The Best Binary Options Broker 2020!
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Plus500 Review and Tutorial 2020
|Traders in Russia welcome|
|Plus500 Facts & Figures|
• Best Overall Broker 2020 – DayTrading.com
• Best Overall Broker 2020 – DayTrading.com
• Best Trading App 2020 – DayTrading.com
|Instruments||CFD, Forex, Crypto, Stocks, Options|
|Min. Trade||Varies by asset|
|Regulated By||FCA, CySec, ASIC|
|Mobile Apps||iOS, Android and Windows|
|Spread||BTC 1%, ETH 1.6%|
|Coins||BCH, BTC, ETH, LTC, XRP, IOTA, NEO, EOS, XMR|
Our Plus500 review includes everything from the Webtrader online trading platform, to the mobile app and fees. Whether you are looking to login and trade Bitcoin, ripple or Oil, or you just need details on the demo account and minimum deposit, we cover everything in this detailed review.
Plus500 is a leading online Contract for Difference (CFDs) trading platform that is owned by a holding company called Plus500 Ltd. The company is listed on the Main Market of the London Stock Exchange (LON:PLUS). Operating through 3 different subsidiaries:
- Plus500UK Ltd,
- Plus500CY Ltd
- Plus500AU Pty Ltd.
Making the brand synonymous with reliability and safety.
This is largely due to the fact that Plus500 (or subsidiaries) are regulated in several different jurisdictions around the world. In addition to being regulated around the world, Plus500 is also an active sponsor of professional Soccer and Rugby teams. The firm have been the official sponsor of Club Atletico de Madrid since 2020.
Traders can earn a first deposit bonus on their initial deposit, up to a maximum of $10,000. Additional leverage of up to 1:300 is also available.
Regulation & Reputation
Since its inception in 2008, Plus500 has earned a reputation among traders in the online community as being reliable and trusted. Plus500 Ltd is listed on the Main Market of the London Stock Exchange, which also helps to bolster the broker’s reputation as being financially stable. In terms of regulatory oversight, Plus500 subsidiaries are regulated by several regulatory agencies:
- Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
- Plus500CY Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
- Plus500AU Pty Ltd, ACN 153 301 681, AFSL # 417727, issued by the Australian Securities and Investments Commission is authorised to issue these products to Australian residents.
- Derivatives issuer licence in New Zealand, FSP #. 486026 authorises them to issue these products to New Zealand residents.
- Plus500AU Pty Ltd, is also an authorised Financial Services Provider in South Africa, FSP 47546.
With subsidiaries as regulated entities under the UK’s FCA, ASIC in Australia and CySEC, Plus500 is able to work with traders from Australia, Europe and the UK. Clients can therefore take advantage of the benefits of being protected under the Financial Services Compensation Scheme (FSCS) and Investors Compensation Scheme. For full details of the protection these schemes offer, visit the website.
Although Plus500 uses a proprietary trading platform, the trading platform (Webtrader) is able to cater to the different needs of the broker’s international clientele base, as it is available across several different versions.
The Best Binary Options Broker 2020!
Perfect For Beginners and Middle-Leveled Traders!
Free Demo Account.
Get Your Sign-Up Bonus Now!
Recommended Only For Experienced Traders!
There is a desktop version of the trading platform which traders can download and install onto their computers. Retail and professional accounts operate on the same platform. This creates pros and cons but with advanced research tools next to the ability to execute trades in a user friendly way the platform performs well.
For those who wish to trade directly from the internet, there is a web-based version of the trading platform which can be accessed with any web browser. There is no integration with MT4 at present.
The key difference between the Webtrader trading platform and the platforms provided by other brokers in the industry is the fact that Plus500 trading platforms work seamlessly with each other.
A mobile version of the trading platform is also available to traders who wish to trade the markets using just their smartphones or mobile devices. Provided free of charge, the mobile trading app can be downloaded directly from Google Playstore or Apple App Store.
The mobile app is fully functioning, and offers all the trading options that the web based version does. It is a single click download, and trading via the app is quick and easy. Look and feel between mobile and web based platforms is kept the same, making transition between the two very easy.
Both Android and iOS versions retain all the same low trading fees, spreads and rates etc, and any trading portfolio is retained across all platforms.
Plus500 has only provided one type of trading account, a standard trading account. The standard trading account requires a minimum deposit of $100 to open. During the recent system upgrade, the broker has upgraded all their clients’ trading accounts to a Gold account status.
With this recent enhancement, existing account holders will pay lower premium fees. However they will be subjected to a higher minimum trade volume.
Apart from the standard trading account, Plus500 has also provided a free unlimited demo account which potential clients can use to test out the performance of the trading platform and develop a trading strategy.
Compatible Trading App Platforms At Plus500
Although there is only one trading account, there is provision for traders to be classed as “professional” rather than “retail” clients. The benefits are increased leverage (1:300) and fewer restrictions on margin.
The downside however, is that regulatory protection is reduced for ‘Pro’ accounts (negative balance protection for example). Visit the website to apply, or see if you will be eligible for a professional account.
Bonus Offers & Promos
The terms of these bonuses include a requirement to accumulate “TPoints”. These are earned as you trade and once a certain amount have been collected, the awarded bonus can be withdrawn as cash. Assets and investments vary in terms of how many TPoints they accrue, full T&Cs are on the relevant bonus page for your region.
Assets & Instruments
Traders will be pleased to know that there are more than 2000 instruments to choose from using CFDs. These underlying assets include major classes such as currency pairs, cryptocurrencies, commodities, ETFs, options and stocks. Available leverage is as high as 1:300.
Cryptocurrency leverage is capped at 1:2 by the regulator, but assets like Bitcoin, Ripple and Litecoin are all available to trade with tight spreads.
While the support service at Plus500 is available 24/7, it is only available through email or live chat. So although their website is available in 32 different languages, there is no telephone support.
Deposit And Withdrawal
Available payment and withdrawal methods at Plus500 are Credit/Debit Card (Visa or MasterCard), PayPal, Skrill (Moneybookers), or Bank Transfer.
The same methods can be used for making deposits and withdrawals. For withdrawals, the processing time is 3 business days. It should be noted that all withdrawal methods have a minimum amount threshold and you can only withdraw through the method that you used initially for making your deposit.
There are no withdrawal fees, though there are inactivity fees and some positions may be subject to overnight fees.
Is Plus500 Best For Day Trading?
Without a doubt, Plus500 operates with a high standard of efficiency and reliability. Their digital Webtrader trading platform, is proprietary and able to perform the job of executing trades quickly. In addition, there is a wide range of assets for you to choose from to trade with.
As a day trader, it is important that you can execute as many trades as needed within a short time frame. With the huge asset index, you will be able to do just that, without difficulties. In addition, the fact that you can open and close a CFD position at any time during trading hours, means you can review and amend your positions and investing portfolio however you need to.
Plus500 vs eToro
|Plus500||$100||FCA, CySec, ASIC||No|
Plus500 compares well to eToro, with a larger range of markets and far more research and analysis tools. eToro tends to cater to more casual traders – perhaps who’s time is limited. Copy Trading is their big feature – but they do offer fractionally smaller spreads (trading costs). Plus500 however, delivers a superior service for more involved traders, and also has a lower minimum deposit and more advanced trading platform.
|eToro||1 pt (var)||5 pts||3 pips (var)|
What is the minimum deposit requirement to open a trading account?
The minimum deposit requirement is $100.
How fast can my withdrawal request be processed?
The typical processing time for a withdrawal request ranges from one business day to three business days.
Is Plus500 a reliable broker?
Yes. They have been operational since 2008 and subsidiaries are regulated in several countries around the world including the UK, Singapore and Australia.
What kind of trading platform does Plus500 have?
The company uses a proprietary trading platform to provide their traders with access to the financial markets.
What is the maximum leverage available at Plus500?
The maximum leverage offered by Plus500 is 1:30 as per regulatory guidelines. Leverage varies by asset (crypto trades are limited to 1:2). Traders in Non-EU regulated markets can utilise higher levels of margin. 1:30 is a limit imposed by ESMA in European Economic Area only.
Plus500 vs Etoro
Plus500 has tighter spreads for most assets than eToro, and also has a broader range. Social trading is not available, though it is at eToro. Plus500 also has higher levels of regulation and is a much more widely recognised and ‘global’ firm.
Plus500 are listed on the London Stock Exchange (LON:PLUS).
Plus500 accepts traders from Australia, United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Plus500 from Belgium, Iran, United States, Canada, Zimbabwe, Nigeria, Cote D’Ivoire, Cameroon, Thailand, India, Indonesia, Brazil, Egypt, Pakistan, France, Cayman Islands, Philippines.
Plus500 — fraud-money stolen
Warning:plus500 is fraud!
Plus500 site is a big fraud, a total scam.
Never put any own money in it.
You never ever will see your money again.
Only thing, you can do on their site,
Is checking some trading prices (at least in currencies eur/usd seems be up to date).
The “demo” and “with own money” options are identical and both
Only for show.
Behind that program isn’t anything “real” happening, no real transactions.
They only collect your money and make you to imagine, that you are trading real trades. You are not!
As said, they are only after your deposits!
On many sites, wich contain plus500-fraud complains, one or several plus500-fraudsters themselves are trying to eliminate accuses about scam, saying
“plus500 is not a scam; I have been trading half a year; I have collected $10000 in two months” etc.
But I have definitely lost €100,
I wouldn’t write here only to accuse a site, which I don’t know even the address!
More Plus500 Complaints & Reviews
i use the demo fro a week. i intent to contact them for few question about it . no phone number, no email reply.
this absolutely scandalous to have such poor service and no even a contact number. this is a scam 100%
@wipika After months of trading with these brokers and not being able to make any type of withdrawal, I was able to hire a referred expert who recovered my funds discreetly within 7days.Happy to share my experience. [email protected], com
Not sure if it is a scam or not; but I lost $14, 000 in one month with them, because I bought some mining shares (evolution mining, evn. ax) which had already dropped about 45% from the year high of $2, to about $1.48, after the sudden unexpected collapse in the gold price. I bought in at about $1.20, holding eventually, 14, 000 shares. I bought them because the risers and fallers list on plus500 hd them on that list. I now believe that the shares on that list, specifically, are actually frauds run by plus500 staff. how does the fraud work? well, plus500 staff have a share in the profits from the listing of those companies, which list with plus500 (as they would never get jew finanzing anywhere else!!) for a fee. when plus500 have enticed ‘sufficient’ numbers of shares to be bought by their clients, they then instruct the companies which pay them the fraudulent and deceitful fee; at which point those inside the scam begin trading the same shares down, until the clients are margined out.in my case, this happened when evn. ax reached the multi-year low of 53 cents, or about 75% down from the high set in 2020. after my money was stolen by plus500, and all retail holders had been efficiently liquidated (margined out) by plus500, who are going to roast in hell for ever, as they are deceitful anti-christ zionist #s, plus500 instructed the insiders to “buy in” again. evn. ax is a pump and dump scam run with the full knowledge of #ers like plus500, who will burn in hell and roast for ever. that is why the shares are now, miraculously, back to 83 cents in only three weeks since their crash to 53 cents. you #ers at pus500 be warned. evn. ax is finished. and so are you.
I’m looking to add more legal companies daily, worldwide, involved in class action lawsuits against plus500.
@enum hello everyone, I lost 900k usd to greensfieldcapital. I totally lost hope in getting my money back, i tried charging back but that never worked, i got a lawyer but that never worked too until i came across a post on a Certified Binary Options Recovery Experts www.oxpahat.org with no upfront payment. they who has been guiding people on steps to take to recover lost funds from financial scam and was able to get all my funds recovered last week. [email protected] to email.
I found Plus500 Cyprus Warning on http://m.seekingalpha.com/instablog/410749-daily-forex/6827-an-in-depth-review-of-plus-500
Cysec (Cyprus Securities and exchange commission) has issued a warning agianst this company.
This is the link:
many others have complained online about not being able to withdraw their funds from their accounts.
I have also lost more than £4000 in last few weeks. its seem someone siting behind computer and just cash money from people like me. it doesn’t matter we buy or sell the shares result is always similar we lost. if we buy the share price go down till we lost all money. if we sell price go up till we lost the last penny.
Not me but some expert can sure find how they work, that big fraud so openly on this scale
@n parveen Do you know you can recover the funds you lost to heartless brokers, who have smartly require you to deposit funds time to time without any substantive withdrawal?
When it comes to Binary Options, there have been quite a few examples of people who have been taken for a ride by a Broker and have lost a large amount of money, Many of these brokers misappropriate traders money thinking these traders will not act. Beware of where you invest, Binary Option Scams are quite common and come down to a number of factors including improper due diligence and manipulation by the broker we should be very careful with these so called brokers. If you have lost any amount of money to an online broker, contact [email protected], www.oxpahat.org
@n parveen The problem with binary options is not that it is a scam in itself. However, when someone who is not knowledgeable tries to trade binary options, he will definitely lose money. The problem is that people are very anxious to make money and they don’t take the time to learn the strategy analysis and the accurate time to trade, Need help on how to trade and to get your lost money back from greedy brokers. The fastest and easiest way to get your money back is by reporting to a recover expert as I have done in recent years with past experience with myself and clients I that consulted me. Sending a mail to [email protected] will do as this agent helped me recover my $24500 supposed investment in binary options months ago.
I wholeheartedly agree. they must be playing with the same shadowy software companies that assist with rigging elections in third world countries. I made some good trades going long on bitcoin on the 9th of november 2020. by sunday 10th they had realised they where seriously exposed and they were in trouble. the the price started dropped significantly inconsistent with the the mt gox prices between 10 and 11 jst or 12 to 11 aest. forget the ombudsman i’m gathering all the information and taking my case to the government regulator to expose them.
I am just a small trader and I wanted to try that platform.
At first I made a deposit of 100€.. how stupid.
The first days I made some money but then I started loosing all my trades I don’t even know why.
So sadly my account fell to 50€, no problem i’m gonna get it all back. but again. how stupid!
They switched my account to “gold member” how nice of them, you know what happened?
With this amazing “gold” # I can no longer trade because now the minimum investment is 100 euros so unless I make a new deposit, I just lost my money, I really want to get it back, not that i’m in any kind of trouble but I hate it when this happens!
And i’m pretty sure I am not the only one!
Yes they do take your profits be very careful when dealing with plus500, make sure you read their product disclosure agreement before you trade with plus500.
I say this because any person who has a reasonable amount of intelligence, will automatically read that they will be dealing with a company that wants it all their way, they basically have or think they have their product disclosure written up in a way that prevents you the client from taking any type of action against them, whilst at the same time take no responsibility for anything they decide they want to do, this includes taking or keeping your money.
Once you read the product disclosure form and tick the box its a formal legally binding contract with you the client, so they say I am about to prove them wrong..
But as I mention above if you were to read and were not to much in hurry to tick the box, like I was, like we all do these days with our mobile phone and other applications we sign up with on the net, you would never even consider getting involved with these thieves.
In my case I was allowed to open my account and made several deposits and they were happy to take my money, then there was a period where I was up and tried to withdraw the amount of $5000.00
Which is the amount I started with, but instead of being able to withdraw the money, an additional
$5000.00 was deposited in to my account.
So I was left with a fair amount of cash in my account and said to my self why not keep trading, so I did, I took out a number of positions and ended up having margin calls made on my positions, so I tried to make my margin call payments to keep my positions open, but they would not accept my payments at all this time.
This is despite plus500 continuously sending me margin call emails and phone text messages, but at each attempt they blocked my account and prevented me from making the margin call deposits.
If I was able to make my my margin call deposits I would have ended up with a handsome profit.
I had contacted plus500 who at the time I thought were a reputable company and was informed that the reason they would not allow me to make the deposits was because I had not provided them with the remainder on my id requirements in order to comply with anti money laundering laws and raisng money for terrorism laws, which I told them I was happy to provide.
The problem was that this whole process could take up to 3 days, 3 days is a lifetime in this type of trading it certainly would very rarely make you but would definitely break you as it did to me.
I had sent numerous emails to plus500 and at first, but they kept on saying that they need to refer this matter to a senior advisor, and there senior advisers kept coming up with different excuses, until I received my final answer and this was that I had ticked the box and agreed to comply to their product disclosure agreement, which said they can suspend your account when ever they want, and in my case it was because I had not sent in the rest of my id requirements and hey were accusing me of money laundering, I used my cc so I do not know why they would think I was laundering money, and they ended up with my money, and they can do what ever they want when ever they want this means stealing your money, and as I said to them even if I was a money launderer which I am not, and at times agreed to send the rest of my id requirements, so who is the money launderer if they kept my funds.
Be very careful with plus500 they make their own rules and their rules are only of any benefit to plus500
And the fact that they are all over the net promoting them selfs as honest operators is suspicious
@dennis bazelmans That’s so interesting they wouldn’t take your money due to alleged money laundering. coz with me they took my money but wouldn’t let me withdraw due to alleged money laundering. eventually I provided them with all documentation that they had no choice but to let me withdraw. very deceitful company that makes up rules based on the customer they are dealing with at the time
@Sydney Oz Totally agree. Stay away from this group. Lesson learnt! Happy to share my experience.
Today I opened a “buy” position for the italy 40 index which was showing a fall of -1.40% in the morning and later on -1.03%. so I saw nasdaq, nikkei going up and I said good opportunity to open a buy position in italy index which was falling at the moment -1.03%. after some trading I saw the price in yahoo finance and what I saw. italy 40 index was actually from the morning up 1.40%. the index value was the same, but in their platform it was showing a fall. so deceiving. I immediattelly made a screenshot which I have available for all of you, showing the “-1.10$” and reported a problem. now that I am writing this text they corrected it.:) they are so funny. I demanded my account to be reinstated as this was deceiving from their part. but no answer still. I will keep you updated.
Lets shutdown plus500
I think we should all gather as much information on these scamming thief’s and put together some sort of class action against them they are not honest they do or change anything they can to rip your cash of you, lets get it back from them and have them shut down.
Lets shutdown plus500 I call them pus500
Lets shutdown pluss500
I thing we should all get together with our complaint about these filthy rotten scammers and take some sort of class action against them and have them closed they should be called pus500 because thats how dirty they are.
We together can stop this from happening to others
Lets have plus500 shut down.
See my saga with plus 500 – latest comment at the top going back to jan 2nd 2020
Any progress yet?
From: timothy van staden [mailto:[email protected]]
Sent: 20 january 2020 10:15
To: ‘plus500 support’
Subject: fw: tj van staden – id 5705065110081 – refund cheques from trading account
When will you sort this out??
From: timothy van staden [mailto:[email protected]]
Sent: 18 january 2020 12:21
To: ‘plus500 support’
Subject: fw: tj van staden – id 5705065110081 – refund cheques from trading account
You were able to close my trade yesterday (margin call) but cannot respond to my query.
I want a response – why are you acting like you have no responsibility towards me??
From: timothy van staden [mailto:[email protected]]
Sent: 16 january 2020 22:07
To: ‘plus500 support’
Subject: fw: tj van staden – id 5705065110081 – refund cheques from trading account
Do you really think that ignoring me will solve the problem?? south african banks will not cash or accept foreign cheques which are not in english. I have already told you I cannot bank the 2 cheques you have sent me – refund me via my credit card or draw cheque(s) in my name in english once you see the original cheques are not cashed/processed.
From: timothy van staden [mailto:[email protected]]
Sent: 14 january 2020 12:33
To: ‘plus500 support’
Subject: fw: tj van staden – id 5705065110081 – refund cheques from trading account
I have had zero feedback on this email sent 2 january below – please read request and advise soonest
From: timothy van staden [mailto:[email protected]]
Sent: 02 january 2020 16:05
To: ‘plus500 support’
Subject: tj van staden – id 5705065110081 – refund cheques from trading account
Dear sir or madam
Plus 500 sent me 2 berliner volksbank cheques as refunds for my deposits. the cheque no’s are 0000812140994 and 0000812140995. the tracking numbers are 1322318278 and 1322318294 respectively. please cancel these cheques. my bank in south africa cannot process the cheques as the euro value of the cheque is in german – apparently there is an international convention which requires cheques to south africa to be in english??
Further – my printer crashed and I cannot scan the cheques to you should you require scans??
In addition to this the credit card used for payment into my real account is valid – it seems that plus 500 tried without success to refund my credit card (during card renewal period – by co-incidence)) but you will be able to do so now.
Either try refund my credit card or draw a single cheque for both amounts to avoid double fees when I deposit the cheque.
please advise wrt all the above.
Timothy van staden
A reply I received from Plus500 regarding price differences. Basically they make up their own rates!
Dave, Jan 21 21:53:
Thank you for contacting us,
Kindly note that the indexes we offer are future contracts, and not the current ones as may be the case in other locations or trading sites. Therefore there may be a price difference.
The rates shown in our software are the prices that we offer. The rates on display in other exchange trade sites are the prices we use for hedging when presenting the transactions to our banks and providers.
Our quotes are based on external and independent providers. We use these quotes automatically. Also, each instrument has additional providers as backup. Sometimes as trading is done globally, providers might have prices that may vary by a little margin from one another.
Note that for trading purposes, you shall only use the graphs and the prices shown on our platform.
If you require any further assistance, feel free to contact us.
359 Goswell Road
London EC1V 7JL
Plus500UK Ltd is registered in England and Wales (registered no. 07024970) and is authorised and regulated by the Financial Conduct Authority. Registered Office: 8 – 9 Talbot Court, London, EC3V 0BP, United Kingdom.
This e-mail, and any files transmitted with it, are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this e-mail in error, please notify the sender. This e-mail and attachment has been screened for viruses on sending, but you should screen them again on receipt. Plus500UK Ltd does not accept any liability for any damage caused by any virus transmitted by this e-mail.
Info, Jan 21 20:55:
Hi can you tell me why the ftse 100 rates quoted by plus500 don’t match the actual rates. Plus500’s high today show trading at 6815.95, whereas 6867.42 is was the highest according to several sites I checked.
@IrishPol Notice how the pig dave doesn’t use his last name
I also find no reply from withdrawing money! Are they scam?
I would like to back up the statement made by iris paul on the 22/january/2020
I received the exact reply from these scoundrels when I questioned there pricing on the trading platform they use.
This alone is a massive alarm bell ringing, spread the word tell every one you who have seen their presence on the net, they are nothing but tip rats is not possible to ever be miss fortunate enough to have to ever do any type of financial transaction with these sub human bottom feeders.
No 1 the trading platform they say they use is from an independent source, and I also have it writing they do not just use one source they use several, and they are not all quoting the same price, this means they can pick prices from the source that is in their best interest, which means that they do trade against you, when they guarantee that do not trade against their own clients.
No 2 they can not provide a time frame as too how they arrive at their pricing so who and how can any clients of plus500 have any method of knowing this scam is kept honest.
They say that they are regulated by the appropriate government bodies around the world and that’s #, even if they were, with what’s has been going on all around the world with our global white color criminals running the banking systems does that give any of us that nice safe warm and fuzzy feeling.
No 3 they are not hedging your money invested with any other financial institution why should they, do not only make profit and as they keep on telling you about the big favour they are doing for you by charging low transaction fees, why should they it is a fact that yhey know well in advance that they will get to keep all of you money to start with.
We all need to wake up, get together and send these # to the hole in the ground where they come from.
No 4 in my situation I started to invest in some fair sized positions it is a fact that they can manipulate there own trading platform to benefit from their dishonest premeditated ways of stealing from you.
And if by some chance they could end up between a rock and hard place, like what they did with me they can just text you or mail you or even call you to advise you that you need to deposit more funds to make your margin call, I could not even begin to imagine how many poor # have lost their hard earned cash, in this way but that’s trading we are all aware of this.
But this is a classic I received the mail the calls and the text for margin calls and was financially in the position to deposit any of the extra funds they required but each time I tried and puss500 would block my account making it impossible to ad extra funds, had I been able to do so I would have made a hansom profit instead of just having what I did have invested just taken or what I should say is stolen.
This type of trading is volatile we all know and when trading like this you must have extra funds to at times back your judgement and investment we all see how stocks go up one minute and down the next and then up again, and when you are all of a sudden restricted of adding funds to cover your margin call you loose the lot and guess who gets your money its those pigs from puss 500
And remember they do not actually by any of the stock or the commodities they have you believe, they outlay nothing its all just paper trading and the only party who hands over any funds is the poor # like us who just give to puss500
Good luck but that does not exist if you trade with the # from puss 500
So close your account and have good luck with your next broker I think the must be 1 honest broker out there some place
They want my passport, proof of address and copy of mastercard to return me my money (deposit)!! they are defo a scam.
Stay away from them. you won’t get your own money (deposit) back let alone any profits. all those who say we withdrew money, they are actually staff of plus500 paid to monitor the internet and counteract any complaints against them. be aware that if you get in then the only way out is forgetting your money. you are dealing with a strong mafia. I hope they use my money for buying cancer medicine and coffin for their children and loved ones.
I arranged and was approved by plus 500 to return $185 to my account by bank draft. they claimed it will take 5 weeks. I waited 6 weeks and no bank draft. I have contacted them twice and twice, all they asked was confirmation of my address. and then nothing else. it has been more than 8 weeks now. what can I do?
@Andrew Arul I lost 900k usd to greensfieldcapital. I totally lost hope in getting my money back, i tried charging back but that never worked, i got a lawyer but that never worked too until i came across a post on a Certified Binary Options Recovery Experts www.oxpahat.org with perfection. they who has been guiding people on steps to take to recover lost funds from financial scam and was able to get all my funds recovered last week. [email protected] to email.
I tried demo and made loses and profit. is demo the same program as a ‘ real ‘ one?
Searching for reviews and when I read those comments i’ll not trade with plus500! I see it’s all scam!
Asking for passport id and other documents when you want withdarw.. no way! you’re giving them your complex data for identity theft and fraud.
Example: with pay pal you don’t need that. money in and out without asking any of this! e mail address is all you need to send or receive any amount of money.
Scalping-you are not able make any profit with them, they can always say you’re scalping! no definition and rules for that here!
Links presented about scalping by plus500 are bs.
As you may see even if their are regulated this didn’t stop them from scam. so who is fraudulent here?
Plus500 RIP OFFS
I was silly enough to keep funding my account thinking I was just unlucky all the time just getting margined out, funny enough it was always just enough to take my money then it would go back up or down, don’t get me wrong the stock would be going up/down and they use this to rip people off, it happened to me many times, they will have a list of people for a particular stock that’s for example going down if ur on that list unfortunately you will lose your money(margin call) I read some reviews and didn’t want to believe it thinking that won’t happen to me am to clever to be ripped off am going to make millions and won’t have to work again, we all dream ov this, and plus500 scam artists take advantage ov this I’ve deleted plus500 with £26 left in my account, I did try and take it out but it said the min was £31 wot a joke, no joke the money I lost and i worked dam hard for it, don’t think I was just crap at it u will be better I thought the same and no matter wot u will lose trust me don’t trust plus500 hope u read this b4 u invest any money, spend your money on something worth while like a nice holiday at least you will see something for it u wont ever see your money again 100%
@Liam G hey everyone, kindly take heed to this helpful and vital piece of advice and information, I invested 90% of my retirement payment on ICO Investment with the mindset of getting it multiplied and enjoying a better retirement life. It was sweet and smooth from the start, withdrawals were easy and consistent until it gets to a point I started to be denied withdrawals and that was how I lost all money, I couldn’t get my investment amount back not talk of the bonuses. I contacted several lawyers but it was all waste of time and money, they couldn’t render an inch of help. God so good to my old self and family, I later met with a certified binary options recovery expert that helped me recover my money from the brokers, it was worth it to pay him 20%. You can contact the expert on [email protected] if you have found yourself in same situation as me, I can assure he would be able to help you just as he helped me, you can give him a try if you don’t mind. You can also log on to www.oxpahat.org if you need any more info. Binary options and investment scammers shouldn’t get away with this.
Guess I am one of the lucky people that find these kinds of posts before investing any money with plus500. It all seemed so sweet, low entry amounts high leverage. The more I read into this the more I’m convinced they are criminal.
Reporting such behaviour to the SEC/ AFM/ FSA is no use, those organisations are clueless AND powerless, most likely also corrupt.
I’ve read some reports from the head of the AFM (Dutch market) and that guy has even less brain then my 6year old brother. Obviously those organisations are just in place to give the general population a feeling of protection from frauds and scams, but they wouldn’t be able to recognise it.
Anyway happy voting for your governments if you still believe in that farce as well. And thanks for the heads-up about plus500. I’ll continue saving until I can join a professional broker like Colmex (which I still need to research).
Anyone knows about a class action suit going on, I would like to join
@Juan RUIZ Hong Kong http://www.giambronelaw.com/site/servicesforindividuals/binary-trading-litigation/english/class-action-plus-500/
Me too.. I have made a wire transfer for my account and they don’t credit my money on the trade account. just receive my money and nothing more. they stolen me!
I am only small time compared to some of you but having traded successfully and sent copies of a number of sensitive documents, I cannot access my funds management and despite a number of calls and emails I am getting no response.
I am writing on here as it seems to be the only place they engage in dialogue – although i’m not certain their contributions on here are genuine.
If anyone does respond and deal with my complaint then i’m happy to be corrected with regard to my perceptions.
Warning for every one!!
For those people who was damaged by plus500 you can contact fos – financial ombudsman service ([email protected] uk) to complain about your case, they will help.
#ers the trades are not real scams. puss00
I’ve had a slightly different experience.
Loaded from my paypal account, won a little, lost a little, then – like many above – got a margin call – and funded more.
In total, funded eur 1300
Made some more profits, was up 2000, so withdrew 1000
– they refunded some of the original paypal payments – so unlike many of you, I have had ‘some’ (most) of my money back.
Last night, was up by 3k – market closed with some 3 positions open with a running loss of 300 (and yes, there was my mistake)
About an hour later, got one margin call on my phone, went to my pc, apparently, the market had opened again, 20 points lower – two positions were already margin-call closed (loss 1700)
– while I looked in shock, and before I could even consider depositing more, they then margin-call closed the third position at a loss of 1300!
When I woke this morning, the positions were all magically back to within 5 points of where they were last night, but my account is 3000 lighter.
Is it a scam? I can’t be sure, but it’s hell of a suspicious.
Suspicious enough for me to google, and find this site.
I bought some contracts on natural gas on friday late in the evening, a bit stupid because it was a couple hours before closing time but what ever.
On sunday to monday natural gas was open again and it had a big dropdown (4, 242 to 4, 060) and I really was like damnnnn and hoping it would go up again and went to bed.
Next day I was looking on the internet for some realtime graphics and saw there was also a dropdown but not as big as on plus500 (4, 242 to 4, 196), also on the internetsites the graphic was groing up again but it was going down on plus500.
The expiredate for natural gas was today 25 november at 18:00 (amsterdam time), and my contracts were closed at 4, 178.
Just one minute later (when my contracts were closed) it went up to 4, 300!!
That just isn’t right. they keep it low on purpose and make their own rules, nothing to do about this.
Oh and by the way, the rate for natural gas on plus500 and realtime sites are both correct right now haha.
Anyone else have a problem with deposits? plus 500 deposits/ withdraws in gbp not your set currency
At a horrible exchange at that so you lose money from the start when you deposit and withdraw!
Deposited £400, lost £300. with the rest £100 made + £607 (thanks japan) in 12 hours and got all of the money. £707 in my bank account. are they scam? I don’t think so. gonna try again. fingers cross
Their bonus is exactly what online casino terms in trader points -> in how many times bonus money must be rolled in transaction to qualify for withdrawal. I had one undeposited transaction that results in a total loss of one transaction with their margin call (file bank report to dispute chargeback and consumer query with fca). it’s worst than a scam, it’s creating price manipulation with artificial demand and supply with gambling algorithm, most of the time traders lose because the plus500 software, support and management team strategise against trader’s cfd trades and blame it on the trader legally using gambling term “spread betting” -> google “cfd trader price manipulation’, it’s worst than fraud, a major financial conspiracy to enslavement. google” silver price conspiracy”. there’s legal consequences that will wipe you penniless on court fines for legality of slave debts. not to mention their israel operation base with false accusation of funding terrorist & money laundering (unsound and insane – capital at risk)? avoid cfd trading platforms, a skinup loser platform with gambling algorithm strategise to give traders unsound sleepless nights.
Plus500uk ltd is registered in england and wales (registered no. 07024970) and is authorised and regulated by the financial conduct authority.
Registered office: 8 – 9 talbot court, london, ec3v 0bp, united kingdom.
Best : file bank report to dispute chargebacks
Financial conduct authority uk > consumer complaint
Financial ombudsman service
Be aware of a few facts:
Plus500 ltd, lse listed under “plus” – is an israeli company. not licensed to provide financial services anywhere. they have no assets with the exception of the “software” they claim to own and their subsidiaries. they are the parent of plus500uk ltd., plus500cy ltd., and plus500au pty ltd.
Plus500uk ltd. is licensed by the fca, web domain plus500.co.uk, domain owned by plus500uk ltd.
Plus500cy ltd is licensed by the cysec (a useless regulator of bucket shops), no domain listed
On the other side – the web domain www. plus500.com is owned by dror sordo and plus500uk ltd. and every trader from outside the uk is linked directly to their scam and fraud entity on cyprus, no matter what the url is showing.
Dror sordo resigned from plus500uk ltd.in october of 2020 already and he appears to be the mastermind behind this fraud. he vanished from the companies list of directors. until he reappeared in australia, where he co-owns the domain www. plus500.com. au together with an entity named iadpas pty ltd, a company with no apparent ties to plus500
Make sure you check your credit card or bank statement, and make sure that you know exactly which one of all these scam entities got your money – or you’ll be given the run around by fos and/or fca. insist on getting details, beneficiary plus500 wouldn’t be enough. you need details like address and name/address of the financial institution, too.
I am collecting evidence left and right to evaluate what can be done. anyone with proof is herewith invited to let me know.
This is a scam and fraud setup ever since it all started and needs to be taken off the market.
Be aware of a few facts
Plus500 ltd is a lse listed entity from israel – not licensed to provide financial services. their only assets are their wholly owned subsidiaries and the cheater platform/software.
Plus500uk ltd. is indeed licensed by the fca
Please check your bank account or credit card statement to verify which if the many entities got your money. check carefully and if in doubt, ask for the exact name and address, plus information about the bank who actually received your money.
If you don’t have that info, you’ll be given the run around by fos and fca.
I am collecting more and more evidence about “plus500” so I can evaluate how to take them off the market and have them delisted. anyone with detailed information and proof is invited to contact me.
I first thought people here just didnt understand it. maybe in some cases they do. but I think this organisation is working very subtle seeking the edge of every rule. this is the reason why they are presumibly autorised in many countries. I found out for 99% that they are blocking wan ip adresses in the nederlands. presumible because it is not possible to do this here anymore. so now the can block your whole household, and the next. and you think it a server glitch in whitch you have noting to say because the have all the rights. unless I takes to long but then a week is over. this is the other 1%.in the past it was possible to change your wan. so plus had a hard time blocking everyone. I asked the dutch adn britisch financial agents to sent an it – specialist there. the should find a list full of blocked ips. but also when they where sending me a mail I listend to their ports. it openend for a while. to be closed for ever.
Plus500 is only regulated in the uk by the fca, in cyprus by the totally useless bucket shop of regulator called cysec and in australia by asic
Plus500 has registered domains in near every country in europe and therefore making local clients believe they are dealing with an honestly regulated entity.
But in fact they get redirected to cyprus – while the url remains local. a trader has to check the very bottom of the website to realize where he landed in fact. neat crooked way to lure the innocent small investor onto the site
The heads of plus500 are all sitting in israel, not one is in europe. all sites, despite the fact that all domains are run on the same server (rackspace, uk) are managed from israel. nobody as far as I know has ever spoken to an employee in europe – there are none. all employees (supposedly 40) are in israel.
These are highly qualified it crooks
Ok, maybe I was to quick to jugde. the problem can be within my internet service provider (isp) to.
I asked him if the ip plus500 is on is blacklisted. because for instance I can throw more wan adresses to them than they can handle. why do they bother?
Maybe I judged to soon, why do they bother blocking wan adresses? for the discretion?
People can try it in a different household. I just takes more effort. I asked my isp to check whether they blokked the adress or site.
Question is which of the 34 ip addresses of plus500 did you try to access?
There is an url www. plus500. nl. and there must be a reason for that – and you’ll be directed straight to cyprus, just check the bottom of the page once it’s open.
Configure your dns server to google public dns to unblock plus500 ip to access to your accounts.
Configure your network settings to use the ip addresses 22.214.171.124 and 126.96.36.199 as your dns servers
How to complain to the london stock exchange on plus500 symbol : plus
If you have a complaint which you wish to address to the london stock exchange, you should put your complaint in writing, including copies of relevant documents and giving as much detail as possible on what has happened. your complaint should be addressed to:
London stock exchange
10 paternoster square
London ec4m 7ls
You forget that plus500 ltd. is an israeli company. you’re never dealing with that entity. and on top of all, this company is managed from israel, like any other of the “group”. they may have a uk mailing address, no offices.
In fact, you rarely know with which of the companies you’re actually in contact – unless you check carefully your bank and/or credit card statement and find out exactly which entity got your money. you may think that you’re dealing with the uk unit while your money might have gone to israel – or to cyprus.in many cases it states only plus500 and does not even specify anything beyond that. so you indeed have to investigate yourself.
You can’t complain about plus500 ltd. – they’re not conducting any sort of business in the uk. they are not licensed to conduct financial service business, so complaining to the fca would be moot, too.
It is, if ever, their subsidiary plus500uk ltd., and that entity is regulated by the fca, managed 100% from israel
We withdraw 3500 euro and they never paid us back. one response of a very strange skill acount (I even do not have a skill account). we now will set up a case against this compagny.. ot thieves
I managed to get in. and maybe because of the dns information here they unblocked my wan adress. I withdrew money and I am curius if I get it in the next 7 days I made an recording of it in any I entered the wrong number or wrong mode for withdrawing. please note that this site is linked to from the plus500 facebook site. so they surely know what is brewing against them.
What I do not understand if they are not official. how come they did post me al letter with a confirmation number within one day. the must have employees in the nederlands then. I must admit I am still not sure if its scamming or just bad service, with limited rights. because I recorded everthing and I do not see any tampering. and yes the are expensive at buy in and sell, and add there own tarifs. but when you buy it I didnt trap them on altering the agreements.
Tricky isn’t it
Check your private messages and then contact me please
I’ll help anyone who got scammed
I dont hope so. either way I am on a prime point right now. I bought so low the price never gonna rise beneath it. every win is a win and the best part is I am recording it. am with the win I can buy more. I did not invest much and new the market.
I was playing in plus500 some time, I lost there some money and I decide to different tactic and regular make withdraws from plus500 and just play with small amount of money, especially program seems to stops sometimes, I found it out that once for 4 minutes and another time for 9 and the spread iis really huge. first day I made withraw and then another I decide to do the same.
First withdraw was accepted, after make second I wass still playing with small amount and took to trip knowing that worst what can happend I will lost this small amount and program will close transactions automatically.
But I didn’t happend program didn’t close and I was on minus. finallly when I close manually on the screen pop up money that shlould be, first I tought what is taht, and checked my withdraws.
Plus500 didn’t accepted withdraw asking for credit card xero! and they put withdrawed money into game without informing me about that. they didn’t put money on the screen so I didin’t know there are in the game.
When I told them about that, they just seemed to not care much about that of course they proimise to take care about that, but I heard they just working that way. they only fast when is about taking money and then don’t need xero of credit card, even there are big amount. for me this company even is on lse is working like scam. I already wrote to fca and thay told me I must wait up to 8 weeks for an answer from plus500 and only then they will react. later on I will put my correspondense with them, this is very irritating how they treat the people.
Maybe we should gather more people cheat by plus500 and write letter to fca and then take the case to court. it should be not very expensive if more people will do that. because I don’t think it is any other legal way to get back our money.
There are a few things you need to check first on your side
Read your private message please
Wojtekb as I read your story. I see that they worked by the rules. the money that is withdrawed is automaticly played with.
That are the gamerules, al your money you withdrawed becomes a buffer for your bid-inn. the plus500 game is an all-in game with all your withdrawedmoney if you lose! but you can gain alot with it to. so you must know for sure where you are investing into. although I think they are pesky I have doubts about they intent to completly scam the place, and offer no services. if I see the application to much effort is done to give some support and functionality, verifying the players. but until now I not completely sure, they are on top of google results and on the stock exchanges, so they lose and win money. and they must have many costumers. if they where scammers 100%, whole cities would rise against them. but there service is lacking so much that the can misuse it to tamper, alter, deny acces to information.
Wojtekb ignore my last post I misinterpeted.
I also got scammed. I deposited money in eur but they withdrew in gbp at a horrible exchange rate. I lost 300 euros because of this scheme anyway we can take them to small claims court?
I’m from holland and lost two times a lot of money with this suspected company. the pattern was the same: first some interesting wins and than a loss with large sums. on those two occasions I got the strong feeling that some automatic financial programm was playing against my orders and positions. whatever order I did (and I tried many), somehow the graphics allways went in the least profittable direction. this is ended up in a margin call and subsequent loss of my money (more than 5000 euro). I suspect plus500 to use hft (high frequency trading) programms against their customers. I will inform the dutch financial authorities about my experiences and suspicions. i’m also interested in any legal complaint and willing to participate in that. I will also start an internet campaign in my country to inform all privat traders about the complaints and suspicions written here. because all dutch financial sites still are very positive about this broker. that’s why I felt sure to trust this broker.
Please keep me informed
You’re certainly not the only one. it’s their system and they are not trading against you at all.
They never place orders in the market, they simply manipulate the prices you see on screen.
Check your private messages.
Either by screenmanipulation or directing valuable order/position information to third parties (hft traders): somehow they seem to manage exchange rates and prices to their benefit. I know brokers cannot trade themselves (that would even awake the financial authorities) but with such a complex, vague, distant organisation who controls what they are doing with confidential customer trade information?
Read their agreements that you have to sign
In there, they tell you exactly what they are doing when it comes to prices.
They do not hedge your transactions, they never even take place in the market
They simply make up prices as it pleases them – and they adjust them always in their favor, either by widening the spread insanely, or by fantasy prices.
Omg! thanks everyone for the written comments and views. my demo account is doing absolutely well for weeks and then felt satisfied that I can trade if I have careful like in the demo account I deposited £200 it vanished immediately, however, I thought it was my bad luck then went back to the demo account again doing well. I started to think about depositing £1000 friday the 15th jan 2020 but I said hang on let me review the company properly and found this website. I felt I have been saved from a head collision that would have badly hurt me. I feel silly now not review first before uploading my personal document. now I am afraid of fraudulent use of my information like getting a loan on my name. thanks everyone this was really a life saver. lesson learnt research first before signing up. questions to all what company can you use to safely trade?
That mostly depends on what you’re wanting to trade.
There are many excellent companies in the uk – and I suppose that is where you live
Contact me on messages if you like to discuss options for you to find a good broker
They must charge 5 % interest rate, however, on my position worth 27000 nok on opening and 21000 on closing 2 weeks after they charged my 183.90 kr, but should have charged 50 kr. why? very bad feedback service. any better platform?
I made a complaint here a month ago. I withdrew 300 euro and it was deposited a week ago to my bank account.
But is also lost 500. I just looked at the exchange and I see they charge 150 euro for stocks. this is crazy for so much risk. because this trade systeem has high stakes but also high win changes.in the rare occaissons that you win, you can win alot. but you must know for sure that you have a bull market. a stable or voliotale market is always bad on this exchange. because time and rent eats out your normal markets and violatile market must have a to strong buffer.
Sjaake please contact me by private mail. lets combine experiences for a complaint at any consumer board and financial watchdog in holland.
My bro, traded on plus500 this month and in two weeks he turned 100 into 7500.
Now that’s a hell a lot of money, however withdrawal on first occasion was turned down as they said he entered the swift number and not branch number. last year he said, the branch number was not operational and this year it is the same. he complained last year and this year and still not fixed. he then opted for paypal to withdraw. once again refused as it is against some sort of aml rules. he put in £100 not millions, get real guys! then third option, was wire transfer.
Then boom, guess what £380 short. when he queried it, they come up with some story about transferring the money from gbp to euro’s and thats why he is short. £380 eaten up by the banking system, that does not sound true. then lets just say it was the way they did things, how can you justify transfer from gbp to euro’s and then back to gbp being 380 short? he was told that on submitting his request a pop up box appears and advises that the money will be wired in euro’s. what a load of rubbish! he deposits using gbp so why not pay out in the same way. equates to 5% of his money being short.
He is not happy and has now been advised by fca to submit a formal complaint, under acting dishonestly and breaching the terms and conditions of online payments, which I believe he is doing so once he receives formal complaints procedures from plus500. plus500 will be required by british law to disclose the bank they used and verify the correct amount was transferred in the first place, failing this they are likely to come under heavy fines if they are acting dishonestly.
His friend who is a journalist will be featuring this in a national newspaper to make people aware of companies that fall short of their obligations.
All posts above are wright – plus500 is a scam – do not give them any money, and stay away from them. i’ve deposited 2000 eur. after 3 months i’ve turned my account up to 8000. i’ve made a withdrawal of the initial – 2000 eur. that was in july 2020.in september my account balance went up to 12000 eur so I was really happy. and than i’ve received and e-mail “scalping warning” – lol. on plus500 its forbidden to trade opening positions and close it as soon as you are in profit, if your trade duration is like 1 minute or shorter. my account is now frozen for withdrawal – I still can trade, deposit money but there is no way to withdraw money.
Funny thing is that a friend of mine is trading the same way as I do, but he mostly looses, and after 2 years of trading this way he never received such a mail.
I find this strange but so is the site and the actual graphs. I have withdrawn money few times, they do have a minimum though, so I deposit more money then withdraw the whole lot.
But the thing is this there rates for example oil match with another sites values, but bit different like 45.66 and their is 45.68.
But heres the really strange thing, I start losing a trade. the trade was a put/sell. the rate goes up and you start panicking and put a stop loss on. the rate then carries on going up, it eats your money, then gues after just a few seconds literally after you lose that call position the rate goes down again.
The other thing ive noticed is even without stop loss if left running eventually the rate goes opposite direction you trade with, it reaches that margin call, the end your trade and hey presto the rate takes a uturn and goes in the direction you wanted.
Yes it really does feel like someone fiddling with rates to eat up your deposits, but how can this be if their rates are almost same as other platforms?
There has to be something though its happened too mnay times for it to be coincidence.
Having lost over £1500 on this platform, using professional signals, tech analysis from the most popular sites like investing.com and “the street” I can vouch and say you wont win a penny with this, what ever you do win will then be eaten up the next day (or monsay if its a friday).
They give you warnings but lure you in with reassurances, bonuses and possible fake testimonies.
Some guy will say “yeah I won £12000” using plus500 but the following day he prob lost double that, but obv that wont be included in the testimony
Oh and by the way most of these technical analysis sites are fake rigged and false. they work together with big brokers to help them make money not you, you get the occasional good news or article, but you have to remember in msot cases esp ninary options its like 50/50.
They make moeny by helping the big players, if stock are falling, you will articles telling you to buy, but then they will continue to fall if enough people dont buy into it.
For those unsure how to make a complaint:
Specifically in the case of plus 500, complaints should be submitted to [email protected] ;
Plus500uk ltd, 45 moorfields, london ec2y 9ae ; fax number: +44 203 002 7290 (details correct at date of publishing, as per plus 500 website) with fully comprehensive details of the complaint.
Sign off your the end of your complaint that you expect a prompt acknowledgement of your complaint within 5 working days and to receive their final response in no more than 8 weeks before you refer this to the financial ombudsman service (this is the regulated complaints procedure for all firms authorised & regulated by the fca to follow in handling complaints received).
After their final response is received, you will have 6 months within which to refer the complaint to the fos if you are not satisfied with their final response to your complaint.
The fos can only award up to £150, 000 plus costs, so if your matter exceeds that amount then it is better to take a firm to court should you wish to recover more than this.
If you accept the fos’s decision, then it is binding on the firm; if you don’t accept the decision, then it is not binding on the firm.
All firms authorised by the fca are within compulsory jurisdiction of this complaints procedure and arbitrating by the fos.
If the firm is insolvent, there is no point issuing a complaint to them or the fos, instead you must go to the fscs if you have lost money as a result of their insolvency.
Thank you makavillain, thus this procedure also refers to complaints of customers from abroad?
I would really like to make a formal complaint to plus500, does it have a chance if I am a dutch citizen?
They are absolute #s. i’m a student trader and seen plus500 advertised everywhere so I gave it a try, use the no-deposit fund of £20 and then made £140 from it, I then invested £100 of my own money to increase my trade leverage. I won quite a few trades before losing a fair bit in the recent oil crash. I withdrawn £50 with no problem so I got back some of my own money, I decided to keep the remaining £130 in the account for trading. I then lost loads more and ended up with £53.68 remaining in my account, all my bonuses filled and I attempted to withdraw. I now find that they want further identification and a picture of my debit card. but hold on a minute, didn’t they allow me to withdraw £50 two weeks prior to this. I can no longer trade either as the minimum contracts for most commodities and shares is now 500 therefore the cost of £100 to even purchase any contracts. so i’m now stuck with £53.68 in my account. i’m going to go to my bank and try to claw the money from then or at least my deposit.
Gazgreen, you can ask the support team to set your account back to the previous minimum contract possibilities.
That’s one of the few things they actually should do.
But: I advice everyone here that keeps trading on plus500 to make screenshots of every suspect price development you are going to encounter. make a dossier of that, because sooner or later you are to encounter weird price movements that move against every logic of trading.. like the experience of razfir but worse.
I know it’s difficult, especially when your money starts going down the drain, but do it. you might be able to use it later.
There are so many scamers out there, havent meet an honest broker, saxo allows negative balance, etoro ridicules exchange and withdrawall fees, oanda sls hit without reaching that points, alpari uk goes by bye, and the list goes on and on. if ever my money would be seen to a broker, it would be ducascopy. fingers crossed.
Plus500 is a scam, when I deposited £1300 through my debit card, they only asked to verify my phone number, when time came to payback they asked me every possible document you can imagine. I would say apart from my blood samples and fingerprints I have uploaded everything on this website, they have verified my phone number, bank statements, driving license, postal address, but I still cant withdraw money as now they are asking for credit card details. they dont have phone number on webstie they tell you contact details are on this page http://www.fsa.gov.uk/register/firmbasicdetails.do?sid=228668 but this is another scam as this is their msg centre not call centre. I worked hard to deposit 1300 into my account so I am not going to steal that money. I have lodge a complaint at
Anyone who is wishing to file their complaints should do so at financial ombudsman services.
How to close plus500 account. okay now my account got $0 and I dont feel like trading anymore, should I contact them to close my account or is there another way to close the account? im scared they might take my money
Please new people, stay away
In 2020, when I submitted my documents, they were all approved and I made numerous deposits and withdrawals since then.
However, my banks cancelled my cards and replaced them with new cards in 2020 when there were numerous unauthorised transactions done on my cards on numerous online websites (this only occurred after I made the documents submission to plus500 on december 09, 2020). of course, I disputed those transactions and cancelled my cards in january 2020 and have my bank replaced them.
Now in february 2020, after making a nice profit again, plus500 suddenly blocked my account. reason; they want me to snap a picture of those 3 cards that were returned to the bank and shredded in january 2020 due to the cards being compromised.
This is quite impossible since a year has passed and there is absolutely no way to travel back in time to 2020 in order for me to snap a picture and travel back to feb 2020 and email that to them.
Keep in mind, these were cards that were already verified with pictures back in 2020 when I first deposited with them.
They are running a nice scam here. 2 years of patient wait and when you have won too much, your past verification doc is no longer valid and they request you to time travel back in time.
So ya, newbies do stay away or ensure that u keep all documents in backup. at least 10 to 20 years. if not u may never know when they want u to provide an expired card or a card that has beem stolen or shredded
Help me I need answer
@Ad14 I was able to recover almost 80 percent of my lost funds invested in plus500. I engaged many recovery firms but they seem to be no different from plus500. I later got contact of a firm www.myprincipalchargeback.com who helped me with the recovery of almost 80% of my lost funds without upfront payment. I recommend people with similar issues to contact them and come back here to give us the good news.
Angela, please report to the fca according to the procedure written above makiavillain.
The more complaints the better, sooner or later they will be stopped.
Contact them Ad14, see what they say
I believe that according to european law they should erase all traces of your virtual personal characteristics if you ask them to do so.
Remind them on this law.
1) plus500 breaking the regulator rules. don’t close “margin call” even after your account get minus balance.
2) when that result to losses, plus500 is stealing from clients money to cover them! they take from my waiting withdraw money!
3) plus500 do not allow me to trade and withdraw money from their site, but
why then they accept my money in plus500 again?
The honest position is (-plus500) don’t like me more, (so plus500) not accept me more. accepting my money, but not allow to trade, neither to wihdraw!
Now I can not withdraw my money from plus500.
Plus500 is embezzling my money. I mail them, that I want withdraw, but no response! plus500 sent me just a single mail-
“please note that you have already withdrew more funds then what you have deposited into your account”. I am astonished!
who are they-plus500- to ask me how much I have earned and how much do I lost?
Are they thieves or racketeers who are looking for prey?
The only answer from plus500 in the only one mail-
“please note that you have already withdrew more funds then what you have deposited into your account”.
So plus500 expect almost all people to lose their money so they to win them all.
in cases that people don’t lose all their money, officials from plus500 do all they can to “repair” what happened.
and to bring more profit to their company. regardless regulations or laws. what laws? this is internet.
The ukingdom of internet trading companies with out law and regulations!
In fact they steal my money, but if regulators make check, plus500 will respond-
“making an investigation”, that is going very very long for such a simple things, all in one page records.
things that have been very clear, even when they allow my first and only one withdraw for that year!
1), 2) and 3) are violations in charge of the financial regulator.
Case in short details:
1) call on margin, plus500 do not close it immediately.
they wait the loss to become bigger than money in my trading balance.
My account-my trading balance become below 0.
Even the regulator rules says “close the position immediately, when”margin call”they don’t close the position.
When plus500 breaking the regulations and made a loss for the clients money,
But plus500 don’t take that loss for themselves. they steal from my money, that are waiting for withdraw.
I will make an example-I am in post office, sending money to relative in other town.
I complete the transaction document, pay the money, and leave the post office.
without asking me, the post office person takes some of the money I have been sent to my relative,
and use part of them for paying my phone bill.
yes, I have bills to pay, but if a postman do that with my real money,
He may be convicted in robbery and go to jail!
The site plus500 is assuring his clients, that”you may not lose more than you use”.
Or financial regulators are sleeping?
Plus500 must have financial penalty and public report of their violation of the rules. dark spot on their reputation. officially!
And some of people working there must go to jail. or at least have criminal file.
I mean not only the low level person who do this, but the senior managers and directors, that order that policy of robbing the clients!
Shame for uk regulators too! I am sure, that regulators in former british colony will not allow that!
Unlike plus500, that do not close positions”on margin call”and even allows all positions to be in a net loss, I mean cash below zero, negative money,
the other cfd traders do close positions fast before they become negative money.
some of them close all positions”on margin call”, others just few, till u have enough margin!
The freedom that regulator give to that company is not only for not implementing immediately the”margin call”.
Uk regulator gives freedom to plus500 to steal money from clients too. and to embezzling money-money I can not withdraw.
I want to:a) withdraw my embezzled money-case 3). I want the site to bring my stolen money back-case 2) – when they allowed negative money on my account,
Neglecting the”margin call”! I want they to pay the expenses for sending my money back to my account! it was their fault – case 2)!
I want financial regulator to stop all the vicious practices in plus500. maybe it is time to :d!
I want the names of ordinary perpetrator of stealing my money separately in case 2) and 3). I want to know the names of the superior persons that had ordered and are involved too.
I want the regulator collect enough evidences for me to start criminal charge for all low level, senior and superior people working in plus500, that are responsible for 2) and 3).
Even on demo, their server is slow! u can’t open position, or even make an order often, sometimes for 40 minutes or more.
Because of the slow plus500 server, u try to close position on one price, it close it your position on other price, most cases worse for u. u can not correct existing order, when their server is overused too. and that is very often too!
Plus500 review and independent evaluation by OA.com
Press Release: IMF Board Names Firm To Search For Evaluation Unit Chief
December 6, 2000
Concluding Remarks by the Chairman of the IMF Executive Board, Making the Fund’s Independent Evaluation Office Operational
August 3, 2000
Send comments on the EVO
A Background Paper
August 7, 2000
1. On April 10, 2000, the Executive Board discussed the Evaluation Group’s proposal 1 to establish an independent evaluation office (EVO) at the Fund as a means to enhance the learning culture within the Fund, help build the Fund’s external credibility, and promote a greater understanding of the work of the Fund. With the support of management, Directors requested that, prior to the Annual Meetings in Prague, a subsequent paper be prepared and considered by the Board in which the operational modalities of EVO would be articulated. The preparation of this paper, and the recommended timetable, was subsequently endorsed by the IMFC at its meeting in April 2000. The decision to establish an independent evaluation unit at the Fund also received the endorsement of Mr. Memani, Chairman of the Fund’s External Audit Committee, in his report to the Executive Board.
2. A detailed discussion of the rationale for enhancing the Fund’s capacity to undertake independent evaluation through the establishment of an independent office is contained in “Review of Experience with Evaluation in the Fund” and will not be repeated here at length. What was made clear in that paper was that the motivation to develop the role of independent evaluation at the Fund stemmed from a desire to enhance the Fund’s internal learning culture, foster a more broadly-based understanding of its mandate, and bolster the credibility of its work outside the institution. It by no means represented a lack of confidence in management on the part of the Board or a desire by the Board to micro-manage the day-to-day operations of the institution.
3. With these comments in mind, this paper takes the next step in the effort to operationalize the decision to establish an independent evaluation office. It will therefore clarify a number of issues raised during the previous Executive Board discussion and address many of the concerns expressed by Directors and management with potential pitfalls in the establishment of EVO. Draft Terms of Reference for the Director of EVO and other documentation related to the establishment of EVO are also presented.
4. EVO is to assist the Executive Board in providing effective governance and oversight of the Fund. This implies that its Director will need to be independent of Fund management and operate at arms length from the Executive Board. According to the Fund’s Articles of Agreement, the Executive Board is “responsible for conducting the business of the Fund and for this purpose shall exercise all the powers delegated to it by the Board of Governors 2 ”. The Managing Director conducts the ordinary business of the Fund “under the direction of the Executive Board”. EVO will also assist the Board of Governors in fulfilling its responsibilities, as the Executive Board will make regular reports on the activities of EVO to the Board of Governors either directly or through the IMFC.
5. The Director of EVO would report regularly to the Executive Board on the activities of EVO, including through the preparation of an Annual Report. In consultation with Executive Directors, management, and staff, the EVO Director will be responsible for preparing a work program for EVO which could be brought to the Executive Board for discussion and possible approval as is the case in other IFIs, including the IBRD and the IaDB 3 .
6. Whether the Board should give formal approval to EVO’s Work Program is the subject of some debate. Some view the exercise of such discretionary power as potentially undermining EVO’s perceived independence. Others believe that Board approval is consistent with (and indeed required by) Board responsibility, and that the risk of inappropriate use of this provision would be mitigated by a requirement to disclose publicly if any proposal by the Director of EVO was rejected by the Board. Regardless of which approach is adopted, the Director would be expected to provide staff and management with adequate and appropriate opportunity to respond to EVO’s proposed work program and the analysis and recommendations arising from its evaluation activities.
7. The Evaluation Group of Executive Directors will continue in its present role of supporting the Executive Board in its oversight of independent and external evaluation at the Fund. However, given the need to ensure the independence of the Board’s evaluation function, the selection of its members should be placed in the hands of Executive Directors themselves. After EVO becomes operational, the role of the EG may need to be re-examined.
8. The Executive Board would retain the right to initiate external evaluations itself. EVO would provide administrative and technical support for these projects except in cases when the Board deems such a role to be inappropriate.
9. During the April 2000 discussion, management and Directors emphasized the importance of coordinating the work of EVO, the Office of Internal Audit and Inspection (OIA) and staff self-evaluation so as to minimize overlap and duplication and ensure that resources allocated to EVO were used efficiently.
10. The view was expressed that the scope for independent evaluation be clearly circumscribed to ex post evaluation to avoid interference with ongoing operations. Such is the practice for independent evaluation units at a number of MDBs. However, while the concept of ex post is clearly understood in the context of project evaluation, it is less well-defined for policies and programs, which would be a major focus of independent evaluation in the Fund. For example, the concept of “ex post” is not well defined when considering policy adequacy or implementation, policy advice in the context of surveillance, or when reviewing the experience of a country with a history of Fund programs.
11. It should also be acknowledged that some blurring of scope is both inevitable and appropriate when considering independent evaluation. An effort to pursue an overly precise delineation of responsibilities, without the benefit of perfect foresight, run the risk of undermining the independence and external credibility of EVO.
12. Nonetheless, Directors are cognizant of the need to ensure that EVO does not interfere with ongoing operations and are determined to avoid micro-management. A number of proposals have been advanced, including to limit the scope of evaluation to policy issues and cross-country analyses and/or to completed programs.
13. However, many of these may be seen as overly restrictive and may not be practical. Others would prefer no strict constraints, preferring instead the articulation of principles that reinforced the complementary nature of EVO to existing Fund activities. They have argued that these would provide a more enduring and constructive approach. Such an approach would not unduly undermine external perceptions of the degree of independence being afforded EVO. That being said, the success of any such arrangement will hinge critically on the degree of professionalism, mutual respect, and trust which management and the Director of EVO bring to bear.
14. Therefore, while there would be no strictly and precisely defined restrictions on what EVO could evaluate, its Director could instead be bound by three guiding principles. First, evaluations undertaken by EVO should complement efforts underway elsewhere in the Fund. To ensure that this happens, EVO must make explicit in each of the evaluations it undertakes what its objectives are and in what way its efforts complement the work of staff. Second, EVO should avoid pre-empting efforts by management to enhance the efficacy of the Fund’s work and manage the institution. In particular, any decision to launch an evaluation should be taken with reference to staff and management’s willingness and ability to undertake the work themselves and in a timely manner. Finally, to help ensure that EVO evaluations of surveillance and country programs do not interfere with ongoing operations, they should be “time-frame” specific.
15. With respect to the work of OIA specifically, blurring of mandates with EVO could be minimized through a more clearly defined mandate for OIA. The parameters of a revised OIA mandate would need to take into account the fact that, partly in response to the launching of the pilot project on external evaluation in 1996, the activities and resources of OIA were expanded to allow it to conduct more reviews of the Fund’s organizational structure and work practices and assist the Board and management in developing and facilitating the agreed external evaluation projects. That being said, the task of redefining the scope of OIA’s mandate remains a management prerogative.
16. In light of the above, Annex I illustrates the likely division of labour between EVO, OIA, External Audit, and staff self-evaluation.
17. Access to Information : EVO, to be effective, would require unrestricted access to interview staff and to all relevant Fund documents, minutes, and internal staff memoranda needed to carry out its Work Program. This would not include personal information on staff members to which access is normally restricted. Staff would be expected to cooperate fully in the process of accessing information. EVO would also be able to request information from Executive Directors, government officials, or any other persons.
IV. Organizational Structure
A. Director of EVO
18. The Director should be a person of proven competence and impartial judgement with broad experience and background in the management and evaluation of policy, economic, and financial matters. This person must be held in high regard by his or her peers and by Fund management. He or she should be familiar with Fund policies and operations, but also have established professional credibility outside of the IMF.
19. In order to attract superior candidates to the position and reflecting its importance to the Fund, the Director should hold the equivalent rank of Department Director at the B5 level.
20. To achieve an appropriate balance of continuity and experience against the need to bring fresh perspectives to bear on the leadership of the EVO, the Director’s term of appointment would be for a period of 4 years, renewable by the Board for a second term of up to three years. Given the need to balance the Director’s operational independence against his or her ultimate accountability to the Executive Board, the Board would be able to terminate the Director’s appointment for unsatisfactory performance. To further ensure the independence of the Director, at the completion or termination of his or her appointment, the Director would not be eligible to join or rejoin the regular staff of the Fund.
21. The EG recommends that consideration be given to enlisting an international executive search firm to conduct the identification of candidates, subject to Executive Board endorsed criteria 4 . The search firm would help “de-politicize” the selection process and broaden the pool of potential candidates. It will also ensure that all names put forward for consideration represent individuals who meet the qualifications for the post. The search firm would identify and interview the candidates and present a list of four to six names for consideration by Directors.
22. Recognizing that the cooperation of management will be essential for an effective independent evaluation office — particularly with respect to the incorporation of evaluation recommendations into Fund operations — the suitability of the recommended candidate for Director of EVO would be discussed with the Managing Director. Once Executive Directors have finalized their choice of candidate, the nomination will be presented to the Executive Board which would be asked to appoint the individual to the position of Director of EVO.
23. This selection procedure could be expected to be completed within six months so that the Director could join the Fund by the first quarter of 2001 and the work of the EVO could begin by the start of FY 2002. Proposed Terms of Reference for the Director of EVO are contained in Annex II.
24. The Executive Board should agree on an indicative size and composition of the staff of the EVO. At the April 2000 discussion, many Executive Directors showed interest in management’s proposal 5 for a complement of 11 full-time positions, although a few Executive Directors suggested a smaller office of 6–7 positions. Directors supported the proposal that EVO be provided with a budget for the hiring of external consultants on a contract basis to augment its own internal expertise and capacity for specific evaluations. The budgetary implications of an office of 11 positions (not all of which would be additional to overall Fund staffing) are discussed in more detail below.
25. Academic qualification and adequate experience in economics should be regarded as a necessary, but not a sufficient, condition for full-time professional employment in EVO. These skills should be augmented by a background in related disciplines and a genuine interest in, and enthusiasm for, improving the Fund’s effectiveness through independent evaluation. To ensure there is an adequate base of knowledge of Fund operations within EVO, a portion of EVO’s full-time professional staff could be seconded from the regular Fund staff. To ensure both a real and perceived inflow of fresh perspectives, a portion of the full-time professional staff should come from outside the institution. The status of EVO staff will be determined by decisions of the Executive Board adopted in consultation with the Managing Director and the Director of EVO.
26. It is neither expected nor desirable that individuals make a career out of EVO evaluation. Rather, EVO’s effectiveness will be a function of its ability to mobilize strong motivated performers who can bring new ideas and up-to-date knowledge to independent evaluation. To that end, the terms of employment in EVO will need to be such that, in the case of Fund staff considering working for EVO, that experience is seen as particularly beneficial to career progression in the Fund. The Fund would also benefit from their return to the operational side of Fund work since this would help to spread the lessons learned from evaluation and heighten the appreciation and awareness of independent evaluation throughout the Fund. It is therefore recommended that:
Professional staff in EVO should be composed of a combination of secondments from staff and external recruits, with external recruits making up at least one half of the total, excluding the Director.
While there would be no presumption that staff hired from outside the Fund would continue on to regular Fund employment, they should nevertheless possess the qualifications for regular Fund employment.
To attract the highest quality staff from within the Fund, and to ensure the maximum benefit of the EVO to the Fund, the Director of EVO should be given discretion to recommend promotion of EVO staff after at least one year working for EVO.
Management will need to commit to ensuring that EVO staff who return to regular Fund staff are offered desirable assignments upon their return, and are in no way discriminated against because of authorship of reports that are critical of potential receiving departments.
In all other respects, conditions of employment for staff in EVO should be the same as those of the regular staff of the Fund. To maintain the independence of evaluations, the Director of EVO should exercise prudence in determining if, and to what extent, staff seconded to EVO should be assigned to the evaluation of operations with which they have been previously involved.
27. In order to ensure that the factual content of EVO reports is accurate, a procedure for staff and management to comment on the reports before their finalization should be established. EVO would also be expected to provide staff and management and, when appropriate, the relevant country authorities, with the opportunity to prepare a written response to the evaluation report for circulation to Executive Directors at the same time as the evaluation report. Staff and management, and again, when appropriate, the relevant country authorities, would also be given the option of providing a statement for publication along with the final report. In all cases, EVO would be expected to provide staff and management with a reasonable period of time in which to consider, and provide comments on, the results of independent evaluations.
28. EVO, in consultation with the EG and with the assistance of EXR, would be responsible for the manner in which EVO findings are disseminated outside the Fund. The publication of EVO reports would occur together with the Board’s Summing Up, staff response, management statement (if any) and, where appropriate, a statement from the relevant country authorities. Confidential material would first be removed from these documents.
29. With an indicative complement of 11 positions, a possible staffing structure could comprise a Director, a Deputy Director, five evaluators, one economist, and three staff/administrative assistants. Using internal estimates of the cost of salary, benefits, and office overhead (in FY 2001 prices), the direct staffing cost of the EVO would be about $2.5 million. To this should be added an administrative budget of about $45,000, travel costs of the order of $80,000, 6 and a consultant budget in the range of $300,000 to $400,000, with the precise amount to be calibrated to the demands of the Work Program. 7 8
30. While EVO would be expected to absorb the costs of supporting any fully external evaluation initiated by the EG, the cost of hiring external evaluators and their travel would not come from EVO’s budget. The Executive Board would therefore have to make a special appropriation for the associated costs. The net cost of EVO would be reduced by any transfer of positions from the other departments/offices to the EVO that is determined by management and the Executive Board. Management should identify the extent to which positions from elsewhere within the Fund can be reallocated to EVO. The funds now provided to OIA (approximately $500,000) to support the EG’s external evaluation efforts would be removed from OIA’s budget.
31. It may take some time for the EVO to be fully and satisfactorily staffed. It is therefore unlikely that EVO will require, or be in a position to make use of, its full staffing complement in its first year of operation.
32. The indirect cost of EVO in the form of time spent by other departments in assembling information and being interviewed for the evaluations cannot be estimated at present. Nevertheless, the Director of EVO should be sensitive to the demands placed on regular staff in this regard.
33. In the previous discussion, many Executive Directors endorsed management’s proposal that after the first year of operation at full capacity, the resources devoted to independent evaluation could be increased approximately in proportion to the growth of the Fund’s overall administrative budget. This would permit an increase in the size of the EVO commensurately with the growth of the Fund. While this notional principle could be maintained for the near term, given the uncertainties surrounding the actual costs of an efficient and effective operation, the EG will want to review the financing issue at an early opportunity.
34. The EVO’s annual budget would be prepared by the Director. It would be discussed and approved by the Executive Board separately from the Fund’s administrative and capital budgets and, in the interests of transparency, be appended to the budget of the Executive Board.
35. In carrying out its mandate, EVO will be free to consult with whomever and whichever groups it deems necessary, both within and outside of the Fund. As a matter of professional courtesy, and to facilitate effective coordination with outreach efforts being undertaken elsewhere in the Fund, EVO should be in frequent contact with EXR.
36. The Executive Board would have ultimate authority to determine whether or not the results of a particular EVO evaluation would be published. However, given the mandate of EVO and the importance of transparency to the credibility of an independent evaluation office, there would be an expectation that EVO’s Work Programs would be made public and a strong presumption that the work of EVO (including its Annual Reports) would be published (within the constraints imposed by the need to respect the confidentiality of information provided to the Fund by its members). The Executive Board would not interfere in the drafting of EVO documents (including the Annual Report) press releases and other public statements. In the case of the Annual Report, the Director would be expected to provide information on topics put forward for independent evaluation by EVO which were not accepted by the Executive Board for inclusion in the Work Program. EVO would work with EXR in determining the appropriate modalities to disseminate information to the public on its activities.
37. Given the need to ensure that EVO is adequately fulfilling the mandate given to it by the Executive Board, the Executive Board should undertake an independent external evaluation of EVO within 3 years of its launching.
38. If Directors agree with the basic thrust of this paper, the search process for a Director for EVO should begin shortly with the intent of having a Director appointed before the end of the year. Ideally, the Director would be in a position to assume the duties of the office early in 2001, at which time he or she would begin the process of staff recruitment and prepare the ground work to have EVO up and running no later than May 2001.
39. If this timetable is accepted, the Evaluation Group of Executive Directors recommends the following next steps:
With assistance from staff, the EG should begin the tendering process to engage the services of an executive search firm;
This background paper should be posted on the Fund’s website immediately to permit outside individuals and groups to consider its content in advance of the Annual Meetings in Prague;
The Executive Board should seek the endorsement of the IMFC in Prague for the establishment of EVO along the lines described in this paper.
40. The EVO would be expected to be fully operational before the 2001 spring meeting of the IMFC.
Matrix of Evaluation and Review Responsibilities 1/
|1. Policies (policy reviews/evaluations)|
|2 Services (effectiveness reviews/evaluations)|
|3. Process (Efficiency and control reviews)|
1/ Excluding inspection and investigation functions carried out, upon management/Board request, by OIA or the Ethics Officer.
Director of the Independent Evaluation Office (EVO)
Proposed Terms of Reference
The International Monetary Fund is committed to a program of evaluation and review as an instrument for the systematic assessment of the results of its strategies, policies, programs, and processes. The Executive Board, management, and staff of the Fund recognize that independent evaluation is essential for institutional improvement and the lessons learned from independent evaluation are necessary for the improvement of ongoing activities and the design of new operations. In the conducting independent evaluations, the Director of EVO will be responsible to the Executive Board and independent of the Fund’s management.
The Director is responsible to the Executive Board for:
managing a credible program of independent evaluations of the Fund’s policies and activities;
assessing whether the Fund’s strategies, policies, and programs are producing the expected results and making recommendations which will help improve the efficiency and effectiveness of these operations;
assisting the Executive Board in monitoring the extent to which lessons from evaluation are being integrated into the work of the Fund and assisting operational departments to maintain the Fund’s institutional memory on lessons learned from evaluation studies;
seeking internal and external input into the formation of EVO’s work program and into particular evaluations, where appropriate;
working with the External Relations Department to disseminate evaluation findings outside the Fund;
providing secretarial and logistical support for external evaluations directly initiated by the Executive Board; and
reporting regularly to the Executive Board, including through the preparation of an Annual Report, on EVO’s activities during the year and the findings of its various evaluations and assessments. The Annual Report should also provide information on evaluation topics that EVO had proposed but which have been rejected for inclusion into the Work Program.
3. In conducting a particular evaluation, the Director will have unrestricted access to the staff, and to all relevant Fund documents, minutes, and internal staff memoranda except for personal information on individual staff members to which access is normally restricted. To further the internalization of the work of EVO throughout the Fund, the Director will be invited to attend Executive Board meetings and relevant Board Committee meetings.
4. The Director will be appointed by the Executive Board, after consultation with the Managing Director. The Director will be a person of proven competence and achievement with experience in the evaluation of strategy, policy, economic, and financial matters, held in high regard by his or her peers, and of impartial judgement. He or she will also be expected to be knowledgeable about Fund policies and operations but have experience that goes beyond the Fund to encompass a number of relevant areas.
5. The Director will have the equivalent rank of a Department Director. The successful candidate will serve for a period of four years, renewable for a second term of up to three years, if recommended by the EG, and approved by the Executive Board. At the end of the term of service, the Director will not be eligible for appointment or reappointment to the regular staff of the Fund. The Director’s appointment may be terminated at any time with the approval of the Executive Board.
6. The Director will be responsible for recruiting the staff of the EVO — either from within the Fund or from external sources. To ensure there is sufficient knowledge of Fund operations within the EVO, up to one half of the professional staff could be either current or former Fund staff members. The status of EVO staff will be determined by decisions of the Executive Board adopted in consultation with the Managing Director and the Director of EVO.
7. Following consultations which would include Executive Directors, management, staff, and external sources, the Director will prepare a work program outlining the evaluations to be pursued by EVO. The proposed Work Program would be presented to Executive Directors for discussion and possible approval. The Director will report regularly to Executive Directors on progress in implementing the work program.
8. The Director, in consultation with the Executive Directors, will prepare a budget for EVO and present it to the Executive Board for discussion and approval.
9. Without compromising the independence of the Office, the Director will endeavor at all times to ensure that EVO and its staff maintain close and continuing contact with Fund departments and their staff, so that — within the constraints of independent evaluation — the views of the Fund staff are appropriately considered in the reports of the Office.
1 “Review of Experience with Evaluation in the Fund” (EBAP/00/29) and “Independent Evaluation in the Fund and in Other International Institutions” (EBAP/00/29, Supplement 1).
3 Given the importance of maintaining EVO as mechanism which is independent of management but which assists the Executive Board in its oversight of the Fund, Directors may want to consider if, and when, it would be appropriate to conduct discussions of EVO-related issues in the context of a meeting of the Committee of the Whole or of the Executive Board.
4 This recommendation is based partly on the IDB’s experience in selecting a Director for their Office of Evaluation and Oversight.
5 See BUFF/00/40 (3/24/00).
6 The travel cost for the Resident Representatives Review (1996-97) was $27,000, and for the Technical Assistance Review (1998-99) $45,000. In addition to travel to member countries required by the evaluations, the Fund should participate in relevant conferences, including international evaluation conferences convened by the DAC Working Party on Aid Evaluation. It should also become a member of the Evaluation Cooperation Group of the Multilateral Development Banks.
7 The consultant budget will enable EVO to enlist external support and augment its expertise for particular evaluations without having to more permanently expand its staffing. As such, it will be instrumental in preventing the sort of unwarranted expansion of which bureaucracies are frequently at risk.
8 The cost of consultants for the Resident Representatives Review was $61,000 and for the Technical Assistance Review $151,000.
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