Plus500 Review

1.567 · 166 REVIEWS
Updated: Nov 16, 2020 · Plus500.com  · Is this your company?

Plus500 is a CFD broker. Plus 500 offers the Mobile and WebTrader trading currency platforms. Traders with Plus500 accounts can trade CFDs on underlying financial instruments such as currency pairs, cryptocurrencies, gold, silver, stocks, commodities, options and indices.

Plus500
2017-04-19: The Belgian FSMA ordered the shutdown of plus500.be and for all branches of Plus500 to stop providing services to clients in Belgium.  CLICK HERE to confirm.
February 2016:  There is an FPA Traders Court vote against Plus500.  Unless this issue is resolved, the FPA recommends a very high level of caution dealing with Plus500.

October 2012:  Plus500 fined over 200,000 GBP by the FSA

FSA Penalty Details

Other websites of this company include www.plus500.co.il

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $100
Established: 2008
Address: Building 25 Matam, Haifa, 319160, Israel
Contact: support@plus500.com, +972 4-689-2154
Regional offices:
Regulators: ASIC #417727, CySEC #250/14, FSA-S #SD039, MAS #CMS100648-1, FSCA #47546, FCA #FRN 509909
Prohibited countries:
Trading platforms: Plus500
Web Trading: Yes
Mobile Trading: Yes
Currencies: (55+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (20+) Gold, Silver, Other Precious Metals, Stocks, Oil, Other Commodities
Deposit Methods: VISA, MasterCard, Local Bank Transfers, PayPal, Skrill
Withdrawal Methods: VISA, MasterCard, Local Bank Transfers, PayPal, Skrill

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1.567 · 166 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

Reading, United Kingdom,
Feb 29, 2020,
Registered user

Not worth your time

Service use: Demo

Length of use: 0-3 Months

My friend uses this brokerage and so I thought I would check them out to verify their usefulness.

Their tools are setup for you to fail:

-The default time is 1m.
-There's only the most basic tools for trading, could probably count their aggregate total on two hands.
-You can only use their inhouse web app which is laggy and illsuited for trading.
-There's no way to download historical data,
-There's no ability for you to code your own indicators or trading robots.

Furthermore, their terms and conditions are beyond belief:

-They have a severe conflict of interest with their customers as they always take the other side of the trade: this isn't disclosed sufficiently either.
-There's some line in the order execution policy about explicitly consenting to trading on an unregulated market they create.

I could go on, but you get the gist? Use a better brokerage.
  2 traders have found this review helpful
Bruce,
ontario, Canada,
May 5, 2014,
Guest

Horrible!...no phone....claim to have online chat support, they don't...email only...takes 24 hrs to get reply when something is wrong...they are an Israeli group operating out of London...they allow you to deposit via credit card and then won't allow you to withdraw funds after you have supplied all the initial documentation they request when opening the account.

GRAB YOUR MONEY AND RUN AS FAST AS YOU CAN AWAY FROM THIS BROKER...THEY AREN'T WHO THEY PROJECT THEMSELVES TO BE.
 
Anonymous,
, Greece,
May 26, 2012,
Guest

If you like loosing money try this platform.

In order to make a profit you will have to go at least against these odds:

1. You have to bit the immediate earnings of Plus500 as they open a buy position for you well above the spot market and they open sell (put) position well below the market.

2. Their platform is very quick to inform you about the actual price when you are about to loose money but they are very slow in confirming a win position making it almost impossible to close on profits.

3. Overnight is also charged at a remarkable expense to your capital.

4. If you want to withdraw you have to pray for the guy that is running the business (I believe is only one or two) to accept the retrieval of your own money! Even if you have no earnings it is possible to face a lot of delays not to mention refusal.

To make the long story short:

DO NOT, I repeat, DO NOT make my mistakes. That link I followed on facebook cost me some hundrend euros.



 
M_racer,
, Italy,
Jun 7, 2015,
Guest

stay away with this site, its a scam!!! the dont want to withdraw your money.
sorry for english
 
Marcel,
Netherlands,
Oct 12, 2011,
Guest

Today, I received an email from Plus500 stating that I am scalping if i close a trade within 10 minutes from opening it. They then directed me to wikipedia for more information about scalping (turns out they believe i do 1000's of trades a day for a small profit, lol). After googling a bit i found out that they mention but dont specify 'scalping' in their user agreement. Turns out 10 mins is the minimum time one needs to hold on to a trade with this 'broker'. Since i always set my stop as close to my opening as is possible by their platform (12pips) the chance i get stopped out before 10 minutes is over is huge, therefore i will need to lower my leverage and set much larger stops, greatly affecting my profitability. The funny thing is that when i was losing money, they didnt bother with me at all, but now that i actually made some profit, they give me a 10 minute timeframe before i can close my trade, so that i will have to run great risk in these volatile currency markets. Because of this, I am pretty sure they profit from your losses. Please stay away from them!
 
savoq,
Denmark,
Oct 26, 2010,
Guest

Hi traders

These guys are total scammers!! , i sadly found out too late, but there is still hope for you.

I have seen they charge way more than 2 pips per trade, and they are also manipulating with the actual exchange rate, so you first they overcharge for trading then they charge you when closing, see link !!!

Proof of manipulation: http://i51.tinypic.com/m73zet.jpg

Dont say you werent warned!
 
johnny,
singapore,
Aug 23, 2010,
Guest

plus 500 is a huge cheat. you deposit your money and you cant withdraw it. don't ever ever trade with this stupid company
 
napoli, Italy,
Jan 19, 2018,
Registered user

Terrible, extremely bad performance. Possible unethical behavior. attenzione pericoloso
 
Reply by Plus500 submitted Jan 23, 2018:
Hello,
Thank you for your comment.

The App requires a strong an stable connection - make sure you have a such- and close all other in the background running Apps.

For technical assistance always refer to our Support using this link:
http://www.plus500.com/Help/ContactUs.aspx
We are certain our Team will gladly assist.

Regards,
Plus500
Steve,
United Kingdom,
Feb 22, 2018,
Guest

Do not use this company it’s a scam with a massive advertising and affiliate program to make it look legit !!!

Dec 30, 2017 - 1 Star I like many others have been ripped off by this company , at first with the bonus and a couple of hundred pound deposit , I made over £1000 in 3 days , amazing I'll add more I thought ,so put in another £1000 , then came the manipulation , spikes to set losses not seen by any other market , margin calls due to rates on my instruments not seen on other markets , being logged out for over half a day when in profit , greyed out buttons when in profit or trying to buy or sell , spreads changing constantly in there favour , I've taken photos of this and passed on to relevant departments , after being forced to add more and more funds ,due to margin calls to cover my positions , and me sending several emails after live chat was removed suddenly , and getting generic responses which is all I'm still getting ,instruments suddenly started getting closed , one at a loss of £3.50

Reply by Plus500 submitted Jan 11, 2018 Hello,



Thank you for your comment.



Plus500 is a fully regulated worldwide trading company.

As such, we will never be engaged in this type of questionable activity.

You are welcome read more about the regulating bodies we are bound to on our website:

https://www.plus500.com/FAQ/Regulators



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.

We represent the market as it is.



Since we are unable to locate your trading account based on the information provided here, please contact our support team for any assistance needed.



Regards,

Plus500
 
Gloucester, United Kingdom,
Jun 13, 2017,
Registered user

Stay away you have been warned, unless you want to lose your money

They are 100% a scam company, soon as you make a lot of profit they will close your account and find any excuse to limit your account, I made a lot of money in 2 months, I was registered and verifed last year, I made losses as well, they will be wait for you to get near your maintenance margin and restrict you from despositing any funds so you lose all your money, horrible customer service, talk to you like you have done something wrong when all you want is some help, they can't help and advise you to email a senior staff and that can take days for a reply, I was happy with them at first but soon as I got better and learnt from my mistakes and started doing things right, they didn't like that, spent weeks gettting an answer to my numerous emails to customer service, in the end I called FCA and the Ombudsman, and they gave me the direct number for the headoffice, FCA are now investigating the matter, if you need to call them the number is 020 3876 1641, Ask for Michelle West or Mark Winton and also escalate your complain to FCA. Please don't fall for this scam like I did.
 
Reply by Plus500 submitted Jun 15, 2017:
Hello Hitesh,

Thank you for your comment.
Reviewing your matter mentioned, we can see that it is still being handled by our Senior Staff meaning that unfortunately we wont be able to provide with more details publicly.
Should you have any further questions, please place those within your correspondence with the Senior Staff.

Thank You,
Emma
Plus500
Social Media Team
MEXICO, Mexico,
Jul 15, 2017,
Registered user

So it is my experience in more 500 is supposed to leave with lost between 5% and 10%, plus 500 if one invests any amount example 200 dlls in any pair or comoditi you can not put lost loss of loss 5% O 10 % If not the stop loss is 100% or if you want to leave with loss will be with 100% with 50% and that is regulated.

They remove CFD when they want and then put them losing their money as in AMD they removed it and in 5 months they put it ,EQUAL IN CFD OF GREECE.

 
Reply by Plus500 submitted Jul 18, 2017:
Hello there.
Unfortunately we were unable to fully understand your comment.

Please let us explain that Plus500 is a fully regulated worldwide CFD trading company.
One of the benefits of trading with a regulated firm is that you know you are contracting with a reliable and reputable provider in a regulated environment, which has stringent rules and regulations designed, in particular, to protect the interests of retail clients.

In reference to your comment regarding the stop call, please consider that a stop call will be executed once the requested rate is reached and exceeded.

There is no guarantee that your position will close at the exact price level you have specified, because of ‘slippage’ that can occur during volatile price movements and the fact this stop is free of charge.

Note that Plus500 also offers a "guaranteed stop order" for some instruments, which close your position at the exact rate you have requested.

You're welcome to read more on our Risk Control and Order Types help page -
http://www.plus500.com/Help/HelpOrders.aspx

In addition, with Plus500 you can not loose more then invested, meaning you will never be in debt Should you require any further assistance, feel free to contact us.

Regards,
Emma
Plus500 Social Media Team
Eindhoven, Netherlands,
Sep 15, 2016,
Registered user

+500 makes up rates taking your money

Some serious shady business going on at plus500.

Peter Schouten, Sep 8, 14:30 IDT:
LiveChat conversation transcript:
----------
source: WebTrader2
ip: 193.172.150.12
lang: en
page: Menu
email: peterschouten@gmail.com
real: true

Chavdar (Thu, 9/8/2016, 01:45:24 pm Europe/Helsinki)
Hello. How may I help you?

peter jeroen schouten (Thu, 9/8/2016, 01:45:24 pm)
Hello, i want to ask you about a closed position this morning

peter jeroen schouten (Thu, 9/8/2016, 01:45:48 pm)
it is position 1030289605

peter jeroen schouten (Thu, 9/8/2016, 01:46:09 pm)
it was closed for margin call at close rate 2424, but it has never reached 2424

Chavdar (Thu, 9/8/2016, 01:46:31 pm)
I will need a few moments to verify this matter.

peter jeroen schouten (Thu, 9/8/2016, 01:46:36 pm)
In fact, it still isnt at 2424

Chavdar (Thu, 9/8/2016, 01:47:41 pm)
Unfortunately, your position #1030289605# was closed due to a margin call.

peter jeroen schouten (Thu, 9/8/2016, 01:48:27 pm)
yes i see that. But it closed at a rate it hasn't reached. Clsoing rate was 2424, but is has not been above 2396

peter jeroen schouten (Thu, 9/8/2016, 01:50:01 pm)
Hello?

Chavdar (Thu, 9/8/2016, 01:50:36 pm)
Just a second, please

Chavdar (Thu, 9/8/2016, 01:52:12 pm)
Please note that in the event that your Equity falls below the maintenance margin requirement for all open positions, it means that you do not have enough funds to maintain your position and therefore the position will be closed by "Margin Call".

peter jeroen schouten (Thu, 9/8/2016, 01:52:48 pm)
I understand sir, but it has not been that high, so i do not understand the margin call. It has not been at 2424

peter jeroen schouten (Thu, 9/8/2016, 01:53:22 pm)
You closed it 09:01 and it was 2356 then

Chavdar (Thu, 9/8/2016, 01:53:59 pm)
Yes, I understand. But please note that we reflect the market as it is, and in some cases the fluctuations of the market are very high.

Chavdar (Thu, 9/8/2016, 01:54:13 pm)
bear in mind that maintaining a sufficient equity at any given time, is under the responsibly of the trader.

peter jeroen schouten (Thu, 9/8/2016, 01:54:45 pm)
But why is it not visible in ANY program? The market has not been that high

peter jeroen schouten (Thu, 9/8/2016, 01:55:05 pm)
It has not been above 2396

Chavdar (Thu, 9/8/2016, 01:55:57 pm)
Bear in mind that your position is a sell position

Chavdar (Thu, 9/8/2016, 01:56:10 pm)
So you have to look the buy rate.

Chavdar (Thu, 9/8/2016, 01:56:44 pm)
In the graphics are shown the sell rates.

peter jeroen schouten (Thu, 9/8/2016, 01:56:52 pm)
I understand sir. I opened it at 2374 and at the moment of closing: 09:01 it was 2356

peter jeroen schouten (Thu, 9/8/2016, 01:57:09 pm)
So it went short as i predicted

peter jeroen schouten (Thu, 9/8/2016, 01:57:36 pm)
I even had the take profit installed. I understand slippage, but it has not been at 2424 at all

Chavdar (Thu, 9/8/2016, 01:58:35 pm)
Yes, I understand. Please note that the market is highly volatile and an investment in CFDs carries a high degree of risk to the investor

peter jeroen schouten (Thu, 9/8/2016, 01:58:56 pm)
I do understand sir

peter jeroen schouten (Thu, 9/8/2016, 01:59:02 pm)
but the rate has not been at 2424

peter jeroen schouten (Thu, 9/8/2016, 01:59:39 pm)
it has not been above 2396 and at the moment of closing it was 2356

Chavdar (Thu, 9/8/2016, 02:00:27 pm)
Please note that the graphics represents the sell rate.

peter jeroen schouten (Thu, 9/8/2016, 02:00:46 pm)
It isn't showing on any graph

Chavdar (Thu, 9/8/2016, 02:01:21 pm)
Where did you see the rates?

peter jeroen schouten (Thu, 9/8/2016, 02:01:34 pm)
nl.investing.com

Chavdar (Thu, 9/8/2016, 02:03:19 pm)
Please note that this instrument is a future contract for December.

Chavdar (Thu, 9/8/2016, 02:03:38 pm)
In any case you should check the rates on our Platform.

peter jeroen schouten (Thu, 9/8/2016, 02:03:57 pm)
On your platform it hasn't reached 2424 either

Chavdar (Thu, 9/8/2016, 02:04:06 pm)
Please note that Plus500's quotes prices with reference to the price of the relevant underlying financial instrument and its spread. This price is obtained from a range of third party reference sources, various nominated independent financial market data providers, who, in turn source their price feeds from relevant exchanges.

peter jeroen schouten (Thu, 9/8/2016, 02:04:56 pm)
i understand sir but again, it has not been at 2424

Chavdar (Thu, 9/8/2016, 02:05:20 pm)
Yes I understand.

Chavdar (Thu, 9/8/2016, 02:05:28 pm)
Please note that in the event that your Equity falls below the maintenance margin requirement for all open positions, it means that you do not have enough funds to maintain your position and therefore the position will be closed by "Margin Call".

Chavdar (Thu, 9/8/2016, 02:05:53 pm)
Please read the info here:http://www.plus500.com/FAQ/Trading/WhatIsMarginCall&hightlight=margin%20

peter jeroen schouten (Thu, 9/8/2016, 02:05:54 pm)
Come on... I understand but you mention a rate it has not reached

peter jeroen schouten (Thu, 9/8/2016, 02:06:04 pm)
i understand what a margin call is

peter jeroen schouten (Thu, 9/8/2016, 02:06:47 pm)
You closed my position at a rate it has not reached and now you try to claim margin call, what is going on?

Chavdar (Thu, 9/8/2016, 02:07:24 pm)
Your position was closed because of the the Margin Call.

peter jeroen schouten (Thu, 9/8/2016, 02:07:30 pm)
Falsely

peter jeroen schouten (Thu, 9/8/2016, 02:07:39 pm)
a mistake has been made here

Chavdar (Thu, 9/8/2016, 02:07:58 pm)
Because you did not have enough funds to maintain your position

Chavdar (Thu, 9/8/2016, 02:08:20 pm)
Your equity was -503.09

peter jeroen schouten (Thu, 9/8/2016, 02:08:43 pm)
that is not true, because i opened the position at 2374 and at the moment of closing it was 2356. It has not been above 2374 before the moment of closing

Chavdar (Thu, 9/8/2016, 02:09:25 pm)
One moment,

Chavdar (Thu, 9/8/2016, 02:17:26 pm)
Please note that our rate at the moment were as following 08/09/2016 09:01: the sell rate was 2342 and the buy rate was 2424. So your position was closed by the buy rate at this particular moment, because your position is sell position.

peter jeroen schouten (Thu, 9/8/2016, 02:17:47 pm)
That is not true

peter jeroen schouten (Thu, 9/8/2016, 02:18:04 pm)
It was 2356 at 09:01

peter jeroen schouten (Thu, 9/8/2016, 02:18:35 pm)
What you are saying can never be true because austria 20 has a 12 pip spread

Chavdar (Thu, 9/8/2016, 02:19:57 pm)
Please note that this Instrument (Austria 20) has a Dynamic spred. With the dynamic margin, the difference between the Buy and Sell rates is not fixed and is constantly changing based on recent market data.

peter jeroen schouten (Thu, 9/8/2016, 02:20:24 pm)
And where can i see what you are saying? What graph can i consult?

Chavdar (Thu, 9/8/2016, 02:22:43 pm)
Just a moment, please.

peter jeroen schouten (Thu, 9/8/2016, 02:25:34 pm)
ok

Chavdar (Thu, 9/8/2016, 02:26:49 pm)
I would like to inform you that once we close this chat your query will be forwarded to the relevant department. You will be contacted via email, once there is an update on this matter.

peter jeroen schouten (Thu, 9/8/2016, 02:27:05 pm)
What is this about?

Chavdar (Thu, 9/8/2016, 02:28:07 pm)
Sir, I will escalate your query to our relevant department, and once

Chavdar (Thu, 9/8/2016, 02:28:37 pm)
i have their answer I will write you immediately.

peter jeroen schouten (Thu, 9/8/2016, 02:29:25 pm)
Ok. To me it sounds like I will never hear anything again, but thank you for patience and time

Chavdar (Thu, 9/8/2016, 02:29:44 pm)
I assure you that we will contact you.

Chavdar (Thu, 9/8/2016, 02:30:05 pm)
Thank you for reaching us. Bye. Have a good day.

peter jeroen schouten (Thu, 9/8/2016, 02:30:14 pm)
You to, thank you again.

----------
Any additional feedback or suggestions?
Did you get the answer you were looking for? No, my questions were

So senior Staff naturally replied with the same kind of response but no proof whatsoever.

To me this is a case of stoploss hunting. Be carefull spending your money at +500
 
Reply by Plus500 submitted Nov 16, 2016:
Dear Peter.

We have been able to locate your correspondence with our senior staff in this matter.
As far as we can see, the matter was resolved to your satisfaction.
If so, please would you reconsider your rating?

In case you have any further questions or be in need of additional assistance regarding our services, please feel free to reach out to our support team.

Regards,
Plus500
Netherlands,
Nov 17, 2018,
Registered user

Here in Holland (AFM) as well in France (AMF) the government warns people of Plus500 because a lot of people lost money they are investing the false game they play.
Be warned!
 
Reply by Plus500 submitted Nov 19, 2018:
Hello,

Plus500 is a fully licensed and regulated worldwide CFD trading company as you can read in our website and online - https://www.plus500.com/FAQ/Regulators.

Kindly note that trading in CFDs carries a high degree of risk. Trading will not always be profitable and can result in the loss of your entire trading account balance.

Moreover, plus 500 provides Negative balance protection for her clients.

Should you have any questions or require assistance, don't hesitate to contact our Support team, via chat or email - http://www.plus500.com/Help/ContactUs.aspx

Regards,
Plus500


Dubai, United Arab Emirates,
Jun 18, 2020,
Registered user

Hedging -connected account- All account balance voided

Service use: Live

Length of use: 3-6 Months

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
  1 trader has found this review helpful
London, United Kingdom,
Apr 1, 2020,
Registered user

designed to make you loose

Service use: Live

Length of use: over 1 Year

The dynamic spreads and methods used for pricing of instruments (which is not transparent) makes Plus500 one too avoid.

Its basically not much more than a scam to make you feel like a trader but in actuality it’s designed to sap your money. They only make money if you loose money bear that in mind.

Thats why ~80% of their clients loose money. If it was fair it would be a figure close too 50%! Think about it.

Plenty of others in the market now. Be careful, do your research and avoid Plus500
 
Keiron West,
Bauska, Latvia,
Mar 18, 2016,
Guest

I withdrew money on the 3rd March 2016, it is now the 18th March 2016 and I am still waiting, they will tell you to contact plus500 customer service, but I can tell you that is pointless, they work off a script and they do not respond in any sensible time, 1 week and I am still waiting for them to tell me what has happened to my money. I have another big withdrawal from the 15th March 2016 but I doubt I will see that money either, just a bunch of thieves with pretend customer service, better to get in contact with the financial regulation service according to what people who work from other CFD and Forex companies, they are well known for not paying. they took my money within seconds of depositing it but refuse to give what I earned. nothing but thieves, I am completely approved and verified so there is no reason to not deposit my funds into my bank account.
 
Reply by Plus500 submitted Nov 14, 2016:
Hello Keiron,
We have located your correspondence with our support team in this matter and as far as we could understand, You have declared that the issue was resolved.
Should this actually be the outcome, we would be delighted if you reconsider your rating as well.
For any clarification or assistance, please feel free to contact our most dedicated team of supporters - http://www.plus500.com/Help/ContactUs.aspx
Regards
Plus500
JD,
Stoke-on-trent, United Kingdom,
Apr 30, 2018,
Guest

Rigged closure of trades, misinforming the traders...

Plus500 Rigged my trades...

One thing to start with before I begin talking about my experiences, with plus500, as I have a few red flags that slowly grew to my attention. Firstly prices of cryptos listed on Plus500 don’t match to the live cryptocurrencys exchanges such as Binance, Bitfinex etc.

The prices are simulations of the market, so why can’t Plus500 close trade on your requested/set stop losses and take profits.

79% of contract for differences traders lose.

Spreads are far from fair puttting the trader at a disadvantage from the beginning of a position.

Plus500 also claim that it is the traders responsibility to look over their equity and positions, however this was not the case when it come to the positions I was holding.

My positions closed after a very sharp fall which raised some red flags and come to my attention. I feel that there is some solid evidence to prove Plus500 have a rigged system put in place to put the trader/customer at a serious disadvantage.

I opened three positions totalling an equity of £1800, I had eventually gained a profit of up to £1200 at its highest point. Then it suddenly quickly declined reaching my apparent maintenance margin of £934.79, which meant that my positions needed to close in order to maintain certain positions.

Initially I had thought that once the maintenance margin had been reached, all three positions I was holding would essentially close. However this was not the case according to Plus500.

They had closed one position at a time, to maintain the other positions and allow them to stay open for example I was £220 up on one trade which had closed first in order to keep another trade that was essentially in £100 in profit open, then apparently they had to close this trade, in order to keep my main position that was losing the most money open.

However this was not what came to my attention. What had came to my attention was how each trade had closed individually and the apparent explanation or reason behind the ORDER of trades closing.

Plus500 said positions close in the order of the position with the highest maintenance margin first. This is to keep positions with a lower maintenance margin open that way there will be enough equity to keep certain trades open.

This statement above had contradicted what happened in my situation with my positions that I held.

I was holding positions in cryptocurrency, they would have been as follows:

NEO - Maintenance Margin = £408.17

EOS - Maintenance Margin = £272.47

ETHEREUM - Maintenance Margin = £254.15

The order I just listed the positions in (shown above), is also the exact same order the positions should have closed on, however they closed in a different order that did not go with the processes Plus500 claims to follow.

The trades closed in the following order:
EOS
NEO
Ethereum

The order they closed in also seemed very suspicious and tactical to some extent.

Plus500 then happened to first close the trade that was profiting the most and also with the lowest leverage, so essentially the lowest risk to myself. EOS at the time was also hedging a position and compensating for Ethereum’s losses. Once EOS had closed the losses could easily multiply.

They had then closed NEO which was also a lower risk than Ethereum and also in profits at the time.

Coincidentally NEO and EOS happened to be trading 20% higher than what I bought it and closed my positions at. and that happened within 48hrs of my trade being automatically closed, so I’ve missed out by my calculations (which are quite accurate), on a profit of around 4k.

Here is the Positions Leverages (note this is also the order in which the trades closed in, coincidence I think not):

EOS - 1:5
NEO - 1:10
Ethereum - 1:15

With ethereum being the only position open, being the only trade in the red and having the highest leverage the losses come very quickly and unnecessarily.

Even at that however I should not have fell below the equity of £934.79 (as this was my apparent maintenance margin) and this is where my argument stands the most. I woke up to my equity around £300 and my two most profitable trades closed a good three hours before this.
P.S I would not be making a complaint if my equity stood at that Maintenance margin of £934.79.

If I had ethereum close first after reaching my ‘maintenance margin’ I would have been profiting above that figure of £934.79.

So to summarise...
They didn’t close all the trades after reaching my maintenance margin.

They didn’t close the trades in order of highest maintenance margin first, (as they stated they do).

They closed the trades in highest profit first.

Closed the trades with lowest leverage (essentially risk) first, so my losses could multiply quicker with ethereum’s high leverage.

Then made it clear in the live chat that it’s the traders responsibility that I control my trades, when they took control and closed them in a suspicious/rigged fashion.

I have screenshots and pictures of my Live chat conversation with an advisor and also of my positions,
maintenance margins etc.

It’s first time using this so I
don’t know how to upload ifsomeone could advise me how to do this, that would be much appreciated...
 
Reply by Plus500 submitted May 9, 2018:
Hello Mr. CLIENT NAME REMOVED,

We can see your query is already under review by our senior stuff in ticket #3670697.
We can assure you that they we do their best to provide you with a detailed reply regarding any query you may have and put their best efforts to solve this matter to your satisfaction.

We appreciate your understanding.

Regards,
Plus500

The FPA would like to remind Plus500 that revealing personally identifying information that the client has not already posted in the review is unethical and may also be a violation of regulations about client privacy.
Milan, Italy,
Apr 7, 2019,
Registered user

does not give profits

this company does not give profits. They manage to maintain their worthless Cysec licence because too little people complain. Clients receive almost threatening emails from Isreali people and give up. People write to Cysec or financial Ombudsman! This company should never be granted a license to operate in this business. They are happy till you lose. If you make profit, they refuse to give it by suspending the account in question.
also, if they claim that they earn money with the spread (that is clearly not true), why don't they allow scalping (more open positions, more spread correct?) nor EA? they claim that scalping is against the market rules. but the point is that retail traders trade CFDs that are derivatives are CANNOT move the market in any way! also the quantity traded would not be sufficient to manipulate the markets, as they claim in their threatening emails.

I already wrote to Cysec with some examples of their threatening emails, I hope they will lose their license soon.
 
Reply by Plus500 submitted Apr 8, 2019:
Hello Ilanna90,

Firstly, we are sorry that you feel this way.

Please be informed that Plus500 is a fully regulated CFD trading company which reflating the situation on market directly.

Plus500’s subsidiaries are authorized and regulated in different jurisdictions around the world.You are welcome read more about the regulating bodies we are bound to on our website. https://www.plus500.com/FAQ/Regulators .

In addition we would like to inform you that although trading leveraged CFDs can result in a profitable outcome, trading leveraged CFDs also involves a great risk of losing all the funds deposited

Please note you are most welcome to contact our Support team, via chat or email - https://www.plus500.com/Help/ContactUs in order to thoroughly review your query, as we strive to improve our services and provide you with the best trading experience possible.

Regards,
Plus500
Mary Chou,
Melbourne, Australia,
Jun 2, 2018,
Guest

Many reviews here on FPA are absolutely true. Read all of them carefully before choosing this broker! Be VERY careful!

Possibly the worst broker ever. When you lose money they update the quotes very very quickly, when your profit turns green, the quotes are updated less than once per second, sometimes the instrument simply becomes unavailable and they make it impossible for you close your position. 100% market maker who trade against you.
 
Reply by Plus500 submitted Jun 7, 2018:
Hi Mary,
Thank you for your comment.

Plus500 is a fully regulated CFD trading company as you can read in our website and online - https://www.plus500.com/FAQ/Regulators
For further clarification, always be welcome to contact our Support - http://www.plus500.com/Help/ContactUs.aspx

It is important to explain that Plus500 quotes prices with reference to the price of the relevant underlying financial instrument and its spread.

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’s prices can be found on our website or trading platforms.

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.

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 rates 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.

Always be aware that we reflect the market as it is, when there is, for example, a low trading scenario in the market, based on offer and demand for the asset at that moment , you will encounter that in our Plus500 platform.

Always make sure to contact our Support instantly when encountering any difficulties (alongside with information as the relevant time frame, instruments name and supporting screenshots) and they will gladly review &explain.

Regards,
Plus500

Sydney, Australia,
Aug 3, 2020,
Registered user

Banned for no reason

Service use: Live

Length of use: 0-3 Months

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.
  1 trader has found this review helpful
Lloyd,
, United Kingdom,
Feb 12, 2014,
Guest

I had requested a withdrawal for <100 and it took 3 days. Another I requested >800 4 days and still nothing, hence my hunt to find the timescales.
 
Pete,
UK, United Kingdom,
Jul 29, 2013,
Guest

I wouldn't like to say i've been scammed exactly. But to.withdraw funds you must upload a form of i.d. My form of choice was my passport. I included a picture of m passport including all of my relevent details but omitted my passport number. My plea was rejected and Plus 500 emailed me to tell me why. Apparently i had to include the whole passport. I told them, "If you think, in today's privacy climate, that i am prepared to give a complete stranger my whole passport details, personal details AND passpor number, then you sir, are out of your f***ing mind." They claim everything is fine as they are regulated by the FSA. To which i replied, as of March 2013, there is no FSA. So financial ombudsman it is.
 
Ilias,
Greece,
Jan 15, 2010,
Guest

An excellent platform and program to spend your free time only for recreation purposes.

DO NOT DEPOSIT REAL MONEY

While you lose your hard earned money everything is ok, up until you make any profit or decide to withdraw your earnings.

They lock your account with the excuse that you have violated the user agreement.

KEEP AWAY FROM plus500 at all cost.
 
Tony,
Lucca, Italy,
Feb 23, 2016,
Guest

They not paying my money, i deposited $500 to test them and after making something around $900 i tried to withdrow $700 just after i sent the request they blocked everything, and telling me i did wrong trades bla bla, they not telling me what are these wrong trades and i used their platform and used their prices. Cyprus need to take action aginst this scam company asap.
 
Reply by Plus500 submitted Nov 14, 2016:
Hello Tony,
Note that our terms and conditions are stated in all the relevant information sources, such as our website.
In case you have been informed regarding any abusive use of our trading platform, you are more the welcome to contact our support team for more insights in this matter.They will gladly assist.
http://www.plus500.com/Help/ContactUs.aspx
Regards
Plus500
Antreou,
Nicosia , Cyprus,
May 28, 2012,
Guest

This is a reply to the review below from Mario Zebbugi, Malta

The only reason you got your money back is because you took a loss of 500euro from your initial 2000euro investment.You gave the 2000euro and got 1500euro back

Mario Zebbugi, Malta, Malta
Rating:
Date of Post: 2012-02-23
Review: Plus 500 is not a scam... I had deposited 2,000 and read your comments that is a scam.I panicked and withdraw 1,500 and spent 3 days worring because of you a**holes.Today Ive recieved them in my paypal account .They are legit I dont know why all this scam talking its al bullsh*t,all these clowns are saying that its a scam didnt invest properly and lost money and they want revenge on 500plus...I know its hard to believe but they are registered with FSA you can check yourself and I dont know why I believed you fools...Ive learnt a lesson from this dont listen to fools find the facts(FSA is a good proof)
 

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What is the minimum deposit on plus500?

The minimum deposit for Plus500 varies depending on the deposit method you choose.

  • Via credit/debit cards or electronic wallets, it is $100
  • Via bank transfer, it is $500

How do I withdraw money from Plus500?

To make a withdrawal from Plus500, you should follow these instructions:

  • Click on “Funds Management”
  • Find “Withdrawal”
  • Select your preferred withdrawal method
  • Fill in the fields
  • Click on the "Submit" button
On mobile devices, you can access the “Funds Management” screen from the menu button.

Plus500 is a trademark of Plus500 Ltd Group. Plus500 Ltd Group is regulated in 5 countries.

  • Plus500AU Pty Ltd: is regulated with Australian Securities and Investments Commission under license AFSL Number 417727.
  • Plus500AU Pty Ltd is authorised in South Africa with license Financial Services Provider #47546.
  • Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
  • Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
  • Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039).
  • Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products (License No. CMS100648-1).