Problem Plus500 is a scam | Going to court.

[Aouragh]

Dear members of Forex Peace Army,

I'm an investor from The Netherlands and came across this forum. I have been using plus500 for a couple of months now and most of the losses I made, came because of the system. Let me explain how it works:

- You have a "close position" button, which allows you to sell your CFD's.
- You have a "buy button" and a "short button", which allows you to buy.

I had CFD's from McGrawHill and a couple of other company's. I bought them when they were like -9%. Waiting and waiting, I checked other sites if the percentage was going up/down. So I noticed the percentage was getting worser and I wanted to close the position. What happens? The stock goes from -9 to -11%, trying to close it, but I couldnt, because the "close position" wasn't working on Plus500.

So the "close position" was disabled!

I have made screenshots, video clips of this happening sometimes for 15 WHOLE minutes. These 15 minutes can be crucial in stock times.

I have e-mailed the support, but I haven't received a respond yet, while normally they respond within an half hour.

30 other people have the same problem and we want to go to court for losing the money thanks to this.

What do you guys think?

 

[Aouragh]

Hello,

Thank you for contacting us.

Please note that there are several reasons for this situation to happen however we need the instrument's name and the specific time when this happened so we can verify.


If you require any further assistance, don't hesitate to contact us.

I got an answer that they will investigate it, but it can "happen"...?

 

[dupiaza]

I would be very careful trading with any of these type of companies...They are set up to take your money.

 

[Pharaoh]

At this point, let them know that you will be posting the results of their investigation and any action they take here.

 

[Aouragh]

I would be very careful trading with any of these type of companies...They are set up to take your money.

At this point, let them know that you will be posting the results of their investigation and any action they take here.

Today I cannot withdraw the BIG amount of money I have on the account, nor can I trade anymore. I have no respond from the support employee about this close position issue.

I have notified them about this thread.

Should I file an official complaint?

 

[Aouragh]

Anyone knows anymore steps I can take before going to court?

 

[Pharaoh]

For the FPA Traders Court, make sure you've submitted a 1 star review and that it's been approved.

For a judicial court, check with a lawyer and see what else you may need to do first.

 

[Sharkomat]

Anyone knows anymore steps I can take before going to court?

Hallo Aouragh, I would like to investigate Plus500 from a journalistic point of view. To support my thesis, I am in search of evidence. Would you like to contact me by e-mail at forenkasper (at) gmx.de ? Thank you. Kind regards, Thomas.

 

[alih]

I had the same problem,

Dear members of Forex Peace Army,

I'm an investor from The Netherlands and came across this forum. I have been using plus500 for a couple of months now and most of the losses I made, came because of the system. Let me explain how it works:

- You have a "close position" button, which allows you to sell your CFD's.
- You have a "buy button" and a "short button", which allows you to buy.

I had CFD's from McGrawHill and a couple of other company's. I bought them when they were like -9%. Waiting and waiting, I checked other sites if the percentage was going up/down. So I noticed the percentage was getting worser and I wanted to close the position. What happens? The stock goes from -9 to -11%, trying to close it, but I couldnt, because the "close position" wasn't working on Plus500.

So the "close position" was disabled!

I have made screenshots, video clips of this happening sometimes for 15 WHOLE minutes. These 15 minutes can be crucial in stock times.

I have e-mailed the support, but I haven't received a respond yet, while normally they respond within an half hour.

30 other people have the same problem and we want to go to court for losing the money thanks to this.

What do you guys think?

*can you please send me a copy of the video that may help my dispute case alihajighasem@yahoo.com

 

[Nookie2029]

Dear Aouragh

This is the way plus500 is making money. I'm watching them since 3 years compering prices of stocks, commodities CFD'S and currency market.
A firend of mine had been charged on CFD short by dividend yield - what a crap - CFD'S do not apply for dividend. I've also noticed that in huge volatility, instruments are being disabled - as in your example- and you can not do absolutely nothing.
But the best thing I saw was closing my friend's positions held on National Bank Of Greece CFD for the reason of EXPIRY!!! His los or better not earned money amounts around 50K GBP. He opened some longs at average 1,02 EUR per CFD. Closing price was 0,99 and the next day, becouse of some key info, market opened at 5,40 EUR!!! And what plus500 - the instrument was disabled for about 30 minutes after market's opening showing last day's closing price, and than after all hiss positions has been closed by "instrument expired".
You can't help it and you can't fight them. I guess they are paying someone in FCA or LSE to keep their eyes closed. The only thing you can do is withdraw all your money an stay away from this broker. Sorry mate.