Plus500 Minimum Deposit & Account Funding in South Africa (ZAR)

If you want to trade CFDs with Plus500, then one of the first things you need to know is the information on minimum deposit and account funding on Plus500. It is always wise to know how much you have to invest in order to start trading. Plus500 is one of the leading platforms providing CFD trading in shares, forex, indices, commodities, cryptocurrencies, and ETFs. The platform is used by millions of people from all over the world.

 

 

Note: CFD Service. Your capital is at risk

 

To start trading with the platform, you need to fund your trading account first. Each platform has an initial deposit or minimum deposit that you must meet for trading. It is the minimum amount you need to fund in your account to execute a trade. So, now let’s know about the Plus500 minimum deposit and how you can add funds to your trading account.

 

 

Plus500 Minimum Deposit

One great thing to know about Plus500 is that the platform does not charge a commission to deposit money in your account. The only thing you need to be careful about is any extra cost that may be charged by your bank if you send the money through it. For example, if you make a bank transfer, your provider may add charges to that. The minimum deposit amount for Plus500 is just $100 which is a lot lower than many other platforms. So, you can start trading by spending $100 only.

 

 

Plus500 Minimum Deposit in ZAR

If you are a CFD trader based in South Africa, you need to know how many South African Rand you need to deposit in your account to start trading. Rand is one of the supported currencies of Plus500 so you dont need to pay a currency conversion fee. You simply can deposit in Rand. The minimum deposit in ZAR is R1.500.

 

 

Plus500 Supported Currencies

Plus500 uses three major currencies on its platform and you can use any one of these currencies to deposit the money. These three currencies are USD, GBP, and EUR. It makes it easier for traders living in different countries to fund their account and partake in CFD trading. For example, if you live in Europe and your account is set to trade in euros, you can just make the transaction of 100 euros instead of US dollars. If you cannot use any of these three major currencies, do not be disheartened. You can still use another currency that is not supported by the platform. To do it, you will have to pay a currency conversion fee and Plus500 will convert the currency for you.

The currency conversion fee is charged by the platform for all trades on instruments denominated in a currency that is different to the currency of your trading account. This currency conversion fee is reflected in real time in the unrealised profit and loss of an open position. You can visit the official website of Plus500 to know more about how it works.

 

 

Plus500 Available Deposit Methods

The deposit methods available on Plus500 are:

1. Bank transfer/wire transfer: For bank transfer, you need to add your bank account number in the deposit interface of Plus500. Keep in mind that the bank account must be in your name. After that, you can start a bank transfer from your bank to make a deposit to your account. Plus500 will provide you with a reference number. You have to enter this number as a comment in your transaction. It allows the platform to identify your deposit. The Plus500 minimum deposit is $300 for bank transfers.
2. Credit/debit cards: Just like you do on a normal online purchase, you have to enter the card details here as well. However, unlike another online purchase, you must use a card that is in your name. Making the deposit by card is usually the most convenient and most preferred way to fund your account. The Plus500 minimum deposit is $100 for debit/credit cards.
3. Online wallets: You can also use electronic wallets like PayPal and Skrill to deposit money in your account and it also works like any other online purchase. The interface of the wallet pops up where you need to enter your username and password in order to carry out your transactions. The Plus500 minimum deposit is $100 for online wallets.

 

 

Plus500 deposit fees

Plus500 does not charge deposit and withdrawal fees in general. The platform covers most payment processing fees. However, on rare occasions, clients may incur fees when they are transferring money to and from their Plus500 account. These fees are determined and lived not by Plus500, but by the traders’ payment issuer or bank.

 

 

How To Deposit

The process of sending your minimum deposit to your trading account on Plus500 involves the following steps:

1. Open your account: First, you need to open your trading account on Plus500. To open an account, it is required to provide personal details and some financial details as well. After that, you must verify your identity and residency. For this verification, you can upload a copy of your ID card or a document validating your proof of residence.
2. Make the deposit: After you open your account, log in to your account. You can find the depositing interface there. You can select one of the deposit methods supported by Plus500. Then, enter the deposit amount to make the minimum deposit.
3. Review your transaction: Depending on the deposit method you select, it may take a few days for the deposit to reflect on your trading account. When it happens, you will get receive an email where you can confirm the receipt of the deposit.

 

Once you fund your account with the minimum deposit, you are all set to trade CFDs on Plus500. 

 

Note: CFD Service. Your capital is at risk

 

FAQ

1. Is Plus500 regulated in South Africa?

Yes, Plus500 is regulated in South Africa. The platform is regulated by the Authorised Financial Services Provider in South Africa.

2. Can I start trading with $10?

It is usually not possible to start trading with $10 because the minimum deposit is more than this on most online platform. Moreover, apart from the minimum deposit, you must consider other expenses like deposit and withdrawal fees, currency conversion fee, overnight funding fees, inactivity fees and other expenses. On Plus500, the minimum deposit is alone $100.

3. Can I deposit using a credit/debit card/account?

Yes, you can deposit using a credit or debit card or you can also use electronic wallets or bank transfer.

4. Is there a limit to the amount I can deposit?

There can be deposit limitations on your trading account. These limitations may differ based on the country where you reside. You can visit the deposit page for each available payment method to know the maximum deposit amount per transaction. Under some circumstances, you may face a limit on your deposit for credit reasons. You may need to consider reducing the total number of open transactions to meet your margin requirements.