I would like to bring to your attention our newly form concerned citizens group called the people vs Trading212. Trading212 offers a cfd product in they're trading platform that allows you to buy contracts on the cryptocurrency Bitcoin Cash. Many of us are cryptocurrency enthusiasts and joined the platform to trade these products. This weekend was a well documented launch of the bitcoin cash currency and it was also well documented that it was going to cause some disruption. I can only speak for myself by saying I found Trading212 because they had this product and set up an account. Much like the peg of the Swiss franc 2 years ago it was an opportunity trade volatility. Many of us traded all day Saturday until 7am Sunday. You per se an example of my screenshot below 6:52 am.
So at around 6:50 Trading212 halted trading on the product as the price went very hight and 90% of people were long according to data I saw. I knew trading was halted because I clicked the close all button and got an error message saying trading was halted. So I waited a few minutes clicked again still halted. I was worried for the companies ability to payout traders so I requested two 5k withdrawals out of my 10,624.82 free funds which were not tied up in any way. At this point while trading was halted Trading212 closed the 4 trades above and don’t feel obligated to pay me on the trades I was closing at the time they halted. It was the end of the asian trading session basically when I personally was finished. So now I am waiting for them to payout the 10k requested as well as 9-20k of positions above and they are declining to do this. But what is also interesting is that later in the day in my results I found records that they had come up with a settlement which you can see below:
So this sequence of events which happened to all of us goes like this:
Halt trading Consumer takes out what he can incase they go bankrupt. Then they close you're winning positions because of insufficient funds.
I think we all feel betrayed and we have lost a substantial amount of money.
Now the company will only respond to us through the chat app and basically say too bad guys.
There are tons of stories from our group which we can share with you. We want our money back and we don’t want this to happen again. Dan from flat alpha wrote a similar story about Plus500 during the Swiss franc peg.
Our question to you is can you help us stand up for ourselves and is this in violation of FSA policy.
By covering our story in the media tomorrow it will help shed light on these blackhole trading sites that make up rules to their advantage when they need them. Sadly, I think they take advantage of people everyday who want to have a crack at forex or stocks but they do not realise they are just gambling in a rigged casino and will surely lose their deposits. Our group was able trade successfully and we will not be taken advantage of and many of us believe that their may be criminal charges uncovered by decision makers at Trading212.
Just to give you an idea our group ranges from 18 year olds who lost all of their savings to experienced teams of investors. We estimate our group alone lost close to 10 million in deposits and trade revenue
Submitted November 13, 2017 at 06:17PM by elicryptocash http://ift.tt/2zHJWKY
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