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Plus500 account balance waived

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

  1. Plus500

    Plus500 Plus500 Representative

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    Hello Mr. Merch 129.

    Firstly we are sorry to hear you feel this way.

    Kindly know, this matter is fully handled by us in e-mail (#4520129).
    In this ongoing e-mail we hope we are able to provide you with sufficient clarifications regarding this matter.

    Plus500 aim to provide a high level of costumer service to our clients and we can assure you we are committed to resolving all sort of queries.

    Regardless of the mentioned we would like to add that scalping trading strategy as you can read on our user agreements, is prohibited by Plus500.

    Any trader suspected of employing such a strategy on our platform will have their trading account immediately terminated and all abusive trading transactions will be made void.

    You are welcome to replay to our team in the mentioned email.

    Regards.
    Plus500
     
  2. merc129

    merc129 Private

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    There is no such a legal matter that will authorise broker to take client founds from account. This response may be good for someone unexperienced on forex market not for somebody who is 15 years on the market and part - qualified CFA. This guys can tell such a stories to kids in the kindergarden that trades with short duration are market abusive. I done an entry trade and they accepted it, as well as I close trade it has also been acepted.
    They also not telling that they do not offer a tool to monitor a trade duration as well as they not telling that number of my all trades with short duration are about 1/5 of all I done during 1,5 year .
    I have sent this matter to CySec and will also sent to Cyprus FOS. Next step will be to choose a legal support and take Plus500 to Cyprus Court.
     

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    4evermaat and GigiFX like this.
  3. merc129

    merc129 Private

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    The main thing is: opening and closing trades with short duration IS NOT A SCALPING - plus500 have implemented only a part of definition and is catching their clients in the trap - I guess they never seen a real scalping as 5 years ago scalping duration was 15 minutes, than some time later it was 5 minutes now its 2 mins. So I wonder whats gonna be next year???

    And funny thing in response "Any trader suspected of employing such a strategy on our platform will have their trading account immediately terminated and all abusive trading transactions will be made void" - so in my case immediate effect took 1,5 year - what a f...g bull...t.
    Simply they calculated how much money I've earned and as they could not retrieve it basing on last month or two they trying to tell me that everything from the beginning went wrong. Ohh and I should be greatfull that they "allow me" to keep part of profits achieved by so called scalping - this is another bull..t - as they simply couldnt take more than I had on account - fortunatelly and good for me.
     

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  4. 4evermaat

    4evermaat 2nd Lieutenant

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    @merc129 you have some good evidence gathered with a timeline. So this helps a lot.

    are you sure your account is with Plus500 cyprus division or UK division?

    Or Australian division? It would affect which regulatory body to complain to. And also the speed of the resolution.

    Although CySec has improved considerably over last 3 years, they wouldn't be my first choice. Their handling of IronFx was disgraceful.

    Do CySec/Cy FoS still charge EUR 20 to investigate a FOS claim?
     
  5. merc129

    merc129 Private

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    @4evermaat
    1) I've got all the evidence ready to sent, which is my account history, account reviews, correspondence and also screenshots with possitions time opened/closed (showing incomplete trade duration)

    2) Yes this is Plus500CY, you can also see this on correspondence enclosed - Final Response directs me to Cyprus FOS

    3) Yes FOS still charges 20 EUR for investogation
     
  6. 4evermaat

    4evermaat 2nd Lieutenant

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    I just want to confirm where you opened acct. Sometimes clients open account thinking it is in one country, but it is actually in a different country (usually offshore).

    Doesnt hurt to check acct opening emails/documentation.
     
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  7. merc129

    merc129 Private

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    Ok, thanks 4 advise. Have checked again and its Cyprus based (Plus500CY. Ltd)
     
  8. oscarra

    oscarra 2nd Lieutenant

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    Tsss....what they don’t tell you Cy FOS has no restitution power (better check latest updates, so no surprise )

    https://www.ombudsman.europa.eu/fr/decision/en/95593

    in event of positive outcome, you will still depend on company’s good will, otherwise have the decision enforced by Cy Court… a never ending costly story….in fact a true idiot Trap.

    However you can take them straight to any EU Court, where Judges have quite a different vision in concern of those fancy T/C they keep inventing o_O
     
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  9. TheAlert1

    TheAlert1 Recruit

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    Merc129, How much of your own real actual money have you deposited and how much have you been able to withdraw over the last 1.5yrs?
    How much of the $25,000 is your real deposited money and how much of it is profit from trades???
    Just out of interest - thanks.
     
  10. 4evermaat

    4evermaat 2nd Lieutenant

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    FPA traders court would be more encouraging, with faster results.
     
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