Cancel Plus500: Step-by-Step Process

How to cancel your Plus500 CFD trading account in singapore

Why you might want to cancel Plus500

Plus500 is an online Contracts for Difference (CFD) trading platform that allows you to trade forex, stocks, indices, and commodities using 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 close your account for many reasons: you want to step back from leveraged trading, you have found a platform that better suits your needs, or you simply need to deactivate an inactive account to avoid ongoing fees or charges. Whatever your reason, understanding the process before you act will save you time, money, and frustration.

At Tocancel, we have helped thousands of Singapore-based traders navigate the account closure process for financial platforms. This guide walks you through every step, from closing your account to understanding your rights under Singapore consumer law.

What happens to your funds when you cancel

Closing your Plus500 account does not automatically withdraw your funds or close open positions. You must manually close all open trades first, then submit a separate withdrawal request to retrieve your remaining balance. This critical step is often overlooked by traders, so we cover it in detail below.

Your money remains in your account until you request withdrawal. Plus500 holds your funds in segregated accounts, meaning your balance is protected separately from the company's operational funds.

Account closure depends on where you signed up

How you cancel depends on your subscription method. If you subscribed through the Apple App Store or Google Play, you must cancel through those app stores, not Plus500 directly. If you opened an account via the web platform, you close it through your account settings or by contacting support. These methods require different approaches, and Tocancel recommends confirming which applies to you before you begin.

Your consumer rights in singapore and how they protect you

Singapore's consumer protection framework gives you specific rights when dealing with financial services. Understanding these rights is your strongest lever if Plus500 refuses to cooperate or delays your cancellation.

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 sales through websites and mobile apps. However, active CFD trading sits in a grey area: once you place a live trade, standard cooling-off periods and blanket refund protections typically do not apply.

This means you cannot invoke a 14-day cooling-off period after you have actively traded on the platform. However, the CPFTA still protects you against unfair contract terms, misleading advertising claims, and bad-faith refusal to process cancellation requests. If Plus500 deliberately makes it difficult to close your account or withholds your balance without cause, that conduct may breach the Act.

Your legal position: you have the right to cancel at any time, and you have the right to withdraw your own funds, even if you cannot reverse past trading losses.

MAS regulation and fund segregation protect your balance

Plus500SG Pte Ltd holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore. This licence requires the platform to segregate your client funds from its own operational money. This means your deposits are protected even if Plus500 faces financial difficulty or insolvency. Your balance is legally yours, regardless of what happens to the company.

Additionally, Plus500 must offer negative balance protection under MAS rules. This means you cannot lose more than your initial deposit on a single trade. If the market moves sharply against you, Plus500 absorbs the loss rather than asking you to pay the difference.

How to escalate if Plus500 refuses your cancellation

If Plus500 denies your cancellation request, delays it unreasonably, 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 formal escalation option and signals to Plus500 that you are serious. Many platforms respond quickly once a formal complaint enters the system.

Contact the FRS through the MAS website or call the MAS hotline. Include your account details, dates of your cancellation request, and Plus500's response (or lack thereof). The FRS will investigate and can order Plus500 to refund you if it finds the platform acted unfairly.

How to cancel your Plus500 account

Cancellation requires you to follow specific steps in the correct order. Tocancel recommends completing these steps in sequence to avoid confusion or delays.

Step-by-step cancellation process

1. Log in to your Plus500 account on the web platform or mobile app.
   • Use your registered email address and password.
   • If you have two-factor authentication enabled, complete that step.
2. Navigate to your open positions and close all active trades.
   • Click on each open trade and select "Close Position".
   • Confirm the closure price and complete the action.
   • Repeat until no open positions remain.
3. Check for any pending orders and cancel them.
   • Go to your "Orders" section and review any pending buy or sell orders.
   • Cancel any orders you do not intend to execute.
4. Withdraw your remaining balance.
   • Go to "Cashier" or "Wallet" (depending on your interface version).
   • Select "Withdraw" and choose your preferred payment method.
   • Enter the amount you wish to withdraw (you can withdraw your full balance).
   • Confirm the withdrawal and wait for processing (typically 3 to 5 business days).
5. Request account closure.
   • Go to "Account Settings" or "Profile".
   • Look for "Close Account" or "Deactivate Account".
   • If you cannot find this option, contact Plus500 support via live chat or email.
6. Confirm closure and document your request.
   • Plus500 will send you a confirmation email. Save this email as proof of closure.
   • Note the date and reference number from the confirmation.

If you cancel through the app store or google play

If you subscribed to Plus500 through Apple App Store or Google Play and you are cancelling a recurring subscription (not a trading account closure), you must cancel the subscription through that store, not through Plus500 directly.

1. On Apple App Store: open your account, tap "Subscriptions", find Plus500, and select "Cancel Subscription".
2. On Google Play: open your account, go to "Subscriptions", select Plus500, and tap "Cancel Subscription".
3. Confirm the cancellation. The store will send you a confirmation email.

Note: this cancels a subscription charge, not your trading account. You still need to follow the steps above to close your actual trading account and withdraw your funds.

Timeline and what to expect after cancellation

Understanding the timeline helps you track whether Plus500 is processing your request on schedule. Delays beyond these windows may indicate a problem.

Withdrawal and closure timelines

After you request withdrawal, Plus500 typically processes the transaction within 3 to 5 business days. The time it then takes for money to appear in your bank account depends on your bank and payment method. Credit card refunds may take 5 to 10 business days. Bank transfers can take 2 to 4 business days.

Account closure is usually immediate once you submit the request, though Plus500 may send a confirmation email within 1 business day. If your account is not closed within 5 business days of your request, contact Plus500 support and ask for a reference number.

Tocancel advises keeping all emails and screenshots as proof of your cancellation request and withdrawal instructions. These documents are essential if you need to file a complaint with MAS later.

Common reasons for delays and how to resolve them

If your withdrawal is delayed beyond 5 business days, the most common causes are: incomplete verification (missing identity documents), compliance review (if Plus500 detects unusual account activity), or technical errors. Contact Plus500 support immediately and ask what information or action they need from you to complete the withdrawal.

If Plus500 claims you owe funds or have a "negative balance", request a detailed breakdown of all charges and trades that led to that balance. Verify this against your own records. If you believe the charge is incorrect, escalate to the MAS FRS.

Refunds and what you are entitled to recover

Your refund entitlements depend on whether you have active trading losses and the reason you are cancelling.

What you can recover

You can recover any positive balance (profit or remaining deposit) in your account. Plus500 cannot deduct cancellation fees or penalty charges simply because you choose to close your account. If Plus500 charges you a "closure fee" or "exit fee", that fee may breach the CPFTA if it is not clearly disclosed before you sign up or if it is unreasonable in amount.

If you have active trading losses, you cannot recover the loss amount itself. Trading losses are your responsibility. However, you can recover any remaining positive balance after losses are applied.

Disputing a negative balance or unexpected charges

If Plus500 tells you that you have a negative balance and owes money, request a detailed statement of all trades, fees, and charges. Review this statement carefully against your own records and screenshots. Verify that all trades and fees are accurately reflected and that you authorised each trade.

If you find discrepancies, email Plus500 support with your evidence and ask for a correction. If Plus500 refuses to correct the balance or does not respond within 10 business days, escalate to the MAS FRS. At this point, Tocancel recommends filing a formal complaint with evidence of your dispute.

Pricing and account fees

Understanding Plus500's fee structure helps you confirm whether ongoing charges are being applied after you request closure.

If you are charged an "account closure fee" by Plus500, this is likely a breach of the CPFTA. You can demand a refund of this fee. Tocancel recommends escalating this to MAS if Plus500 refuses.

Common mistakes when cancelling Plus500

Many traders rush the cancellation process and overlook critical steps. Taking time to follow each step carefully prevents frustration and ensures your funds are fully recovered.

Mistake 1: requesting closure before closing open trades

If you request account closure while you have open positions, Plus500 will likely reject the request or close your positions on your behalf at market prices. This can result in unexpected losses or slippage. Always close your own positions first, review the closure prices, then request account closure.

Mistake 2: forgetting to withdraw your balance

Your balance will remain in your Plus500 account even after closure if you do not submit a separate withdrawal request. You must explicitly withdraw funds. If your account is closed with money still in it, contact Plus500 support immediately and request a withdrawal.

Mistake 3: not documenting your cancellation request

Always screenshot your cancellation request confirmation and save the confirmation email. If a dispute arises later, you need proof of when you cancelled and what Plus500 confirmed. Without documentation, you have no evidence if Plus500 later claims you never cancelled.

Mistake 4: cancelling the app subscription instead of the account

If you cancel your app store subscription without closing your actual Plus500 account, you may continue to be charged subscription fees through the app store, and your trading account will remain open. Confirm which method you subscribed with and cancel through the correct channel.

Mistake 4: accepting a lower withdrawal offer or monthly payout

Plus500 should not offer you a "payment plan" or partial withdrawal to close your account. You have the right to withdraw your full balance immediately. If Plus500 suggests a payment plan, this is a red flag and you should escalate to MAS immediately.

After cancellation: what to do next

Closing your account is final, and ensuring you have completed the process correctly protects you from future surprises.

Verify closure and monitor for unexpected charges

After Plus500 confirms closure, verify that no further charges appear on your bank statement or credit card. Wait 30 days to ensure no delayed charges arrive. If you see unexpected charges after closure, contact your bank and Plus500 immediately.

If Plus500 charges you after you cancelled, this is a clear breach of the CPFTA. You can demand a refund and file a complaint with MAS. Many banks can also reverse unauthorised charges on your behalf.

Check your credit file if you had margin or leverage

If you used Plus500's leverage or margin trading, check your credit file with the credit bureau to confirm no outstanding debt is listed against your name. You can request a free annual credit report from the Credit Bureau Singapore (CBS). If an outstanding balance is recorded, dispute it with CBS and provide them with Plus500's confirmation that your account is closed with no outstanding balance due.

Preserve your records and confirmation

Keep all Plus500 emails, confirmation screenshots, withdrawal confirmations, and bank statements showing the refund for at least 2 years. These documents are essential if you need to file a formal complaint with MAS or challenge a dispute later.

Comparison of cancellation methods

Depending on how you subscribed, your cancellation process varies slightly. Here is a comparison to help you choose the right method.

Contact information and official addresses

Use these official channels to contact Plus500 and escalate complaints if the company refuses your cancellation or withholds funds.

Plus500SG pte ltd contact details

Registered office: 80 Robinson Road, #17-02, Singapore 068898. Operational office: 1 Temasek Avenue, Millenia Tower, Singapore (units #37-03 and #18-07). Customer support: available via live chat on the Plus500 website or mobile app, or by email through your account dashboard.

When you contact Plus500, always send your request in writing (email or in-app message) and request a confirmation reference number. Do not rely on phone calls alone, as you need written proof of your cancellation request.

MAS financial services dispute resolution scheme (FRS)

If Plus500 refuses your cancellation or does not respond within 10 business days, escalate to the MAS FRS. You can file a complaint through the MAS website (www.mas.gov.sg) or contact the MAS hotline at +65 6225 5545. Include your Plus500 account details, dates of your cancellation request, copies of all emails from Plus500, and a description of what went wrong.

The MAS FRS will investigate at no cost to you and can order Plus500 to refund you if the company acted unfairly or breached consumer law.

Why choose tocancel for cancellation support

Closing a trading account can feel complicated, especially if you have active positions or a balance held by the platform. Tocancel has helped thousands of Singapore-based consumers cancel financial services accounts, retrieve withheld funds, and escalate complaints to regulators when companies refuse to cooperate.

Our guides are written by consumer rights advocates who understand Singapore law and the specific tactics trading platforms use to delay or deny cancellation. We translate complex regulations into plain, actionable steps. At Tocancel, we empower you to take control of your cancellation and hold the company accountable.

Whether you are cancelling a web account, closing an app-store subscription, or disputing a withheld balance, Tocancel provides the clarity and confidence you need to act. Your money is yours. You have the right to cancel. Tocancel is here to help you exercise that right.