Plus500 / margin policy - scam!
I've vast experience in trading cfd and fx and i'm using plus500 for short term trades (Due to the abnormal expensive daily swaps)
On march 12 I had balance of eur 9014 in my account and i've asked a withdraw of eur 7, 600- the amount deducted from my account.
I left with a balance of eur 1, 414 and on march 13 i've opened 3 short position on dax (100 each). The maintenance margin for each position is eur 100 (Total eur 300).
Later on the dax started to go up and I got margin call via sms and mail.
The dax continued to climbed and when I logged in to my account I was found out that my equity is eur -31. I really thought it's bug in the system and I started to write mail to plus500 support team (No phones!).
Few minus after I got stop out mail and all my 3 positions were closed by system. The account went into eur -102 and guess what - plus500 canceled my withdraw without my permission in order to cover the minus balance.
Based on the trading platform explanation - once you click on the question mark next to m. Margin i'm getting the following tooltip "maintenance margin: to keep a position open, available account equity must exceed maintenance margin level. The maintenance margin level requirements is specific for each financial instrument. If this margin is not maintained the position will be automatically closed"
This is total scam and all traders should be alerted. Based on the t&c (Which I think it's not legal) pending withdraw is acted as balance in case you have open position.
Plus500 has the right to close the position below maintenance margin.
It's important to know that no spike were deducted in this time and plus500 could easily close my position on maintenance level.
The total damage is only eur 200 but it could be worst! Please be careful trading with plus500
I have all the mails and communication with plus500 support team and all the relevant screenshots.
I'm also preparing detailed complaint to fca about this case.
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