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Plus500

Discussion in 'Scam Alerts' started by Adam2012, Oct 7, 2011.

  1. Adam2012

    Adam2012 Recruit

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    Hello!
    I have big problem with broker plus500. They blocked my account and stolen all my deposit. What can I do to recover my money?
    PLEASE HELP ME!! :(((((((

    I received an email from them:
    We apologize, but you can not trade with us any longer.
    No further payments will be transferred to you.
    Best Regards,
    Miles
    Customer Support
    Plus500.com

    This is unfair.......
     
  2. Pharaoh

    Pharaoh Colonel

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    Did they say anything before blocking your account?

    Check their trading terms. Do they have limits on scalping and/or newstrading? If so, were you violating those limits?

    Overall, I think that if what they emailed you was the only info you got from them, it's quite unprofessional.
     
  3. Adam2012

    Adam2012 Recruit

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    I received a message:
    The amount that you deposited, 2,000 PLN was refunded to your credit card. The refund should appear at your bank account by the next billing date of your credit card. No further payments will be transferred to you, as your profits were earne by an non-legitimate trading method.

    Then I wrote:
    I'd like to get information how many time i should hold the open position to avoid scalp, because in user agreement there is any mention about time.

    24.1.7 you will not enter into any Transaction for the purposes of arbitrage, scalping or to exploit any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform;


    Mr Brayan from Plus500 support said:

    4.In the User Agreement:
    24.1.7 you will not enter into any Transaction for the purposes of arbitrage, scalping or to exploit any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform;
    Scalping is a position that is usually left open for less than 2 minutes. We would not close someone's account for opening a few short term positions, this would be only for users who's large majority of positions fall into this category, and I do mean by a large majority. If most of your positions were for the purpose of scalping, yes, we would void these positions.

    But the message from the Lady Annie from the same support Plus500 is completely different:

    Holding positions under 5 minutes is considered scalping.

    You could find out more about scalping here; Scalping (trading) - Wikipedia, the free encyclopedia
    Sincerely,
    Anna
    Customer Support
    Plus500.com

    Then my account was blocked.
    So the time from opening to closing position is different for each of the support ???!!!!
     
  4. Adam2012

    Adam2012 Recruit

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    Today, I received another message:

    Hello,
    According to our user agreement,

    24.1.7 you will not enter into any Transaction for the purposes of arbitrage, scalping or to exploit any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform;

    We're willing to come forward and enable you to withdraw 2000 Euros from your total profits (although you are not entitled to, according to our terms) in order to close this case.

    Awaiting your reply and decision.


    Sincerely,
    George
    Customer Support

    What I should to do now? In account is 55700 zł ( ~13000 Euro)..
     
  5. Pharaoh

    Pharaoh Colonel

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    That's always a difficult decision. If you fight them, they could decide to not give you any profits, or you might be able to negotiate for more money.

    Check your trade logs. Find out how many trades and how much of your profit are based on trades less than 2 minutes and how many are from 2 minutes to 5 minutes.

    Also, go through their website very carefully to see if 2 minutes or 5 minutes occurs somewhere in the TOS.
     
  6. Adam2012

    Adam2012 Recruit

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    And another message:

    Hello,

    Scalping is a trading method in which the trader opens and closes positions within a small period of time, the period is of lessen relevancy, since it can be a matter of seconds, therefore both answers that you received (from Brian about 2 minutes and from me about 5 minutes) are legitimate.

    Best Regards,
    Anna
    Customer Support
    Plus500.com

    In addition, they sent me this:

    15.2 We will be under no obligation to, but may in our absolute discretion, provide quotes for, or accept, execute or cancel, all or any part of a Transaction that you have requested through the Trading Platform without giving any reason. You may request to cancel or amend a Transaction at any time prior to our completing such a Transaction. We shall be entitled, but not obliged, to accept such a request in our sole discretion.

    22.6 We shall be entitled to terminate the Client Agreements immediately by providing you written notice, with or without cause, in our sole and absolute discretion.

    So for them it has no meaning.
    Likewise, they could write 10 or 15 minutes!!
    So they can do literally anything with your money!
    And they are Authorized & Regulated by the Financial Services Authority!!!

    This is inconceivable...
     
    #6 Adam2012, Oct 11, 2011
    Last edited: Oct 11, 2011
  7. Pharaoh

    Pharaoh Colonel

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    Sounds like it may be time to test out their regulators.
     
  8. Sibali

    Sibali Corporal

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    Well even if he did cross the limit, how can they keep the deposit of the client?
    Scam i say!
     
  9. Pharaoh

    Pharaoh Colonel

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    Ask them where in their TOS it says that they can take your deposit.

    As a general note, if a broker bans scalping, they need to define scalping. Otherwise, they could say that scalping is any trade under 1 hour.
     
  10. Bargy

    Bargy Recruit

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    Hi,

    I also have a problem with plus500. They blocked my account and stolen all my money.

    look:



    For me 3 minutes!!! but in the terms & conditions:

    24.1.7 you will not enter into any Transaction for the purposes of arbitrage, scalping or to exploit any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform; positions held for a short timeframe are considered to be scalping.
     

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