WTI wrong price on Plus500

[Lucia + 5]

Hi everyone, 

Is anyone else here who is experiencing issues on Plus500 platform in regards to WTI rollover and trading price at the moment? 

[Saif Malik 0]

Yes same here

[Lucia + 5]

@Saif Malik, what will you do?

I wrote to them but they haven't come back to me. They really threw me off for today. I had a buying position that rollover and made me basically lose £5k in adjustment and had to open another position and now I don't even know what will happen with both of them since they have been trading on June contract price the whole day. I don't think this is fair.

[Mohsin001 0]

1 hour ago, Lucia said:

@Saif Malik, what will you do?

I wrote to them but they haven't come back to me. They really threw me off for today. I had a buying position that rollover and made me basically lose £5k in adjustment and had to open another position and now I don't even know what will happen with both of them since they have been trading on June contract price the whole day. I don't think this is fair.

 

I have the same issue plus I’m selling oil and the price has dropped around 8 dollars on other platform however that’s not the case here. 
I lost 2700 pounds exactly the same way as yours. Something doesn’t seem right here 

[Lucia + 5]

@Mohsin001, the Plus500 doesn't seem to take any sort of responsibility so far. This is their answer: 

Diana Vokalchuk, Apr 17, 20:32 IDT:   Hello Lucia, Note that the rates on Oil are shown according to future based contracts, thus the rates indicated on our platform are derived from the price of the futures contract and not the Spot Price of the underlying instrument. The current rates on the chart after the rollover event show the price for June Future contracts for Oil. Please check the rates for June contracts accordingly, not May contracts. When a position is automatically Rolled Over from one contract period to the next contract period, an adjustment is made to your account in order to reflect the difference between the rate of the previous contract and the rate of the new contract. The value of your position continues to reflect the impact of market movement based on your original opening level. To calculate the Rollover adjustment to your account when a Buy position is subject to a Rollover, the difference between the Old contract last Sell rate and the New Contract first Sell rate should be multiplied by the contract size. To calculate the Rollover adjustment to your account when a Sell position is subject to a Rollover, the difference between the New contract first Buy rate and the Old Contract last Buy rate should be multiplied by the contract size. You may find more information on the following link: https://www.plus500.com/FAQ/FinancialInstruments/WhatIsARolloverAdjustment         I think they are putting us at disadvantage.  Maybe more of us should complain about this to them.

[rjbailey 0]

I had the very same problem , i think the 2 prices are very mis leading , oul will be at 15 dollars a barrel before the end of next week , if your in a buy position are they just going to crash the instrument??? It so if your in sell your going to lots of money , ive already pulled out till this is sorted . How they goung to price the options ? Its almost like they are makibg it up as they go along. There is no storage left , and no 1 is using oil . With self isolation and 2/3rd of tbe worlds aircraft sat on the ground how long can this be sustained?

 

[rjbailey 0]

Fustraed with  the current wti/plus500 oil prices

[Lucia + 5]

My problem is why Plus500 skipped the May contracts and jumped over to June, making my rollover adjustment -£5000? Is like now if the price will go to $18 on top of the loss i was already making they ve added an extra 5k loss which is totally unfair considering the error on their side and also it clearly puts me in a predicament because that position is a loss for me either way. 

[nostro200 + 19]

They claim that you shouldn't lose money because they cover it. plus500 BS rollover video

I opened a thread on forexpeacearmy here

 

 

 

 

Edited April 17, 2020 by nostro200
add info

[Fazeel Rehman + 2]

Lucia rollover mean you take you unrealised loss forward into next future. Which on the face seems nice but it's a trap. In reality they have"realised" your unrealised gain in previous contract and put you iit on to new one for you to now have the price fluctuations of next future. If the Crude price does not go up by the maturity of this future, this future will go down to 18 and this will double your loss. 

 

[nostro200 + 19]

9 minutes ago, Fazeel Rehman said:

Lucia rollover mean you take you unrealised loss forward into next future. Which on the face seems nice but it's a trap. In reality they have"realised" your unrealised gain in previous contract and put you iit on to new one for you to now have the price fluctuations of next future. If the Crude price does not go up by the maturity of this future, this future will go down to 18 and this will double your loss. 

 

Thats criminal. We should nuke Cyprus

[Lucia + 5]

15 minutes ago, Fazeel Rehman said:

Lucia rollover mean you take you unrealised loss forward into next future. Which on the face seems nice but it's a trap. In reality they have"realised" your unrealised gain in previous contract and put you iit on to new one for you to now have the price fluctuations of next future. If the Crude price does not go up by the maturity of this future, this future will go down to 18 and this will double your loss. 

 

I am aware if it goes down to 18 I ll have a big loss. I understand what they are doing with the rollover but this time they done it to June contract instead of May contract which is not right. On top of that they have been trading at June contract price whole day and they are not taking responsibility for that. For someone who uses market news as a strategy this is bad because now the news and the actual trading price is not correlated with Plus500 price.

 

[nostro200 + 19]

12 minutes ago, Lucia said:

I am aware if it goes down to 18 I ll have a big loss. I understand what they are doing with the rollover but this time they done it to June contract instead of May contract which is not right. On top of that they have been trading at June contract price whole day and they are not taking responsibility for that. For someone who uses market news as a strategy this is bad because now the news and the actual trading price is not correlated with Plus500 price.

 

In theory, they aren't obligated to mimock the price exactly because its a CFD but idk to which point can they just completely fake the pri6 just like they did. If this is legal, we should just all start a brokerage business like these clowns do and abuse this corrupt system.

[Ahsen Zahed 0]

Yes true its unfair though Plus 500 are settling the amount but it gives a wrong idea about oil's current price and people may do mistakes if oil goes to Usd 15/pb in real on their platform it will show  appx Usd 21 which is misleading markets.com not doing the same they are showing the real price for oil WTI... legally price should be shown as the current commodity price anybody is not allowed to change the price itself for any commodity..

[nostro200 + 19]

Now... Brent remains at $28 as we speak and Wti at $25. They can't maintain tjis stupid proportion  so, will Brent also jump $10 up to maintain the usual WTI Brent divergence? Or will WTI JUST correct itself to the real price?   (26 April, tahts Brent Rollover).

These thiefs aren't dumb but I wonder if this an exploit we can take advantage of. Probably if it works, they will take away your profits anyway... But not your losses. These guys should be sent to ISIS

 

Edited April 18, 2020 by nostro200

[Fazeel Rehman + 2]

6 hours ago, Lucia said:

 

But the May ones maturing in 2 days, the only next one's available are the June ones. So they have obviously rolled to the June ones.

But I think what everyone is not understanding is that May future contract is expired now. And what ever gains or losses were to happen, have happened. These are rolled into the June future now. If June future also declines in value, your new loss will be the May future and the June future.

In other words, and this is the critical, when the oil price will go up you will have to recover loss of May contract plus the loss of June contract. 

 

[Fazeel Rehman + 2]

7 hours ago, Lucia said:

I am aware if it goes down to 18 I ll have a big loss. I understand what they are doing with the rollover but this time they done it to June contract instead of May contract which is not right. On top of that they have been trading at June contract price whole day and they are not taking responsibility for that. For someone who uses market news as a strategy this is bad because now the news and the actual trading price is not correlated with Plus500 price.

 

 

[James Regan + 1,776]

9 hours ago, nostro200 said:

Thats criminal. We should nuke Cyprus

That would be great as long as you hit eToro as well, garbage rigged poker gaming....... www.etoro.com 

[Mohsin001 0]

I suggest trading 212 I’ve already started moving my funds as I close my positions one by one 

[Dem 0]

I would like to clarify this if anyone can shed some light on this matter. Will Wti open on Monday at just above 18, as they are on June future already? Any insight will be great!!

[nostro200 + 19]

5 hours ago, Dem said:

I would like to clarify this if anyone can shed some light on this matter. Will Wti open on Monday at just above 18, as they are on June future already? Any insight will be great!!

I don't really know... What I want to know if these guys really lost money and if they did, has anyone on the contrary position actually profited or is Plus500 playing this stupid game 💯% to their advantage? (Ie: taking away profits but remaining losses?) Cyprus Joke of a regulator would allow them to do so...UKs FAC is probably heavily bribed.

[nostro200 + 19]

On 4/18/2020 at 6:56 AM, Fazeel Rehman said:

 

I'm either stupid or this Darina is contradicting herself. 1st she says the rollover is free and that I can't lose or profit due to the rollover adjustment, ie, Net P/L remains the same.... Right after she says that the adjustment will affect the P/L ???

An analogy to this is like saying: You don't die from me pulling the trigger of a gun. You actually die from the bullet that leaves the gun.

 

 

Edited April 19, 2020 by nostro200

[Saif Malik 0]

Basically CFD day trading is very risky it is almost impossible anyone can win and walk away.

With plus500 rollover option is nothing than a trap.

[D R + 1]

Keep away from this broker they will get your money

[ChaseInvest 0]

Guys not trying to sound funny , but has anyone thought of taking them on legally -This shit bugs me and I thought I was the idiot yet there are so many ppl questioning 

 

as per the above email response from them ,they are completely contradicting them selves -This rollover period has also prevented me from investing at times which has intern made me lose money as I was hesitant to buy oil based on all the confusion

how can one make a figure up and not match it accordingly -recently oil ran at a negative - I would have invested as I knew it would rebound to positive figures 

 

but based on this rollover nonsense not reflecting correct amounts it screws us as customers 

 

any thoughts from u guys ?