Resolved - failed to withdrawl and scalping warning in plus500

[leroy_0222]

i started to use plus500 from 23 of september ,i deposit three times (9/20,10/8,10/9) HKD$1000 into the real money account and i lost all of it on index and commodities. i deposit HKD$10000 into the account on 13 of October and trading with Hong Kong shares. i send a first withdraw request $1000 on 13 of October which is the same day a deposit HKD $10000 into the account because i earn some money from my trading HK shares. The first withdrawl is $1000 with paypal,the second withdrawl is $6000 with paypal, the third withdrawl is $7000 with paypal, they all successful to withdrawl but i don't know why it will change to recharge to my credit card directly but whatever they all recharge back in to my credit card account, until the forth withdrawl $21000 on 31 of october with wire transfer, i wait until to 6 of November. there is no any response about my wire transfer so that i cancel this withdrawl request and withdrawl same amount $21000 with paypal because it will give me the money within 2 days from the first three times experience of withdrawl.However until yesterday (11/11/2014),they didn't give me the money and no response about the money so i send email to talk about this. At the same day , they send a first email which said that i'm scalping !! And the second email they said that this situation(withdrawl problem) have escalated your query to our Senior team. As they said i'm scalping, they limited my account operation but only about withdrawl not trading with their platform because i still can trade with their platform today.the account now have about HKD1.7m . it is a big money for me. So i want to get help about it.Can anyone help me?

 

[leroy_0222]

 

[FxMaster]

First of all go to live support and let them know about your issue so you will get response quickly and also invite them to this thread and ask to explain here.

 

[Master Yoda]

What is their problem with scalping?

 

[leroy_0222]

First of all go to live support and let them know about your issue so you will get response quickly and also invite them to this thread and ask to explain here.

the below email is i have sent to plus 500 for the scalping problem

According your reference about the Clause 24.1.3 of our User Agreement"you will not enter into any Transaction which falls within the definition of Market Abuse. You are reminded that this applies to all forms of Market Abuse such as insider trading, the misuse of information and directors trading in shares of their own companies; in such circumstances we reserve the right to void all your trading transactions. The use of any high speed trading, scalping or automated data entry system will only be permitted with our prior written consent. Accordingly, a significant number of transactions with short duration may be deemed as Market Abuse;"And your team has classified my trading method as "scalping"I check the definition of terms "market abuse" in FCA handbook, it have not mentioned any behaviour about scalpingbecause i'm not in the company of my trading shares , i'm not belong to insider trading.As my user agreement, there is not define what is scalping or high speed trading accuratelyi want to know what stardard are your company using to judge scalping? Although you have a standard to judge who is scalping , you don't write it on the user agreement so that your standard is Invalidif i still can not withdraw money from my account, i will take legal action.
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there are not any live chat in plus 500 but only email address so that i need to send a same topic email more than once to get their response. there's a new reply with their define of scalping

"由 Miguel 更新于 11月13日 15:14:
Hello,

Thank you for contacting us.

We would like to clarify that at our platform, scalping is defined as the methodological trading of short timed positions; there is no specific time to define this trading activity.

Note that your previous query has already been forwarded to our Senior Team and once we receive an answer you will be contacted.

If you require any further assistance, don't hesitate to contact us.

Sincerely,
Miguel
Customer Support
Plus500UK Ltd"
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[leroy_0222]

What is their problem with scalping?

because of scalping,they limited my account operation which is they don't let me withdraw any money now but still let me trading on their platform.i don't know what meaning is? don't let me withdraw but let me help them earn money?

 

[veri5]

I find their legal position very shady, but it would be interesting to know more about your trades... so from September 23 HKD1.7m trading Hong Kong shares, actually there may be reason to trigger internal investigation... interesting what is their official answer

 

[Pharaoh]

"there is no specific time to define this trading activity" - Why do I suspect that they only use this undefined duration to cancel the trades of people in profit?

Since they quoted the FCA, I recommend proceeding with a complaint to the UK FOS. If the FOS takes the case, Plus500 should then be required to justify each and every trade cancellation.

Also, you can file an FPA Traders Court case.

 

[Master Yoda]

Totally agree with Pharaoh here, they have to prove more deeply their point before they take such an action

 

[FxMaster]

Here are the social media pages of Plus 500, go to each web and make there reply with this thread link and ask them to join and explain here.

https://www.facebook.com/Plus500

https://plus.google.com/108703886866723689427/posts

Plus500 (@Plus500) | Twitter