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Posted October 22, An online trading platform allowing users to place bets on the fluctuating price of cryptocurrencies like Bitcoin, commodities and shares is facing a possible class action overseas. Giambrone, the European law firm preparing the group litigation, said it had interviewed several hundred people who traded through Plus in the United Kingdom and lost their money in what it claimed were "unfair circumstances".
Mr Salerno accused Plus of "rigging the platform" by failing to action its customers' bets or positions in a timely manner — an allegation the company denied. Plus provides contracts for difference, meaning its customers do not own the underlying assets cryptocurrencies, shares, commodities , but instead speculate on changes in their market value.
Failure to adhere to these rules — as set out by the Financial Conduct Authority in the UK — can result in penalties. Plus has also been criticised by customers who say the platform will often shut down at inconvenient times, preventing them from capitalising on advantageous movements in markets.
But if it's something that persisted every week, you really need to look into your service. Mr Sadik said the disruptions to the platform, which he was accessing through an app on his mobile phone, cost him thousands of pounds. They can basically disable the instrument whenever they want," he said. It's more like gambling than trading. Giambrone also claims Plus is allowing inexperienced traders who fail a knowledge test to access the platform by signing a waiver.
In a statement to Background Briefing, a Plus spokesperson said the screening process for prospective customers was robust. The process "requires each customer to pass a knowledge test, state [their] level of experience with derivative products … and other questions regarding their economic profile and appropriateness," they said.
The spokesperson added that Plus takes "reasonable steps" to obtain "the best possible result" for customers in regard to their trading positions. Plus said there was no outstanding litigation against the company, and that it had received no correspondence from lawyers with Giambrone, despite the firm telling the ABC that it hoped to reach a settlement.
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