Australian (ASX) Stock Market Forum

Plus500... SCAM

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PLUS500…SCAM
Having a chat to my neighbor, he told me his Nephew just invested $1000 in shares.
Naturally I asked in what. “Oh they do Foreign exchange, also oil because it’s rising, they only
deal in the better shares”.
“Really, what shares has he bought?” I asked casually.
“I’m not sure, a few of the big names. Plus500 I think they are called.”

Sure enough, first class rip-off. I found them on the ‘Forex broker reviews & ratings’
along with about 100 others. This mob even supplied a streaming chart that looks as though
It was put together by a twelve year old.

Even though it is blatant theft, I get annoyed when the Ripee screams “Help me, help me
They took my money.” Then expect the Government to ‘do something about it’ when a few
enquiries and a bit of common sense should have prevailed.
 
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Re: PLUS500…SCAM

some people... they just dont do the research, plus500 have always been a massive scam, and your right its probably their own fault and no chance of gettin money back..

as you said look at their charts , definitely put together by a 10 year old programmer. lol
 
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Hiya. I jumped onto Plus500 after seeing it in my FB newsfeed as an ad. I had been doing research and stuff into forex trading. The free 430 account got me hooked. Anyway, i started in April on the demo account of $25k, it's now $76k in value. In June i opened the real money account with the $30 they offered, it's now at $48. I did do some research into Plus500 and didnt come across many problems recently, all the major "scam" warnings seemed to be posted in 2008/9, more recently they just floated on the FTSE.

I'm going to take up the bonus offer they have of giving another free $30 for a $150 deposit and go from there. As a newbie using a couple of platforms as demos (CMC is one) i find Plus500 easier to use on my ph. The only downside i have with Plus500 is the lack of charting.

Anyone else using Plus500?
 
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Hi !

After my experience with Plus 500 i can only say that they are simple thiefs!

The best of many examples was the Twitter share which i bought at a low rate minutes after its introduction
when it made a sharp dip in price. I took up abt. 5000 dollars worth and the rate started going up, very fast.
This would have made me a 50 percent gain with the leverage at the Plus500 account.
The account then started to"seize", fault messages appeared and in vain i waited for this to clear.
Later on, when the rate of the Twitter share went south, below the price of my purchase, the account
started working great, however i was only able to sell off the shares when the result was negative, loosing about 1000 dollars. This is one of many examples and its certain to me that the accounts and rates are manipulated freely by using timegaps when no significant actual trading can be noted in order to wash out
any gains made. It also seems clear that these actions are done more frequently during certain shifts, meaning the employess are different in their zeal to grab the funds out the clients accounts.
My complaints to Plus500 was not investigated, the basic reply was in way of "case checked and closed , no fault was found ".

Pus 500 is a scam which probably. If its related to Russia it should be sanctioned and shut as most likely its tied to prominent figures in that country, now as the conflict between Ucraine and Russia prevail.

Osterman
 
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I dont have any money in there but It seems to be still around even with the swiss currency crash......
 
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I was trading with Plus500 platform 5 years ago.
Nice Platform but - dont except to the real market quotes, It's far behind...
 
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Acctually, I've been trading with Plus500 for a little over a year now and everything seems fine by now.
I also made 2 withdrawals of about 1000$ each and got the money within few days. :xyxthumbs
The only drowback that I've found till now is that they didn't offer some CFDs which I was interested in trading.
 
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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 3-5 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 floored however when you use, in my case a Debit Card the draw-down your funds from your Bank, then the deposit into your account is instantaneous and credit to 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 there 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”. 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 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. The Parrot is clearly NOT DEAD just all squawked out from yearning for the FIORDS. His not DEAD just exhausted and resting. How stupid of me for not realising that and 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 find them to be really unworthy of holding an Australian Financial License and appear to have an automated response system that supports their reluctantance to provide a simple support request to complete a legitimate withdrawal. Be aware something is not right with PLUS500 based on my experience.
:frown:
 
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I must admit to never hearing about this mob.

A google search is not pretty reading. Unsuitable for those at any risk of anything happening, ever. Call 1300 etc.

Just google plus500 plus 500 scam

Some of the positive reports I showed to a friend, Boris the Axe, who is a linguistic expert. From some of the grammatical errors in the English used, Boris is pretty much certain that the writers are from Russia.

Now, Russia has produced many great mathematicians and traders, and this may not put anyone off from looking at this mob. then again it may.

gg
 
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I must admit to never hearing about this mob.

A google search is not pretty reading. Unsuitable for those at any risk of anything happening, ever. Call 1300 etc.

Just google plus500 plus 500 scam

Some of the positive reports I showed to a friend, Boris the Axe, who is a linguistic expert. From some of the grammatical errors in the English used, Boris is pretty much certain that the writers are from Russia.

Now, Russia has produced many great mathematicians and traders, and this may not put anyone off from looking at this mob. then again it may.

gg
For some more recent updates on PLUS500 refer to Wikipedia: This is just an excert:

It looks like they are using their customers money to stay afloat and this could well explain why they appear to be inducing trading losses against their customers with live accounts vs the demo accounts and withholding payments.

Controversy[edit]

They are an Israel Company made up of several individuals one of which put up what appears to be US$400k in 2008.

Some history discovered in Wikipedia under Plus500. Notice what has been occurring since MAY 2015.

The Financial Services Authority (FSA) fined Plus500UK Limited £205,128 for failing to provide accurate and timely transaction reports to the FSA in respect of all the reportable transactions they carried out.[8]

Plus500 told the media they were “fully compliant” with regulations however on the 18th of May, 2015 customer accounts were frozen as the regulator said they weren’t compliant with the rules. It is expected that most customers of the British subsidiary will be able to access their funds within 2 months, nothing being said about the Australian and the Cyprus subsidiaries.[9]

In May 2015, Plus500 was hit with massive value loss when its stock plunged almost 60 percent due to the company’s move to freeze 55 percent of its UK based trader accounts. The UK Financial Conduct Authority had ordered Plus500UK (the UK subsidiary of Plus500) to freeze the accounts as part of a review into anti-money-laundering controls.
 
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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. )


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 3-5 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 floored however when you use, in my case a Debit Card the draw-down your funds from your Bank, then the deposit into your account is instantaneous and credit to 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 there 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”. 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 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. The Parrot is clearly NOT DEAD just all squawked out from yearning for the FIORDS. His not DEAD just exhausted and resting. How stupid of me for not realising that and 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 find them to be really unworthy of holding an Australian Financial License and appear to have an automated response system that supports their reluctantance to provide a simple support request to complete a legitimate withdrawal. Be aware something is not right with PLUS500 based on my experience.
:frown:
 
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For those customers of plus 500 who are been wronged and who are owed money please email to royalcommission@icloud.com which is beginning of a Plus 500 Class Action. I have a very large law firm on board. Please send me your brief details of what has occurred. This company has been getting away with misleading information on many levels for too long, the lack of payment with any excuse possible and trading anomalies which all amounts to deceptive and unconscionable conduct.
 
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