Problem Plus 500 scam

[dasser]

Accepting an agreement that you didn't find acceptable wasn't the wisest thing to do.

I agree, but what should I have done??.. My account has been BLOCKED, I can' teven loggin, so no access to my account or any of my personal information.. it was like I have never traded with them... when they propose me the 2.000eur, I explain that I can't accept because my account was more than 10.000eur, but no possibility to discuss, it was litterally: take it or leave it!....

So I panic..... and I'm sure that 99% of people in my situation would have made the same....

Anyway, I keep on thinking that this was not fair at all.... I was really hoping that FPA will be able to help me to recover my money or at least part of it, but, doesn't seems so...

again, and as always the BAD guys won.....

Me, as a serious and honest person, can't do anything again those Scamers...

 

[RP1]

Me, as a serious and honest person, can't do anything again those Scamers...

No but the FSA might be able to

Plus 500 FSA-registratienummer: 509909 (according to their website)
have you spoken to them ?

 

[dasser]

..No, I havent contacted FSA, and I didn't know how to expose my situation, because the plus500 staff are very rude, as everyone can see here in this topic, all they do is to call me a liar, and in one e-mail they even said that they don't want to talk to me anymore!...

They claim that I have already made a lot of money, and that I can't withdraw anymore.... it' s like if we can't win, only loose....

This is tottaly unbealivable... I'm living a real nightmare....

You can't imagine how I feel, after so much work and time, get all my money blocked... it's very frustrating... if it was a few bucks... no problem, but we are talking about more than 8.000eur!...it' s more than 10k usd...

 

[RP1]

Try this link

How to complain: 1-2-3

If not then phone them and ask .

Contact details are here
How to contact us

Tell them what you have told us here , get all the supporting documents ready in a bundle for them if they ask.

As Plus500 is regulated by FSA they must help you , and if Plus500 are in the wrong they will have to pay you and will probably also get fined . ( you really dont want to be on the receiving end of a FSA fine , BROKERS TAKE NOTE !)

 

[Pharaoh]

If you hit a situation like this again, contact the FPA and any regulators before agreeing to any terms offered by the broker.

At this point, the regulators may or may not be able to help you. It would depend on what rules the broker may have broken and whether the compensation agreement would be enough of a defense against these.

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.

 

[Luis Rodrigues]

If you hit a situation like this again, contact the FPA and any regulators before agreeing to any terms offered by the broker.

At this point, the regulators may or may not be able to help you. It would depend on what rules the broker may have broken and whether the compensation agreement would be enough of a defense against these.

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.

Can anyone confirm this?

Can we or can we not do day-trading with PLUS500 platform?

Regards,
Luis Rodrigues

 

[RP1]

Can anyone confirm this?

Can we or can we not do day-trading with PLUS500 platform?

Regards,
Luis Rodrigues

After all this thread , why would you or anyone want to ?
Even if you did you would always have in the back of your mind the problems here and have a worry about how you are going to be treated by this company and if you are going to be able to withdraw. Right?

 

[Luis Rodrigues]

After all this thread , why would you or anyone want to ?
Even if you did you would always have in the back of your mind the problems here and have a worry about how you are going to be treated by this company and if you are going to be able to withdraw. Right?

It's kind of difficult for me to understand why this is happening...
Should be a win win situation for both (PLUS500 and client).
Both should be interested on making profit (client using day-trading or whatever strategy is the most comfortable for him and the broker too, in order to keep making profit from prizes and buy/sell commissions…
Actually a client that executes (opens and closes) a lot of positions should be considered by the broker a “very profitable” one! If I understand correctly each time a position is open and/or closed the broker gains some profit with it…
If the issue is the 5 minute minimum for open positions, because of what they call of “scalping”, one suggestion here would be to PLUS500 automatically block/disable the ability for a client to close positions automatically for 5 minutes after they’ve been opened. I suppose this should not be very complicated to do (legal terms may apply here, I don’t know).

 

[Pharaoh]

Should be a win-win, but it isn't. It appears that Plus500 is a market maker and needs at least 5 minutes (sometimes more) to hedge itself against the real market. If so, this means that some client profits come out of Plus500's pockets and some client losses go into Plus500's pockets.

And, since Plus500 still hasn't bothered to define scalping, how can any client know what trades might later be cancelled.

 

[dasser]

My advice to any current or new custumer of Plus500:

RUN AWAY WHILE YOU CAN, BECAUSE SOON, IT WILL BE TOO LATE............