Does Plus500 charge withdrawal fees?
Plus500 does not charge deposit or withdrawal fees. They cover the majority of payment processing fees. This claim leads many potential clients to wonder whether there are any hidden fees, an assumption the broker is quick to refute. The spread is what mainly compensates them for the services they provide.
Third party fees
In some cases, fees can be added to a trader’s account by a third party. These cases fall in three broad categories: forex conversions, bank transfers, and international credit cards. Once you choose a payment method, you need to select a base currency. If you make a deposit in a different currency, you’ll be charged a currency conversion fee. At the moment, the currency conversion fee is up to 0.7% of the realized net profit and loss of a given trade. The system includes it in an open position’s unrealized net profit and loss in real time.
There is also a fee when transferring money to the broker from your bank account and vice versa. Finally, when a foreign acquirer processes a transaction using an international credit card, there is a charge.
As mentioned, Plus500 makes most of its money from the “market spread”. The broker does not charge dealing commissions unlike many analogical providers. However, other fees may apply, such as overnight funding. This sum is either subtracted or added to your account depending on how long you hold a given position. Information about the respective percent and the overnight funding time is available in the “Details” section on the main screen by the instrument’s name.
If you don’t log into your Plus500 account for three months, you’ll be charged an inactivity fee of up to USD 10 per month. From that time, you’ll be charged this fee every month until you log in. Once you do, they will stop charging it. If you become inactive again, you’ll subject to it again, and so on. If your whole balance is less than USD 10, it will not be deducted for your inactivity. Even though you’re not using the service, the inactivity fee is charged to offset the cost incurred in providing it. Moreover, it’s only deducted if you have sufficient funds. To avoid paying this fee, just log in now and then, even if you have no intention of trading. The stop order feature closes your trade at a rate requested by you. Since it is a guarantee, the spread is wider.