100,000 SGD cannot withdraw !!! Big Big Big problem with Plus500

Hoang Tung

Private
Messages
11
100,000 SGD cannot withdraw with Plus500

My account with Plus500 is 38999062 (tung1@e.ntu.edu.sg). I open to trade Bitcoin in there. After 1 month now my account has more than 100k SGD (exactly is 113,538.82 SGD = 90,787 USD). I withdraw 12000 SGD on Friday but immediately they emailed me on Saturday and said that I am “scalping”. After research, I know scalping in their term is closing position under 5 minutes. But only some of my positions were close under 5 mins. Almost of them are over. I attached my account transaction. Can anybody help me to know what should I do to take my money out? (I am from Singapore) .
View attachment Account Statement Plus500.pdf
Thanks.
 
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Hoang Tung

Private
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11
Hi everyone, I am having a big big big problem with Plus500. I started trading in their platform last month and now my account has more than 100,000 SGD ( exactly is 113,538.82 SGD) and now I cannot withdraw any money out. They said that my trading method is "scalping" but almost of my positions were held over 5 minutes. Only some of them are under 5 and 2 mins, furthermore almost my profits comes from the longtime position. So it doesn't make sense when they tell me is "scalping". They only email me one email and suddenly restrict my account, now I cannot do anything with this. I cannot buy or sell, cannot withdraw or do anything else. I emailed to them 3 times to but they still do not reply. Does anyone know what should I do to take my money out. It is a lot a lot a lot of money.... (113,538.82 SGD). Please help me... I am from Singapore... I also attached my detailed transactions and you can see that only some of them are under 5 minutes...

View attachment Account Statement Plus500.pdf

Thanks.
 

Hoang Tung

Private
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11
Moreover, almost emails that I've received are likely the automatic emails. I searched in google and a lot of others also received emails like this. They really don't consider my case, they just send a copy-paste emails. IT DOES NOT MAKE SENSE when they only email me 1 time without any warning before and restrict my account with a lot a lot of money left!!!!
For detail, my account number is 38999062 (tung1@e.ntu.edu.sg)
 
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Emma 12389

Recruit
Messages
1
So shock

OMG!

You should take serious action!

I start to think maybe I can try plus500 but now..... Can't trust.

Hope you can solve problem quickly!
 

Hoang Tung

Private
Messages
11
Yes, now I don't trust them anymore. The emails they sent to me are likely copy-paste emails. I search in google and see a lot of the others also received the same email. I think they really do not consider my case..... because without any warning they suddenly restrict my account. Everything is very nice until I withdraw money. I withdraw on Friday and on Saturday they immediately said that I am "Scalping" and I cannot do anything with my account. It seems that they don't want to give me my money...
For detail, my account ID is 38999062. Hope that anyone could advise me what should I do now, I feel very very very stressful and worry now... It is a lot a lot a lot of money to me...
 

Hoang Tung

Private
Messages
11
To update.

I received emails from Plus500. They said I violated point 25.1.3 and 25.4.3 of User Agreement about Market Abuse & Scalping. But, so funny, in the User Agreement, there are not point 25.1.3 & 25.4.3. The link is below:

http://www.plus500.com/Docs/Plus500/UserAgreement.pdf

That means I don't violate anything! NO evidence, no detailed explanation, answer or review of my case. Just do not want to pay back my money.
Obviously, PLUS500 IS A SCAM!!!
 

Pharaoh

Colonel
Messages
19,847
Several things:

1. Make sure of which branch of Plus500 you've opened your account with. They have branches in the UK, Australia, and possibly elsewhere. You need to know which branch your account is at so that you can prepare to complain to the correct regulators.

2. Section 25 of the user agreement you linked to is about bonuses. There is no 25.1.3 or 25.4.3. Recheck the information they sent. If they insist these numbers are correct, ask them to read their own document more carefully.

3. Section 24.1.3 talks about Market abuse. The term scalping and any specific time limit for defining scalps does not appear anywhere in the document. Plus500 already has a history at the FPA of not defining what is and is not scalping. There's even a warning on their review page about this.

4. Send an invitation to every email address you have for them. Ask them to please join this discussion thread.
 

Hoang Tung

Private
Messages
11
To be honest, I am not sure about which branch I registered with. Because I just opened the account on the domain plus500.sg but I think the branch I registered is Plus500UK. All of the emails I received up to now have the signature of Plus500UK, 359 Goswell Road London. I know Plus500 is regulated by FSA and I now want to file a complaint about my case to FSA. Can you advise me how to do this properly?

To prove my point that I do not violate Market Abuse or Scalping is that, in the Plus500 User Agreement, in page 34, they define "Market Abuse" as "defined by the UK Regulatory authority in the Glossary section of the FCA Handbook." I found and read the Handbook. The link is as below:
FCA Handbook

My transactions did not fall for any type of Market Abuse (insider dealing, improper disclosure, misuse of information, manipulating transaction, manipulating devices, dissemination, misleading behavior & distortion).

It means Plus500 accuses are so weak. They even stated wrong points which even do not exist in the User Agreement.

Another thing, in one email, they showed me definition of scalping on investopedia & wikipedia as following:
(Scalping Definition | Investopedia
Scalping (trading) - Wikipedia, the free encyclopedia)
It is not official and not legal definitions so it can not apply to me (The person only agrees with User Agreement), and none of their documents provide the definition of scalping. It means No evidence to show that I violated their rule.

I've invited them to join this discussion thread but no responding. Customer service is terrible, it takes such a long time for a responding (they promised that customer service is 24/7 but it turns out not to be that great).Up to now I only received 3 emails with repeated content about "scalping", they really do not consider my case carefully!!!
 

Sisyphe

Recruit
Messages
1
I would like to say that I have the exact same problem.

I have received a false market abuse accusation approximately on the same day as the original poster of this thread did (8th of December). I have more than 150 000$ (which I made on the Bitcoin CFD) on my account that I cannot withdraw. The similarity is striking, I have received 3 emails like Hoang Tung, they state wrong points that do not appear in the User Agreement, are very rude, never answer my arguments and show absolutely no evidence to block the money. More generally I can confirm every single point Hoang Tung made. They obviously try to intimidate the people who made money speculating on bitcoin CFD's.

I will add more details soon.
 
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