Experiences with Plus500 – Scam or Not?
Plus500 is a well known CFD broker that attracts traders with an unlimited demo account.
Plus500 has not been the top broker a couple of years ago but they really worked hard on becoming one of the top addresses. Plus500UK Ltd authorized & regulated by the FCA (#509909), which operates under strict rules, and is listed in the London stock exchange. That alone makes this broker more secure than 99% of all other brokers. You cannot just scam your customers when being a publicly listed company.
Forexpeacearmy doesn’t call Plus500 a scam and there are some larger sites that promote Plus500. Considering the size of this broker, you will find relatively few negative reviews across the web. There will be a few somewhere but this is true for every single broker.
Anyways, if we had to make a choice to recommend you three reliable brokers where it is least likely you get scammed, then Plus500 is on top of the list. You can sign up there immediately through this link. Let us know how your experiences have been.
#1: www.plus500.com - Millions of traders use this reliable and simple platform. Get your free demo account. Risk warning: 77% of retail CFD accounts lose money.
#2: www.avatrade.com - Reliable FX Broker with EU-offices and very high safety of funds.
The Alternative - Social Trading:
#1: www.etoro.com - the world's leading social investment network. Just copy successful traders with a click of a button and profit. Risk warning: 77% of retail investor accounts lose money when trading CFDs with eToro.
It started hitting Stop losses automatically, but previously it didn’t do so 😔
After I polite said no to a representative from plus500 I started receiving silent calls. Been going on for over 4 years now. Calls are made from all over the world and sometimes from fake numbers.
Plus500 is a scam. Never mind the review websites that claim to be offering unbiased reviews on them. They enter into contracts with Plus500 and are paid for each referral they get for Plus500. Hardly unbiased.
All one has to do is look at the user agreement and then ask yourself why you would trade with Plus500. Within the user agreement they state that they are the counterparty( the other side) which means when you sell an instrument they are the buyer and when you buy they are the seller. They also control the price so an obvious conflict of interests. Plus500 make money when the customer looses !!! So never trade with these scammers.
Which is what every Market Maker Brokerage company is doing. They live on the majority of traders that lose money in the long term. This fact alone does not make a broker a scam though.
i have screen shots of my total loss going up €100 more that it should and then going down before and after i made a screen shot of it
and just now my overnight funding charge went down by 1 or 2 € right after i made a screenshot
when i complained about it to plus500 they did not give me an answer
they said they would pass it to the tech team
did not hear back from them
makes me think how many times that has happend before
without me spotting it
All the time. This company is a fraud.
They perfect until you start making money then the Change the graphs increase the spreads and start hitting your stop losses every time. I’ve tried 10 times given it 6 months gap and every time the same thing starts happening. They will never allow you to continue to profit without changing their systems and resistances .
Can anybody tell me the trustable broker ??
go and find a job
It says in the above article that there are few negative reviews about these scammers but it didn’t take me long to find a shedload of them!
I have to say from my experience so far Plus 500 are NOT A SCAM.
I have turned £7k into £120k over just a month or so. I’ve already cashed out around £50k without any problems and am in process of taking out a little more. I am in the UK so are dealing with Plus 500 UK Ltd.
Than you are lucky …..
Hi, and they pay you your withdrawal easilyand quick?
every time I started to make money the server went down and I could not clam nothing tried to click 100 times to claim what I win and with no luck happened every time plus 500 robed me big time lost more than 60K
No you haven’t!
Easy to write words but I don’t see the proof . Another liar for this fraudulent company.
They are actually a regulated scammer.
I found a way to catch their algorithm. I recorded a video for it but not published it yet. I need to finish my dealings with them first, which would take sometimes.
The algorithm trades against traders. Their dynamic spread is not even funny.
Too much risk to deal with Plus500. I do not mean no one can make money with them, but the algorithm designed to increase your risk. Like a gambling model, the algorithm decreases your chances of winning badly.
One the other hand, they are hiding behind their terms and conditions. Imagine if the system made an error and suddenly dropped the price (closed your position at massive loss if not cleared you out). Your user agreement accepts this error?
love to put them down lost a lot with them scam of scams
Dear. I have saw your post about plus500 forex , i am one of many pepole who got scammed by their platform . And regarding that iam gathering and contacting most of pepole who got scammed from them i will be doing law suit aginst them in diffrent parts of the world due to thier scam which we have recorded it and i will be paying all law suit expense from my personal pocket and all i need from you is support in case i needed to make the sue stronge enought that this scamers will be shut down would you like to join Thank you and best regards
yes ive been scammed by them also. what do we do?
How were you scammed? Interested because I have recently started using Plus500.
They closed my positions within the same day, even I did not put closure value. Within a week they closed many my positions so I lost 800EUR.
I wanted to wait when my stock will go up again, but they cheated me…
They closed your position most probably due to a Margin Call.
I’ve been using plus 500 for over 2 years now. I’ve never ever faced an issue
The only way you will get money back from Plus500 is if you call them. After months of trying I got my money within a week of calling them.
I can’t believe they are allowed to keep operating. They are exploiting a loophole. They are run by a group of lawyers out of Cyprus where their head office is located.
Their details in Australia are:
Mr Sean Murphy CEO
Plus500au Pty Ltd
45 Clarence Street
Sydney NSW 2000
Phone: 02 9262 1554
Fax: 02 9475 4090
I have been deceived by them I also join their demand
I will join class action law suit. One thing not mentioned so far concerning the algorithm: The bigger the funds, the higher the minimum for opening a position raises. Constant success in certain assets will result in lower max in opening the position which lowers their risk.
I got scamed aswell they told me I need points to withdraw my funds and I told them they didn’t tell me and they said I’m ticket number bla bla bla home you do get them done
I would gladly join is the Law Suit still a Possibility
I have also lost money at plus500. 180 000Zar within 3 weeks. I dont know what to do
Would also love to be apart of this lawsuit. I see you’re south African Darnell. Let’s open one on RSA aswell. I was making profits yday on the oil trade, instead of allowing me to close the trade, they froze my account and left the trade open. I couldn’t press the close button, it went Grey, next thing I see my trade is on negative then next thing they closed my trade
Hi Sihle, have you had any correction yet? I`m considering trading with them and I must say that the reports are not at al favourable. Given the South African context, I am also concerned that there seems to be no physical presence in SA other than the site. Does the FSA not require this?
Furthermore, I note that the issues arent getting better in time – which means that the problem seems to be on their side.
Hi Darell, have you had any resolution on this? What went wrong? How did they scam you?
I have had most of the above issues and still a little concerned if algorithm scam a bit as same it seems to follow your moves (as if i load up on a particular item (say silver) i had it collapses to many times over to many different stocks or crypto’s to be the actual market and only just survived through as same suddenly even though i had deposited with visa
when i went to top up so not to lose everything it said it was not verified (yet it allowed $1500 deposit original
then panicked and transferred more from Bpay etc (but that takes 3 days etc so still wa no help then it just kept turning to shit (as now had to verify that three days later (still trying now) as we live rural and they want a home address on bank statements but we only have PO BOX
so in short i survived (So far) and at present have luckily made $4.500 aus and rising but yes much watch like hawk ( i’ve been putting stupid low buy options on some that had not reached that level for years and it would reach it then crash well below again
But for me have mates who have withdrawn and made good coin so i think sadly you need to push through this crap and once settled it should be all good
but advice start small and don’t load up (meaning as it drops don’t just keep buying as it drops cause they seem to just keep dropping it to stupid levels and if you can financially hang in you can ride through these
but easy to use and at present due to the money i’ve mad in a quick short time it does seem to good to be true?
will re post once all sorted and have withdrawn money
Also i have dual persons on bank and that again is causing problems as my girlfriend is the primary card hold for Visa
hope this helps others
Dude, sorry but, where did you learn to construct sentences? I have a headache having tried to read that.
Plus 500 is a scam for sure, they say we promise not to let your equity fall below 0, but mine did like -20$ a few times and that money wasn’t charged from my card. I get a feeling you trade with real money like with fake money, they bend the graphs to make people with low equities close their trades cuz the prices are always abit higher in plus 500 than from traders, and they freeze your account so it’s not real money for sure,.at and theyll take your money and be silent, after a while of trading in plus500 they stop replying or live chats , they don’t reply to my emails concerning this which makes it bait to me becuz they know what their doing is stealing and they don’t wanna respond or help, they just wanna keep stealing by delaying graphs so people that invest money in something that might go up but in fact has gone down already but they delayed the graph and next minute after buying the stock it goes -4% in like 2minutes which never happens, that market barely goes up or down 3% in a whole day not in 2 minutes, and it froze my account I tried to close the trade before it goes below my equity but it was loading and loading and didn’t let me close the trade on purpose cuz in those 15-20 seconds the stock dropped another 1% on leverage 150, made me so mad what plus 500 are doing is bait and it’s a scam to a degree but most ppl dont realise how greedy plus 500 are, 10% initial margin on ripple that’s abnormal and only 1 month expire time so ppl cant hold the trade and make money in the long run, their trying to steal from newbiews that dont understand anything about trading.
did you get your money back?
SCAM closed postion at price that want seen on day… are currently in middle of class action lawsuit in the UK due to shady practices employed. ( enron was publicly listed to rember them dont be fooled)
I have been really scammed by Plus500 and I definately recommend to stay away from them!
They put limits without telling me so when I spold a position I was unable to buy it back as it went lower because I was told that I had reached my limit for trading in that instrument.
They further closed position overnight at the very lowest price pretending that the postion had reached its time lime. Because of all this I missed out on some potential important gains.
Now I have ask for the refund of my money and I wait to see how long it will take them to proceed with the refunding ! Depending on the time they take I will make a complain to the regulation authority.
They are a total scam broker.
I have been scammed and my account was also cancelled immediately after making my first withdrawal.
did you get your money back?
my withdrawal was approved since 6/11/2017 and until now, 27/11/2017 the funds is still missing. they only provided me ARN to search for my funds, not helpful at all
Hello, I have same problem.
But did you get your missing money now? If yes How?
No I would 100% percent say not a scam. But as they do CFD’s it takes a while to get used to their quotes. Id’ recommend starting out small oir demo and get a feel for it as their quote will reflect their own position and may not be reflective of the General Market price.
You can use this to your advantage though. Example, after getting my head around the whole CFD vs actual price I’ve opened positions where their quote was way under the market general for bitcoin and closed when it was way over. Just a few things to keep an eye out for:
– Expiry on the position as sometimes these have a hard date which had burned me a few times. – Pay attention to the numbers that auto populate when you open a position. This bit is a bit shady as it seems to “suggest” quite large unit when you are on a run. Just mark them down and never open positions without making sure you are comfortable with the margin. This kind of stuff is a little opportunistic but I guess they need to make money also.
Where do you find an accurate general market price to compare to the quoted price given by the cfd company?
Although the withdrawal processing time is 1-3 business days, they have still not processed my withdrawal for more than 5 days time now.
i will make a formal complain to FSA and other authorities also.
Stay away from this web site!
Just opened an account with them. After providing all the requested details and verifying my phone I made a deposit, however only AFTER that they asked for the ID & address verification.
Not a real problem, but a huge red flag for such casino sites practices. They obviously are not an integer company and I will try to get my money back without any trading.
Did you manage to get your money back? Im in the same position. And not sure which avenues to take the after purchuse requirements seem like a red flag indeed.
Any advise would be appreciated.
I am financial investment professional having 22 years of experience.
I recently open an account with plus 500 to trade crypto currencies.
My personal feeling is either it is a scam or they are terrible.
I have built API ( Direct link) to the 10 main exchanges where crypto currencies are traded so get real price feed and I can tell everyone that PLUS500 is far from the real market price and always againt the position you will take. Also their pricing update is happen more real time when you are breaking the buck but as soon as you are in the money the and the market move in your favor the price is not updated or very slowly. I have experienced like to today 12 minutes for an update !!!!!!!!!!!!!!!!!!!!! on the most volatile instrument .I have not realized more that 10000 USD gain because of this.
Also the support is not great as I was trying to close a position as the price was going down but the site did not allowed me to closed. I raised a request but never get any feedback and lost 600 USD as the price moved against my position. IF ANY REGULATOR read this you should seriously look into it . As crypto currencies are traded real time on blockchain platform it is very easy to verify the obvious pricing scam from PLUS 500.
I AM STILL TRADING ON THEIR PLATFORMN AND will post further comment if I see any improvement but I really doubt.
I have a similar experience. I was very pesimistic with openning the account with them in the first place, however, I really wanted to try trading cryptos with leverage and they are one of the few that offer this. So I thought I will give it a go with a small amount. I will get the long story short:
Put my stop loss at 5625 (my buying price was about $5710), I am watching prices on the crypto exchanges and like few hours later I see my position is closed at loss (the $5625), no idea why, when the actual price on exchanges didn’t go below $5670 from my opening to that moment. So I go and look at the chart at plus500 platform and I see this few second spike from 5670 to 5623, obviously coming back to 5670 few seconds after that.
Not sure if they have some general algorythm where they can see massive SL accumulation or they have it set for each account hoping, that people will not notice. I was gonna deposit more if I was ok with them but this happened on my second trade so I am taking it as an opportunity to get out soon out this sh*te, goodbye and see you later.
There is nothing wrong with deposits, withdrawals, support etc. Nothing is going to happen to your funds, it’s all perfect, secure and fast but they are scamming people this way. I am so shocked this is legal
I am looking for a broker where I can trad BTC/USD with leverage but as we all know it’s not verifed for US so if you have any good experience, please share, I am desperate. Also tried Avatrade for a few days, until I found out you cannot open a position with them during weekends (only close and modify). After plus500 experience I am also pesimistic on those other higly advertised brokers on the same ranking lists
just two things:
You can’t rely on any crypto exchange for prices as they differ a lot. And with a lot I mean up to a high x%.
And in regards to other brokers for leveraged btc/usd trading you can look at iqoption and kraken. Latter is an exchange with trading opportunities and the former an options and cfd broker. Maybe that helps.
Yeah similar experience but once I got used to the delays I actually have used it in my favour a few times, opened before they updated to reflect the proper, closed a few times when they were way over the proper price. Problem is you have to watch the thing like a hawk.
Also shorting a position when they are way over the odds then take time to adjust has been a fun hobby, I don’t go large but it’s nice little money spinner. Just gotta watch it to the second.
I dont want repeat what all you say.becouse it happen to me exact the same thing again and again.
Yes, similar situation happened to me as well . I never put any cutting lose instruction but my position is closed by them with a huge lose. It happened few times
Who would you recommend in the au market to trade BTc with ??
They are a scam and they robbed my account and opened trade on Sunday . Please I will like to sue and which Gov regulated body can anyone suggest
I just wanted to share my experience with Plus500 , few years back I was not happy to trade with them at all and stopped for a couple of years , when I tried them again few months back I could see a huge difference , everything was changed (in a positive way), some they said its a scam but I deposit and withdraw money very easily without any complications , now they have their online chat support , if you have any issue they are very supportive and they reply to you very fast . I am happy now with them , I hope they will keep the same level .
really so why can’t i get my money back?
Check to see if everything was verified
It’s always a trouble verifying the address. They give all sorts of reasons for not to validate the address after depositing the money to the account. It’s a huge trouble validating the address with this broker Plus 500. I don’t know when they will approve my document I am almost to lose 33000 AED
STAY AWAY FROM THIS SCAM BROKER!
The market price is different from the actual live one. Somehow they manipulate the price to their gains by making you continue losses.
NO HUMAN CUSTOMER SUPPORT
You will actually be texting a bot.
Should I say more? Oh yeah one more thing, they will give you a hard time to withdraw your money back. I never had my deposite $100 back.
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. I am now taking them to court for getting back my inital deposit I lost because they restricted my deposits.
It’s not actually true, Plus500 is pretty well regulated, maybe your issue was just unheard.
Lol.they paid you
This site advertises PLUS500. Conflict of interest much?
Do you see that we are hiding bad reviews from brokers we have ads for?
Pluss500 are crooks.
They have cheated me out of £10000
I have screenshots of them not allowing me to close my positions when I wanted to.
And how they manipulate the margin time scale.
And how magically how they close it after you put in a large amount of money to cover it. knowing your doing things right.
Take them court I am doing just that
Please contact me in regards on how your taking them to court cause I want to as well
[email protected] please contact me
Hiya Hitesh did You have any success with Your Court Action ?
broker with good regulation but poor trading conditions. Besides it they offer bonuses which mean that this broker is market maker. If you want to start a real trading you need to choose a solid ECN broker, where conflict of interest does not exist. If you don’t know how to choose a good broker, you can contact me, my skype is vovkfx.
Hey,do you have any other way to contact you?I would like to know some “safe” trader/broker,since i want to begin but know which a company to buy share,i “lost”thousand $ of profit already because i am searching like a crazy for an actual legit&safe broker.
Started with the £25 free bonus, and turned it into £250 without depositing at all. I tried to withdraw but they said i hadn’t achieved enough trader points (which are gained through opening positions). I achieved the amount of points they told me. Withdrew the whole £250 without issue. So happy
Also, unlike other brokers i’m registered with, they don’t ring you every 3 minutes to try and get you to deposit. Highly recommended for beginners, Plus 500 got me into trading and proved to me that i actually have an ability.
Don’t worry, i haven’t been paid to say this, i’m just very happy;)
Plus500 deleted my funds.
Knowing the risk with this company, I traded exclusively with the bonus funds they offer. Started with $60, and built it up to $85.
With all markets both UP and CLOSED at $85, plus 500 randomly emails me telling me I’m close to a margin call. That’s not right? I look at the account and now I have $53.
That’s right. A series of good investments yielding profit, no losses, and I’m DOWN.
No explanation from support yet, but from early indications I’d happily call that a scam.
Read about this also!
fucker .. cheating
i withdrawal rm4000
but my acc blocked…
What platform is the best? I have been using fxcm but I feel cheated especially from their signal
try easymarkets. they allow you to cancel a losing trade within 60 minutes after opening it. They got fixed spreads and a no slippage policy too. Friendly guys also.
easy markets look quite strange. Just checked their website and the whole thing looks rather odd. Iwouldn’t touch them with a triple length spreadbetting bargepole. I’ve been fleeced by Plus500 basically. Its definately true that the demo account and real money accounts are different in some way.
The main tool through which Plus500 scams you is the fact that they explicitly state that their prices would not reflect the true market prices, which means if at any given point there are 10 (USD10) active short trades and 8 (USD8) long trades, the algorithm will make sure to bust short ones first before giving a minimum profit to long ones. that is their modus operandi.
Overall not a bad platform and you WILL eventually get your withdrawal.
However their platform FREQUENTLY bugs: Especially in critical points where big movements happen, you cannot open or close positions manually. Both Sell and Buy buttons will be disabled. This is a major risk and can cause big losses. Beware.
Does this thing really work
U real can withdrawal?
Guys I had the same problem I am just trying to find way to sue them.because we have made lot of money to that company any anyone who like to join me with this reply
Yeah let’s sue them
HI. my story goes i open 2 accounts for me and my girlfriend on my name and we recived 2x 50BGN no deposit bonuses…however she loosed her one and i make my one on profit 500BGN
i veryfied the winning account and i go for withdrow half of the money. after that i decide to veryfi the other account so i can make her account loaded whit some money.
THere goes the scam they terminated my account and told me i cannt have 2 accounts … obviesly i can if the system say so .. anyway they decided to close the Wining account no mather that it was veryfied first HOW COME ? STAY AWAY FROM THIS **** Scam broker
We are rarely commenting on scam reports from our users but this is obviously a very clear case. Opening several accounts (especially when trying to receive bonus money) is clearly against the T&Cs and a very good reason to terminate all accounts you opened trying to receive bonus money. Every legit broker should act in this way.
Stefan , how did they know you were using your gfs account?
First i made money then i paid more and more, i never make monwy for last 6 months i feel there system is fake. If i buy price go down if i sale price go up itshappen with over 300 open positions. Also i lost the bonus something strange i cant understans. Also i feel when green is cone system stop tovupdate the peice and close position comming gray non clickable
After i review your comments i will start thing again to change the company i lost 2000 us dollars within 1 week it is funny. I have experiance with trading but price go an hit cloase at loos and after that price gone down. All the time for last 3 months i lost big amount
I think i will change this brocker soon. It looks that one is watching u ?
you better stop buying oil and other commodities.. try going for PUT and CALL in binary option for France 40, Netherland 25..you just wait for the price to drop then buy and wait…hope you can recover your loss…
If thats really what happened to you, just stop trading.
The problem you have is lack of skill. Stocks are very good bait for many people because they hear someone earns money “easily”. What you always forget is that it is a very competitive area, especially because for this “job” you don’t require any kind of capital (except minimum payment), government forms, you don’t pay taxes, and you can make an account in a day. That is like trying to create and open a business in a single day and on top of that expecting profit immediately. It’s not how it works. Cheers!
Im happy because i stop trading for last 4 months i will quit this job i fell happy with my kids now. No more attention pressure on my life
Im really happy cuz i quit
Good luck for all
i went back again to trade with plus500 the i still never made any withdrawal , im keep loosing the money with them they they are a very big shearers have so many way to let you lose the money. i will quit forever now, i it my mistake that i returned back to trade with this compay they are lairs
I traded lately on the VS500,stock and I saw something troubling. The stock was 0,10% lower (which is a lot) then the actual live trading vs500 stock AT the very same punctual time. Might it be a bug or might they have slipped a bit to gain back some of their profits?
It is true edward i had also seen very strange fluctuations in plus500. They only do it to protect their profit. You trade against them.
When things go well for example in the indices germany30 (which i was trading in a lot) i saw that +500 had always at least -0,10% on the current (live) market value of that stock.
I looked up on another indice and that other indice wasnt -0,10% lower.
When the stock suddenly turns around they have +5% higher than the stock market value. in conclusion you would lose already 0,15% trading with +500 in the long run if turns go bad in your way.
In addition , i always raised my bar of profit call when the stock went well, and after a while they added me an additional cost of 0,01% when the stock reached my profit call.
They have low spreads, which is very nice, but be aware what i told you guys above.
And there is more, i used a lot of profit calls and suddenly after a while i had to pay an additional cost of 0,01% on my profit call.
The advantages of plus 500 is low spreads, well .. if you really do buy/sell very fast.
They are honest, they give you back the money you withdrawed if you play by their rules.
So everyone that cries that +500 is a scam broker, they aren’t a scam broker.
I gained some nice profits, somethimes losses but i had a lot of fun on plus500.
Just be aware of the above, You aren’t playing live on a live trading platform. Just their personal made platform.
in overall, plus500 is a nice online broker just buy & sell very quickly.
Agreed your comments cuz I’ve been trading Plus500 a few months & find this platform is much more better than IG, etc. In conclusion you would have already lose 0,15% trading with Plus500, is this how Plus500 profit from?
It’s a massive scam they have bugs in there system that they won’t admit to I opened 1 position on oil and I knew I had enough money to cover it approx £750 I went to pick my children up and when I returned about 15-20minutes later I had 4 emails saying all positions closed and all my money gone when I got In contact with them they said must be an error on my device so I made a complaint and like a broken record they said the same I’m at the moment in the process of making a complaint to the FCA about this but unless they get loads of complaints they don’t do anything except tell you to write a letter to the company which I have now done I have to wait 8 weeks if I haven’t had a reply the FCA said to contact them again I would seriously advice against using plus500 Iv started using tradeo and there much better Iv made money and withdrawn it without any hassle PLUS500 is a scamming company do not use
Always remember to set your positions at loss ..I ad the same issue like yours each time there is a margin call i start to deposit money and at last i realized i was going on loss and then lost of of it.. so be careful next time and set positions at loss..
i just have a very bad experience with plus 500. i made a withdrawal last friday and yet haven’t got the money now (friday today). i contacted them twice, each time they found a different reason then said they were processing it. it is interesting to see how long they hold. They don’t have a phone number for contact and use a chat box instead. there’s also a message box that didn’t work in my case. This made getting money back even harder. i shall not let them get away from this.
I had the same issue like yours but eventually i receive the exact money i withdrew until paypal made some deductions… if you do withdrawal by wire transfer or through bank card it might take time for processing. I find Paypal more easier..
After trying to withdraw my funds my request was rejected AND my account deleted!(07.2014) After googling for good few hours I found out that I was one of thousands people with exactly same problem. Have no clue how are they now but they definitely started as scammers.
I started with 100€, i was having a nice profit and the transaction period closed at 10.070 on friday, monday when it resumed it started from 9960 scaming me the 100€ while on real world charts started at 10.060!!!, not only that but after the start it magicaly grew from 9960 to 10.090 in less than 1 minute, while real charts did not show any tipe of sudden increise.
All their statistics are riged, see it for urself and compare real world stats and their stats.
Hi Australian traders using PLUS500. I have had probably the worst experience I can remember when attempting to withdraw around $2,000.00 from my PLUS500 account. The withdrawal requests were rejected on a number of occasions with one exception where a valid request for my Credit/Debit card was requested and supplied. This was not required previously to validate and establish the account. Rather the 2nd reason for rejecting a withdrawal request.
Stupidly I suffered some losses and accept accountability for that, for all the obvious reasons and “Don’t Do’s” that we all understand. I think that with some forensic analysis however those transactions will uncover and discover some issues that accentuate the likelihood of incurring a loss using this platform. To be determined if I follow through with a dispute as they appear to invite (and purely my personal opinion at this stage).
There certainly was no issue with the account balance. Anyway I am up to my 4th attempt trying to recover (and withdraw) what is left in my account. Seriously, there is no actual support to assist making a withdrawal rather a glib reference to a 5-7 day delay to process a request. Then the withdrawal is rejected because My Financial Institution Wire Transfer isn’t correct. The facility to provide this isn’t available within their withdrawal request screen. So although that info is supplied in a subsequent support thread explaining that in context their withdrawal screen “that it doesn’t allow that code to be provided”. At this stage we are just going around in circles, which I fear they intentionally facilitate.
The deposit process appears flawed however when you use, in my case a Debit Card to draw-down your funds from your Bank, then the deposit into your account is instantaneous and credits your PLUS500 account immediately. Try reversing the process and receiving those funds back into that account which POLI and other services handle. In the case of the PLUS500 support response, they just do not respond to queries, rather provide a GLIB support statement quoting their Policy and Procedures without actually responding to the request. This is basically the same as when you throw your money away dealing with a bookmaker using POLI. They extract the money instantaneously then reluctantly refund.
So try then saying that you wish to complain. Then your withdrawal request now becomes a complaint which they acknowledge and then convert your withdrawal request into a complaint. This process is provided in their Terms and Conditions and their Senior Complaints SUPPORT Officer from the “COMPLAINTS DEPARTMENT” GLIBLY advises you that “the matter has been escalated and this new ticket will be handled “at their convenience” and should only take some weeks to fully investigate” and please refer to Clause 32.4. In that Clause 32.4 of their T&C’s they declare: disputes will be promptly and fairly handled. They then direct you to lodge a complaint to the Australian Financial Ombudsman and provide the contact details. Sounds reasonable, however we simply want to withdraw our money and now need to achieve that through the Australian Financial Ombudsman.
So the multiple failed withdrawal requests is now a complaint and it appears that you have now lost the balance of your original account while you lodge a complaint with the Australian Financial Ombudsman.
I am still going through this right now as I am writing this and actually feel like I am in a MONTY PYTHON skit trying to return my dead Parrot to the Pet Shop for a refund. The Parrot is clearly NOT DEAD just all squawked out from yearning for the FIORDS. He is NOT DEAD just exhausted and resting. How stupid of me for not realising that and not being more sensitive and observant.
So sorry for the ramble. PLUS500 appear to me to be a money losing PIT for the unwary. I accept my trading losses, however, based on my personal experience, I find them to be really unworthy of holding an Australian Financial License (AFSL) and appear to have an automated response system that supports their reluctance to provide a simple support request to complete a legitimate withdrawal. Be aware something is not right with PLUS500 based on my experience.
This is their Published Company Registration and Australian Financial Services Licence details for the Australian market where they claim to have an office. That I cannot confirm however will be visiting the address very soon. I am amazed that our authorities would stand buy and allow them to operate in this market as they appear to be doing. We’ll see what happens over the next weeks and months.
Plus500AU Pty Ltd. is registered in Australia (ACN 153 301 681, AFSL No. 417727) and is regulated by the Australian Securities and Investments Commission (ASIC). This AFSL only authorises us to provide our services to people that are located in Australia.
Hi! Australian Traders,
RE: PLUS500 Funds Withdrawal Request – now honoured and complete as of today the 22nd March 2016
The request was for $AUS $2,113.18 which has now been honoured by PLUS500 and was deposited and received into my Australian Nominated Bank today. I thank PLUS500 for completing that transaction. If I have misjudged the PLUS500 organisation I herein apologise. I make no complaint about losses that I may have incurred due to my trading activities and when reviewing the terms and conditions see that their rules albeit far fetching address many of the circumstances that I may have queried. If the delays in achieving a Funds Withdrawal Request by me were for PLUS500 to meet their obligations under their Australian Financial Services licence then I support that. My suggestion is that they may have provided a clearer support response if that in fact was the case. There is definitely scope for streamlining this process. I am now happy. Thankyou. )
Thanks Brad, good to hear that!
Hi Brad, I don’t know why you apologised. I’ve had exactly the same experience. I attempted to withdraw €2000 from my account and couldn’t. I never got a reply when I contacted customer service. The issue was relating to verifying my address. I wasn’t able to prompt the company into assisting with this. There seem to be 2 general complaints with Plus 500. 1. They will cancel your account on a whim, citing breach of contract. 2. It will be extremely difficult to withdraw funds, even though it’s really easy to deposit them. 3. Customer support is nonexistent.
I started playing around we plus 500 demo account, I got the hang of it, trading that is. So i started writing up trades down as i wanted only to use a set sum of cash. lets say £200.00. within one month I had turned the £200.00 into £35,000.00. so i continued to reset my notes every month. for 3 months its was here or there in the profit above. So i thought, let do it for real. I placed £100 on to my account and make £50 in 4 hours. Not bad I said to myself. Then it happened.. If i went SELL it went BUY, if I went BUY it went SELL… that was on every open trade i place. Wiping my whole account. In the mist of this happening I checked the stock on a live ticker on my laptop. What did I find ? The FTSE100 was falling but on the plus500 interface the FTSE100 was going up. Going up on a SELL or SHORT. So I’m connecting my bank to get the funds credited back. Oh and app kept locking up when trying to END open Trades. Loss 50% of funds due to this. also FTSE100 on live ticker was 30 points out from Plus500. I asked about this and just got a load of shit back!
If you want to sell and buy stocks.. be a farmer 😉
Yeah I’ve got the same issue. Basically, the same thing is happening for me in a few occasions. I have my position closed automatically due to margin call. But when I check Live ticker, the ticker doesn’t even went that low. Experiences such as: Live ticker was at 1.0 but when I buy in, somehow the price I bought was 1.30 that’s mean I already make a lost of 0.30. Well this is the first thing that pissed me off but anyway. Just thinking that I probably bought it when the rate change without notice. But when I look at the ticker from another website and found that the trending for that period has never rich to that level of 1.30. It is always 1.0 or below. So I had my position opened and had enough money to cover the spread if the price drops down to 0.65. However, a few hours later I found that my position has been closed automatically by margin call and the position was closed at the price of 0.56. I went to check live and history trending but didn’t find anywhere that shows the price had drop down to 0.56 but floating around 0.70. Well I am so disappointed that they actually closed my positions where no history data is showing that price is actually went down that much. This has happened to me for 3 or 4 times before that but I didn’t realize it until I go online to research about the trend and history trend. So disappointed. Couldn’t find any data or trend near to the close position rate. Not sure there is a bug or they purposely closed it with a fake data.
29th Feb…Went short on GPOR at 23.52 with a SL at 24.51. Got stopped out at 6.16pm yet price went nowhere near this value. This is my only concern about this platform (manipulated closures) in an otherwise good system. Anyone care to offer an explanation please. Thanks
After earning 100 plus singapore dollar
My account. I ask another password but still can use..this is totally scam
Which broker are you presently trading with?
No direct phone contact
………………… NO WAY!
Keep your money – find a reputable broker. They are out there. Before you get too involved and before big money is involved, go through the money withdraw process and discover how easy or hard it is. THIS IS THE MAIN THING. At the end of the day is you are one of the lucky ones to make money on Forex, you want to be able to know you can withdraw easily!
Don’t get sucked into Demo accounts. They are more than a waste of time! They lure you into a false sense of security. Demo and live platforms do NOT operate the same!
Good luck………….. if this is not a scam it is so close to it it doesn’t matter!
Probably the most succinct and accurate assessment I have read. Thankyou for this crystal clear summary.
my account was verified but suddenly they hold it more than 5 months ago… they hold my money and refused all the documents i said . note that i already validated my account before.really scammers. advise : avoid them
Demo version is fun, and a good way of learning to trade.
But please do not trade real money.
Customer Service is probably a programme as questions are never properly replied, if they reply.
They promise to add money to your account by submitting personal documents such as your passport, ID and a bill to confirm your address. But they always find excuses to not allow you to upload your documents. Very suspicious.
My account is fully restricted since may :
i can’t do ANYTHING and it’s been 4 months!!
yes 4 months and I still can’t withdraw MY money!!
and their support first said me to wait, now they don’t even respond!!!
My account is blocked since 12th May 2015. while contacting support, always received auto reply and saying the matter is under review and due to volume of job will take some more time. why don’t they think about blocking of customers money without any interest?
I have deposit 12.000 EUR totally to plus500. Almost one month now my i can not trade can not withdraw my money. I send them many emails but got automatic answer that they face huge volume of work and they will send me a message when they will fix it. At the meantime they keep charging me remuneration at all my open positions. I feel i am fooled and searching other people with the same problem to contact me so that we take our cases together to court. Anyone interested can contact me here: [email protected] or [email protected]
I would not even think about bringing this to court.
Please read their statement.
The only way to deal with this is wait and be patient I guess.
I have opened an account at plus500 at late April… Since then I play virtual funds….
I had lost and win , and sometimes I close my positions within 20min or sometimes my positions lasts for days… I am going to give it a try, but I have to admit that I am a little bit anxious about Scalping…. First of all, it seems that nobody is able to define Scalping. and second no body say’s what is the penalty of scalping!!!! lets say that somebody invests 1000 Euro and his account freezes because of scalping accusations , what comes next? They pay him the money he first spend. or they take everything from his account?
I have an account in plus500 and they create problems all the time.
If you dont trade for 2-3 days they lock your account and ask for new verifications (in case you be inactive they try to take your money )
Their final porpose as it seems is to scamm your money finally
They take advantage of new regulations all time and asking for all kind of difficult documents also translated in english when they advertise that they support 20+ languages
I will definetely stop using their pathetic services
I’m still active with Plus500 and can only say good things. However, as you said, they indeed have some regulation issues. This affects both traders and introducing brokers. Actually, this is not a bad thing as it makes trading more secure. But it can be a bit of a hassle.
yeah have the same problems every time they ask for new verifications…. that sucks a bit…. but in my case…. i want to take some money from them …. and suddenly account locked …… got an email with : where are the high sums you trade with from… new verification and such stuff ….. they have to review my documents and so lalalalalala….. why they need over three weeks for it ?? everytime i wrote an email…. pls wait pls wait …… so pls be careful if you want to use their service….. looks like scam….. but without that problem… i have to say….. best broker on market :/
I am surpraised that theu deduct about 35 kroner when not using themoften. There is no place I could contact in their web page.I want to take out my money out. What should I do.?
Javier, well done, but you were credited a day after you proved you were going to go after them. I wonder if they credited everyone who lost money that day due to the failure of their platform, or if they just credited you because you were intelligent enough to show them that you were not taking the loss lying down… ?
I have to admit that they are one of the very few brokers I want to deal with. I mean, I deal with other brokers as well but it’s always a pain in the ass. Often you have to explain everything 3 or 4 times through chat, than through email and than someone calls you to solve it. It may work or it may not. But at Plus500 there are no such incidents. I very rarely used the support and when I did it was only for a couple of minutes.
With all the scam reports we hear and all the negative stuff in this industry, I have to say thumbs up for these guys. They made a lot of improvements since 2012. Looking forward to continue trading with them.
For me, the platform is very ok! Anyway, see my blog are evidence Payout!
I trade at Plus500. About the partition, are solvent!
Please disregard my former comment, The issue with Plus 500 has been arranged this morning.
I have been deeply scammed by Plus 500. Recomend everybody to stay away from it.
I had some short positions on RIMM (now BBRY) opened the 31 of January. Since the price was rising, I tried to close them on February the 4th at a price of 13,56 at 15:31 (GMT+2) but it was not possible since the platform was not available for trading BBRY (allegedly because of a change in the thicker from RIMM to BBRY). I wrote to customer support and received no answer, price continued rising and it was impossible to close positions because of the defective platform. on February the 5th I received a margin call saying that my positions were closed, I lost more than 3000 Swiss Franks due to a fail in their system. It is easy to demonstrate by the emails and screenshots I sent them.
My request is very simple. I asked Plus 500 to re fund my account with the equity available before the fail in the system, this is 3182,77 CHF. If I have no news from them in 24 hours I will get immediately in touch with my lawyer to start a process through the regular channels.
I have already get in touch with other affected clients, and I am posting information on this matter on the internet to find out if there are more people defrauded.
I am also filling a complaint in FSA regarding this issue.
I know there was a lot of people trading BBRY that day, so if you have been affected, please get in touch with me, my email is [email protected]