How to create an account at Plus500 Futures?
Table of contents
Futures contracts are standardized financial agreements to buy or sell a predetermined quantity of an underlying asset at an agreed-upon price on a specific future date. The futures contracts are actively traded on exchanges. Futures contracts enable participants to either hedge against potential price fluctuations or actively speculate on the asset prices.
Plus500 is one of the best financial brokers that operate globally. The broker has over 25 million registered users from more than 50 countries. The company offers various asset classes such as Forex, CFDs, crypto, etc. internationally. However, for the US residents, only futures contracts are available.
The broker provides various benefits for futures traders, such as:
- Low fees: there are 0 platform fees, and 0 market data fees.
- Around 20 years of experience in the US market.
- Small minimum initial investment is required to open a futures trading account. Residents of the USA can start their journey from as little as $100.
- 24/7 customer support is provided.
Plus500 is well regulated. The broker is registered with the US Commodity Futures Trading Commission and a member of the National Futures Association (NFA ID number 0001398). This indicates that Plus500 is a trustworthy company.
Opening a live trading account
Opening a live futures trading account with this broker takes several simple steps. We’ll guide you on the whole process step by step.
Firstly, traders need to go to the broker’s main page and click “Start Trading” or “Start Trading Now” buttons in blue. You will be transferred to the registration page where you are required to provide your email address and password.
After the registration process is complete, it is time to verify your trading account. Make sure your account is on live mode. You can change demo to live from the sidebar panel.
In order to start the account verification process, open the menu section from the side bar, and press on “Account”. You’ll be offered an option to verify your account.
During the verification, traders need to provide personal information such as name, address, and date of birth.
Simply follow the instructions and provide required data. You will also be required to provide the information regarding your income level and occupation. This information is required by the regulators to make sure that market participants have enough capital and good market understanding to trade financial instruments more cautiously and better use risk management strategies.
The final step in the verification process is to provide the broker with the required documents. The information can be provided digitally by selecting your file and uploading from the menu by clicking on the “Verify” button.
You can provide the broker with scanned versions of your documents, or digital photo copies. You can take digital photos straight from your smartphone. However, make sure that the information displayed is highly readable and there are no shadows or light reflections when taking the photos. You can use the following documents:
- To verify your identity, provide a photo of your driver’s license, passport, residence permit (front side) or ID card.
- To verify your residency, upload a photo of a document that includes your address and name issued in the last 90 days. You can use utility bills or bank statements.
- Verify your Social Security Card or File Tax Return. Upload a photo of your social security card or of a file tax return.
After you upload your documents, the broker needs time to check them and confirm that the information you provide during the registration matches with the documents. Typically this process takes less than a day.
Deposits and withdrawals
Once the documents are verified, you can deposit funds and start trading. However, it should be mentioned that traders can avoid waiting for the verification and fund their accounts right away. We recommend against that. It’s always best to wait to get verified because only verified trading accounts can withdraw the funds from their trading accounts.
To sum it all up, registration and account verification is a pretty straightforward and user-friendly experience with Plus500. The account opening requires a couple of stages. Registration can take a couple of minutes but the verification will take more time as the broker needs to check all the uploaded documents. It’s always wise to wait for the verification process to be concluded and fund your accounts afterwards as only verified account holders can withdraw funds from their account.