Whether you are doing it as a full-time investment or as a source of passive income, it is always advisable to open an account with a CFD provider for a better trading experience. Joining the Plus500 trading CFD trading platform is a brilliant idea. However, it is essential to understand that trading CFDs is a complicated thing and bears a high risk. 76.4% of investors on Plus500 lose money on the CFDs, but that should not deter you from making your dream to trade in CFDs.
Before proceeding to the account opening process, it is important to note that you will be required to provide a national identification card or passport to prove identity, residency details, and other personal details. Additionally, the minimum investment you can make on Plus500 is €100 when using your debit or credit card, €100 with your eWallet, and €500 when depositing through a bank transfer.
To make your trading journey more manageable, here’s a guide on how open a trading account with this provider, the account types available for you, and the advantages that you will enjoy from the platform.
Please note: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% 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 afford to take the high risk of losing your money.
Account Opening with Plus500: Step-by-step guide
Opening an account on Plus500 is easy and will only take some few minutes of your time. This article will guide you through how to open an account on Plus500.
There are two ways through which you can initiate your account registration process. One, through the Plus500 trading software, or through their official website. The download process takes a short time, and you can then proceed with your registration process.
Step 2: Choose a real account
It is important to note that you have two options at this point, to either open ademo account or a real account. But since you want to take advantage of the market, choose a real account; however, you can still run a demo account concurrently with a real account so that you can use the demo mode to make yourself familiar with the real account.
Step 3: Provide your personal details
In this next step, you should provide all the necessary information that’s required from you. You will be required to give your full names, address, birth dates, employment status, and even nationality. You will also be required to answer some questions to determine your trading experience level and prove your legibility to trade.
Step 4: Verify your Identity
Here you will be required to upload some documents to prove identity. You can upload a passport, bank statement, or ID card. You will also have to verify your phone number and this is an important step in the account opening process as it is a requirement by the Financial Conduct Authority.
Step 5: Deposit funds to your account
For you to start trading on Plus500, you will have to fund your account. Click on the Funds management tab on your dashboard to make a deposit. Plus500 provides several ways through which you can deposit funds, including PayPal, Bank Transfer, and Mastercard. To ensure that your funds are safe in case the company goes under, Plus500 separates investor funds from the company funds. Additionally, the deposited will be protected by the Financial Services Compensation Scheme.
Account Types at Plus500
There are several account options that you can choose from. They include:
If you have no experience whatsoever on trading CFDs, the demo accountis the best account, to begin with. The demo account is unlimited, which gives you enough time to learn your way around the plus5000 trading platform. The only significant difference between a demo account and a real account is the virtual funds used in demo accounts, everything else withstanding, the account operates precisely as the Pus500 real account.
The retail account is the most popular account used by investors on the plus500 platform. This type of account is available for traders within the global market served by plus500 company. With this account, you can trade in more than 70 currency pairs, indices, options, commodities, ETFs, cryptocurrencies, and shares.
It is important to note that the leverage ratio you get is determined by the assets you chose to trade-in. The leverage varies in different countries with investors from the EU being limited to a leverage maximum of 1:30, those in Singapore can get a leverage of 1:50, and traders from Australia and other parts of the world get leverage of 1:300.
Other standard features you should expect from the retail account include:
Minimal share spread
You get full access to the proprietary Plus500 trading platform
Four stop orders that increase your spread and minimize loss
This type of account is also known as the Gold account. It has all the features found in the retail account with a few extra features. However, there will be no Investor compensation fund on this account.
To access a professional account, you will have to satisfy the following requirements:
Been a member of Plus500 for more than a year, with a high trading volume over the last year
Minimum investment is €500,000 or more
Pro trading experience level
Lastly, the Plus500 professional account is only available to investors within the EU and UK, and the available leverage is 1:300 maximum. You can downgrade to a retail account anytime you wish, but you will have to contact customer support for this process to be initiated.
It is a secure CFD trading platform as it is regulated by the Financial conduct authority, MAS, and ASIC-SAFETY.
Affordable investment, as only a small amount, is required to open an account.
Plus500 has a clean and easy-to use trading platform for android, web, and iPad
Various secure deposit methods
Easy withdrawal of funds; the Plus500 gives you an easy time anytime you want to access your money. The first withdrawals in a month are not charged, and a $10 charge is imposed on all other withdrawals after the fifth. It is important to understand that $50 is the minimum amount you can withdraw to PayPal and $100 for Bank and credit/debit withdrawals.
Unlimited demo account
Efficientcustomer support; you can get help via live chat and email support. No phone number is provided, but you can text them via WhatsApp.
We hope that you found this step-by-step guide to opening a trading account with Plus500 easy to use.
*Plus500AU Pty Ltd (ACN 153301681) is licensed by ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Authorised Financial Services Provider in South Africa, FSP #47546. You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.
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