Plus500 Review

High margin with low leverage.

But overall deposit and withdrawal plus account opening was smooth and easy.

I was blatantly cheated by PLUS500 .
I had two small gold option trades which were break even and nowhere near a margin call then suddenly both positions were closed.
I thought something must have happened and consulted the chart.
There was a move down in my favour and should have closed one of my trades at t/p but it closed both trades and margin called at a way higher price that never existed. The price was 52 - They closed my positions at over 61.
There is not a chart on this earth that showed this price.
I have screenshots of the time they closed the trade.
It never went within 9 points of what they closed it at - not even a fake spike.
It hit my take profit target but the closed both my trades on margin call.
This is one of the most blatant trading frauds you will ever see.
I have all the screenshots and assume one of their novice traders must have been working from home because of covid and been drinking and closed me out as my T/P was hitting and made a complete mess of it- The chart for that exact time had NOTHING in common with the price AT ALL
No excuses, they were caught red handed
This is disgraceful.
The trade id's are on the screenshots showing they closed them at over 61.
The chart screenshot PROVES It was barely above 52.
No way will they get away with this.
Absolutely hilarious!
TAKING THEM ALL THE WAY

After requesting my withdrawal, they restricted my account for 14 days and then i have been told they have used their right as per user agreement that i have breached user agreement clause Hedging so they have the right to void my all balance.

They could have warned me if i was doing something wrong .

They registered my complaint as formal complaint and i got the final response "On the basis of these facts, we are unable to uphold your complaint as the results of our investigation did not yield any wrongdoing or misbehaviour by Plus500AU Pty Ltd."Please note that, under the terms of our Complaints Procedure, this is our final response. If you are dissatisfied with it, you may refer your complaint to the FAIS Ombud.

So i am going to write to FAIS, can anyone please guide me how to do it. Plus 500 has provided me their email adress but not any unique reference number of my issue. (Sould i write to FAIS, AFIS or FCA?)

I have seen post on this forum, they have given warning before completely cioding all amount

Here are the reasons to consider before opening an account with Plus500.

1) Plus500 are a market maker broker ( dealing desk) , they make there own market. When you trade with Plus500 they are counterpart to a clients trade while setting the price. Conflict of interest .

2) Plus500 do not hedge client trades with third parties.This means that they are responsible for payment of client gains. Keep in mind that a market maker broker profits from client losses so keep in mind they can and will manipulate when clients gain , hence all the former customers who have taken to various forums across the internet to warn of the issues with withdrawal .

3) When it comes to regulation be warned that the subsidiaries of Plus500 are regulated, the parent company Plus500 Ltd is not under any financial regulator.

4) Customers have expressed the same problems in large volumes over many years. These issues are inability to close positions( Plus500 gain from this), price manipulation ( Plus500 gain from this) and withdrawal issues ( Plus500 gain from this).

5) Plus500 operate an aggressive marketing model as customer Retention is low. The great reviews are done by affiliate websites who are paid per CPA. These reviews are very biased and they gain financially. They are often aggressive in there tactics and many times neither contain the affiliate disclaimer nor accurate information. The information is sourced from Plus500 once they join up to the affiliate program. Any broker that has to market as aggressively as Plus500 is a major red flag.

6) Most jurisdictions fall under the regulation of CySEC. The decision of the financial ombudsman in Cyprus is not binding on either party. This is important for even if this office made a decision in your favor, Plus500 are not obliged to accept.

Feb 24, 2020 - 1 Star Could the Plus500 social media team explain the following “you acknowledge that any prices quoted on the Trading Platform are set by us”. Plus500 are fixing the price as well as acting as counterpart to any trade on there platform. They profit when clients lose so by controlling the platform and price they can ensure clients lose. The media need to put pressure on this company because it is a joke that they are regulated.

Reply by Plus500 submitted Mar 4, 2020 Hello,

We are thankful that you have taken the time to appreciate us and provide your feedback.

In reference to your query, Plus500 quotes prices with reference to the price of the relevant underlying financial instrument and its spread.

This price is obtained from a range of independent third party reference sources, various nominated independent financial market data providers, who source their price feeds from relevant exchanges. Plus500’s prices can be found on our website or trading platforms.

For any given financial instrument Plus500 will quote two prices: the higher price (ASK) at which the Client can buy (long) that financial instrument, and the lower price (BID) at which the Client can sell (short) it.

Plus500 offers a fixed or dynamic spread for its instruments. The calculation of the Spread can be conducted by subtracting the sell price from the buy price of the instrument. The Dynamic Spread can change during the period of which your position is open, whereas the fixed spread remains unchanged at all times.

In addition, please note that a part of our instruments (most commodities and indices) are future based contracts, thus the rates indicated on our platform are derived from the price of the futures contract and not the Spot Price of the underlying instrument.

You can see the information regarding the spread and a future contract in the “Details” link next to the instrument’s name on the far right hand side in the main screen of the platform.

You are welcome to send an email also, and this will be delivered to the relevant team to examine it. Thank you for your support.

Regarding,
Social Media Team

Their feedback on my case: a Stop Loss set at the rate of 1.751. The first time the "Sell" rate has reached the rate of 1.751 or below your position was closed (at the rate of 1.684).

There is no guarantee that a ‘Close at Loss’ (or Stop Loss) position will close at the exact price level you have specified, because of ‘slippage’ occurring

during volatile price movements.

It's a pity that a company, that has everything it would have needed to become a major player in the world of retail trading, is doing a semi-good / or bad job.

1) It's just laughable: The webtrading platform is something, that maybe some kids would use to spend their 50$. - That has no future...

2) Long lasting relation-ships to customers can only be kept alive, when good services are being offered:
Sentiment Analysis, News, Training - etc.

But you see that Plus500 just want to be a first hand trader; means, all newbies play and gamble with their money there, until they either learn about metatrder platform (or other ones) or just give up.

However, maybe Plus500 will change its style of business some day.

I`ve used them long time ago. Was a newbie and was fine. But from nowadays perspective it`s a not so good broker choice. Very old school and very clumsyл

I had opened the account on Plus500 last week in Germany. I am doing trading for the last 15 years. I’m not quite as familiar with CFD “brokers”.

I had 5 positions for Crude Oil on different strike prices with expiry on 15th June 2020. (Put 24@100 options, Put 24@250 options, Put 33.5@100 options and two Put 34.5@100 options). I have predicted the movement of Oil Price, since the last 6-7 trading sessions Crude Oil prices were going upward movement. So, that is why I bought put options.

Initially, I got the first surprise the spread price at strike not similar. Whatsoever you buy on the spot options position will be negative.

May 12th 2020: I had bought Put 24@100 options. I noticed that there was margin warning by email So on the spot I added money on my account. Same time Oil price was going up so my position was in loss every day. I surprise Why Plus500 hasn’t written down position.

May 20th, 2020: Since 6-7 session oil was up. I predicated now oil will bring down in the next session. That is why I added 4 more positions with a complete margin amount. Plus, I added an extra amount in worst-case scenario positions won’t cut off. When The trading opened on 21st May 2020 morning, the all strikes price was called off and the reason was given that margin call issue. How can be Margin problem could be there, just one hour before everything was fine and just in one hour everything changed. When they realized that I start to make a profit Plus500 has written off all positions. I lost around 800 Euros. The reason was given by Plus500 was the margin call issue.

One worst thing was, on 21st May 2020 Oil down by 2.5% and next day oil down more than 8%. Practically, I would be in more than 700-Euro profit. I did a lot of research and put a lot of effort to mentally and physically. I lost 1500 Euro due to such a scam platform.

One more thing, I noticed that Plus500 close or freeze the screen for a short period when you start to make money.

I feel like, I cheated on this platform. I lost my hard-earned money due to such a scammer platform. I raised the complaint against them they are showing the rules and regulations. I´m completely shocked by how this platform can be legal in the UK. They are playing with hard-earned money peoples.

I feed ashamed that I had handed over the money to this kind of person. It says in short terms "WE have ALL rights to take all of your money at any time with or without explanation - YOUR rights are NONE"

If they charge us, I don’t have any problem paying them. But don’t play with innocent peoples.

Please don’t use this platform, and please also suggest your friends as well.

I’ll also write my blog on Facebook as well as other social media. I also plan to make detailed video and put into the YOUTUBE for awareness.

I’ll be looking to take legal options against this such scammer platform. I am looking forward to taking action against by lawyers.

I have more than 15K dollars in my Plus 500 account however from one day to another I received a message that my account is under review. I've tried to contact support, trough chat, as well as support tickets but all I receive, are a canned message that they will get back to me as soon as possible. It's for 5 days like this at the moment.

I've tried to contact PayPal since my account was topped up using PayPal to get at least my investment back, they informed me that they can not help me because money transfers to investment programs, like Plus 500 are not protected under the buyer protection program offered by PayPal.

More. Community discussion of this issue >>

Plus500 froze the screen so myself and many others could not take either a profit or save their money from dropping further and further into negative. Many people sat watching hopelessly as their money disappeared because they couldn’t save their money by closing their trades. I’ve got screenshots of how I was in profit but my close button was frozen and I couldn’t close out. Others have screenshots of how they were watching their money disappear with their close button frozen. Everyone knows this is going on. It’s a manipulation of Plus500’s platform and it is generating huge profit for Plus500 and loss to their traders. How do I know? Because I’ve set up a group and I’ve been asking for people’s stories and they’re all the same. Platform Freezing is a big one. Price manipulation is another one and the one that keeps a trader away from their profit and funds is the ‘we need to verify you’ card. As soon as you want your money out Plus500 will find any way they can to keep your money. They’ve even closed accounts down and refunds are missing. I’ve got one guy at the minute with profit and he’s gone to withdraw and now they say he’s not verified properly. Plus500 is in need of Investigating. is Plus500 the new ironfx? Remember, Plus500 trade against you, your loss is their profit. Do you really think that’s a good way to play with your money? They control that platform, not you. You’re a cash cow and you will lose your money even if you make a profit. The only ones who get their money back from what I’ve seen (I’ve seen many cases) is if you’ve lost a fortune and you want the scraps back.

I’ve one guy who sat and watched as his fortune in his account was dropping away and he couldn’t close out the trades because the close button was frozen. That guy came to me in a very bad way, it was heartbreaking to listen to a broken man who lost all his money through no fault of his own. Had he been able to close out he would have save the majority of his money but instead he walked away with nothing. When this is presented to Plus500 they basically say tough luck and NEVER have given a full and honest refund. This is a Plus500 issue and it’s a very common one. No, it is not your device freezing because everything is still working, it’s done on purpose to keep trades from making profit or saving their funds. Stay well away from Plus500. Go watch all the ironfx videos and you’ll see that Plus500 are doing the same.
Shame on all those support workers because they know what’s going on. I hope one day someone will be brave enough to come clean in what Plus500 is doing. It’s wrong and Plus500 need Investigating.
Please follow me on twitter and help fight against Plus500 Jay76744258 Thank you.

Apr 25, 2020 - 1 Star Plus500 manipulate their platform for their own benefit. They freeze the platform screen and this stops traders from managing their trades. They let low traders go over margin call and into negative for days but dint allow any seconds at all for high traders. How can that be fair? Everything Plus500 does is for their benefit and to stop traders from making money. I can vouch for these claims as I have proof and getting more daily,
Plus500 needs reporting all regulators. Don’t think that because they’re regulated that they are safe and legitimate, they are not.
Stay clear or you will lose money and it may not be through your own doing.

Apr 22, 2020 - 1 Star Please will everyone not just write a review but also report your complaint to the FCA if in UK or equivalent in your country.
Plus500 are doing everything they can to stop traders from making money.
They freeze the screen. They let small time traders go over their margin calls for days on end but if you’re a big trader the very second you get a margin call and it goes above they close that trade. I totally understand that it’s up to us as traders to watch our trades but I had thousands in above my margin and I was watching when all of a sudden the oil price flew up (Trump tweeted about the Saudis and Russia going to cut by 10 to 15mbpd) and it flew up in seconds. I got a margin call and instantly funded then another call and I funded. Too late, in a matter of seconds they took 10k worth of trades and left me the worse one. They even took my up one that would make me money first and then worked on my down ones. They may be regulated but they’re getting away with underhand practices and we all need to report and request they are looked into. Don’t just write a review, write an email to the regulators and insist they look into them.
Don’t let plus500 get away with it anymore.
I’m waiting on Plus500 getting back to me after I complained and said I wanted my 10k back because they didn’t give me enough time to find my account. From history they can see I fund it well before needed. They are corrupt and need looking into.
Look on FB for ‘Report Plus500 to the FCA’
There are many people out there who have been unfairly treated and the loss of their funds isn’t their fault. If the loss was my fault I’d not complain but it wasn’t. I didn’t stand a chance to save those trades and Plus500 after taking those trades froze he screen and then kicked me off. I tried to get back on using Wi-Fi and 3G and nothing. I then had to change my password which I had clicked to always remember me. They do this to stop you feeding your account when you need to do it.
They are corrupt. Please don’t just write in here, go and report them. The more reports the FCA get the higher chance we have of getting them stopped.
Thank you.