Plus 500 scam

bizz

Recruit
Messages
6
Keep us posted Luis on any responses from FSA. It will be interesting to see does FSA regulation actually means anything.

...
At this point, my personal recommendation is for anyone who closes any trades in under 1 day to not trade with Plus500 since that broker hasn't yet fully defined scalping.
Fun fact: plus500 right on their own help section have this day trading example:


Example of Opening a Position:
You signed up and deposited $1000 via credit card
Balance: $1000 (Deposits - Withdraws + P&L of closed positions)
P&L = $0 (total profit and loss of all open positions including daily premiums)
Available Balance: $1000 (Balance + P&L of open positions - Initial Margins)
Equity: $1000 (Balance + P&L of open positions)

8:07pm - you press ‘Buy’ Oil which is trading at $60 a barrel:
Your criteria are:
No of Barrels: 100
Close at Profit Rate: $64
Close at Loss Rate: $55
The total amount you bought is: 100*$60.00 = $6000
The Initial Margin that is needed for Oil is 10%: $600
The Maintenance Margin that is needed to maintain the Oil position is 5%: $300

Balance: $1000
P&L = 0. (Usually the spread of oil is 5 cents so you would have a P&L of -$5)
'Available Balance' after you bought oil is: $400 ($1000 - 10%*$6000 = $400)
'Equity': $1000 ($1000 + $0)

9:05pm - Oil jumps to $64.
Balance: $1000
P&L: +$400 (100*$64-100*$60)
Available Balance: $800 ($1000 - 10%*$6000 + $400 = $800)
Equity: $1400 ($1000 + $400)

9:15pm - Oil jumps to $66 - before your take-profit executes.
Balance: $1000
P&L: +$600 (100*$66-100*$60)
Available Balance: $1000 ($1000 - 10%*$6000 + $600 = $1000)
Equity: $1600 ($1000 + $600)

9:15pm - your 'Take Profit' order executes and the position is closed. You made $600 on the deal.
Balance: $1600
P&L: 0 (no open positions)
Available Balance: $1600
Equity: $1600
 

Luis Rodrigues

Private
Messages
12
Plus 500 scam

Keep us posted Luis on any responses from FSA. It will be interesting to see does FSA regulation actually means anything.:
FYI, PLUS 500 has made the money I’ve transferred available 3 WEEKS later after wire transfer.
I’ve not negotiated with the platform, I’ve requested on their platform immediate money transfer to my paypal account, authorization from their side is still on hold on their platform (whatever that means… I need authorization from them to recover my money … :mad: outstanding!).
Meanwhile I’m on conversations with FSA, I will not close open case until money is transferred to my account.
Resuming…
  • Wire transfer confirmed to be executed on 26/ABR/2012;
  • Money has become available on their platform for trading on 9/MAI/2012 !!!!!
  • All money requested to be deposited back on my paypal account on the exact day it has become available, on 09/MAI/2012;
  • Today (11/MAI/2012) still pending authorization on platform for money transfer…
In the meanwhile I’m using other broker, slightly higher spreads, but much better quality service…
Excellent customer support, no stupid (minimum time) required for an open position.
Transferred money, has become available on the same day for trading!
2 days after and already made some good profit with some useful trailing stop orders!
It’s a Portuguese one, called GoBulling. I’m very satisfied with their service!
I think I’ll invest seriously on this one…

And bizz, you are absolutely correct, the example shown by PLUS 500 on their help section is pure daytrading and goes into what they claim to be scalping...

Also for your information, a mail from PLUS 500 explaining what's their vision of scalping:

Thank you for contacting us.
The issue that i want to emphasis is not the period of time between opening and closing the same position - it's the fact a trader does this systematically over and over again.
Regarding your other question, Plus500 is defiantly a day-trading platform due to the fact that all instruments have a premium fee which is collected for a position that is held overnight. If you do not hold the position overnight, the premium will not be collected. To view the amount and the time converted to your time zone in which the premium is collected, click on "Details" in the main table. The percentage you see is taken from the value of the position after leverage.
For example, suppose you buy 5 Google stocks for $300 each.
Then the value would be 5*$300 = $1500. The premium is collected every night and is 0.06% and so the premium would be 1500 * 0.06/100 = 90 Cents.
Please note that there are some instruments carrying a positive premium, rather than a negative one. This means that you receive a premium from us for holding the position after trading is closed.

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


So... i cannot open and close systematically a position...
..... bye bye PLUS 500 …
 

Luis Rodrigues

Private
Messages
12
Plus 500 scam

Wire transfer confirmed to be executed on 26/ABR/2012;
Money has become available on their platform for trading on 9/MAI/2012 !!!!!
All money requested to be deposited back on my paypal account on the exact day it has become available, on 09/MAI/2012;
11/MAI/2012 still pending authorization on platform for money transfer…
13/MAI/2012 authorization canceled by PLUS500 for money withdraw to my Paypal account;
13/MAI/2012 requested again money withraw to my Paypal account on the exact same day.

.... almost 1 month on this... :mad:
.... FSA is being keept up to date with all details....
 

dasser

Private, 1st Class
Messages
43
I have already lived the same nigthmare..... I think that (as me) you can say byebye to your money.... plus500 will always found an excuse to not giving it to you.....

I very shocked that a PROVEN SCAM Broker does not receive a sanction...

This way a lot of people will be ripoff... it's not fair...
 

ns7854

Recruit
Messages
1
Response that i got from plus 500 about scapling

Hello,

Thank you for contacting us.

There is no time limit to determent a scalper, you won't find it any where online, the definition is regarding a method of trading, the method is characterized by systematic opening and then closing the same positions, with out concern to the number of position or the profit you make.

Hopefully this clarifies the matter.


Sincerely,
Chloe
Customer Support
Plus500.com
 

Pharaoh

Colonel
Messages
19,779
Anyone focusing on one or two pairs and opening and closing a single trade on a pair once every 24 hours could be accused of scalping under that pathetic attempt at a definition.

Its becoming more and more obvious that Plus500 has no real definition of scalping and can abuse their "no scalping" rules to wipe out any profitable trades whenever they want to.
 

Luis Rodrigues

Private
Messages
12
Plus 500 - case solved.

Hi everyone.

PLUS 500 has today deposited my money back on a wire transfer.
Case closed! :)

I'm now using other broker, very happy with it, opening and closing positions on the same day with no problems at all and with a lot of good results!!!!!

Best of luck for you all!!!!

Thank you for all the help you gave me on this wonderfull forum.

My case is SOLVED!!! :)
 

RP1

Corporal
Messages
101
Hello,

Thank you for contacting us.

There is no time limit to determent a scalper, you won't find it any where online, the definition is regarding a method of trading, the method is characterized by systematic opening and then closing the same positions, with out concern to the number of position or the profit you make.

Hopefully this clarifies the matter.


Sincerely,
Chloe
Customer Support
Plus500.com
What a crappy description of scalping . I guess Plus500 really have no clue .
 

RP1

Corporal
Messages
101
Hi everyone.

PLUS 500 has today deposited my money back on a wire transfer.
Case closed! :)

I'm now using other broker, very happy with it, opening and closing positions on the same day with no problems at all and with a lot of good results!!!!!

Best of luck for you all!!!!

Thank you for all the help you gave me on this wonderfull forum.

My case is SOLVED!!! :)
Thats great news !
How about Dasser are you sorted too ?
 
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