Plus500 Review

They were my first broker. Simple enough for a newbie but nowadays there`s better choices.

May 24, 2020 - 2 Stars 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

Reply by Plus500 submitted Jun 1, 2020 Hello and thank you very much for your valuable feedback.



We'd love to know if you have any suggestions/recommendations on this matter and to share it with us. You are welcome to contact our support team at any time 24/7 if you need any help regarding our product. https://www.plus500.com/Help/ContactUs



We are sure that your feedback will only help us improve further.



Regards,

Social Media Team

So I used plus500 a couple months before... made some money... decided to take a break... got a bunch of message to buy shares from time to time... decided to deposit some money recently... try to buy some shares... wouldn't work... it says maximum of positions in plus500 (didn't even have one share purchased)... contacted help... oh yeah apparently i was banned because of clause 22.7....

Seriously what the hell is that clause... and who cares how many times i buy and sell shares. Maybe because I made money so they banned me. When people loose money they keep them around until they go bankrupt. It says somewhere 80% of people lost their money in Plus500. Seriously, plus500 is like the casino. Loves taking people's money but can't man up and accept losses. Making all kinds of excuses like a sore looser. It's like a lotery game that hides the winning number forever. It's called a SCAM.

My dream of getting filthy rich is crushed. It was fun while it last. Cya.

Plus500 can isolate accounts to ensure they have “technical difficulties “ This is the evidence that has now gone to the police.
Customer 1 . This person was trading oil on the 21/04/2020. There positions were in profit but they could not close them as the buy and sell button was frozen. Submitted a complaint , Plus500 state that oil was not unavailable for trading for most of day due to volatility.
Customer 2 and customer 3. Both these people were trading oil also on the 21/04/2020. Both these people would not close there positions also due to the buy and sell button being frozen. Losses incurred as a result 25,000 and 40,000. Plus500 denied that they could not close there positions yet told customer 1 that oil was not available for trading for most of the day .
Customer 4. This person was also trading oil on the 21/04/2020 . This person was looking at the screen all day and said oil was available to trade all day. These person was trading in small amounts of money so obviously Plus500 are not bothered to manipulate when the amounts are low.
Customer 1: This customer then with to support to seek answers and requested a screen print out of the times that oil was frozen on the 21/04/2020. They told this customer that there was no record of them trading oil that day. What was done to the records?

Plus500 can isolate accounts for manipulation. This is pure fraud.

Jun 13, 2020 - 1 Star 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

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

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 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.

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