Forex trading is a means of exchanging money easily to a different currency from the comfort of your home. With the increase in the popularity of online trading and the attractive promotional ads on social media, everyone wants to try online trading. You just have to exchange it with real money transferred through your account to get hold of any currency.
However, many scammers and fake brokers use this popularity of forex trading to steal money through these platforms from investors. If you are a victim of such forex trading scams, this article will guide you through the steps and possibilities of recovery.
Possible ways to recover your money from a forex scam
Although forex trading is a gamble, and it is complicated to learn and understand ways to make money, it is not acceptable to lose it to scammers. Here are some ways you can recover the money you have lost to fake brokers and scammers.
1. Contact the authorities
The most popular way to deal with forex trading scams is to contact authorities, including the local police or other law enforcement agencies that can help you in this regard. If the scammer is local, this is the best course of action to try and get your money back. Local scammers can be traced and taken a step against by the local authorities. It is not a functional approach, however, if the broker is situated outside your country.
2. Post reviews and on other platforms
You can use the power of social media or popular trading platforms as a way to report your issue and make it known. The last thing a broker wants is bad publicity of their service. Famous forex traders approach larger trading platforms, and negative ratings and reviews on these platforms will affect the functioning of your broker if they are trying to scam you. If you post negative reviews on these platforms, it will force the broker to take action and compensate you in one way or another to save their trade from a loss.
3. Ask for help from your credit card company
A very effective way of getting your money back is with the assistance of your credit card or debit card provider company. If you have made the transaction using a debit or credit card, you can request a refund or chargeback. You can file a dispute with evidence to support your claim. The bank or service provider will review your claim and check its validity. If the claim is proved to be correct, the funds will be removed from the broker’s account and sent back to you.
4. Notify the financial institution of the broker
A very efficient way of getting your money back is to notify the institution or service that the broker is using for receiving money transactions. You have a high chance of recovering your money using this approach. Banks and financial institutions are very careful about their reputation, and they will immediately block scammers or fraudulent entities. The bank will notify the broker about your complaint first, and they will be forced to return the money to maintain their account and keep using the financial services.
5. Ask for help from trading regulatory bodies
In many regions around the world, regulatory bodies help regulate safe online trading. You can file a complaint regarding the issue you are facing to the local regulatory body. They will review your complaint and check the evidence that you have provided regarding the matter. If the claim is valid, they will contact the broker, and they will have to compensate for your loss to keep functioning.
In forex trading, you can lose a lot of money if you are not careful about your trade and transactions. Before getting into any online trading, you must know the process, service provider, and trade broker.
It is always advisable to contact the trade broker before taking any of the steps mentioned above to recover your money. If, however, the broker is not being responsive, you can choose your course of action to recover your money. These steps will prevent you from losing your precious money in online trading.