Plus500 Review

I put some money in the account and then noticed they modify data - either to entice you to make money on demo, or when you switch to real money, make you quickly loose all your deposit.
I then decided to pull the money out -then the real issue began. over 4 weeks they kept giving me all excuses to prevent me taking my own money back. numerous communication/emails - either no response or you just get excuses.
I finally have to let them know that I am seeking help from ASIC and ACCC - and only by then they returned my money in a RELUCTANT WAY.
EXTREMELY BAD CUSTOMER RESPONSE, EXTREMETLY GOOD SCAM!!!

I am relatively new to trading so I can not claim I know much of the subject. I decided to use plus 500 despite having read the negative reviews that shine a bad light on the company. I assumed that these people were maybe just upset with their loss.

I had a position open yesterday and unexpectedly closed due to margin call. It was unexpected because the notification saying it was closed came at the same time as the warning notification. I had no warning whatsoever. Keeping in mind I had been checking the app every 10 minutes, and would have been able to add funds if I was given sufficient warning. There was plenty enough equity to cover the loss. Just because my equity had fell -£10 below the required margin, I had lost half of my money.

I spoke to somebody on live chat called Georgi (because they don’t have a number to call on, surprisingly). I had told her I was extremely annoyed that I didn’t receive any warning prior to my account being closed. She argued that there was warning and the reason both of these notifications were received at the same time was due to connectivity issues. I then asked her to tell me what time the warning notification was sent. The notification was sent at 2:27. My position was closed at 2:30. My account was closed because my equity fell roughly £10 below the required margin for 3 POXY MINUTES.

So I argued with the woman and told her it was unacceptable and that I wanted a refund for the closed position. She kept going over the same points, that “plus 500 have the right to close any position which has fallen below required margin”, and “as a trader it is my responsibility to ensure there is enough equity”. As I had stated there was enough equity, just £10 off from the required margin., my position would then have recovered and made profit had it been kept open.

I told her I would have been able to add funds. I asked her if she thought a 3 minute warning would be an appropriate amount of time for me to add funds prior to closing my account, she had no comment. I told her exactly how I saw it, that they were quick to close my position because it was due to recover. She told me she would sent my complaint to a higher department. I still haven’t heard back. It looks really bad for the company with the amount of reviews claiming that it is a scam. Now I have realised I should have listened to these warnings and looked for a different broker.

Rip off company beware!! The prices shown on plus500 are not the actual market prices, check for yourself look at the prices of bitcoin for example on plus500 then check on google or coinbase its hundreds sometimes thousands different! You are not putting your money in the real market but in a simulation created to rip you off!!
Here is how i lost £120 after creating my account yesterday. Bitcoin prices were going up so i bought nearly £200 worth, all of the sudden prices started dropping so i checked coinbase and prices were going up nearly £800 higher than plus500, then i checked google and other sites the price was going up by nearly 7% on the same time the prices were dropping by nearly 10% on plus500, so they canceled my position automatically making me £120 loss, and prices went up again. The plataform is a rip off simulation environment go and check for yourself before getting robbed!

I have had a very bad experience with Plus500. Their screening questionnaire can highlight your unsuitability and YET they can still allow access to inexperienced and low income consumers like myself. Not just that, you can just click on the disclaimer to gain access - even if you are mentally impaired. This is irresponsible and they respond by placing all the responsibility on the consumer. Surely they should better screen for "appropriateness" as the Financial Ombudsman highlights.

A phone call to Director Mr Weston resulted in him cutting the call dead - even though he had been informed of disability during the call.

This company has shown no compassion for the circumstances of this vulnerable consumer AT ALL. They have washed their hands

There is no way a loan would be given to them: why should Plus500 therefore permit them to lose 000's, including from a credit card that wasn't verified and do nothing? Why, on disclosure of illness, did they terminate the account? This is appalling behaviour and extremely irresponsible.

Plus500 is a big scam, they get your money and don't return it when you make a profit. Stay away from this company

It's total scam the whole thing is to set you up to lose your money I know exactly how to trade oil on future contracts and the price difference spread and m. Margine is a joke its a complete scam they change their chart and manipulated prices away from cme prices I'm waiting for their reply now my account converted to 0 even with their m.margine and the funny part is they close the position really far from the actual price on their manipulated chart and left me with 0 balance I will explain it they require a huge margin and that margin and their stop loss both won't stop your balance to become 0 so basically its a casino and the house always wins I wish that I gambeled rather than trading with them I will wait for their reply now and see if they really scam or not and I guess they won't fix it.

Do not try plus500, they are using reviewing strategy in taking every single amount you deposited in their trading platform. I have lost 8500 there, no deposit review but in withdraw even same card u used to deposit the notorious fraudulent will swallow your money no matter how big or little. Pls be far from plus500 0r is it 5 billion

Hey all,

I made 2000€ withdrawal on 10 Jun 2015 and after one month and tens of emails they - so far - never gave me my money.

Very lousy customer support - no live chat - no telephone numbers.

When using email (presumably a robot) sends a reply in seconds telling that :
"Please note that we are currently experiencing a larger workload than usual and it will take us longer to respond your query" .
After this it might take weeks to get a mail from actual cust. support member ..

Opened 6 positions between 10.40 and 16.55 on Thursday 9th of april (writing puts) on DAX options) with expiry april 15 (april 17 on Eurex - quoting exchange)
I Used 4 different strikes 8250, 8550, 9000 and 9700.
The spread was big on the three lower strikes which is normal, I have traded derivative for 25 years so are quite familiar with most aspects on the pricing of options. I'm not quite as familiar with CFD "brokers" which I'm happy for now,

During the easter weekend I talked with customer support on chat (a function that is now taken away, at least for me) and the customer representative confirmed that the settlement price on april 15 would be the LAST price on EUREX the same day.

When the trading opened at tuesday morning, april 14, only one of the strikes were quoted on plus500, (9700) . I closed my three small positions in profits as I started to be concerned.
For two full trading days no new quotes came in on my remaining three strikes, emailed customer service and was served some bs story about volatility (the underlying index was barely moving) - YES, option prices are volatile when expiry is getting closer, We have the Greeks to aid us in calculations and trade decisions.

The potential unlimited risk writing options represents implies the necessity to get rewarded for the risk when the trade moves your way.

Instead of getting settled at 0.50, 0.80 and 2.0 I was given thursdays closing prices 10.25, 14,19 and 23.33.- resulting in a loss of about 300 usd rather than a profit of 900 usd.

Plus500 has sent me a few short messages in reply to my complains telling me a senior department is looking at it.

I´m completely shocked how this can be legal. When reading their terms and conditions (Yes, I´ve read all of their legal documents now) I got even more appalled and also a bit ashamed that I had handed over money to this kind of people.

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"

Please, if anyone reads this . DON`T use this platform, and I can't say for sure, but having used a few days to research, this goes for most of their competitors as well.

ThetaGamma

1. It has been 8 business days since I made the transaction from my bank but my funds have never appeared on my account. Every time I contacted Plus500 they said they have transferred my request to the relevant department.
2. I made the withdrawal two business days ago and I can still cancel the request, which meant they have not executed the money transfer after two business days.
3. Although most of my money (like about 73%) are deposited via Klarna (so via bank transfer), at first they say my withdrawed money will go back to my credit card because that's what I used to verify my identify. However, that was the only way to verify my identify when I tried to open the account. In addition, this rule does not match with what they claim online, which is they always try to transfer the money back to how it is deposited in the beginning. Considering the processing fees for the credit card, I would not choose Plus500 if I have not been fooled in the beginning.

Most people here talked about its dynamic spread etc. However, most of the instruments on Plus500 have fixed spread so I kinda disagree with what most other people say. But my issue is on another level. Do not choose this broker because it's a pure fraud. I cannot even call them because they don't have one.