Unlike some of the other major forex trading brokers, like FXCM, iForex, and XTrade, Plus500 has a required minimum withdrawal required just so that you can withdraw the funds from your account. Depending on your preference, this could be a deal breaker. After all it is your money, and you should be able to get it whether it is $1 or $1 million.
However, if you are really serious about forex trading or if you have a lot of experience with it, then a Plus500 minimum withdrawal requirement should only be a minor issue. If the company can provide a good service, and can compensate by having decent withdrawal standards, then a few minimums can be justified.
It is up to you to decide if the amounts required by the Plus500 minimum withdrawal policies are to your liking and, more importantly, in line with your financial needs.
Plus500 minimum withdrawal system
The Plus500 minimum withdrawal system works in such a way that the minimum amount is dictated by the method you are using to withdraw it. If your remaining balance is less than the minimum amount, then you are required to withdraw your remaining balance.
For all methods, except for bank transfers, the minimum amount is $50 or its equivalent in your currency. For bank transfers, the minimum amount is $100 or, again, the equivalent in your currency.
If you wish to withdraw any less than the minimum, you end up getting charged $10.
If you want to close your account and withdraw your remaining balance, then you are charged a fee of $10 for all methods except for credit card withdrawals, which do not charge a fee.
Plus500 withdrawal terms
Aside from Plus500 minimum withdrawal amounts, you should also look into the other terms of withdrawal. This is an important piece of advice even if you are to opt for a different broker.
In general, Plus500 has a policy of making withdrawal payments via the method that the account used to deposit money in the first place. This means that if you placed funds in your account via wire transfer, you withdraw them again via wire transfer as a default.
Like most processes involving receiving money over vast distances, there is bound to be a delay. For electronic wallets, like PayPal or Skrill, you can expect your funds to be in your electronic wallet within 3-7 business days after the authorization of your withdrawal. For bank transfers, it usually takes less than 5 days for the money to reach your account. However, this may be delayed by forces outside of the control of Plus500.
Keep in mind that you will only be able to withdraw funds if you have complete documentation on your account. This means that you need to submit identification and proof of your residence in order to get your money. This is done to protect both you and the broker from any fraudulent claims. But these will be asked of you before you even make your first trade, along with a bank statement or utility bill.