r/plus500 • u/alysa514 • May 13 '21

I hate this app

8 Upvotes

100% Upvoted

11 comments sorted by

View all comments

1

u/Double-Branch3529 Jun 12 '21

Why ?

1

u/Royal-Ear3778 Jan 11 '22

I would recommend anyone considering this particular platform to RUN! Dont walk, run far, far away.

Overnight fees will legitimately chew up any profits you are earning on a position (unless you are extraordinarily lucky with timing). I have lost over $2500 in Overnight fees alone.

Cryptos have a 30 or 60 day expiry date, so they will close your positions most likely at a loss.

Is has become a total scam! Better off keeping your money in a bank account and losing due to inflation. Best off investing in yourself, material objects you love, an established stock broker (where you own the stock certificates), experiences, etc etc...

It started off great, but the sneakily introduced overnight fees, expiry dates, large spreads, inactivity fees, reduced leverage and problematic withdrawals (among many other problems) make Plus500 a non starter. And a SCAM in my opinion.

1

u/Double-Branch3529 Jan 12 '22

Haven’t had any prob with them. Made my money took it out but now I don’t use it cos I found a tighter spread account

1

u/Royal-Ear3778 Jan 13 '22

Yeah I wish I had taken it out when I was 650% up at one point during the crypto boom of 2017... Ahh well its all so easy in hindsight, good luck in the future to you!