Cancellation Plus500: Easy Method

What is Plus500

Overview

Plus500 is an online trading platform that offers contracts for difference (CFDs) across instruments such as shares, forex, indices and commodities.

The platform provides retail trading tools including a demo account, web and mobile apps, and electronic deposit/withdrawal options.

Core features

Key features commonly highlighted by users include a user-friendly interface and an unlimited demo account for practice trading.

Plus500 operates on a commission-free model with costs built into spreads and certain fees such as inactivity charges.

How to cancel Plus500

Web and desktop cancellation steps

• Close any open positions - open trades remain live until closed and affect your available balance.
• Withdraw your available balance using the platform's withdrawal process; withdrawals are subject to verification and original payment method rules.
• Stop funding the account and do not log in if you wish to become inactive; formally closing or deleting an account may require contacting support.

Mobile apps and subscriptions

• If you have a subscription-type payment through the Apple App Store or Google Play, cancel that subscription via your App Store / Google Play account settings.
• The Plus500 app itself does not cancel App Store/Google Play subscriptions; use the respective store to prevent future recurring charges.

What happens when you cancel

Access and open positions

Closing your account does not automatically close open positions; you must close positions to realise any remaining balance.

Until positions are closed, market movements will continue to affect your account balance and margin.

Data, records and account closure

After you withdraw or close your account, Plus500 will retain transaction and verification records as required by its policies and applicable law.

If you want the account deleted or restricted, contact Plus500 support to request account closure and ask what documentation or steps are required.

Will I get a refund?

Official policy

Plus500 states there is no cooling-off period and no automatic refunds once you have deposited funds and initiated trades.

Refunds are not provided simply because you decide to cancel after trading; available funds can only be returned by closing positions and withdrawing the resulting balance.

Exceptions and practical notes

• Withdrawals are normally returned to the original payment method when possible; expired or rejected cards may require alternative processing.
• Refund timing and routes can be affected by verification, anti-money laundering checks and payment provider rules.

For the official statement, see the Product Disclosure Statement: Plus500 Product Disclosure Statement.

Plus500 plans and pricing

Pricing summary

Plus500 does not use tiered recurring subscription plans. Available costs are primarily deposit minimums and an inactivity fee.

Confirm current limits and fees in your account area before depositing.

Pricing table

Your consumer rights in South Africa

No cooling-off or refund right after trading

Per the Product Disclosure Statement, there is no cooling-off period and deposits used for trading are not refundable simply because you later cancel.

Your access to remaining funds depends on closing trades and withdrawing the resulting balance.

Withdrawal and verification rights

• Withdrawals will generally be returned to the same payment method used for deposit where possible.
• Plus500 may request identity, proof-of-address or payment method documentation when you withdraw funds to comply with AML and verification rules.

For withdrawal rules, see the operator guidelines: Plus500 Guidelines per operator.

Customer experiences

Positive feedback

• Users often praise the clean interface, ease of use, fast withdrawals in some cases, and a useful demo account for beginners.
• Many reviews highlight the platform's suitability for new traders and the convenience of ZAR base currency options.

Common complaints

• South African users report frustrations with chart settings resetting, frequent KYC or bank statement requests, and impersonal customer support.
• Global complaints include withdrawal delays, verification hurdles and refunds being redirected to alternative payment methods without clear authorisation.

For broader user reviews see: Plus500 on Trustpilot and South Africa-specific commentary: Plus500 reviews (South Africa).

Documentation checklist

Identity and address documents

• Valid government-issued ID (passport or ID card).
• Proof of address (utility bill or bank statement, usually recent within 3 months).

Payment and withdrawal documents

• Copy or screenshot of the card used to deposit (mask card numbers except first/last 4 digits) or e-wallet account details.
• Bank statement or transfer confirmation when deposits were made by bank transfer.

Keep scanned copies ready to speed up verification and withdrawals; see withdrawal guidelines: Plus500 Guidelines per operator.

Common mistakes

Leaving positions open

A frequent error is assuming account cancellation will close open trades automatically.

Open positions continue to incur P&L and margin requirements until closed.

Misunderstanding refunds and subscriptions

Many users try to obtain a refund after trading; Plus500's PDS makes clear refunds are not available once trades are placed.

Another mistake is cancelling the Plus500 app but forgetting to cancel App Store/Google Play subscriptions, which must be cancelled via the store.

Comparative recap

Quick comparison

Key trade-offs

Plus500 offers ease of use and demo accounts but imposes strict post-trade refund rules and verification for withdrawals.

Expect to manage withdrawals proactively and keep documentation ready to reduce delays.

After cancelling

Next steps

• Ensure all positions are closed and submit a withdrawal request for the remaining balance.
• Cancel any App Store or Google Play subscriptions separately from the Plus500 app.
• Save copies of transaction confirmations, communications and verification documents for your records.

Helpful links

• Plus500 Product Disclosure Statement
• Plus500 Guidelines per operator (withdrawal & verification)
• User reviews on Trustpilot
• South Africa user reviews

Address

Registered office

Plus500UK Ltd, 8 Angel Court, Copthall Avenue, London EC2R 7HJ, United Kingdom.

For specific South Africa correspondence or account issues, use the contact/support options inside your Plus500 account or app.

Contacting support

Use the in-platform support or the help centre links above to request account closure, withdrawals or to submit documents for verification.

Keep records of any correspondence and transaction IDs when you contact support.