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HOW TO RECOVER FUNDS FROM FOREX BROKERS - DIY
By admin / 12 December 2018

If you are not yet looking for third party help, here are some steps you can take yourself:

1.Document Everything.

The very first thing to do is to make records of everything you can. This includes the brokers, or SSP’s, terms&conditions, copies of any emails/Skype/live-chat you have had with them, confirmation of your deposit, turnover requirements for bonuses and your trading history. No matter what you do next, this information will be required in order to get satisfaction. What you do next will depend on the type of scam you have fallen prey to.

2.Try To Withdraw.

Broker won’t let me withdraw. Contact the broker and try to find out why they won’t let you withdraw. The most usual reason is that you’ve not sent in the right ID documentation, something required by international law, and is an issue easy to fix. The next most pressing reason why withdrawals are not allowed is due to bonus terms and turnover requirements. If you haven’t met conditions you will not be allowed to make any form of withdrawal which is why you want to keep track of all your trading volume and turnover. If you didn’t accept a bonus in the first place your documentation will help you prove it. A good broker will try to solve your issues, a shady one will give you the run-around.

3.Make Your Voice Heard.

Broker keeps giving me the run-around. If your broker is giving you the run-around and won’t address your issues the next best avenue for satisfaction is to let the community know what is going on. After all, it is the squeaky wheel that gets the grease. You can do this by posting complaints, with details, in forums. When you do this be sure to let the broker know and send them a link. They may not care, a sign of a shady broker, but when it comes to reliable brokers they will want to address your problems to avoid poor publicity. When posting complaints give as much detail as possible, just saying that a broker scammed you is not enough, proofs of fraud are what get results.

4.Contact Their Payments Provider.

The broker won’t help, now what? At this point the chances that you have been scammed, and not just suffering from miscommunication, are quite high. If you can’t get satisfaction from the broker you will have to take more drastic measures. If you deposited by credit card this may mean calling the card company and requesting a charge-back. Let them know the initial charge was fraudulent and that the company in question is not returning your contact requests for best results. The Times Of Israel reported that a victim of fraud was able to get a full refund of his deposit after contacting the financial institution that processed the brokers payments. They withheld payments until the broker satisfied the claims.

5.Contact The Regulator.

Time to call out the big guns. The great thing about expanding binary options regulation is that there is an alternative for many traders who think they’ve been scammed, you can contact the regulator. In some cases this can be a challenge as many brokers are located off-shore and hidden behind holding companies and virtual offices so be sure to do your homework. If the broker is regulated contact the agency overseeing them, if they are not regulated contact the agency which oversees financial regulation in your country. If the broker is regulated they will have to address your issue, to the satisfaction of all parties, in order to remain compliant. If they are not regulated at least you can be assured at least they will have a harder time scamming any more people from your country. At best cooperation between regulators could result in the broker being shut down for fraud.

6.Be Persistent.

Shady brokers like to hire people who are good at deflecting questions and complaints, don’t accept what they are telling you. It may take time but eventually you will talk to the right person, or persons, and your case will be addressed. What is most likely to happen is that the combination of your contact requests, forum complaints and charges with regulators will add up to one thing, the broker giving you your money back to avoid a much bigger hassle.

If you were a victim of a scam, do not hesitate to schedule a Free Consultation with our team. Perhaps we can be of assistance in your fund recovery efforts.+1-305-705-6197 or Contact Support

Comments (10)
Ernest TannerJune 14, 2019
Comment Back

I deposited almost $65,000 with one of the forex companies. At the beginning of “trading” 3 to 4 weeks, My account was grown up and everything was so natural that I could see on the screen all my balances, and trading movements, of course, it was all fake and i withdrawals weren't going through. The brokers were extremely annoying with their endless Phone calls, calling for me to invest more money to make more money.

forex-scam
Casey NewtonJune 18, 2019
Comment Back

Forex robot scammers lure novices with the promise of big gains from little effort or knowledge. They may use of fake or misleading figures to convince customers to buy their product. Their promises are flawed as no robot can adapt and thrive in all environments and markets. Software is generally used by professionals only to analyse past performance and to identify trends. All software should be formally and independently tested but caution is required when trusting the reviews themselves as these can be paid for. If their product did exactly what they claimed then they would not be selling it but instead using it exclusively themselves.

forex-scam
Oscar HoustonJune 18, 2018
Comment Back

While there is much focus on making money in forex trading, it is important to learn how to avoid losing money. Proper money management techniques are an integral part of successful trading. Many veteran traders would agree that one can enter a position at any price and still make money – it’s how one gets out of the trade that matters.

Merle KeithJune 26, 2019
Comment Back

These FX scams try to convey the message that someone fairly young and without a lot of experience in adult live can make it, therefore it must be easy enough for everyone. Never underestimate people's desire to get rich quick and with minimal effort - just look how many people fall for the average multi-level marketing scheme when they're promised to become millionaires by spamming social media.

Oscar HessJune 28, 2019
Comment Back

Forex education is 100% irrational. The MLM scams are not at the same level. They promise to make you rich by selling products. It is conceivable that someone who hasn't researched this well, will fall for it. Someone asks for $99.99 to teach you how to make money. How is it possible that someone who knows how to make money wants your $100 ? It doesn't make any sense. You don't even need to research anything in order to realize it's a scam. It's blatantly obvious.

Harvey McFaddenJuly 07, 2019
Comment Back

The worldwide forex market is attractive to many traders because of its low account requirements, round-the-clock trading and access to high amounts of leverage. When approached as a business, forex trading can be profitable and rewarding.

Jerome WadeJuly 08, 2019
Comment Back

Been scammed a couple of times. Until I ran into some back end videos and everything has changed. I started selling signals myself and found out that when you sell signals, because of the volume of traders committing the same trades. The market tends to behave erratically and extended stop hunts are seen. Just learn how to trade on forex and make your money. I know that you want to help everyone but please put the mask on you first.

Andre LoganAugust 14, 2019
Comment Back

Never got signals in my life on my forex journey.. trust me teaching yourself is more of an achievement.

Terry McGowanAugust 17, 2019
Comment Back

You can’t trust a lot of people in this game, I’ve been trading for nearly 2 years and even tho it started rough and I initially lost, I have been able to make a good amount through forex and not any marketing bs or MLM. MY TIP: Never send money to anyone to expect instant returns or for them to send money back to you. Of course it’s all a scam. When it comes to signals, I would never advise you to trade blindly, you do need a small level of understanding. Make sure that the broker you set up with is regulated as well.

Hayden HendersonSeptember 10, 2019
Comment Back

The problem is that people do not understand what is possible and what is not until they know how on going price is created. What ever dreams and desires and signals and strategies people wish to observe, price is created by complexed infinitesimal variations of unknown underline reasons that are yet to be created by unknown institutions and individuals actions plus associated economies fluctuations in other words a trader can only hope to catch a price direction long enough to clear the spread and make some pip value.

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