Resolved - failed to withdrawl and scalping warning in plus500

[Pharaoh]

The dividing line is this:

The FPA is about forex. If you have an issue specifically for a trade on something other than a forex pair on a forex broker, that doesn't qualify for a Traders Court case. If a forex or binary options broker refuses to process a withdrawal without a valid reason, that does qualify.

In this case, the issues were over cancellation of non-forex trades. That takes it out of the Traders Court.

This doesn't mean that this Scam Alerts thread can't be used to show the world how Plus500 can take profits for "scalping" without bothering to define what is and isn't scalping.

 

[leroy_0222]

The dividing line is this:



In this case, the issues were over cancellation of non-forex trades. That takes it out of the Traders Court.

This doesn't mean that this Scam Alerts thread can't be used to show the world how Plus500 can take profits for "scalping" without bothering to define what is and isn't scalping.

They don't have any reply when i don't keep send email to ask them for my problem, they also just reply some copy-paste article or tell me keep waiting for their senior team to do something i don't know. They don't ban me to trade but just ban me to withdraw.

 

[leroy_0222]

already sent a complaint to FOS And econsumer,Waiting their reply
another sides, they don't have any reply about my case so that seems i only have to wait the reply of FOS

 

[leroy_0222]

there is plus500 contact number which for someone who need to call them

i have already receive a email from FOS and they say they reply me and let me know what happen next within 4weeks so now i just can wait for their action.

maybe this is a good new for me.

another sides, Plus500 have already made the HK stocks spread more wider on tuesday. it is about 3 times of original. this is not a good new because it will be so hard to trade on HK stocks now. i will stop all trading on plus500 today.

 

[Pharaoh]

Simple rule:

Never ever open new trades while you are having a dispute with a broker. It would be sad if something went wrong and your account was wiped out.

 

[leroy_0222]

i receive a scalping termination letter from them today and the content in below

Dear Customer,

WITHOUT PREJUDICE – A/c: 51922945

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 24.1.3 of our User Agreement. Briefly, this Clause states: “you will not enter into any transaction which falls within the definition of Market Abuse…”.

International regulatory authorities also consider such transactions as market abuse and have recently levied a number of fines. During the account opening process, you warranted you would not use the Trading Platform for this purpose. Accordingly Plus500 are entitled to take steps to close your account under Clauses 22.4 and 24.4.3 of the Customer User Agreement if you continue to be in breach of the warranty you gave. We may also exercise our right to cancel trades deemed be in breach of your warranty.

Plus500 may also exercise its right to be indemnified under Clause 27.7, 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”.

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.

Accordingly, your trading account was restricted. Please withdraw your remaining funds - you will not be able to trade with Plus500 anymore.

Regards

Plus500UK Ltd
45 Moorfields
London EC2Y 9AE

Plus500UK Ltd is registered in England and Wales (registered no. 07024970) and is authorised and regulated by the Financial Conduct Authority. Registered Office: 8 - 9 Talbot Court, London, EC3V 0BP, United Kingdom.

This e-mail, and any files transmitted with it, are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this e-mail in error, please notify the sender. This e-mail and attachment has been screened for viruses on sending, but you should screen them again on receipt. Plus500UK Ltd does not accept any liability for any damage caused by any virus transmitted by this e-mail.

comparing with the scalping warning letter, they only added some state from "accordingly we will take steps to cancel the results of any trading...you will not be able to trade with Plus500 anymore".

they are really not let me login the account now.

 

[Joa]

http://www.fsa.gov.uk/static/doing/regulated/law/alerts/plus500uk.pdf

 

[Pharaoh]

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

Ask them to please list the actions of the international authorities against scalpers. The only fines even loosely related would be for a type HFT trading that uses large numbers of never-executed pending trades to show false market depth in one direction. This has nothing to do with typical scalping.

And, have a long talk with the UK FOS.

 

[leroy_0222]

Ask them to please list the actions of the international authorities against scalpers. The only fines even loosely related would be for a type HFT trading that uses large numbers of never-executed pending trades to show false market depth in one direction. This has nothing to do with typical scalping.

And, have a long talk with the UK FOS.

still waiting for the result of FOS and what action plus500 will do next.

 

[Joa]

Leroy

The same comes up over and over again:
Who is your legal partner?
Who did you sign up with?
You get letters from Plus500UK Ltd - but you may have conducted your business in Cyprus.
Check your bank account or credit card statement: Where did your money really go to????
You need to be 100% sure of that or you end up being given the run around by FOS, FCA and CySec
The website does NOT count, the only thing that counts is who precisely got your money?
These companies all sound the same... and that is how they're running their scams.

Plus500UK Ltd, London---- Plus500CY Ltd, Cyprus ------ Plus500 Ltd, Israel

Check exactly what the statements say. Which company was it that got the money, and what's the name of the bank and its address.

No advice can honestly be given without such information, it's plain moot to contact FOS and FCA when Plus500CY Ltd got the money...