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Plus500 account balance waived

Discussion in 'Scam Alerts' started by merc129, Jul 17, 2019.

  1. merc129

    merc129 Recruit

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    Hi,

    I have an account with Plus500Cy. Ltd. I've been trading depositing and withdrawing funds withaout any problem since account oppened in march 2018.
    On the 5th of July when Ie passed a withdrawal request after three days it has been cancelled and I've received a message that my account is under review.
    On the 14th of july I've received a message that after review my trading strategy is concidered as scalpin and my account balance is waived.

    The dispute is ongoing but thay do not want to give my monies back:

    See this below:

    16 lip, 17:00 IDT:

    Dear Mr. Wilamowski,

    As you were previously informed, we have reviewed your file and trading records which indicate that your trading activity/strategy is classified as Scalping.

    We reiterate that the term Scalping is defined in the Client User Agreement as “a trading method based on the notion that the Client opens a number of positions and closes them in a very short time (within two (2) minutes limit) in order to accumulate quick profits from small price changes”.

    In addition, when examining a scalper- we look at the overall trading activities, rather than just on a certain position/s.

    As a result of you breaching of Clause 25 of the User Agreement, we exercised our right to be indemnified under Clause 28.7 and accordingly we have cancelled your abusive trading transactions which are considered to have been achieved through Scalping or automated data entry system.

    In case you wish to see all of your positions, you are welcome to extract a positions report from your trading account (In the closed positions tab).

    Concerning your statement: " So opening balance at 8 am on julyb5th was 17.024,96 PLN, but you have taken all account balance totaling 92.759,73" we would like to clarify that the total sum you have profited from your scalping activities has in fact surpassed the Net. amount of P/L in your account.

    In regards to position 1271296936, we can confirm that this position is not considered as Scalping.

    Regards,
    Chester
    Customer Operations
    Plus500CY Ltd
    1 Siafi Street
    3042 Limassol



    Could you pls assist as its 92.759,73 PLN ( about 25.000 $)
     

    Attached Files:

  2. 4evermaat

    4evermaat 2nd Lieutenant

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    Can you elaborate more on the instruments that you were trading which triggered the cancellation? You can attach an mt4 (or whatever trading platform) account statement here.


    In 2 more days, you will be able to officially invite the company to this thread.
     
  3. merc129

    merc129 Recruit

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    Yes,

    I have just receive a response from them. They are trying to proov that scalping has been detected since I've starded business whith them - 1,5 year ago. So during 1,5year I've been depositing and succesfully withdrawing monies , trading without issue and when I had a nice account balance they just wave it.

    See below another respone



    Chester, 18 lip, 11:21 IDT:


    Dear Mr. Wilamowski,

    Thank you for your patience while we were reviewing your query.

    We have noted that you have expressed dissatisfaction regarding the voiding of scalping P&L from your trading account. Below, we provide information regarding how you can submit a formal complaint to the Company.

    However, after receiving your query we have looked into this matter and considered following facts and circumstances:

    On 14/07/2019 you received an email message that your trading activity was identified as Scalping, following a review of your file. Since you were found to have engaged in trading activity identified as Scalping, and as provided in the User Agreement which you have duly acknowledged and accepted, we have made an adjustment to your account, reversing any profits and losses made from Scalping transactions.

    There was an error in this email message where you were told that you would not be allowed to continue trading with Plus500. As we have decided not to close your trading account, a follow up email was sent to you on 15/07/2019 informing you that your account would remain open, but warning you that if you engage in scalping again, your account may be suspended with immediate effect.

    We are hereby providing you with details on the methods used to review your transactions and the results of this review.

    1. Scalping Definition


    Please note that for the purposes of identifying, reporting and monitoring Scalping in a uniform manner, Plus500CY applies the following definition of Scalping, which is included in the ‘Definitions’ section of our Client User Agreement:

    “means a trading strategy based on the notion that Client transactions are opened and closed within two (2) minutes limit in order to accumulate quick profits from small price changes.”

    2. User Agreement Clauses on Scalping


    Under Section 25.1.4 of the Client User Agreement you agreed not to enter into any Transaction which falls within the definition of Scalping or automated data entry system. Section 25.1.4 also provides that a significant number of transactions with short duration may be deemed as abusive trading and will not be allowed; in such circumstances we reserve the rights to void/cancel part/all your abusive trading transactions, close all and any of your Trading Accounts and terminate the Client Agreement under Section 22.5 or Section 22.7.

    Furthermore under Section 28.7 of the Client User Agreement, you agreed that “You shall hold us harmless in respect of all liabilities which we suffer or incur as a direct or indirect result of a breach by you or your obligations under the Client Agreement…”.

    3. Your Scalping Transactions


    Regarding which of your transactions have been classified as Scalping, the review of your transactions was performed on all transactions carried out from the establishment of the business relationship until 14/07/2019. The review revealed that scalping activity started on 28/02/2018 and continued consistently until 05/07/2019. During the period under review, you have concluded a total of 2648 transactions on the Plus500 platform.

    The review of the 2648 transactions indicated that your manner and/or method of trading was classified as “Scalping”. Specifically, out of the total of 2648 transactions, 844 transactions were opened and closed in less than two (2) minutes, while 511 transactions out of the 844 transactions were opened and closed in even less than one (1) minute.

    In this respect, please find attached a table with all your transactions; scalping transactions are shown in bold font type.

    4. Trading Account Adjustment


    As a result of you breaching Section 25.1.4, we exercised our right to be indemnified under Section 28.7, as per the email sent to you on 14/07/2019.

    The P&L from your scalping activity was EUR 38,205. We therefore proceeded to reverse/cancel any profits and losses made from Scalping transactions.

    However, as you had already withdrawn the funds from your trading account, the Company voided/cancelled from your account the lower amount of EUR 21,754.16. Therefore, you were allowed to keep a total of EUR 16,451 of your profits from scalping.

    The results of our investigation did not yield any wrongdoings or misbehaviour by Plus500CY Ltd. In fact, Plus500CY has displayed tolerance and has acted fairly.

    Please note that you may continue with trading activity in your account, while refraining from breaching the User Agreement once more. In the event you will continue to enter into transactions which fall within the definition of Scalping or automated data entry system, we are entitled by the Client User Agreement to take steps to close or suspend your account. Thank you for your cooperation.

    We hope that we have provided detailed information to address your queries. If you have additional queries, please contact us directly by responding to this email.

    Yours Sincerely,
    Chester
    Complaints Team
    Plus500CY Ltd
    1 Siafi Street
    3042 Limassol
     

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  4. 4evermaat

    4evermaat 2nd Lieutenant

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    That's good that you copied the text of the email. But can you also provide screenshot of the email?
     
  5. merc129

    merc129 Recruit

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    I wilk try to print to pdf file the whole correspondence. Unfortunatelly Im on vacation now with family, so it wilk take somę time . All evidence including screenshots with account balangę showing account credentials, date and time of balances is stored as pdf files on my home pc. Apart from the screen shot is there anything else you wilk need?
    The main reason of my frustration is I had this accout for 1,5 year and they never warned me that somethig is wrong. Looks to me as they have been waiting as my account balangę wilk be atractive enough to steal my money
     
  6. 4evermaat

    4evermaat 2nd Lieutenant

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    It should be. The idea is that for each accusation made, there is some hard proof of the accusations.

    Attach this evidence as soon as possible.


    Then afterwards, you can formally invite company to this thread.
     
  7. FxMaster

    FxMaster Lt. Colonel

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    First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the optionthen this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

    Note: If you are new to FPA then invitation button will be enabled when your first post reaches 4 days old.

    Till then follow the below-suggested options to drawtheir attention on your issue


    Few steps that you must follow to draw their attention to your issue,
    Follow the suggested steps below:
    Invite them to join this thread via email(Send an email to every possible address).
    You will find their email and address here https://www.plus500.com/Help/ContactUs

    Also, Share your story as a review here http://www.forexpeacearmy.com/forex-reviews/5374/plus500.com-forex-brokers

    You can also share your story on their social media pages mentioned below:
    https://www.facebook.com/Plus500

    https://twitter.com/plus500
     
  8. merc129

    merc129 Recruit

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    Hi, I;m sending what you've asked for. Pls review and advise. This is a last chance 4 company to give me my money back. Otherwise I will rise a formal court case in Cyprus .
     

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  9. FxMaster

    FxMaster Lt. Colonel

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    Follow my suggestions and Invite them to this thread.
     
    4evermaat likes this.
  10. merc129

    merc129 Recruit

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    Hi,
    I've sent an invitation.
     

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