Have you made some trading profits and are looking forward to withdrawing them? Well, in this guide, we’ll go through a step by step approach to withdrawing funds from Plus500. You can also browse through the guide to understand the various fund withdrawal methods permitted by the broker and choose the most straightforward option. Lastly, we address some of the frequently asked questions about fund withdrawals. So, let’s get started!
The fund withdrawal procedure at Plus500 is pretty straightforward
On the withdrawal screen, Plus500 highlights the minimum withdrawal amount for each type of payment method. Withdrawal requests below the minimum prescribed threshold could incur charges.
Plus500 sends withdrawal payments to the same source from where the deposits originated. For instance, if your deposit were via a visa card, Plus500 would process the withdrawal request to the same card.
Plus500 offers the following fund withdrawal methods.
Plus500 processes withdrawal requests within one working day. But during this period, your fund payout request goes through four stages, which we have highlighted below. You can also follow the withdrawal phase from Funds Management—–Monetary History.
Stage-1: Requested- Indicates that you have requested for a fund withdrawal from your trading account. At any point, you can cancel the withdrawal request from Funds Management—Monetary History—Cancel Withdrawal.
Stage-2: Approved (in progress)- Withdrawal request authorised by Plus500 but the funds yet to be transferred to the payment processor.
Stage-3: Approved Sent- Plus500 has completed the fund transfer to the relevant payment processing authority.
Stage-4: Approved Settled- This is an indication that the withdrawal process is complete. Depending on the payment processor, you would receive the funds anytime.
Plus500 processes all withdrawal requests within one business day. However, the time taken for the cash to reflect in your bank account or card would depend on the payment processor.
Plus500 does not charge for fund withdrawals. However, the CFD broker reserves the right to charge a fee if clients exceed the maximum number of monthly withdrawals. Besides, you could incur a charge from your payment processor or bank for incoming/outgoing bank transfers, international credit card transactions and transactions using an unsupported currency (forex conversion charge).
Plus500 pledges to cover a majority of the payment processing fees that you may incur while transferring funds to and from the broker.