Plus500 transfers London clients to Cyprus | Forex Factory

  • Plus500 transfers London clients to Cyprus

    From leaprate.com

    LeapRate has been provided with a letter to a Plus500 customer, explaining that his trading account which was originally opened and operated by the firm’s London based, FCA regulated operations, has been transferred to Plus500’s CySec regulated operations in Limassol, Cyprus. LeapRate has been informed that Plus500 Ltd (LON:PLUS) has begun a process of transferring clients which were customers of the firm’s Financial Conduct Authority (FCA) regulated London operations to a separate division of the company, namely the firm’s Cyprus division, regulated by CySec. Following the issues which have been experienced ... (full story)

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Exodus
May 28, 2015 4:39am
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This whole thing is starting to smell a bit. IMHO a trustworthy company would simply comply with the wishes of its regulators, but this one is moving accounts out of the region of discontent. That could be small-mind mentality by non-UK owners. It is all embarrassing I concede but if everything is above-board then why not simply fess-up and get the paperwork in order?

Watch for the next gotcha! FCA freezes the assets of the UK operation.
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Exodus
May 28, 2015 5:09am
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According to their press releases they have more than $90m of their own money, not client funds, and that must be in a bank somewhere.

From their statement logged at the LSE on 27th; "Group cash position of $92.2m as at 26 May 2015; this excludes customer cash retained separately in segregated accounts"
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Ojiego
May 28, 2015 4:31am
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Quoting Exodus
Why the frown? Do you have an account with Plus500?
Yes I do but luckily a micro account in their Cyprus office. My account is still active but I have suspended trade a week ago.
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Ojiego
May 28, 2015 4:55am
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Yeah Exodus,
the UK clients have no other choice than to trade from Cyprus because if you want to withdraw or close your account with them, they will make life very difficult for you. That is why I am adopting the "sit-and-wait" attitude atm.

FCA freezing assets? What assets do they have apart from computers and office furniture? Interestingly, they have no office in Tel-Av. where the owners come from.

You know, when they went IPO in London, I was happy about that but now I am not so sure.
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Ojiego
May 28, 2015 5:17am
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Quoting Exodus
I am watching this because I will be piling into their stock as soon as I believe everything is Ok.
Lolz smart move Exodus. I would do the same but I am just so tired of their malpractices. They always traded against. At times during news time they block trade and my entries at "market" is always higher than normal.

Yeah if you can reap something out of their stock, why not? And I wish you all the luck!

gtg. US job claims coming
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Exodus
May 28, 2015 4:16am
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Why the frown? Do you have an account with Plus500?
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Exodus
May 28, 2015 5:11am
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I am watching this because I will be piling into their stock as soon as I believe everything is Ok.
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Ojiego
May 28, 2015 3:22am
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And the beat goes on .....
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