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

Pharaoh

Colonel
Messages
19,825
It would be nice if the OP could come here and give details if the issue was resolved.
 

tsai sze ling

Corporal
Messages
83
Oh my god. It is a lot of money they took.
It is adviced never put too much money in one broker
Withdraw a little everytime you profit.
 

Jennyyy

Private, 1st Class
Messages
85
You can file a case for court to against them. Put your evidence there. See if you can get help.
 

LonsdaleCross

Untrustworthy Person
Messages
8
Filing a complaint with the UK FOS will do nothing and you, as "Master Sergeant" are, or ought to be, well aware of this. All "trading" with Plus500 is SIMULATED TRADING and does not actually mean you are trading with anything but a software program (an app) and its algorythms. Those algos are very sophisticated and ensure that your account is wiped in the optimal period in order to give Plus500 your funds. Second, when you 'sign up' and 'trade' with Plus500, you will ACTUALLY be trading on a computer server based in Cyprus. This means any complaint made to the UK authorities (which are a COMPLETE waste of time since they do nothing and can lawfully do nothing since PLus500 is outside their jurisdiction, and, in any case, trades made on the PLus500 platform are -- surprise, surprise -- UNREGULATED TRANSACTIONS because they are EXACTLY the same as CASINO STYLE electronic slot machine. There is a lot more information about this, at this link:
Plus500 - Fraud-money stolen, Review 341276 | Complaints Board - Page 4
More Plus500 complaints
Plus500 - Instrument Expiry
Plus500 - Information
Plus500 - Margin policy- Scam!
Plus500 - withdraw never paid out
Plus500 - Closed position
Plus500 - Withdrawal of funds

I was defrauded of approximately $14,000 through PLus500 through one set of trades which they manipulated down 75%, because they control the 'simulated trading' entirely. For forexpeacearmy to support Plus500 at all, after so many people have been robbed by them, is an obscenity. Why are you SO supportive of this company, whose head office (undisclosed on most documents and websites, until you look them up on the ASX or other exchange listings) is based in Israel. How on earth can a UK Authority have ANY jurisdiction over the ultimate entity based in Israel?
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,577
Filing a complaint with the UK FOS will do nothing and you, as "Master Sergeant" are, or ought to be, well aware of this.
Allow me to step in.

Regulators are slow. Even some of the worst ones may eventually take action, but it can take months or years. Telling people to not file with a regulator is exactly what a bad broker will want you to do.

Plus, I have it on good authority that anytime the FOS accepts a case, there's an investigation fee the broker has to pay, not matter what the outcome is.

For forexpeacearmy to support Plus500 at all, after so many people have been robbed by them, is an obscenity. Why are you SO supportive of this company, whose head office (undisclosed on most documents and websites, until you look them up on the ASX or other exchange listings) is based in Israel. How on earth can a UK Authority have ANY jurisdiction over the ultimate entity based in Israel?
Kindly show me how the FPA has supported Plus500. I am the one who put the warnings on their review page. If you have a problem with them, the way to get more FPA support is not to attack the FPA, senior FPA members, or the UK FOS.

No matter where those behind Plus500 are located, they have a regulated business entity in the UK. The FOS does sometimes force companies to resolve issues by paying clients what is owed. You can also try to pursue them in Israel if you like, but this does not mean that clients having problems should ignore the FOS.

If you feel you've been defrauded by Plus500 within the last 9 months and want more FPA support, follow the instructions to open an FPA Traders Court case. If it's been more than 9 months, then try to help others with more recent issues through the procedure.
 

Pharaoh

Colonel
Messages
19,825
I strongly recommend ignoring anyone who says not to file complaints with authorities. No one knows if a company is only one more complaint away from the regulator taking action or not. To not file is the same as saying "I give the scammers my personal permission to rip off my friends, family, and neighbors and I won't bother to take a few minutes to report their actions to the appropriate authorities." By withholding evidence from the authorities and encouraging others to do so, people like this make it easier for scammers to continue to operate without fear of regulatory action.

Whether a broker is pure ECN or pure bucketshop is irrelevant. If the broker is regulated, traders who have been scammed need to at least try to file complaints with the regulators.

Be aware that this doesn't mean you can't also pursue other means to seek return of your funds or to spread the word. There are other online places to file information (like eConsumer.gov). There are lawyers. There are reporters.

Anyone who even hints that I support Plus500 (and their notorious policies like undefined scalping) needs to be more open about sharing whatever whacky weed is in that pipe. The only good thing I can recall saying about Plus500 is that they really did resolve some complaints lately, so it's worth it for the person who complained to invite them to come and join the discussion thread. Inviting a company in to discuss is always a good idea. Even many of the worst companies will occasionally pick someone to pay - generally so they can claim that paying what's owed to that one lucky person somehow proves that all issues are being resolved.
 
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