Problem Plus500 Scam

[Master Yoda]

Not yet. I sended to FOS and cysec.gov.cy

If you got no reply so you better call them (the regulators), they have a phone line

 

[Pharaoh]

I had new messages

Dear Customer,

WITHOUT PREJUDICE

We have undertaken a review of your file and trading record which indicates that your manner and/or method of trading is classified as “scalping”. The term “scalping” is classified as a form of Market Abuse, which is illegal, and is referred to in Clause 25.1.3 of our User Agreement. Briefly, this Clause states: “you will not enter into any transaction which falls within the definition of Market Abuse…”.

Yet they still refuse to clearly define what is and what is not scalping.

International regulatory authorities also consider such transactions as market abuse and have recently levied a number of fines.

Ask them to show a single instance of simple scalping resulting in a fine against any trader.

Plus500 may also exercise its right to be indemnified under Clause 28.7, which reads as follows: “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”.

So they effectively say you agree to surrender all your money if they decide that you have breached - while never defining the breach in any understandable and measurable fashion.

Accordingly we will take steps to cancel the results of any trading which are considered to have been achieved through scalping and close your account.

Again, with no definition of scalping, this is a simple license to steal money from profitable traders.

The term “scalping” is classified as a form of Market Abuse, which is illegal at Plus500.

A cheap attempt to reinforce their vague rule by calling something which they selectively may consider to be against their vague rules as "illegal". Sorry Plus500. Brokers don't make laws, governments do. It's not "illegal" unless you can show a real law somewhere.


BTW - When in doubt about which regulator controls which piece of a company, it's safest to file with all of them. After all, the UK FOS might like to know if a UK regulated company is quietly routing clients over to an under-regulated Cyprus branch. Also, no matter where Plus500 really is (*cough* look just south of Lebanon on a map *cough*), that UK location claim also opens the option of filing a complaint with ActionFraud.

 

[Joa]

You're apparently caught between a rock and a hard place..... We again need to clarify, who your legal contract partner is/was.
It is utmost important to know

Where were you trading? Plus500UK Ltd. or Plus500CY Ltd?
Where did your money go....

It is utterly tricky with this entity

Would you please contact your credit card company or bank and clarify this, because what you read there is not telling you exactly who it is.

In London there are TWO entities:
One is Plus500 Ltd. (LSE listed, Israeli company, not authorized or licensed to provide financial services in the UK)
The other is Plus500UK Ltd., authorized and licensed by the FCA and apparently only serving UK clients.
It could be as well that your money went to Plus500CY Ltd. under CySec - but to an account at a bank in London......

One of them got your money............ but so far you can't prove it yet with surgical precision.
Your Credit Card Company/Bank certainly has detailed information about the account holder and location, plus the name and address of the bank your money was credited to......

Only once you're absolutely sure where your money landed, can you go on the attack - or you'll be given the run around by CySec and/or the FCA

 

[Joa]

seems really difficult to find out a few things...
Can we ever get an update on plus500 and their scams?

 

[havikshorst]

Did you get your money from plus500 already ?

i have same situation with you and they send a exactly same article email to me. they send this mail on 11/11/2014 but no progress they had done.

Did you get your money from plus500 already ?

 

[undertaker]

^
I think he haven't received anything... It's not easy to get money back from a broker. Please keep it in mind, traders.

 

[leroy_0222]

no, i still waiting FOS reply but already over the promised date they reply to me but nothing they reply to me yet

 

[undertaker]

It's like a promise again and they would never send you anything.

 

[Pharaoh]

With the FOS, you need to send them gentle reminders from time to time.

 

[yuppa]

tell them you will contact FCA. They will get scared.

Scalping might be an abuse when you trade huge quantities that could influence that price of an asset thus it might be considered market manipulation. However, I don't think you've traded such a big quantities.Please write to FCA (Financial regulator in the UK) explaining the case. they are scammers, don't be scared of them. just take action, otherwise you won't see your money.