Intro
Finding a reputable broker is like finding a bank you trust with your money. You choose one, use its services for a while and then a moment may come when you decide to switch to another one.
The reasons for closing a brokerage account vary from investor to investor. You may realize that you don’t want to trade anymore, you may have found a better broker, you may want to invest in a product that is not available at your current broker. The list goes on.
Plus500 is an online trading platform that focuses on CFD trading. Many investors realize that trading CFDs is not for them as retail investor accounts can lose money rapidly when trading these financial instruments. Although Plus500 offers a wide range of products you can trade, you may still find that the financial instrument you are after ( i.e. a particular currency pair) is missing from their portfolio.
Whatever your reason may be to delete your Plus500 account, here is a step-by-step guide on how the account deletion process works at Plus500.
Visit Plus500
82% of retail CFD accounts lose money
Closing your Plus500 account
Before you take any steps to delete your Plus500 account, make sure that you close all your open positions as the broker will not be able to do it for you and consequently will not be able to close the account. The easiest way to do this is to log into the trading platform and click on ‘Open Positions’ on the left side of the screen.
Once you have closed your trades, you can start the process of canceling your Plus500 account. Closing your account is simple and straightforward.
Essentially you can delete the account in 2 ways:
- Cancel your account through their Website
- Cancel your account by email
Close your account through the Plus500 Website
- Go to the following URL: https://www.plus500.com/Help/ContactUs.aspx
- Enter your name
- Enter the email address that is linked to your Plus500 account
- In the subject section, write “Request to delete my account”
- Select ‘Other issue’ in the Type of Query
- In the comment box, write an email in which you explicitly request that your account be terminated and that your account information be deleted. Provide your honest reason why you decided to terminate your account.
- Hit ‘Send Query’
Close your account by email
- Log into your email account that is registered with Plus500
- In the recipient field enter [email protected]
- In the subject section, write “Request to delete my account”
- Compose an email requesting Plus500 to delete both your account and your account information. Provide your honest reason for closing the account.
- Send the email
No matter which method you choose to delete your account, expect a customer service representative to contact you and try to convince you to stay. If your mind is made up, be firm but fair as to your reason for leaving.
You may have funds left in your account after you close your trades on the trading platform. Be sure to contact customer service first with your request to close your account before withdrawing your funds as you may need to pay certain fees.
As a final step, withdraw your funds once customer service acknowledges your requests to close your account and informs you of any action you may need to take.
Finding an alternative to Plus500
If quitting trading is not your reason for deleting your Plus500 account, you may want to find another broker to work with.
Since Plus500 is primarily a CFD broker, check out our ranking of the best CFD trading platforms in 2022. Here is our verdict on the best brokers in 2022 across multiple categories.
Still unsure which online trading platform to choose? Check out our comprehensive Find My Broker tool to see which broker fits your needs best or compare Plus500 alternatives on our Compare Broker page for a detailed breakdown and ranking of fees, products and services.
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