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Plus500 rigged trade closures...

Discussion in 'Scam Alerts' started by TheBookmaker, Apr 30, 2018.

  1. TheBookmaker

    TheBookmaker Recruit

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    Please let me know your opinion on this situation/occurance, any advise on what I can do will be much appreciated.

    Plus500 Rigged my trades...

    One thing to start with before I begin talking about my experiences, with plus500. I have noticed a few red flags that slowly grew to my attention. Firstly prices of cryptos listed on Plus500 don’t match to the live cryptocurrencys exchanges such as Binance, Bitfinex etc.


    The prices are simulations of the market, so why can’t Plus500 close trade on your requested/set stop losses and take profits.


    79% of contract for differences traders lose.


    Spreads are far from fair puttting the trader at a disadvantage from the beginning of a position.


    Plus500 also claim that it is the traders responsibility to look over their equity and positions, however this was not the case when it come to the positions I was holding.


    My positions closed after a very sharp fall which raised some red flags and come to my attention. I feel that there is some solid evidence to prove Plus500 have a rigged system put in place to put the trader/customer at a serious disadvantage.


    I opened three positions totalling an equity of £1800, I had eventually gained a profit of up to £1200 at its highest point. Then it suddenly quickly declined reaching my apparent maintenance margin of £934.79, which meant that my positions needed to close in order to maintain certain positions.


    Initially I had thought that once the maintenance margin had been reached, all three positions I was holding would essentially close. However this was not the case according to Plus500.


    They had closed one position at a time, to maintain the other positions and allow them to stay open for example I was £220 up on one trade which had closed first in order to keep another trade that was essentially in £100 in profit open, then apparently they had to close this trade, in order to keep my main position that was losing the most money open.


    However this was not what came to my attention. What had came to my attention was how each trade had closed individually and the apparent explanation or reason behind the ORDER of trades closing.


    Plus500 said positions close in the order of the position with the highest maintenance margin first. This is to keep positions with a lower maintenance margin open that way there will be enough equity to keep certain trades open.


    This statement above had contradicted what happened in my situation with my positions that I held.


    I was holding positions in cryptocurrency, they would have been as follows:


    NEO - Maintenance Margin = £408.17


    EOS - Maintenance Margin = £272.47


    ETHEREUM - Maintenance Margin = £254.15


    The order I just listed the positions in (shown above), is also the exact same order the positions should have closed on, however they closed in a different order that did not go with the processes Plus500 claims to follow.


    The trades closed in the following order:

    EOS

    NEO

    Ethereum


    The order they closed in also seemed very suspicious and tactical to some extent.


    Plus500 then happened to first close the trade that was profiting the most and also with the lowest leverage, so essentially the lowest risk to myself. EOS at the time was also hedging a position and compensating for Ethereum’s losses. Once EOS had closed the losses could easily multiply.


    They had then closed NEO which was also a lower risk than Ethereum and also in profits at the time.


    Coincidentally NEO and EOS happened to be trading 20% higher than what I bought it and closed my positions at. and that happened within 48hrs of my trade being automatically closed, so I’ve missed out by my calculations (which are quite accurate), on a profit of around 4k.


    Here is the Positions Leverages (note this is also the order in which the trades closed in, coincidence I think not):


    EOS - 1:5

    NEO - 1:10

    Ethereum - 1:15


    With ethereum being the only position open, being the only trade in the red and having the highest leverage the losses come very quickly and unnecessarily.


    Even at that however I should not have fell below the equity of £934.79 (as this was my apparent maintenance margin) and this is where my argument stands the most. I woke up to my equity around £300 and my two most profitable trades closed a good three hours before this.

    P.S I would not be making a complaint if my equity stood at that Maintenance margin of £934.79.


    If I had ethereum close first after reaching my ‘maintenance margin’ I would have been profiting above that figure of £934.79.


    So to summarise...

    They didn’t close all the trades after reaching my maintenance margin.


    They didn’t close the trades in order of highest maintenance margin first, (as they stated they do).


    They closed the trades in highest profit first.


    Closed the trades with lowest leverage (essentially risk) first, so my losses could multiply quicker with ethereum’s high leverage.


    Then made it clear in the live chat that it’s the traders responsibility that I control my trades, when they took control and closed them in a suspicious/rigged fashion.

    I have also got files to share with you related to my trades, Plus500’s Statements and my positions maintenance margin details etc.
     
  2. TheBookmaker

    TheBookmaker Recruit

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    Here is a conversation with an advisor...
    Poor service as well to be honest, note the poor grammar, the lack of knowledge.
    The advisors need to correct me by £1 when I said my Maintenance Margin was ‘£935’ is also comical and completely irrelevant to subject.
     

    Attached Files:

  3. TheBookmaker

    TheBookmaker Recruit

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    The conversation continued...
     

    Attached Files:

  4. TheBookmaker

    TheBookmaker Recruit

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    Here is evidence of my maintenance margin, trade closing times and the details of the positions such as leverage etc. (In that order)
     

    Attached Files:

  5. FxMaster

    FxMaster Lt. Colonel

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    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).
    Go to their website and invite them to here via Live Chat
    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

    https://plus.google.com/108703886866723689427
     
  6. mary67

    mary67 Recruit

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    Please, join the legal action with Giambrone Law firm at : https://www.giambronelaw.com/site/s...ing-litigation/english/class-action-plus-500/
     

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