I lost more than $2500 dollars to CFD trading in Plus500. I can’t help but feel frustrated and cheated, but at the same time, I know that it was my lack of knowledge and experience that led me to this unfortunate situation.
When I first heard about Plus500, I was intrigued by its user-friendly interface and the promise of easy and fast trading. I was a novice trader and I thought this was the perfect platform for me to start. However, what I didn’t know then was that Plus500 lacked transparency and was not designed for advanced traders like me.
I learned that Plus500 was a closed system, which meant that advanced traders who rely on third-party analytical and automation tools in their trading process could not integrate these tools directly. This limitation made it difficult for me to make informed trading decisions and was one of the reasons I lost money.
Additionally, guaranteed stops were only available with some markets, and they came with an increased spread and couldn’t be added to previously opened trades. This made it challenging to manage risks and limit potential losses. On the other hand, Plus500 only supported WebTrader and didn’t allow the use of MT4, which further limited the functionality available to me as an advanced trader. It was frustrating to know that I couldn’t access the analytical tools that I relied on to make profitable trades.
I wasn’t the only one who had this experience. Many people lost money for not being able to access analytical tools, but unfortunately, not everyone realized these limitations before trading CFD with Plus500. It’s actually understandable to learn that Plus500 didn’t accept clients from the US. I felt that this was a red flag and should have made me more cautious about trading with them but I didn’t realize it before.
I started browsing different online trading forums and searching for real feedback about this broker. I found several forums where traders shared their real experiences. I felt sorry for myself for not being careful and not investigating enough before investing.
Some of the traders mentioned that they got help from a reporting website called Report Scammed Bitcoin. I visited the website and found some interesting facts about them. They provide only free consultation to victims and necessary service recommendations to recover the lost fund.
I found their scammer lists very helpful. There I saw Plus500 is already enlisted and they provided a detailed overview of this broker. I felt, why I did not find this earlier. If I saw this, I may not invest with them.
In hindsight, I realized that my lack of knowledge and experience in CFD trading led me to overlook the limitations of the platform. Plus500 still exists and preys on less knowledgeable traders like me. However, I learned my lesson and took it as a valuable experience.
I’ve now become more careful and thorough in my research of trading platforms, and I’m more cautious when trading CFDs. I’ve learned that being an advanced trader requires not only knowledge and experience but also diligence in researching trading platforms and staying informed about the latest developments in the market.
My experience with Plus500 taught me that there are no shortcuts in trading, and a lack of knowledge and research can lead to significant financial losses. I hope that my experience can be a cautionary tale to other novice traders and encourage them to take their time, do their research, and make informed decisions when it comes to CFD trading. Actually, if you’re a beginner trader, avoid CFD trading at all.