How much is the minimum deposit amount at Plus500?
Minimum Deposit: $100
For a comparison of minimum deposit amounts across similar brokers, check out the table below:
One unique aspect of Plus500 is that their minimum deposit will change depending on which method of deposit you choose. For example, if you’re using an electronic wallet or a credit/debit card, the minimum deposit is $100. However, if you’re using a bank transfer, the minimum deposit is $500.
When a broker requires a “minimum deposit,” that means that you need to deposit at least that much money into your new brokerage account before you can trade. Different brokers might call this an “initial deposit,” “funding,” or even “account opening deposit.”
Plus500 is advantageous in that they charge no extra fees when making deposits. That means you don’t need to factor in additional deposit amounts to complete your initial minimum deposit. Also, Plus500 excepts credit and debit card deposits and can except initial deposits from a variety of base currencies.
Warning: 76.4% of CFD accounts lose money
Does Plus500 require a minimum initial deposit?
Yes. Almost all online brokers require a minimum deposit. The reasons for these initial deposits can vary depending on the broker. For most brokers, the initial deposit covers the fees that the broker needs to pay to create your new account and give it access to the various trading platforms. It also includes fees for connecting to the bank as well as any third-party fees that might show up depending on what brokerage you use.
With some accounts, you may notice extremely high minimum deposits ($100,000 or more). These higher minimum deposits are used to differentiate what kinds of services you’ll be able to access at that brokerage. For example, a $100 deposit may give you access to trade CFT’s. However, a $100,000 deposit gives you access to a dedicated account manager who can advise you on the best trading strategies for the day.
The great thing is that Plus500 has no deposit fee and a wide variety of methods for making your deposit. You can make your deposit through bank transfer, electronic wallet, credit card, or debit card.
Wire transfers usually take 2 to 3 days to complete. In contrast, credit and debit cards or online wallets complete instantly (or in a few hours).
Note: Plus500’s flexibility in accepting many different deposit sources means that their interface for delivering those deposits may be more complicated than you’re used to. We might go so far as to say that it is not user-friendly. This is an area where Plus500 can improve.
Warning: 76.4% of CFD accounts lose money
Does Plus500 allow multiple base currencies?
Yes. While all brokers must accept at least one base currency, Plus500 accepts more base currencies than most brokers. A “base currency” is the currency used to hold your money and the currency you will use when investing. For example, you could have a base currency of Japanese yen in one account and then have the base currency of a different account be in British pounds. For comparison, Plus500 supports ten different currencies as base currencies, while XTB only supports four, and eToro only supports one.
Plus500 more than likely supports the currency that you want to use. This can be particularly beneficial if you plan to make many international investments because you’ll avoid constant conversion costs.
As the digital marketplace advances, new multi-currency digital bank accounts are becoming more common.
This can be a little complicated, so let’s use an example. Let’s say you have an account at Plus500 that has a base currency of US dollars and a second account at Plus500 that is in euros. Now let’s say you want to transfer US$5000 from your US dollar account to the account using Euros. Almost all banks can do this for you, but services like TransferWise can help you do this for much cheaper. If we use TransferWise as our multi-currency digital bank account, we can accomplish this in three steps. First, we withdraw US dollars into our US dollar account. Second, we transfer those US$5000 to euros inside of our TransferWise account. Third, we deposit the converted euros into our euro-based trading account. Using services like these can save thousands of dollars in currency conversion fees.
How Can You Start Trading At Plus500?
Step 1: Open Your Account
At Plus500, you can open your trading account online. To do that, you need to provide your personal details and fill out a questionnaire about your general financial knowledge. The last step is to verify your residency and identity. To do this, provide a copy of a government ID card and another document that validates your residency. The same goes for Plus500 UAE customers.
Step 2: Deposit Your Funds
Once your residency and identity are verified, your account is ready for the next step: deposit your funds. This is usually very straightforward, and there is an option inside of the trading interface where you can access and deposit your funds.
At Plus500, you can deposit funds in a variety of ways:
Debit/Credit Cards: When using a debit/credit card to fund your initial minimum deposit, the interface is almost identical to any other type of online purchase. However, one of the unique requirements of Plus500 is that you must use cards that are in your name. This restricts the possibility of money laundering. Beyond that, the only possible restriction is that for some cards, there may be a limit on the size of purchase that you can make. That means a large deposit may require a bank transfer.
Online Wallets (Skrill, Neteller, PayPal): These payment tools work just like any other online purchase. You’ll be given access to the login for your electronic wallet, and be allowed to complete the transaction.
Bank Transfer (wire transfer): To use the bank transfer feature, you need to put your bank account number and any applicable routing information into the deposit interface. The bank account must be in your name. At Plus500, you also need to initiate the bank transfer from your bank. Plus500 will not withdraw the money for you. However, Plus500 provides a reference number to include with your bank transfer. This reference number allows Plus500 to identify your deposit.
Step 3: Verify Your Transaction Details
The last step is to verify that the information is correct and that the deposit amount is accurate. If you’re using a bank transfer, this could take several days, but you must review the amounts deposited in your account to be sure that you have received the correct amount for trading. Plus500 will send you an email to confirm the receipt of your deposit.