Good afternoon colleagues,
My name is Mohammed, writing this from the capital of UAE, Abu Dhabi. Please do not expect to see a tragedy story here, because I am doing other real life business rather than forex.
I run a company in the Marketing and Media sector, early December, I have decided to get into the trading business to see whether it works for me or not, and unfortunately the choice was Plus500 as advised by my friend. Off course my friend has been advised by other friend and so on, so no one of them has a real experience with it yet “The power of Marketing and Advertising”.
I registered in the system with my email on December 16th 2014 and deposited 500 AED with their 100 AED Bounce “AED is UAE’s currency, 1$ = 3.67 AED”. I started trading and got a margin call and the position was closed. I personally don’t have any problem in paying money but at least I learned what does “Margin Call” means to avoid it in the future.
I have deposited another 500 AED and got 2,000 AED profit, I decided to withdraw half of my money, suddenly I realized that there is a verification process that has to be done in order to withdraw the money from the system. This process took me a month because card I am using is not a credit card, it is a card called “E-Dirham” a prepaid card offered by our government to be used for online purchases. There was a problem with the address I went to the bank and changed it to the address I am registered with, but no use.
On January I created another email dedicated from “Plus500” then bought a new sim card with a new phone, went to the bank and brought my card statement that has my name and the card number on it, and asked my HR Manager to give me a certificate that has my address on it and signed by the General Manager. However, I have uploaded the documents and they said: "It seems that I am not the card owner and the card owner should fill an “Authorization Form” to authorize me to use his card, On the card there was my name and on the statement there was my name and on the bill , on the Employment Certificate there was my name; “How the hell they came up with the idea that I am not the owner”!!! This is a huge indicator that their customer service emails are automated by a computers not human!! They don’t have a call center even!!
From December 16th 2014 until today March 6th 2015 I am not able to withdraw my money and the account is not yet activated. Two days back, everything got activated, even the card! but there was new verification opened “Authorization Form of the card’s owner has to be uploaded and approved” and I have done that process but it still gets rejected.
The total money I have spent on Plus500 is about 15,000 AED which is about 5,000$ USD. I don’t regret that, because it is just a money, comes and goes and I have learned something new and I enjoyed it. Currently I am trading with a local semi government company in UAE and I can withdraw my money anytime
Plus500 allows you to deposit very easily without any verification, so if the money comes in to their system was black money they don’t mind about that, but when the black money is going to you “Withdraw” they will check everything to “Guarantee their safety”.
I swear to God that there is no hate or any other thing motivated me to write this, but to tell you exactly my experience so others will be careful in choosing their trading platform or system.
As it clear in the picture, what is the point of approving my credit card but still need to send the form and I have already sent it to them sight by me 6 times but rejection.