Plus500 Scam Account Terminated Total Loss Over $100,000

Nickpenev

Recruit
Messages
4
I have been trading with Plus500 since 2018.
I have deposited over $200,000 and I have lost around $100,000 until I found a winning strategy this year.
Once I started profiting from Plus500 they restricted my account last week and cancel my last withdrawal.
Yesterday, they terminated my account claiming the following:
Yulia, May 11, 2020, 6:09:27 PM GMT+3:



Dear Nikolay,

Re: Hedging Notification and Termination of Client Agreement

WITHOUT PREJUDICE – A/c: 10450000

We have undertaken a review of your file and trading records which indicate that your trading activity/strategy is in breach of Section 25.1.5. of the User Agreement.

I asked them to provide proof for their findings but they told me that the account is terminated and I will not be able to trade anymore with them.

I would like to know what are my options as I have deposited a lot with them and once I starting winning they cut me short and told me that I'm not welcome anymore.

I would like to know what are my options to file complaints, sue them or do a chargeback with my bank.

Thank you in advance
 

acertablet

Sergeant
Messages
289
plus500 have few branch in various country, can you check the terms and condition where it state which jurisdiction your account is opened?
 

FxMaster

Lt. Colonel
Messages
9,154
I have been trading with Plus500 since 2018.
I have deposited over $200,000 and I have lost around $100,000 until I found a winning strategy this year.
Once I started profiting from Plus500 they restricted my account last week and cancel my last withdrawal.
Yesterday, they terminated my account claiming the following:
Yulia, May 11, 2020, 6:09:27 PM GMT+3:



Dear Nikolay,

Re: Hedging Notification and Termination of Client Agreement

WITHOUT PREJUDICE – A/c: 10450000

We have undertaken a review of your file and trading records which indicate that your trading activity/strategy is in breach of Section 25.1.5. of the User Agreement.

I asked them to provide proof for their findings but they told me that the account is terminated and I will not be able to trade anymore with them.

I would like to know what are my options as I have deposited a lot with them and once I starting winning they cut me short and told me that I'm not welcome anymore.

I would like to know what are my options to file complaints, sue them or do a chargeback with my bank.

Thank you in advance
Here you go We Resolve Your Dispute With Forex And Crypto Regulated Brokers

Note: Don't forget to update us :)
 

4evermaat

2nd Lieutenant
Messages
1,879
@Nickpenev can you please get an account statement as per this tutorial:


Plus500 may have a different platform, but it is the same underlying process.

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And also detail how much you have been able to successfully withdraw from Plus500???
 

Nickpenev

Recruit
Messages
4
@Nickpenev can you please get an account statement as per this tutorial:


Plus500 may have a different platform, but it is the same underlying process.

-------

And also detail how much you have been able to successfully withdraw from Plus500???
Actually I was searching on google and send a quote on your website about my case.
 

acertablet

Sergeant
Messages
289
Code:
25.1.5. You will not use the Trading Platform in an abusive way by lag trading and/or
usage of server latency, price manipulation, time manipulation and similar
arbitrage practices. In such a case we reserve the rights to void/cancel part/all
your abusive trading transactions, close all and any of your Trading Accounts
and terminate the User Agreement under Section 22.5 or Section 22.8.
this is quote from the user agreement - it seems pretty generic
Code:
https://cdn-main.plus500.com/Regulatory/CySec/default/default/UserAgreement.pdf
 

Attachments

4evermaat

2nd Lieutenant
Messages
1,879
Actually I was searching on google and send a quote on your website about my case.
If you are referring to this company: https://www.forexpeacearmy.com/comm...ith-forex-and-crypto-regulated-brokers.63313/

This is not my company. But it is good for you to reach out to them and see what your options are. Many different recovery room scammers out there, so good to deal with a law firm with some experience.


If you are with either the UK or the Au divisions, you will have a quicker chance of getting money returned. I think you can file with UK FOS with what I have seen so far.

Which bank did you send your money to?

If you are actually registered with Cy entity, then I think using the lawyer listed above is a better route for you.
 

FxMaster

Lt. Colonel
Messages
9,154
I have been using the CY entity so I guess I will go with the lawyer
Let's start with adding your story as a review here https://www.forexpeacearmy.com/forex-reviews/5374/www.plus500.com and then follow my below suggestions

And then follow my below suggestions

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

Note: Invitation button will be enabled when your first post reaches 4 days old.
Note 2: Make sure to follow the suggestions correctly, when you do it correctly you will get below message in your thread automatically.
Note 3: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
OP Screen shot.jpg
 
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