. It's a good idea to ask for a written confirmation that they have received your request and that they understand you want to close your account. Withdraw any money you still have in the account, or ask for a withdrawal in your cover letter. Be sure to specify bank details for where the funds should be sent. It’s possible the customer service department may contact you to persuade you to stay. If they do, stick to your guns and insist that they close your account. Once the trading account is terminated, you should receive a confirmation email informing you that the account closure is complete.

Class Action

A European legal firm is compiling a class action against Plus500. Giambrone Law has a notice on its website stating: “There are many ways that an unsuspecting investor can be drawn into an inappropriate trading situation. Plus500 engaged in an intensive advertising campaign aimed at delivering misinformation to new clients, exaggerating the size and reputation of its platform, publishing fake testimonials boosting the company and paying affiliate marketers to create websites with fake reviews.

“The company even sponsored Atlético Madrid to gain reputation by association from a commendable organisation that holds the respect of countless fans worldwide. Investors should not blame themselves for being deceived by the deliberate, cynical and misleading marketing of an unscrupulous broker.” Giambrone is looking for Plus500 customers or former customers, traders who made a loss on a margin call they did not agree was fair, anyone who had a winning trade reversed, anyone who was subject to accusations of scalping or market abuse, anyone who experienced a long delay when attempting to access funds in their account, or anyone who has experienced a problem that Plus500 was not able to resolve. Giambrone is inviting anyone who had such a problem or any other issue since 2011 that may have caused losses to contact them with a view to joining a class action on a no-win-no-fee basis. If any of these issues sound familiar, you will certainly be thinking about the Plus500 delete account options available.

The Bottom Line On The Plus500 Close Account Process

In summary, the Plus500 close account process does not involve filling out forms, so you will have to deal directly with customer services or your account manager if one has been assigned to you. This is only possible in writing. Withdrawing all funds from your account before cancelling is the safest way to proceed. Be prepared for them to beg you to stay. Remember that if you instruct them to close your account, they have no option but to comply. Be sure to create and retain proof that you gave them the instruction to close your account and don't just ask them to do it – tell them that you are giving them direct instructions to act. The fact there is a class action being compiled indicates that this broker has been problematic to users, and Plus500 review sites are rife with customers reporting a variety of wrongdoing. While a lawyer attempting to compile a lawsuit against a company is not in itself any proof that the broker has done anything wrong, it does suggest that there are multiple customers who have experienced problems. In light of this, there is no reason to believe that even following this guide to close your account will yield positive results.