Manage Plus500

How to cancel plus500 and protect your trading account in south africa

Understanding plus500 and why cancellation matters

What plus500 is and how it works

Plus500 is an online trading platform that lets you trade contracts for difference (CFDs) across shares, forex, indices and commodities. The platform operates through a commission-free model, which means trading costs are built into the spreads you see when you buy or sell. You get access to web and mobile apps, a demo account for practice trading, and electronic deposit and withdrawal options.

The platform is straightforward to use, but it's important to understand that trading CFDs involves real financial risk. Your account balance moves in real time based on market movements, and you can lose money quickly if positions move against you.

Why you might want to cancel your account

You may decide to cancel Plus500 for several reasons. Perhaps you've finished your trading activities, you want to consolidate accounts with another broker, or you've experienced losses and want to step back from trading. Whatever your reason, understanding the cancellation process helps you avoid unnecessary fees and ensures your funds return to you safely.

At Stopee, we know that cancelling a trading platform can feel complicated, especially when you have open positions or funds sitting in your account. That's why we've created this guide to walk you through every step, so you feel confident and in control.

Your consumer rights when cancelling plus500

What south african law says about cancellation

Under the Consumer Protection Act 68 of 2008, you have certain rights when dealing with financial services in South Africa. However, it's crucial to understand that Plus500 operates as a trading platform, not a traditional subscription service, which affects your cancellation rights.

The Financial Sector Conduct Authority (FSCA) regulates Plus500 operations in South Africa under Plus500AU Pty Ltd. If you believe Plus500 has breached consumer protection rules or treated you unfairly, you can lodge a complaint with the FSCA. The regulator can investigate and order remedies if the platform has acted unlawfully.

Cooling-off periods and refund expectations

Unlike many subscription services, Plus500 does not offer a cooling-off period once you've deposited funds and begun trading. This means you cannot simply cancel and expect an automatic refund of your deposits. Your only refund route is to close your open positions and withdraw the resulting balance.

Stopee recommends that you review Plus500's Product Disclosure Statement before depositing any money. This document outlines the platform's full terms, fees and refund policy so there are no surprises later.

How to cancel plus500 on desktop and web

Step-by-step cancellation via your web browser

Cancelling your Plus500 account requires careful planning because you cannot simply delete your account without closing open positions first. Here's exactly what you need to do.

1. Log into your Plus500 account on the web platform.
   • Go to plus500.com and enter your username and password.
   • If you use two-factor authentication, complete that step as well.
2. Close all open positions (trades).
   • Navigate to your "Open Positions" or "Portfolio" section.
   • Review each open trade and click the "Close" button for every position.
   • Confirm the closing price and execute the close order.
   • Warning: Do not close positions at a loss unless you've already decided to exit trading entirely. Market prices move constantly, so closing at unfavourable prices locks in losses.
3. Withdraw your available balance.
   • Navigate to your "Cashier," "Wallet" or "Funds" section.
   • Select "Withdraw" and choose your withdrawal method.
   • Enter the amount you want to withdraw (usually your entire available balance).
   • Select your preferred payment method - typically the original card, bank account or e-wallet you used to deposit.
   • Review the withdrawal details and confirm the request.
4. Wait for withdrawal processing.
   • Plus500 will verify your withdrawal request, which may take 24 to 48 hours.
   • Your bank or payment provider may also process the refund in 1 to 5 business days depending on the method you used.
   • Pro tip: Keep your withdrawal confirmation email for your records.
5. Request formal account closure.
   • Contact Plus500 support through their website or app to formally request account closure.
   • Explain that you want your account deleted or permanently restricted.
   • Ask support what additional steps or documentation they need from you.
   • Retain their written confirmation of your closure request.
6. Stop using the platform.
   • Do not log back into your account.
   • Delete the Plus500 app from your devices if you've installed it.
   • Unsubscribe from any email notifications or newsletters.

What happens to your open positions if you don't close them

If you attempt to leave Plus500 without closing open positions, your trades remain live and active. This means market movements continue to affect your account balance and margin. You could wake up to discover that adverse price movements have wiped out your remaining balance or triggered margin calls. Always close every position before you consider your account cancelled.

Cancelling plus500 via mobile app

Closing your account on iPhone or android

The mobile app lets you perform most cancellation steps, though the process is identical to the web version. Download the Plus500 app from the Apple App Store or Google Play, log in, and follow the same steps: close positions, withdraw funds, and contact support for formal closure.

Warning: If you have a recurring subscription set up through the Apple App Store or Google Play (for example, a premium feature or extended trial), you must cancel that subscription separately. Deleting the Plus500 app does not automatically cancel these App Store or Google Play subscriptions, and you may continue to be charged each month.

Cancelling app-based subscriptions

1. For iPhone users: Open the Settings app, tap your name at the top, select "Subscriptions," find Plus500, and tap "Cancel Subscription."
2. For Android users: Open the Google Play Store app, tap your profile icon at the top right, select "Manage Subscriptions," find Plus500, and tap "Cancel Subscription."
3. Confirm the cancellation when prompted.

Stopee recommends checking your subscription settings even if you don't remember signing up for one - these recurring charges are easy to miss and can pile up over months.

Understanding plus500 fees and pricing

What you pay and when

Plus500 does not use tiered subscription plans, but it does charge fees you should know about before and after cancellation. Understanding these costs helps you calculate your true exit expenses.

Inactivity charges and how to avoid them

The inactivity fee is one of the sneakiest charges you can face. If you log into your Plus500 account fewer than once every 90 days, the platform deducts USD 10 from your account every month until your balance is zero. This means if you leave your account dormant with a small balance, you could lose that money to inactivity fees.

Pro tip: If you're cancelling, withdraw your entire balance before your account becomes inactive. If you're stepping away temporarily but want to keep your account open, log in at least once every three months to reset the inactivity counter.

What happens after you cancel plus500

Account data and record retention

After you close your Plus500 account and withdraw your funds, the platform retains your transaction history, identification documents and trading records. South African financial regulations require brokers to keep these records for a minimum of five years.

You cannot retrieve deleted data, but you can request a copy of your account statements and trading history before you close your account. Contact Plus500 support and ask them to email you a full account report. Keep this for your personal records and for tax purposes if you've had trading profits or losses.

Timeline for full account removal

Plus500 does not immediately delete your account after you request closure. The platform may take 30 to 60 days to process your closure request and remove your data from its active systems. During this time, you may still see your account if you try to log in, but you should not conduct any new trades.

At Stopee, we recommend waiting at least 30 days after your closure request before you assume your account is fully gone. If you can still log in after 30 days, follow up with support to confirm the closure is in progress.

Will you get a refund from plus500

The official refund policy

Plus500 clearly states that it does not offer cooling-off refunds and does not refund deposits simply because you've changed your mind about trading. The only way to retrieve your money is to close your positions and withdraw your remaining balance.

Here's the key point: your available balance is whatever is left after your trades have closed. If you've lost money trading, your available balance will be smaller than your original deposit. Plus500 will refund only the balance that remains, not your original deposit.

Withdrawal methods and processing times

When you withdraw, Plus500 returns your funds to the original payment method whenever possible. If your original card has expired or your bank account details have changed, you'll need to contact support to arrange an alternative withdrawal route.

Common delays in refund processing

Your withdrawal may take longer than expected if Plus500 needs to verify your identity, conduct anti-money laundering (AML) checks, or investigate unusual trading activity. The platform is legally required to perform these checks, and they can add 5 to 10 business days to your refund timeline.

Pro tip: Keep all your withdrawal confirmation emails and transaction IDs. If your refund doesn't arrive within 10 business days, contact Plus500 support with this information and ask them to investigate where your money is.

Common mistakes that delay your cancellation

Errors that cost you time and money

We know cancelling feels stressful, especially if you've experienced trading losses. Many people rush through the process and make preventable mistakes that delay their exit or cost extra in fees.

1. Leaving open positions. The single biggest mistake is requesting account closure without closing all open trades. Support cannot delete your account while positions are active, and market movements can wipe out your remaining balance in the meantime.
2. Forgetting about pending withdrawals. Once you request a withdrawal, do not request account closure immediately. Wait for your withdrawal to complete and appear in your bank account. If you close your account while a withdrawal is pending, it may be cancelled or delayed.
3. Missing the inactivity deadline. If your account becomes inactive (no login for 90 days), inactivity fees kick in. Log in at least once every three months while you're in the cancellation process, or withdraw your balance immediately to avoid losing money to fees.
4. Not cancelling app subscriptions separately. If you paid for features through the Apple App Store or Google Play, deleting the app does not stop these charges. You'll keep being billed every month until you manually cancel the subscription in your device settings.
5. Losing your withdrawal confirmation. Always save your withdrawal email and transaction ID. If your refund doesn't arrive, you'll need these to prove you requested the withdrawal and to escalate with support or your bank.
6. Providing outdated payment details. If your original card has expired or your bank account has changed, tell Plus500 support before you request a withdrawal. This prevents your refund being rejected and requiring re-processing.

Your cancellation checklist

Step-by-step verification before you submit

Use this checklist to confirm you've completed every step correctly before you consider your account fully cancelled.

• All open positions closed (zero open trades visible in your portfolio)
• Available balance withdrawn to your original payment method
• Withdrawal confirmation email saved and forwarded to a personal email backup
• Refund appeared in your bank account or payment app
• Formal account closure request sent to Plus500 support in writing (email, not chat)
• Plus500 support confirmation of closure request received and saved
• App-based subscriptions (Apple App Store or Google Play) cancelled from your device settings
• Plus500 app deleted from your phone
• Email notifications and marketing emails unsubscribed
• Account login attempted 30 days later to verify it cannot be accessed

Stopee recommends keeping a folder with all confirmation emails for at least one year. If a dispute arises, this documentation proves you requested closure and withdrew your funds.

Why you should use stopee to guide your cancellation

Expert support when you need it

Cancelling Plus500 is straightforward once you understand the process, but it's easy to miss critical details that cost you time or money. Stopee has helped thousands of consumers cancel trading platforms, subscriptions and digital services safely and completely. Our guides walk you through every step, flag common traps, and explain your rights under South African law.

If Plus500 refuses to close your account, delays your withdrawal without explanation, or continues charging you after you've requested cancellation, Stopee can help you escalate your complaint to the FSCA and draft a formal demand letter.

Contact details for plus500 account closure

Where to send your formal cancellation request

To formally request account closure, contact Plus500 support through your account dashboard or email them directly. The platform's Australian registered address is typically used for cancellation correspondence:

Plus500AU Pty Ltd
PO Box 1452
Parramatta NSW 2124
Australia

For South African inquiries, contact the FSCA if Plus500 does not respond to your closure request within 14 days:

Financial Sector Conduct Authority (FSCA)
Website: www.fsca.org.za
Email: [email protected]
Telephone: 0800 203 722 (toll-free)

Stopee recommends sending your closure request via email to Plus500 support as well, so you have written proof of the date and time you requested cancellation. Keep the confirmation receipt or reference number they provide.

Final reminders before you go

Closing your Plus500 account is permanent. Once your account is deleted, you cannot recover your trading history or reopen it. Make sure you've downloaded your account statements and saved any records you need for tax purposes or personal reference before you request final closure.

If you're cancelling because of losses, remember that trading CFDs carries substantial risk. Many retail traders lose money. Consider speaking to a financial advisor before opening an account with another platform.

Stopee has guided thousands of consumers through the cancellation process with clarity and confidence. If you have questions about your Plus500 closure, need help drafting a complaint to the FSCA, or want to understand your consumer rights, visit Stopee to access our full library of guides and get expert advice tailored to your situation.