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How to identify Forex scams
Just like any other financial market, the Forex market has been a target of Forex scammers for a very long time. Unethical behaviour, promises of unusually large profits without any risk, and the advertisement of “holy grails” are all signs of a Forex scammer who wants to make a profit from naïve traders. Fortunately, there are easy ways you can identify a Forex scammer and protect yourself from their misleading promises. In this article, we’ll cover exactly that, and show you how Forex scammers operate.
How to identify a Forex scammer
Forex scammers may come in different forms, but they all share one thing in common: they’re non-transparent, unregulated, and promise trading results which sound too good to be true. Beginners may have a hard time identifying these characteristics due to their inexperience, which is the main reason why beginners are often targeted by Forex scammers. As you gain trading experience along the way, it will become significantly easier for you to spot these unethical practices and protect yourself from Forex frauds.
If a trader promises hundreds of pips per day without any risk, or tries to sell a trading robot which makes thousands of pips with the click of a mouse, you should be very cautious about that offer. If a trader really had an extremely profitable trading strategy or trading robot, they wouldn’t have to sell that system to other traders, right? They could simply make hundreds of pips with their system and wouldn’t waste their time advertising their product to other traders.
Regulation, or rather lack of it, is also a very important sign of a Forex fraud. Check whether the company which promises unusually high profits is regulated by scrolling through its website. Regulated companies always showcase their licence or regulatory authority on their website, and if you’re unable to find this information, you’re probably dealing with a fraud.
Here we’ve prepared a short checklist of the main points you need to look for to identify potential scammers:
- Does the trader or company promise extremely high profits and doesn’t mention any risks associated with the strategy? If so, it’s probably a fraud.
- Can you find information about the company’s regulation on its website? If not, be cautious when dealing with the company.
- Can you find any additional background information about the trader or the company?
- Does the trader have their trading results verified by a third party?
These signs, and more, will be discussed in more detail in the following lines.
Additional signs of Forex scams
There are many more ways of identifying Forex trading scams, such as trading results which are not verified, emails that ask for personal information, or the unavailability of background information.
- Unverified trading results – This scam is very popular with Forex signal providers. A trader will claim that they are constantly profitable on the market, and post screenshots of their trading performance on social media. The trading results often show extreme profit, sometimes even without a single losing trade. Beginners without trading experience are especially attracted to these types of scams as they don’t know how much profit to expect when trading. Needless to say, you should be very cautious when someone makes their trading results publicly available. Ask the trader if the results are verified by a third-party provider, such as myfxbook. If the trader refuses to provide you with a link to their verified results, simply forget about that trader and choose another, as it is highly likely that they are a fraud.
- Unprofessional emails – Unprofessional emails are another obvious sign of an online Forex trading scam. Email marketing is very common these days, but if the tone of the email sounds unprofessional or if the person asks for any personal information, it’s probably a scam. Forex scammers often use email lists bought on the dark web to send hundreds, or even thousands of emails to traders, offering various trading products. Again, make sure there is background information about the person sending the emails – or if it’s a company, check that it is regulated by browsing its website. If you are unable to find any of the above, and the emails ask for personal information to send you a “free e-book” or something similar, it’s probably a scam.
- No background information – We’ve already mentioned the importance of checking for background information about a trader or company that promises extremely high profits or asks for your personal information. Scammers often change their identity and act under an imaginary name, so that their victims can’t track them on the Internet. It’s also common for scammers to use pictures of traders found on the internet, claiming that the person in the picture is them.
A simple Google search can help you out a lot. Search for the name of the trader or the company and see whether you can find any background information that proves the scammer’s claims. If you’re dealing with a serious company or trader, you may also be able to find reviews from other customers who have used their services. Always do your research to avoid falling for this type of scam.
Protect yourself against Forex scams
Now that we have covered the most important signs that identify a Forex scammer, it’s time to take a look at ways you can protect yourself. Being cautious about any offer is usually the best solution, but there are also some additional ways.
- If it’s too good to be true, it’s probably a scam
Common sense helps a lot in these situations. If someone claims to make hundreds of pips per day without a single losing trade with their strategy, it’s probably too good to be true. Even professional traders have losing trades from time to time. If the results are not verified by an independent third-party service, you’re most likely dealing with a scam.
Nothing is more powerful than knowledge. Scammers usually target beginners who don’t have enough trading experience to identify what returns are realistic on the market. Education doesn’t come overnight, but with time you’ll find it way easier to spot Forex frauds even from a distance. Invest in your trading education and gain experience, and you won’t become an easy target for Forex scams.
Never give out your personal information! Scammers may use it to steal your identity and to attract new victims under your name. Always ask yourself – why do they need my personal information? If there is no obvious answer to this question, don’t send any personal data and stop wasting your time with the company. It’s very important to know how to protect your personal information. Regulated companies have to store all of their clients’ personal information, such as ID cards and passport copies, in a safe place and can only use the data for their internal procedures.
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Finally, if you’re unsure whether a company is regulated or not, your best bet would be to directly contact the regulatory body of the company’s jurisdiction. You’ll first need to find out the location of the company in order to reach out to the regulatory body of that country. Many regulatory authorities feature a database of regulated companies on their website, where you search and find additional information about the company’s license. Popular regulatory bodies in the Forex industry include the FCA in the United Kingdom, CySEC for Cyprus-based companies which offer their services in the European Union, and the CFTC and NFA in the United States.
There are scammers and unethical persons operating across all markets, and the Forex market is no exception. There are many signs of Forex trading investment scams that can be used to identify and uncover a scammer, such as promises of extremely high profits without verification, the absence of any industry regulation, unprofessional emails which ask for personal data, or the unavailability of background information. Always perform detailed research on these points before you buy a trading product. In addition, make sure to educate yourself about trading, since scammers usually target beginners who aren’t experienced enough to identify unrealistic trading results. If an email asks for personal info, never provide the information right away, but first check why the person or company needs your personal data. You should send copies of your ID cards or passports only if you’re sure that the company is legit. Performing a check on the regulatory body’s website to see whether the company is listed in the database is also a wise decision. To perform the check, first find out where the company is located and go to the website of the regulatory body which governs that jurisdiction. If the company is not listed in the database of regulated companies, it’s probably a scam.
Admiral Markets Group consists of the following firms:
Admiral Markets Cyprus Ltd
Admiral Markets Pty Ltd
Admiral Markets UK Ltd
Reading time: 14 minutes
Did you know the forex market is the largest financial market in the world, with over $5 trillion traded every single day? Not only does it allow central banks and corporations to trade with each other, or holidaymakers visit new destinations, it also also allows speculators to take advantage of a market that trades 24 hours a day, 5 days a week.
There has never been an easier time to access the world’s forex market either. At the click of a button you could be trading on the direction of the Euro, British pound, Japanese Yen, US dollar or even the Russian Ruble! There are hundreds of currency pairings to trade from, so you’re free to find the ones that interest you most.
However, while the financial gains of trading the forex market seem lucrative, it’s not considered easy. Having a sound trading education, a properly funded trading account and understanding of risk management techniques are essential. Unfortunately, there are many unscrupulous individuals who will try to scam individuals through forex trading scams.
Forex scams will be around for as long as the Forex market exists. As schemes are evolving, scammers are always somewhere nearby, trying to extort your money away. But could there be a solution to this problem?
Investment scams take many different forms. Some of the scams are even named after their creators – such as a Ponzi scheme, after the infamous scammer Charles Ponzi. Forex scammers tend to target beginners or uneducated traders. The best way to combat this, and avoid getting scammed, is by getting a good Forex trading education, so you are aware of everything before you enter the markets.
Once you master the markets, you are no longer an easy target. Forex scams often use phrases like “a too-good-to-be-true investment opportunity” as a way of convincing you to part ways with your money. When you lack trading experience, swindlers will try to exploit your optimism and fears. Here’s where Forex scammers step in and make you exciting offers.
How To Spot A Forex Trading Scam
The most important giveaway of a Forex scammer is the guarantee of unusually large profits with little or no financial risk. First of all: there’s no such thing as a 100% guarantee. If there was, there’s no way traders would share it with other market players. Some of these offers may sound very attractive, especially to beginning traders. But as the saying goes, the only free cheese is in the mouse trap. The bottom line is this: if something sounds too good to be true, it probably is.
For some more insight into the trading ‘dream’ that a lot of scammers sell, and the trading reality that most traders experience day-to-day, check out this video from professional trader Paul Wallace.
Here a few simple rules to follow in order to avoid scammers:
- Remain safe and don’t run after empty promises
- Be especially wary of software that claims to have found a ‘secret formula’
- Do not install any programs until you are certain they won’t damage your computer
Another giveaway is that scammers never register with any regulatory authority. Remember – true brokers always provide proof of their legitimacy. If you suspect that a Forex brokeris lying about their regulation, you can contact a regulatory authority who may be able to provide a list of regulated companies, and a list of cases opened against regulated companies. This will help you understand which Forex brokers to avoid.
Three Major Types of Forex Scams to Avoid
Those involved in forex scams, money scams and general trading scams are always trying to find new and innovative ways to take advantage of new traders. However, there are three major types of forex scams that people commonly fall victim to. Understanding them is the first step in trying to avoid them.
#1 Forex Robot Scams
A forex robot is a trading program which uses algorithms, or lines of computer code, as technical signals to enter and exit trades. Typically forex robots are built using expert advisors, or EAs, within the popular MetaTrader suite of trading platforms.
Of course, not all forex robots are scams. Searching online for forex robot scams list may help you avoid some of the known scammers. However, here are a few things to watch out for to avoid any forex robot scams you may come across:
- Marketing messages that are unrealistic: If the author of a forex robot has to ‘sell’ you on it the dream of what it could do for you, then it’s unlikely they’ll have the results to back it up. After all, numbers don’t lie, or do they?
- Very high percentage growth returns: There are some forex robots that are advertising systems that should over 4,000% return in just a few years. This may seem fantastic, but it’s important to look at the statistics. The return could just be closed trades, the system may have open trades that if the stop losses were hit could wipe out any gains.
- Undiversified scalping strategies: Many forex robots employ a scalping system which means they trade for very small profits. This then shows a high win rate and can inflate the results in a supportive market condition. Yet, market conditions change, and if the system loses more per trade than it wins, it will only take a few losing trades to wipe out any accrued profit.
- Using unregulated brokers: There are some forex robots that show extremely good results using unregulated brokers no one has ever heard of. In this instance, the results might be good on their own interbank spreads but if you open an account with them your spreads and commissions will be wider, thereby eating into much of the profit.
At the end of the day, if you are considering using a forex robot, then treat it like a business rather than make an emotional decision. Start with an online search for a forex robot scams list and then do your own due diligence. As the saying goes, ‘if it looks too good to be true it usually is’.
#2 Forex Signal Seller Scams
Forex signal sellers are individuals who send out trade ideas which usually include a currency pair, direction, entry price, stop loss and target levels. There are multiple things to look out for so you don’t fall victim to these kinds of forex trading scams and money scams:
- Subscription fees: Individuals may market you amazing results without any verification. To get access to the trades, you often need to pay high subscription fees, or they start out low and use credit or banking details for other kinds of money scams. If their trade calls were so good, why sell them at all?
- Broker-tied signals: Some signal sellers offer you trading signals, but only if you sign up with a specific broker. This means they may be getting a kickback from the broker, so are motivated to send you any trades for you to take regardless if they win or lose. Having said this, there are some that will want to keep you profitable so they can continue to receive their kickbacks from the broker, which acts as their payment for the service.
- Unverified results: It’s all well and good saying your forex signals have made a high percentage return but if they can’t show a verified track record it means they’re not trading the signals themselves – which is clearly a red flag in itself.
The key to avoiding any type of currency exchange scams, money scams or trading scams is to, again, think like a business and do your due diligence, rather than act on an emotional decision of inflated promises and dreams.
#3 Phony Forex Trading Investment Scams
There are many adverts nowadays promoting phony forex trading investments scams and phony forex investment funds. In essence, a slick marketing message or salesperson will sell you on the phantom, or unverified results, of their forex fund. All you need to do is send them your investment, and you can sit back and enjoy the returns.
Of course, many people who send their money over often never see it again. The company says they’ve never heard of you and have not received any funds from you. What started as a forex trading investment scam now turns into one of those money scams.
Another outcome, is that they open an account for you, usually with an unregulated shady broker. However, after one or two trades, they wipe out your account. While they blame it on the market, it’s all gone to their brokerage company. And, because it is unregulated, it’s very difficult to get your money back – just another type of currency scam.
Why You Should Educate Yourself To Avoid Trading Scams
As Forex trading carries exceptionally high risk, losses are inevitable. Retail speculators are almost always trading undercapitalised, and are subject to the problem of gambling addiction and improper use of leverage. Any speculator who trades without skill is essentially playing against the market as a whole, which has nearly infinite capital, and they will almost certainly go bankrupt as a result.
In all fairness, a large number of the reports of money being stolen by brokers is a result of weak trading, and not scam brokers. If unskilled traders spent time developing a proper trading methodology they would become better traders much quicker, and would likely avoid Forex scammers altogether, as they would suitably informed about the potential risks and what to avoid.
Most retail traders should be able to use almost any trading platform with any broker, and see very little difference in their results – it’s that simple. Once you accept your losses, trade with a trading system, and master your market, it will be much harder for you to fall for a scam.
Three Signs of Forex Trading Investment Scams
1. Trading Systems and Education Without Any Proof
There are a lot of scammers selling trading systems and education. When you ask them to provide any proof of their trading history, they evade the answer. There are also many traders who would offer their systems without a trading room or any services. These types of scammers are sometimes referred to as “snake oil merchants”. “Snake oil” is the term traders use for false traders and trading systems that have no valid proof of their trading history.
2. Email Spam Asking for Personal Info
Scammers may also ask you for personal information, such as:
- Your full name
- Your phone number
- Your home address
Don’t give away your personal details to someone you don’t fully trust. Be suspicious of brokers who don’t provide you with a written risk disclosure statement. Even if they do, read the statements thoroughly, because the devil is in the details. Remember, data may become currency soon.
3. No Background
Never work with someone who refuses to provide you with their background information. Be it a broker, a trader, an educator, or a money manager. Always do a quick check online to see if the person or company is legit.
According to New York Magazine, a kid from Queens, New York City in the USA made tens of millions of dollars by trading stocks on his lunch breaks at Stuyvesant High School. What happened in reality, is that it turned out he never made any money, and all his profits were made in a paper trading account.
How to Avoid Forex Scams
The best way to avoid investment scams is to take your time. Don’t rush your decisions – and make sure to assess all the pros and cons first. Finding a reliable Forex broker is not an easy task, but you’ll benefit in the long run from investing your time. The first step you should take when you come across a Forex broker or agency is to google their business name.
Look for customer reviews on reputable websites. If there are none or they are sound fake, you should stay away from that service provider. Additionally, you can browse through scam reviews and see if a Forex broker is as reliable as claimed. Also, make sure to find out if there are any outstanding legal actions against the broker.
For example, you can:
- Visit Forex forums and see whether there are any complaints about fund withdrawals, and if so:
- Contact the user who posted the complaint and ask for more details.
Perhaps the user was mistaken or confused, but it never hurts to ask. A proper background check will also minimise your risks.
Keep Away From Opportunities That Seem Too Good to Be True
Easy money? No way! Don’t believe anyone who tells you it’s easy to make money with something like ”20% gain per month”. It’s pure nonsense, because Forex & CFD (contract for difference) trading requires a lot of screening time, education, patience, and quick wits to become profitable. There is no easy money achieved here. If you dedicate your time and learn how to trade properly, you might achieve an additional source of income.
Further Steps You Can Take To Protect Yourself
Make sure to compare the regulations of the regulatory authority with the terms on the broker’s website to find inconsistencies and anomalies in their terms. If you don’t trust your own judgement, or you simply don’t have time, ask the advice of a licensed financial advisor. Additionally, you can ask for business registration proof before registering with a broker. Make sure to read through all the fine print when opening an account. Sometimes scammers use account incentives against the trader, when it comes to withdrawing funds.
- If you receive bonus funds and wish to withdraw them, a Forex scammer may deny you that right due its terms and conditions.
Don’t forget that when you start live trading – always trade a small volume for a short period initially, and then attempt a withdrawal. If everything goes smoothly, it’s safe to deposit more funds. The availability of a Demo account is another indicator of a good or bad broker. If you don’t get offered this option, or are discouraged from demo trading, this is a strong indication of a Forex scammer.
Questions To Ask To Avoid Forex Trading Investment Scams
Remember that you have every right to ask questions. A few proper questions, can determine whether you are dealing with a trustworthy broker or a Forex scam artist. Make sure know your rights, research the contacts, and check the company’s registration and business background. Keep in mind that all the information you receive from a potential new broker must be in written form. Never rely on phone conversations or oral statements.
Ask yourself these questions:
- What can you do when you realise a broker’s offer is not for you?
- How binding is the contract?
- How easy is it to reach customer service?
- Can you contact the broker by phone, Skype or email?
- Do they list a physical address?
- Do they use actual names?
- Are they a registered company?
- Can they provide performance history?
To ensure you’re not a victim of a scam, always use a regulated broker that is well established, has favourable online reviews, and is 100% transparent in their fees and compliance policies. The allure of quick money and easy cash will always be omnipresent, which is why you should make sure that you fully understand what it truly takes to become successful at currency trading, without using quick-fix schemes that put you at risk.
Trading With A Demo Account
Trader’s also have the ability to trade risk-free with a demo trading account. This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets. For instance, Admiral Markets’ demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders.
To open your FREE demo trading account, click the banner below!
About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Trade Scam FAQ
Valve employees will never ask you to trade your items to them; this includes users who claim to work for Steam Support.
Users claiming to be a Valve employee, accounts asking to verify your items, and users who send you a message which insist you need to trade your items to them for investigation or security reasons should immediately be reported for trade scams.
What is a trade scam?
A trade scam is when a Steam user convinces another user to make a deal (trade, gift or market transaction) under false pretenses. Scams usually involve deception in order to convince a user that they are getting a good or fair deal when in fact they are not.
For more information on scams please read below and view our Recommended Trading Practices article and the Steam Item Restoration Policy.
What are the best ways to avoid getting scammed?
- You don’t need to rush to complete a trade. If you recieve an offer, take your time to thouroughly review the contents. Once you confirm a trade offer, there is no going back.
- Ignore pressure to trust the other user. If you are trading with a user who insists that you trust them, they are probably attempting to scam you. Please note that +rep comments can be generated easily by malicious groups.
- Mouse over every item to ensure that the item/gift properties are correct. Information about the item/gift will be shown in the tooltip, including the quality, name, description and any effects.
- Do not trade items in separate or future trades. If another user requests that you do multiple trades, they could be scamming. Always insist to complete the entire trade in one single offer.
- Ensure that you are trading with the correct user. Scammers may try to impersonate your friends and other trusted traders. It is your responsibility to know who you are trading with.
What kind of trades should I avoid?
Do not trade for anything that cannot be added into the Steam trading window. The most common examples of these types of trades include:
- Trading items/gifts for money outside of the Steam Community market. You cannot add Wallet credit, PayPal, gift cards or any form of money to trade offers.
- Trading items/gifts for CD Keys. You cannot add a CD Key into the trade window. CD Keys that are offered can be for a different game, fake, used or region restricted.
- Trading items/gifts for nothing in return in the first trade and expecting to get an item or gift in a later trade. There is no reason to not trade everything in one trade. You may add unlimited items/gifts to a single trade. A common example of this is using a middleman to facilitate a one-sided trade.
For more information, please see our Steam Trading FAQ and Recommended Trading Practices articles.
What specific scams should I be aware of?
Users should always double check the contents of a proposed trade before accepting, even if that means inspecting each item in a multiple-item trade. Be sure to verify the item and its quality before confirming any trade.
There are a number of common scams users may attempt to deceive you out of your items:
- Item switching – You discuss a trade offer with another user beforehand, and the item they put into the trade offer looks like the item, but isn’t as valuable as the original offer.
- CS:GO quality switch – A user offers you a specific quality CS:GO item (Factory New), but the item in the offer is of a lower quality (Field-Tested). Often the item switch is made in a counter-offer.
- Hidden item – A user offers a trade that includes a lot of your low value items (cards, crates, etc.), but also includes a high value item hidden somewhere in the middle.
- Begging/spamming – A user spams trade offers requesting high value items for nothing or little in return in hopes that you mis-click and accept the offer.
- Forward confirmation email – A user convinces you to forward your confirmation email to their email address. They then confirm the trade using the link in the message. Do not forward trade confirmation emails or links and do not provide additional information to another user asking for information used for your account.
- Money For Items – A user offers to send you money in the form of PayPal, PaySafeCard, Steam Wallet codes, Steam Digital Gift Cards, etc. The scammer usually sends you a fake payment code after the trade is completed. In the case of Steam Digital Gift Cards, the scammer may even appear to pay you first, but be planning to charge the Digital Gift Card back later or buy the gift card with a fraudulent credit card.
- CD keys for items – A user offers to send you a Wallet Credit code or a game’s CD Key in exchange for your items. The scammer usually sends you a fake CD Key after the trade is completed.
- Users offering item duplication – A user offers to duplicate your items, but first you have to trade away your items. After receiving your items, the user blocks your messages and keeps your items.
- Users acting as trade bots – A user impersonating a trade bot(s) tells you that you have to trade them some items. After you’ve accepted the trade and sent the user the items, they block you on Steam and keep your items.
- Middleman trades – If you are performing a trade that sits within Steam’s trading guidelines, there is no need for a middleman. Any time you choose to trust any other user with one of your items, you are allowing them the opportunity to scam you.
- Verification accounts – A user wants you to trade an item for “verification”. The user will give a made-up excuse to convince you to do this, such as needing to make sure the item is not a duplicate or to ensure the item is not bugged. These users will then keep your item(s) and block you, getting away with the items.
- Fund transfer via the Steam Market – A user offers to send you Steam Wallet funds by buying one of your low value items at a high price in the market. Most of these offers are done using fraudulent funds.
- Voice comm software/join our tournament team (malware) – A user convinces you to install malware hidden in a voice communication, anti-cheat, or other type of software by claiming that they need you to install it so that you can play in a tournament.
- Offering fraudulent items for resale – Malicious users will sometimes acquire unusual items (often with fraudulent credit cards) and then attempt to trade them to you for more well known items with established value. Prior to doing this they may also manipulate the Steam Community Market price of these unusual items by using stolen credit cards. Watch out for claims that they will overpay or that you can quicksell (qs) the items for an immediate profit. Consider why the user would be willing to take a loss by trading the items to you instead of selling them themselves. As an excuse, these users will sometimes say they need tradeable keys or other tradeable items. Do not accept these trades as the value of the unusual items has been falsified and the subsequent Market transactions may be reversed due to fraudulent activity.
What is the difference between a scam and a hijack?
A scam is when a user deceives another user into willingly (at the time) completing a trade, market transaction, or sending a gift. After the trade is completed, the person who was scammed either doesn’t receive what was promised, or the items involved are not what was agreed upon.
A hijacking is when an account or a computer is taken over by someone else without the account owner’s permission. This is often done with malware or a virus. In some cases the hijacker will convince a user to hand over their login information by providing a fake Steam or a third-party trading site. Hijackers most commonly steal accounts to gain items or games, and sometimes commit fraud. Hijackers often use stolen accounts to commit more hijackings. In these cases, we lock the account until the rightful owner contacts us about the hijacking.
Additional information about hijacked accounts can be found in our Reclaiming a Stolen Steam Account article.
How do I report a scammer?
If you’ve been scammed or another user has attempted to scam you, please use the Report feature built into Steam. This is the best way to bring scammers to our attention so we may take action:
- Go to the profile of the offending user
- Click the ‘More’ drop-down located at the top right of the page
- Choose ‘Report Violation’
- Select the violation (example, ‘Attempted Trade Scam’) and hit ‘Submit Report’
If a user you’ve reported for scamming has had action taken on their account, you’ll be notified with a message in Steam.
What action is taken when a scammer is found?
If evidence exists that a Steam user is scamming, Steam Support will ban the account from using the Steam Community, including trading and using the Steam Market. The length of the ban is dependent on the severity and quantity of the scams. In some cases, scammers will be banned permanently. If a scammer has multiple accounts, all of their accounts may be subject to the ban as well.
In rare cases, scammers will hijack an account and use it to commit scams, fraud, or other hijackings. In these cases, we lock the account until the rightful owner contacts us and we will take appropriate action.
Why doesn’t Steam return scammed items?
Our community assigns an item a value that is at least partially determined by that item’s scarcity. If more copies of the item are added to the economy through inventory rollbacks, the value of every other instance of that item would be reduced.
We sympathize with people who fall victim to scams, but we provide enough information on our website and within our trading system to help users make good trading decisions. For more information on this, please see this post on our store blog.
Upon receiving a trade ban, the offending account also gets placed into trade probation as well. Probationary status allows other users to determine if a user has committed scams in the past so they can make better decisions about whether or not they want to trade with users who have scammed. Please note, probationary status does not prevent users from trading.
Why won’t Steam Support provide information on why an account was trade banned or locked?
By limiting the provided data, Steam Support prevents malicious users from learning how to avoid getting caught in the future. Steam Support relies on several data points to arrive at a decision to ban or lock an account. Users intent on committing malicious activity, most often done to other users, are constantly trying to gain this data to use in future scams, fraud and hijackings.
Click Trade App – 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. Plus500 is now regulated and authorised by the Cyprus Securities and Exchange Commission (Plus500CY Ltd CySEC License No. 250/14), 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. Your capital is at risk.
#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: 62% of retail investor accounts lose money when trading CFDs with eToro.
126 opinions and experiences
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.
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
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
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 6/11/2020 and until now, 27/11/2020 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!(07.2020) 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 2020
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
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