Plus500 Margin Call on Huge Spread - help please!

Hi,

Apologies in advance for asking novice questions but seeking some advice please.

Yesterday morning on Plus 500, I set a buy on the Call of Gold. I had a starting position of 53.31 with the pricing staying in and around that area for most of the trade. Suddenly out of nowhere the spread between “Sell” and “Buy” was in excess of 65 - (a sell of 25.15 and a buy of 90.75) - see image below. A margin call was immediately actioned and my account balance was taken. I imagine this would have happened to many buyers and sellers given the huge spread suddenly given.

Sure enough, almost instantly the market immediately came back to the same level of around 51 and the same tight spread/ However, a margin call was made without any notification and all funds were taken. Is there anything I can do to challenge this with Plus500 as it appears totally unjust to swallow all funds and close a trade by suddenly implementing of spread of 65 between buy and sell. I am even wondering if it was just a mistake, the margin typically on that market is less than 1.

Can I challenge this is anyway? I feel like I have been duped.

Thanks

Jon

Margin at time of closure

I dont trade options so cant check. But I would call them up and complain. I think they’re regulated so they shouldnt be scamming you but if they dont refund you could complain to regulators aswell. If they dont refund, dont trade with them again and post the reply on babypips under ‘scam stories’ with plus500 in the title so others dont get caught out.

1 Like

Thanks for that, I will follow your advice. I have raised a complaint already and will go to the FCA if necessary.

Funnily enough they do not have a phone number to contact them, and live chat is no longer available. Emails only!

Thanks again.