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I am trying to withdraw funds from my trading account but plus500 are not processing it by saying they are really busy due to workload. Below is an email from them.
They say normally they process payments within 3 working days but its been 10 working days.
I have asked them to tell me how I can escalate this complaint and what their complaint procedure is but they don't reply to my email despite them saying we respond within 24 hours.
Can anyone help here or advice what I should do? They are publicly traded company and I am appalled in how they treat their customers.
A copy of the email they sent:
Hello,
Thank you for your reply.
Please note that we are putting all of our efforts in order to ensure a safe and secure money transfer.
In addition, kindly note that sometimes there might be slight delays in processing this transactions.
However, note that we are doing everything we can, in order to provide our customers with the best service we can.
Should you require any further assistance, feel free to contact us.
Regards,
Jennifer
—
Customer support
Plus500uk ltd
My bro, traded on Plus500 this month and in two weeks he turned 100 into 7500.
Now that's a hell a lot of money, however withdrawal on first occasion was turned down as they said he entered the swift number and not branch number. Last year he said, the branch number was not operational and this year it is the same. He complained last year and this year and still not fixed. He then opted for paypal to withdraw. Once again refused as it is against some sort of AML rules. He put in £100 not millions, get real guys! Then third option, was wire transfer.
Then boom, guess what £380 short. When he queried it, they come up with some story about transferring the money from GBP to Euro's and thats why he is short. £380 eaten up by the banking system, that does not sound true. Then lets just say it was the way they did things, how can you justify transfer from GBP to Euro's and then back to GBP being 380 short? He was told that on submitting his request a pop up box appears and advises that the money will be wired in Euro's. What a load of rubbish! He deposits using GBP so why not pay out in the same way. Equates to 5% of his money being short.
He is not happy and has now been advised by FCA to submit a formal complaint, under acting dishonestly and breaching the terms and conditions of online payments, which i believe he is doing so once he receives formal complaints procedures from Plus500. Plus500 will be required by British law to disclose the bank they used and verify the correct amount was transferred in the first place, failing this they are likely to come under heavy fines if they are acting dishonestly.
His friend who is a journalist will be featuring this in a national newspaper to make people aware of companies that fall short of their obligations.
The only thing more dangerous than binary option scammers are the even worse scammers who 'help you' get your money back from brokers. never works, total scams. Just beware of being lied to. I've been there and Marcus Gate got me back on my feet. If you need help, he's the right contact (recovery @ marcusgate .cc). Conduct your findings. Don’t fall for false promises. Don’t look for easy money.
I personally think there are two people who run Plus 500. They claim to be an international company however they do not have the money to payout when they need to. Beware, do not trade with Plus 500, they will only answer emails when you are not complaining. My brother is 380 short in his withdrawal and he has not received any reply regarding the complaints procedure. I suggest you email them a complaint letter and forward them one to their registered address. Wait 8 weeks and then forward it to FCA if they have not resolved the matter. By the way if you opt for a wire transfer and live in Great Britain, chances are that you will not see your full withdrawal.
I lost £65, 000 in just a month. I think the algorithm of the program is made to let you lose money in any way. How come I never had a second thought? That's the question I keep asking myself. I realized I've been ripped off the moment I couldn't withdraw my funds plus bonuses. I contacted my lawyer once, but I can no longer cope with my lengthy and costly lawsuit..
DO NOT GIVE UP! Reach out to me on guidance on withdrawal issues. I've been there