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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I bought 1000 on Plus500s spread betting and ended up

Customer Question

I bought 1000 on Plus500's spread betting and ended up with a 10000 open position. When questioned I was told that their platform was programmed to enter an amount in the quantity box based on the history of the purchaser to help the trade to be completed speedily. Initially I entered 1000 but edited my stops several times before confirming BUY which is when their estimate of a buy was inserted. Is this malpractice? regards XXXXX XXXXX

Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Are you saying their system was faulty? Have you reported this to them - what did they say please?

JACUSTOMER-qqqdfvp2- :

As already stated, when questioned I was told that their platform was programmed to enter an amount in the quantity box based on the history of the purchaser to help the trade to be completed speedily. Yes, I am implying that their system is more of a trap than a help. Their platform displays a list of all instruments they offer to trade. A share is selected buy or sell. A window appears with

JACUSTOMER-qqqdfvp2- :

A window appears with the price of the share and the quantity box already filled with their suggestion of how many. My normal practice is to change the quantity immediately. But for various reasons I may wish to edit my buy e.g. pause while the price comes down a bit. This can cause the window to disappear and when recalled; unbeknownest to me, their estimated quantity has reappeared in the quantity box and when I confirm the buy smartly to get the lower price I find I've bought far too many. I think that the quantity box should be left empty. The reason for my question is :- Am I being paranoid in suspecting a scam?

Alex Watts : How did you find the deposit? Which country are they based in please?
Customer :

What deposit??? Their emails are timed EDT My guess is ISRAEL

Customer :

but they do have a London office Plus500Ltd Tenter House 45Moorfields London EC2Y 9AE

Alex Watts : But which company did you pay, Israel or London?
Alex Watts :

Are you able to respond?