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Plus500 Withdrawal Problems

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Plus500 users have been faced with a lot of withdrawal problems over the past. Despite several good reviews and adjustments, users of this Forex broker keep having issues with the withdrawal process. In addition, it’s been observed that aside from Plus500, other Forex brokers have encountered customer dissatisfaction in the use of their services. 

Some of these range from verification requirements during withdrawal to account activation problems to never-ending wait for the withdrawal process to be completed. This is a result of detailed research carried out on the recent and past problems faced by Plus500 users from various online sources. More of the reviews will be seen as we proceed further in this article.

In response to a large number of withdrawal problems of customers, Plus500 has also had to work on their customer support system in sending quick responses related to the problem being faced. However, over time, users have expressed their discomfort towards the poor customer service in handling their complaints. Some of these complaints will be seen in the screenshots below.

These problems may prove very disturbing because the reviews are capable of affecting the credibility of Plus500. But not much there is to worry about because there have been good reviews too, as shown below:

Obviously, from the above evidence, we can see that Plus500 has been top of the game at times in helping people in their trading activities as well as the freedom the users have enjoyed in withdrawing profits from their account.

Therefore, there is a need to follow all reviews because it favors some and not in favor of others. Its obvious Plus500 is of pure intentions to help in the financial gains of their users. Though their services may not be 100 percent certain of producing results at all times, they do have a structure in which problems of such forms are faced comfortably.

Read: Plus500 review

Common Withdrawal Problems

We may conclude from the images above that some of these problems have appeared more often than others and can be reasonably seen as FAQs for Plus500. 

1. Delay in the withdrawal process

Plus500 takes 1-3 days to process withdrawal requests. This allows time for checks in the transaction before payment is made successful. Payment methods can largely affect the duration of the withdrawal process. The withdrawal methods available for Plus500 are made specifically in this post to aid you in making decisions on your withdrawals.

Direct bank transfers are allowed for 5-7 business days after the withdrawal process is approved. Your refunds will be made available in your bank account within this time frame. Withdrawal can also be made to your PayPal or Skrill account. This is done within 3-7 business days after the withdrawal process has been verified and approved. Sometimes, banking institutions may delay the withdrawal process. 

So, make sure you are familiar with how long your banking institution manages transactions. Withdrawals are to be made to the same account used for a deposit on the user’s account. After the withdrawal process is approved, the funds requested will be sent to the same account used in funding. An easy example of this is a transaction made via PayPal to your Plus500 account. After making profits, you can withdraw funds via PayPal as specified in this post to avoid delays in the withdrawal process.

2. Account Verification

Verification of account is most important because there is a likely chance that an unknown person won’t make a withdrawal; this is for security reasons concerning safeguarding the affected account. Sometimes, verification is required during the withdrawal process for the proper security of accounts.

3. Decline of Withdrawals (VPN usage)

Using a VPN, especially in a location not recognized by Plus500, can affect the entire account and cause a long-standing delay. Due to the security process involved in the management of these accounts, private VPNs are prohibited from securing the account from multiple usages by more than one identified user locations

4. Use of required withdrawal methods

Using withdrawal methods not stated under the platform guidelines can affect the withdrawal process. Plus500 allows within 1-3 business days for all withdrawal requests to be processed. And during this time, the withdrawal request will go through a certain number of stages to reach the final point.

5. Withdrawal limits

All methods of withdrawal have a stated threshold for minimum refund. More information on this can be found on the trading platform

Payment methods are not to be changed often as it’s required that the same method be used for both deposit and withdrawal of funds.

What Should You Do?

Ensure that you understand the company’s terms and conditions for withdrawal, then properly follow through with no error. From another point of view, there is a need to understand that every company will always have problems and sometimes it might occur from time to time. Plus, little drawbacks give room for more initiative and growth. Additionally, patience is of the essence when dealing with companies like this; this helps by giving sufficient time for them to process your withdrawal and provides you enough time to make changes where necessary (including canceling refunds).

If all listed suggestions from the platform’s support don’t work, you can contact the platform support through email or calling an online customer support personnel. You can also reach out to the online support team via their website with a proper description of the problem. The support team will send you a reply shortly based on your complaint.

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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