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Problem Plus500 - withdrawal problem

I am having an issue with a company

Nusman

Private
Messages
11
Dear friends, I have issue with Plus500. Last night I've accumulated quite big amount through Bitcoin options. I wanted to withdraw part of money today, but I noticed that withdrawal options are blocked. I contacted with customer service as suggested, they said that my account need veryfication and my case is transfered to Financial Departament. They didn't inform me what is the couse of verification, neither how long it can take. After reading few posts on this forum I belive that scalping can be the problem - I have to admit I made few quick transactions. I haven't received answer from Financial Department yet and I don't know how long should I wait.

My question is:
- Did you guys have problem like me?
- Did you received your money back eventually?
- If so - how?
- How long can it take to successfully finish all the procedures?

P.S: In my opinion its not fair that performing quick transactions is illegal in Plus500 point of view. They allow to buy stocks/options and sell it few seconds later. If you lose money, everything is ok. But when you gain some cash they see problem and block account. But we take same risk in both cases.

PS2: I have postet thread like this fre hours ago, but via phone. So its unclear if I did it properly. That why I've decided to post one more.
Best regards
 

FxMaster

Colonel
Messages
11,595
Dear friends, I have issue with Plus500. Last night I've accumulated quite big amount through Bitcoin options. I wanted to withdraw part of money today, but I noticed that withdrawal options are blocked. I contacted with customer service as suggested, they said that my account need veryfication and my case is transfered to Financial Departament. They didn't inform me what is the couse of verification, neither how long it can take. After reading few posts on this forum I belive that scalping can be the problem - I have to admit I made few quick transactions. I haven't received answer from Financial Department yet and I don't know how long should I wait.

My question is:
- Did you guys have problem like me?
- Did you received your money back eventually?
- If so - how?
- How long can it take to successfully finish all the procedures?

P.S: In my opinion its not fair that performing quick transactions is illegal in Plus500 point of view. They allow to buy stocks/options and sell it few seconds later. If you lose money, everything is ok. But when you gain some cash they see problem and block account. But we take same risk in both cases.

PS2: I have postet thread like this fre hours ago, but via phone. So its unclear if I did it properly. That why I've decided to post one more.
Best regards
You need to wait for an official answer from them regarding your account restrictions first.
Don't forget to update us.
 

4evermaat

2nd Lieutenant
Messages
2,408
Can you please upload a full account statement here please? Follow this tutorial:

 

Nusman

Private
Messages
11
Hello again, I just received answer from Plus500.

"
WITHOUT PREJUDICE – A/c: 140947076

We have undertaken a review of your file and trading records which indicates that your trading activity/strategy is classified as “Scalping”.

The term “Scalping” is defined in the Client User Agreement as “a trading method based on the notion that the Client opens a number of positions and closes them in a very short time (within two (2) minutes limit) in order to accumulate quick profits from small price changes””.

Under Clause 25 of the Client User Agreement you agreed not to enter into any Transaction which falls within the definition of Scalping or automated data entry system.

Furthermore under Clause 28.7 of the Client User Agreement, you agreed that “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…”.

As a result of you breaching this Clause 25, we exercise our right to be indemnified under Clause 28.7 and we will cancel your abusive trading transactions which are considered to have been achieved through Scalping or automated data entry system.

You have 7 days to close your open positions afterward we will cancel your abusive trading transactions.

You are hereby warned that in the event you will continue to enter into Transactions which fall within the definition of Scalping or automated data entry system, we are entitled under Clause 22.8 to take steps to close or suspend your account with immediate effect.

Regards,
Plamena"
 

Nusman

Private
Messages
11
I attached 3 year report since Plus500 account creating.

Is there any hope?

Best regards
 

Nusman

Private
Messages
11
Oh Im really sorry, this is misunderstanding. I haven't send them any report. I just wanted to attach files to my previous post, but it failed. I will attach it now.
 

Nusman

Private
Messages
11
I don't know why I can't attach files, I upload them correctly, but after hiting "Post reply" they just don't show.

I didn't answered to last email from Plus500
 

Nusman

Private
Messages
11
Last try. Right now I try to attach pdf files from my phone as computer upload failed, if this fail I will need your help why I cant't upload .pdf files. Im really sorry for this spam.
 

Nusman

Private
Messages
11
Finally, I did it. Attached file consist of transactions 2020-2023.
I couldnt download it via MT4 or 5 - there is no way to connect MT with plus500 account.
My account is located in Plus500CY Ltd in Cyprus.
So far I didn't write anything to Plus500 customer service after reciving last mail
 

Attachments

  • Account Summary 2020-2023-Copy.pdf
    4.5 MB · Views: 20
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