Problem Plus 500 scam

[dasser]

Mr. Zruia, this is very low!.. The fact that you change the rules or made up some excuses like:...scalping is currently considered to be a FELONY in Europe... is already no very fair but calling me a Liar, this I can't admit!...

I have provided all the information, exactly as it happened.

I NEVER get any warning from you, In 09/2011 I get my account closed when I ask for a withdraw, and again in 02/2012... and each time I receive the same unpersonal email:

Hello,

Thank you for contacting us.

Scalping is strictly prohibited at Plus500, as stated at clause 24.1.7 of our User Agreement - you will not enter into any Transaction for the purposes of arbitrage, scalping or to exploit any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform;

Any trader suspected in using such a trading method or any other foul use of our platform will have his trading account immediately terminated and all, if any, positions will be made void.

Given the above mentioned, your account was made inactive.

If you require any further assistance, feel free to contact us.

Best Regards,


I have received this email more than 10times, not only when I get my account closed, but even when I ask for explications.. only after several emails, I get something diferent..

But I NEVER received any warning during my trading time or at any time...I only get my account closed when I ask for a withdraw.... is that considered a warning? I don't think so, I warning should be something like this:....Be careful you are closing your positions to quick, please change your strategy, to avoid any sanction from us... and not let me trade as I want, change the rules and close my account...

As for the numbers that i'm reffering and that you "can't refer" they are the truth, and even if you have blocked my loggin account I have a print of all my trade history, and I can send it to you, or post it here, no problem!...

As for the: "...paid your money..." Its not true: You have paid a PART of my money, but there is more than 8000eur ( I think its 8700eur) left in my account!...

And please explain me that: Since 10/2011, I never close any position under 5minutes ( as you ask me to) I send you emails every 2 / 3 weeks, asking if I was trading accordingly with all you rules, I receive positive answers, telling me to keep trading this way, until the end of the year (2011)... I made 2 withdraws (250 +300) then 3weeks later when I ask for another withdraw (700) I get my account blocked acusing me to scalp... How is it possible? You keep telling me that I was trading correctly and suddenly I wasn't anymore?....

I really don't understand.... or there is a total confusion, and that is why I ask you to carefully review my case/account, or you are not getting very Honest....

 

[athenafx]

Read this article at Wikipedia to know more about HFT (high-frequency trading)

High-frequency trading - Wikipedia, the free encyclopedia

It is non sense to include scalping in HFT because "High-frequency trading firms do not employ significant leverage, do not accumulate positions, and typically liquidate their entire portfolios on a daily basis"

Scalping is very different because retail traders use big leverage to turn a small win into big money (and sometimes a big loss).

Furthermore, the retail trader has no access to the sophisticated resources required by HFT ("High-frequency trading (HFT) uses computer programs and sometimes specialized hardware")

A good example is DMA (Direct Market Access).

HFT also implies a huge number of orders such as thousands or tens of thousands per day.

Anyone knows that many bucket shops heavily use a dealing desk. So can you imagine HFT and a small window that says "You order is being processed".

HFT is impossible with most brokers because of slow data feed, spread, slippage, dealing desk, prices manipulation and much more.

So the issue is not about HFT or scalping. Plus 500 welcomes consistent losers and try to eliminate winners as soon as possible hiding behind a TOS and a collection of excuses.

As I already said : open a trading account with a BANK only.

You spoil your time and your money trying to deal with companies that have no bank license.

 

[dasser]

Traders are always warned before an account is closed and the customers balance at the time of the warning is always refunded.

..This is not True Mr Zruia, at least not in my case... as I have already said, I have NEVER received any warning at any time from Plus500, I only get my account, at first closed and now Blocked...

The first time it was closed can't be considered a warning, because all I get is the, (already posted) automatic email with one sentence of your TOS and a link to Wikipedia....
It was only after a lot of e-mails from me that I get my account re-activated.

And this 2º time, not a single warning, "au contraire" as I was afraid to miss some "rule" I keep sending you emails asking if my new trading strategy was ok, and always receive positive answers, not a single time I 've been warned... but suddenly: ...Account Blocked....

Really, is this correct/honest?..........

 

[dasser]

Trading actions with these characteristics which have been made are considered to be scalping according to our policies.

I think that you are trying to make me crazy....

How is it possible that you accuse me to use a scalping strategy, when I only open 154 positions in 5 months, (usual definition of scalping is hundreds of positions per DAY..) and on those 154 Positions 108 have been kept open for more than 1hour ( 43 of them between 2h and 10h, and 38 of them for days)!...

So 70% of my positions were left running for more than 1 hour...( usual definition of scalping is keep a position open only for seconds or 1 or 2 minutes, but usually only few seconds)

How can this be scalping??... and the most important is that Plus500 have told me that "..ACCORDING TO OUR POLICIES, SCALPING IS TO CLOSE POSITIONS UNDER 5 MINUTES.."

In 5 months, and 154 trades I have only closed 1position before 5minutes (3minutes), and this position was a looser anyway..

So, it is NOT possible that I'm accused to use scalping!...

 

[Pharaoh]

International regulatory authorities consider scalping transactions as market abuse. This includes ESMA, FSA and Regulators in North America. There are recent articles in the FT, New York Times and on Reuters relating to the issues involved, search on High Speed Trading.

The trading times shown by Dasser do not look like "high speed trading" or meet the definitions for high frequency trading shown here:

High-frequency trading - Wikipedia, the free encyclopedia

If you are really worried about privacy rules, I'm sure Dassar would be happy to sign a waiver permitting you to post the dates, trade IDs, and open/close times of each trade during the disputed period.

There are a number of FSA licensed brokers that don't seem to have an issue with scalping. Can you explain this?

Please provide links to any rules and regulations as well as articles that you claim make Dasser's trading a felony. I did find something about the CFTC [/I]monitoring[/I] firms that did this since there may have been some linkage to an issue on the stock market in 2010. Supposedly, a large number of cancelled pending orders may have misled traders. Since retail forex doesn't show how many orders are waiting at each level, I don't see the relevance of this to forex trading.

If Plus500 wants to complain that Dasser placed and cancelled too many pending orders, that should be 100% independent of any claim of scalping.

Can you please post the exact definition of scalping that Plus500 uses to decide whether or not trades are a felony.

 

[dasser]

If you are really worried about privacy rules, I'm sure Dassar would be happy to sign a waiver permitting you to post the dates, trade IDs, and open/close times of each trade during the disputed period.

I can Post my trade History,No Problem... because evan if they have Blocked my account to avoid me to Loggin, I Have a backup print of all my trades since 10/2011 until 02/2012 to prove that I'm not a Liar, as Mr Zruia acuse me to be..

If Plus500 wants to complain that Dasser placed and cancelled too many pending orders, that should be 100% independent of any claim of scalping.

I NEVER use any pending orders...

Can you please post the exact definition of scalping that Plus500 uses to decide whether or not trades are a felony.

This is what they gave me:
.... According to Plus500 policies, Scalping is holding a majority of positions for less than 2minutes....
..... No, excuse us, scalping is holding a position less than 5minutes.......
....well, we have changed it again, for now Scalping is closing a position in A SHORT PERIOD OF TIME......

It really does seems unbelievable, but that is the REALITY...

 

[Pharaoh]

Dasser,

Go ahead and post your trade history. Break it into 2 pieces. Before the warning and after they warned you. Then everyone can see if your trades are occurring in a short period of time or not.

Hmmnnn... No pending orders at all. That's a big argument against linking your trading style to the type being investigated by the CFTC. I wonder if Plus500 can show how your patterns could meet any felony law (and if they can show a single law on the books that your trades might have violated).

Let's all grab some popcorn now. I think this movie is about to get really interesting.

 

[dasser]

..Here are all my trades since 10/2011 until 02/2012. That way everybody can confim that I'm not a Liar as Mr Zruia said...

I don't haven't kept a print of my trades before that date (10/2011), because it was since that date that my account has been reactivated, and that Plus500 ask me to change my trading style.

The "old" positions aren't important in this case because Plus500 have closed my account the first time (09/2011), but then after a lot of emails from me, they understand that I was rigth and decide to re-activate it and let me trade again.(10/2011) So the "old positions case", was solved..

After the re-activation; they told me to not close positions under 5minutes or my account will be closed again. If I trade respecting the new 5minutes rule my account will remain active and I could withdraw without any problem...

I respect their warning/rule but they don't....

So the important here is all my trading activity since their rule changment/warning (10/2011) until they decide to close my account again (02/2012) without any valid point.

 

[dasser]

...At this time (02/2012) I had +/- 10.700eur in my account, I ask a withdraw of 700eur, but they refuse and close my account instead.

After many emails, they propose to send me a final payment of 2000eur, witch I refuse at first, but that I had to accept because it was 2000eur or nothing...

So the remaining money in my Closed account is about 8.700eur.

 

[dasser]

This migth be interesting too....



First e-mail I get from Plus500 when they close my account for the 1º time: 11/09/2011

Scalping is strictly prohibited at Plus500 as stated in our site user agreement. Any trader suspected in using such a trading method or any other foul use of our platform will have his trading account immediately terminated and all, if any, profits would be made void.

You will not be able to open any new positions.

You could find out more about scalping here; Scalping (trading) - Wikipedia, the free encyclopedia

If you require any further assistance, feel free to contact us.

Best Regards,

Brian
Customer Support
Plus500.com


After a lot of e-mails, and complaining from me I get this:
06/10/2005

Dear customer,

Thank you for contacting us.

We double checked it and the majority of your positions from the warning date (25.09.2011) were scalping trading method .

If you require any further assistance, feel free to contact us.

Best Regards,

Joe
Customer Support
Plus500.com


ME:

I really dont understand... I haven't opened any positions since 09-09-2011...because you have closed my account since that day... so why are you telling me that my positions from 25-09 were scalping??...

please help...

Some days later I get this:
11/10/2011

Dear customer,

Thank you for contacting us.

We apologize for the misunderstanding , you can keep on trading with us , note that we do not allow scalping of any kind ( keeping position under 5 minutes)

If you require any further assistance, feel free to contact us.

Best Regards,

Joe
Customer Support
Plus500.com


Since the re-activation date, I had 153 positions, and only one closed under 5minutes (3minutes) and it was looser.

So, is it normal/honest, to get my account blocked again?...