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

Pharaoh

Colonel
Messages
19,750
Sisyphe, go ahead and leave a review if you haven't done so already. Then open your own thread here in Scam Alerts.
 

Hoang Tung

Private
Messages
11
To update:
They have reactivated my account and I cashed out 12,000 successfully. But I will not close this thread until I can withdraw all of my money. It still has more than 100,000 left.
 

Pharaoh

Colonel
Messages
19,750
Are they trying to pay in installments? That's an almost sure sign of a broker being in financial trouble.
 

undertaker

Sergeant
Messages
227
NTU student, you are surely very smart. I think they won't pay you all the payment since you made a lot of profit. Brokers don't like winning trader.
 

Hoang Tung

Private
Messages
11
Hi Pharaoh: They restrict the maximum amount for each withdraw, and it is 12,000 SGD. It means I only can cash out 12,000 each time. I am not sure that this is their policy for me or for all other investors.

Eddiger: Could you tell me more about the bad sign, I don't get it. Thank you.

Undertaker: Hope that they wouldn't do that... or I will take further actions. It is totally unfair if they take money from the losers and does not pay for the winners.
 

Pharaoh

Colonel
Messages
19,750
How long until you can withdraw the next 12,000?

Ask where the rule limiting withdrawals is written.

Stop all trading activity. It would be sad if your entire account got wiped out by a mysterious price spike.
 

Master Yoda

Captain
Messages
2,929
Hoang,

There was a company called 4xp, before they shut off their activity they offered their clients who wanted to withdraw to be paid in installments (for 12 months). They paid the 1st and that's it. After a month or so they closed their activity.
 

Hoang Tung

Private
Messages
11
Dear all,

After successfully withdrew 12,000 last week (it took 5 days to withdraw successfully), I did no transactions. This week I withdraw another 12,000 but Plus500 cancelled my order and restricted my account again with no further explanation. So scam and so unacceptable.

I wrote an email to them last night but no response yet.

Should I complain to UK FOS now? Or should I hire a lawyer to do all of the things for me?
 

Pharaoh

Colonel
Messages
19,750
Go ahead and find out what's needed to complain to the FOS. Also, start lawyer shopping.

Due to the holidays, not much will be accomplished until after January 1st. Go ahead and send another email to every address you have for Plus500. Let them know you expect that withdrawal to be processed before January 1st or else you will have to take action to report them as a fraud.
 
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