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Cancel Plus500: The Right Way
How to cancel your plus500 CFD trading account in singapore
Understanding plus500 and why you might want to leave
Plus500 is an online Contracts for Difference (CFD) trading platform that lets you trade forex, stocks, and commodities with leverage. The platform operates in Singapore through Plus500SG Pte Ltd, regulated by the Monetary Authority of Singapore (MAS), and offers both web and mobile trading interfaces.
You may decide to cancel your Plus500 account for several reasons: you want to step back from leveraged trading, you prefer a different platform, or you simply need to close an inactive account to avoid ongoing fees. Whatever your reason, understanding your options before you act will save you time, money, and frustration.
At Stopee, we've helped thousands of consumers navigate the cancellation process for financial trading platforms. This guide will walk you through every step, from closing your account to understanding your refund rights under Singapore law.
What happens to your money when you cancel
Cancelling your Plus500 account does not automatically withdraw your funds or close open trades. You must actively close all open positions, then submit a separate withdrawal request to retrieve your remaining balance. This is a critical step that many traders overlook, so we'll cover it in detail below.
Key differences: platform type matters
How you cancel depends on where you signed up. If you subscribed through the Apple App Store or Google Play, you cancel through those stores, not through Plus500 directly. If you opened an account on the web platform, you close it through your account settings or by contacting support. These methods require different approaches, and Stopee recommends confirming which one applies to you before you start.
Your consumer rights in singapore and what they protect
Singapore's consumer protection framework gives you specific rights when dealing with financial services, and understanding these rights is your strongest lever if Plus500 refuses to cooperate.
The consumer protection (Fair trading) act and financial services
The Consumer Protection (Fair Trading) Act (CPFTA) applies to most consumer transactions in Singapore, including distance selling through websites and apps. However, financial services - particularly active CFD trading - sit in a grey area: once you place a live trade, standard cooling-off periods and refund protections typically do not apply.
This means you cannot invoke a blanket 14-day cooling-off period after you have actively traded. However, the CPFTA still protects you against unfair contract terms, misleading claims, and bad-faith denial of cancellation requests. If Plus500 makes it deliberately difficult to close your account, that behaviour may breach the Act.
MAS regulation and fund segregation
Plus500SG Pte Ltd holds a Capital Markets Services Licence from the Monetary Authority of Singapore. This licence requires the platform to segregate your client funds from its own money, meaning your deposits are protected even if Plus500 faces financial trouble. This is a powerful safeguard - it means your balance is legally yours, regardless of what happens to the company.
Additionally, Plus500 must offer negative balance protection, which means you cannot lose more than your initial deposit on a single trade. If the market gaps against you, Plus500 absorbs the difference rather than asking you to pay.
Escalation path if plus500 refuses
If Plus500 denies your cancellation request or withholds your funds without reasonable cause, you can lodge a complaint with the MAS Financial Services Dispute Resolution Scheme (FRS) at no cost. This is your nuclear option - it signals to Plus500 that you are serious, and many platforms respond quickly once a formal complaint enters the system.
How to cancel your plus500 account: step-by-step methods
Your cancellation path depends on whether you subscribed via a mobile app store or directly through the Plus500 website. Stopee recommends following the correct method for your situation to avoid delays.
If you subscribed through the apple app store or google play
You must cancel your subscription directly through Apple or Google, not through Plus500. Plus500 cannot disable app subscriptions on your behalf - the app stores control this.
- Open the App Store (iPhone/iPad) or Google Play Store (Android)
- On iPhone: tap your profile icon, select "Subscriptions", find Plus500, and tap "Cancel subscription"
- On Android: open Google Play, tap your profile, select "Payments and subscriptions", choose "Subscriptions", find Plus500, and tap "Cancel subscription"
- Confirm the cancellation when prompted
- The app store will ask why you are cancelling - you can skip this or provide feedback
- Your subscription will end on the next renewal date; you retain access until then
- Log into your Plus500 account one final time to close any open positions
- Do not leave trades running after your subscription ends - you will lose access to manage them
- Request a withdrawal of your remaining balance through the app before access is removed
Pro tip: Screenshot the cancellation confirmation from the app store. If Plus500 ever claims you still owe subscription fees, this proof protects you.
If you subscribed directly on the plus500 website
Closing a web-based Plus500 account requires you to navigate your account settings or contact support directly.
- Log into your Plus500 account on the website
- Visit the Plus500 login page and enter your credentials
- Complete any two-factor authentication if enabled
- Navigate to Account Settings
- Look for "Settings" or "Account" in the main menu (usually top-right corner)
- Scroll to find "Close Account" or "Deactivate Account" - this option may not be immediately visible
- Close all open positions before submitting a closure request
- Plus500 will not let you close your account with open trades running
- Go to your "Open Positions" tab and click "Close" on each trade
- Wait for market hours if the market is closed (forex trades 24/5, but some instruments have specific hours)
- Submit your account closure request
- Click "Close Account" or "Request Closure"
- Plus500 will ask you to confirm and may offer you an incentive to stay (ignore this)
- You will receive an email confirmation
- If you cannot find the closure option, contact Plus500 support immediately
- Email: support@plus500.com or use the chat function in your account
- Tell them: "I request to close my account effective immediately. Please confirm receipt and provide a timeline."
- Keep all correspondence for your records
- Withdraw your remaining balance within 7 days of closure
- Go to "Withdraw Funds" and select your original payment method
- If the original method is unavailable, request a bank transfer to your Singapore account
- Withdrawals usually process within 3-5 business days after identity verification
Warning: Do not assume your account is closed just because you stop logging in. Plus500 will continue to charge inactivity fees (S$14 per month after 3 months of inactivity) until you formally close the account. Stopee strongly recommends submitting a written closure request rather than relying on phone calls alone.
Understanding plus500 fees and why timing matters
Plus500 does not charge subscription fees in the traditional sense, but you will face costs if you remain inactive. Knowing these fees helps you decide whether to cancel now or later.
Fee schedule and costs
| Fee type | Amount (SGD) | When charged | Notes |
|---|---|---|---|
| Inactivity fee | S$14.00 | Monthly after 3 months with no login or valid trade | Charge this if you abandon the account - close it now to avoid |
| Minimum deposit (card/PayPal) | S$200 | One-time at signup | Required to activate your account |
| Minimum deposit (bank transfer) | S$500 | One-time at signup | Required for bank transfer or PayNow deposits |
| Trading spread | Variable | On every trade executed | Built into the bid-ask price; no separate commission |
| Overnight holding cost | Variable | Daily if you hold a position overnight | Also called "overnight fees" or "financing costs" |
| Withdrawal fee | None | N/A | Plus500 does not charge to withdraw funds |
If your account has been dormant for 3 months and you have no plans to trade again, the inactivity fee gives you a financial reason to cancel right now. Every month you delay will cost you S$14, which adds up quickly if your account sits idle for a year or more.
What happens to your money: refunds, withdrawals, and account closure
Understanding what happens to your funds after you cancel is critical - and it differs from what many people assume.
Why you do not get an automatic refund
Plus500 does not operate like a standard subscription service that refunds your entire deposit when you cancel. Instead, your balance is the result of your trades: deposits minus losses plus gains. Closing your account does not trigger a refund because there is nothing to refund - you already own the balance (or owe a loss that reduces it).
Additionally, standard consumer cooling-off rights (the 14-day period you might expect from other online purchases) do not apply to active CFD trading. Once you place a trade, you have exercised your right to access the service, and the execution risk has begun. This is why financial regulators worldwide exclude active trading from distance-selling protections.
How to retrieve your funds: the withdrawal process
Your money stays in your Plus500 account until you explicitly request a withdrawal. Here is the correct sequence:
- Close all open positions to convert them to cash
- Your open trades are potential losses or gains - they are not immediately available funds
- Click "Close" on each position in your "Open Positions" tab
- The resulting profit or loss is credited to your account balance
- Check your available balance
- Navigate to "Account" or "Wallet" - you should see a "Total Balance" and "Available Balance"
- Available balance is what you can withdraw immediately
- Submit a withdrawal request
- Go to "Withdraw Funds" and enter the amount you want to withdraw
- Select your withdrawal method: original payment method preferred, or bank transfer if unavailable
- For withdrawals over S$1,000, Plus500 may request additional identity verification
- Wait for processing
- Plus500 typically processes withdrawals within 1-3 business days
- Your bank may take a further 1-2 days to credit the funds
- International transfers may take longer if funds are held in a foreign currency
- Confirm receipt in your bank account
- Check that the full amount arrives; if it does not, contact Plus500 support with your transaction ID
Pro tip: Withdraw your funds before you formally close your account. Some platforms lock withdrawals immediately after closure, leaving you to re-open the account to retrieve your money. Stopee recommends withdrawing first, then closing.
Warning: If your account shows a negative balance (you owe money to Plus500), you cannot withdraw until you deposit funds to cover the shortfall. Negative balance protection means you cannot lose more than your deposit on a single trade, but it does not erase losses from multiple trades.
Common mistakes traders make when cancelling
Cancelling a trading account is more complex than cancelling a streaming service, and one misstep can cost you hundreds of dollars or trap you in a months-long dispute.
Mistake 1: closing your account without withdrawing first
Many traders assume that closing their account automatically sends them their remaining balance. It does not. After you close your account, you may face difficulty re-accessing it to submit a withdrawal request, or Plus500 may require you to prove you are the legitimate account holder all over again. Always withdraw first.
Mistake 2: leaving open positions running
If you close your account with open trades still active, those trades remain vulnerable to market swings. You lose the ability to manage them from your closed account, and you may wake up to unexpected losses. Before you even think about cancelling, close every single trade.
Mistake 3: ignoring the inactivity fee
You do not need to close your account immediately if you think you might return. However, if you are truly done with Plus500, leaving your account open to collect inactivity fees is wasteful. Stopee recommends cancelling formally if you have not logged in for 3 months and do not plan to return.
Mistake 4: cancelling through the wrong channel
If you signed up via the App Store, closing your account through the Plus500 website will not work - you must cancel through Apple or Google. Similarly, if you signed up on the web, cancelling a mobile app subscription will not close your account. Confirm your signup method before you act.
Mistake 5: not keeping proof of cancellation
If Plus500 later claims your account is still active or that you owe fees, you need documentation. Screenshot your cancellation confirmation, save email confirmations, and note the date and time you submitted your closure request. This is your defence if a dispute arises.
After you cancel: what to expect and what to do next
Closing your Plus500 account is the end of a journey, but a few final steps ensure you stay protected.
Confirm your closure was processed
Within 2-5 business days of submitting your closure request, Plus500 should send you an email confirming your account is closed. If you do not receive this confirmation, log in one more time (if possible) and check your Account Status. If the system still shows your account as active, contact support to confirm closure.
Verify your withdrawal was received
Check your bank or payment provider account to confirm that your withdrawn funds arrived in full. If funds are missing or delayed beyond 5 business days, contact Plus500 support with your withdrawal transaction ID. Stopee recommends taking a screenshot of the withdrawal request from Plus500 as proof.
Check for any surprise charges
Monitor your bank or card statement for 30 days after closure. If Plus500 continues to charge inactivity fees or any other costs after you have closed the account, dispute these charges with your bank immediately. You have the right to a refund for charges made to a closed account.
Unsubscribe from marketing emails
Even after your account is closed, Plus500 may continue sending promotional emails. You can unsubscribe through the link in any email, or you can contact support and ask for removal from all mailing lists. This step is purely for convenience.
Comparison: plus500 versus other trading platforms
If you are considering alternatives, understanding how Plus500 compares on cancellation terms, fees, and regulation helps you make an informed choice.
| Platform | Inactivity fee | Minimum deposit | MAS regulated | Negative balance protection |
|---|---|---|---|---|
| Plus500 | S$14/month after 3 months | S$200-500 | Yes | Yes |
| Interactive Brokers | None (zero-cost accounts) | USD 0 | Yes | Yes |
| IG Markets | None | GBP 250 / SGD equivalent | Yes | Yes |
| CMC Markets | None | USD 100 / SGD equivalent | Yes | Yes |
| Saxo Bank | None (unless dormant 12+ months) | USD 2,000 / SGD equivalent | Yes | Yes |
| eToro | None | USD 200 / SGD equivalent | No (offshore licence) | Yes (for certain users) |
The key takeaway: Plus500's S$14 monthly inactivity fee is higher than most competitors (many charge nothing), and it kicks in after just 3 months of inactivity. If you plan to step back from trading, comparing alternatives before you deposit is wise.
Checklist: your step-by-step cancellation plan
Use this checklist to ensure you do not miss any steps or expose yourself to unexpected charges.
- Confirm which signup method you used (app store or website)
- Log into your Plus500 account and review your account balance
- Close all open positions and convert them to cash
- Check your available balance and take a screenshot
- Submit a withdrawal request for your full balance to your original payment method or bank account
- Wait 3-5 business days for the withdrawal to process
- Confirm that funds arrived in your bank or payment account
- If you signed up via app store: cancel through Apple App Store or Google Play
- If you signed up on the website: navigate to Account Settings and submit a closure request
- If you cannot find the closure option: contact Plus500 support and request account closure in writing
- Save all email confirmations and screenshots of the closure request
- Wait 2-5 business days for closure confirmation from Plus500
- Verify that your account status is now "Closed" or "Inactive"
- Monitor your bank statement for 30 days to ensure no additional charges are applied
- Unsubscribe from Plus500 marketing emails if you wish
When to escalate: contact information and regulatory bodies
If Plus500 refuses to close your account, withholds your funds, or continues charging you after closure, you have formal escalation options.
Plus500 customer support details
Start with Plus500's own support team. They handle the majority of issues quickly if you escalate firmly.
- Email support@plus500.com and clearly state: "I request immediate closure of my account [Account Number] and withdrawal of all funds. Please confirm receipt and provide a timeline."
- Include your name, email, phone number, and account number in every communication
- Keep copies of all correspondence
- If Plus500 does not respond within 5 business days, escalate internally by requesting to speak with their complaints team
Registered office address
If you need to send a formal letter, Plus500SG Pte Ltd's registered address is:
Plus500SG Pte Ltd
80 Robinson Road
#17-02
Singapore 068898
Send any formal closure request by registered mail (with proof of delivery) to this address. Keep the receipt.
Escalate to the monetary authority of singapore
If Plus500 ignores your request or behaves unfairly, lodge a complaint with the MAS Financial Services Dispute Resolution Scheme (FSDR). This is free and does not require a lawyer.
File your complaint online at the MAS website (mas.gov.sg) or contact the FSDR at:
MAS Financial Services Dispute Resolution Scheme
Email: enquiry@moneysense.gov.sg
Hotline: 1800-2255-6067 (toll-free within Singapore)
Provide all documentation: your account number, email correspondence with Plus500, screenshots of your account balance, proof of your withdrawal request, and a clear explanation of what went wrong. The FSDR typically resolves disputes within 30-90 days.
Final thoughts: your path forward
Cancelling your Plus500 account is straightforward if you follow the right sequence: close trades, withdraw funds, then formally close your account. The most critical mistakes - leaving positions open, forgetting the inactivity fee, or cancelling through the wrong channel - are entirely preventable if you plan ahead.
Remember that your funds are legally yours thanks to MAS fund segregation rules, and your consumer rights are stronger than you might think. If Plus500 ever refuses to cooperate, you have the Monetary Authority of Singapore and the Consumer Protection (Fair Trading) Act on your side.
Stopee has helped thousands of consumers navigate cancellations across industries - from streaming services to financial platforms - and we have seen every tactic companies use to make leaving difficult. This guide reflects that real-world experience. If you encounter resistance, use the escalation paths outlined above: they work. Your money is yours, and you have the right to close your account whenever you choose. Stopee is here to empower you to do it correctly and confidently.