Forex Trading Scam – Is It Possible to Recover Money from a Forex Scam?
September 17, 2021
The fact about forex trading is that only 15% of 10 million forex traders around the globe make a profit.
There is no iota of doubt that forex trading is a lucrative business. But forex trading is not the cup of tea for everyone.
To be a successful trader, you should be aware of reading signals, the right time to buy and sell currency. You need to think about a strategy that requires deep thinking. The trader needs to have relevant experience, deep knowledge, and skill to be successful.
You can become a forex trader by opening an account online. It is convenient to open a trading account nowadays. You need a forex broker to give you the interface to buy and sell forex. Once you finish with the documentation for the account opening, a deposit is a must in your trading account.
The industry has witnessed innumerable brokers who give unmatched offers to the forex trader. Most of them are usually big scams, and your funds become unsafe with them. There is no surprise these days that a trader gets scammed by one of these brokers.
Have you ever faced loss trading online with a forex broker? Never lose hope. There is always some light on the other side of a dark tunnel.
Is there a solution to forex scams? Is it possible to recover money from a Forex Scam?
Yes, there are possibilities to get your money back from fraudulent forex brokers.
It is not easy to get your money back as the scammers are always behind the wall. The difficulty increases if you have dealt with an unregulated broker. It is necessary to deal with a regulated broker as it is easy to recover your lost amount.
Possible Ways of Recovering Your Money from Scam
There are several options, but the success rate is high in the following. Let us first discuss it.
Fund Recovery Companies
The first solution you should consider in case of loss of money in a forex scam is to search for professional forex recovery companies.
Opting for financial trading such as binary options, cryptocurrencies, and forex is not an easy task. You will need a professional who knows the industry in and out. Again, you will have to depend upon several other professionals such as tech-savvy individuals, psychologists, and lawyers. All of them are easily accessible through a recovery expert.
The professionals have enough experience, skills, and training to fight the case on your behalf. They are better aware of the industry and how things pan out. Therefore, the chances of your money getting back to you from the forex scam increases.
Moreover, they possess better recovery strategies. Recovering your money from a scam is not a cakewalk. So, it is better to entrust the job to someone who can help you recover the money. In this way, you save a lot of your energy, money, and time.
Unfortunately, the recovery of your money is not guaranteed. It is a hard fact to digest. But it is necessary to know to avoid getting into the scam trap in the future.
What is Expected for You as a Forex Trader?
As a small piece of advice, if you are a forex trader, make sure to be aware of at least one legitimate Fund Recovery Company. Many are providing this professional service. So, in a situation like getting scammed, you will not run from post to pillar seeking help. You can approach your experienced, regulated, and trusted Fund Recovery Expert.
When making your choice of the Company to recover funds for you, make sure of the following:
- Must be regulated and licensed
- Must be ready to extend help
- Must possess the right set of skills and knowledge
- Need to be experienced
Alternative Ways to Recover Your Funds from a Forex Scam
If you see that a fund recovery expert will not extend the support, you are looking. Few more options will be there with you. However, you cannot expect what you desire. But there is no harm in giving it a try. So, what are these alternatives that you have?
Complaint to the Regulatory Authority
A Forex Market falls under the regulation of different authorities similar to other industries. We do have legitimate brokers in the forex market. However, few scam forex brokers work undercover. A Regulatory Authority may be of some help in recovering your funds from a forex scam. But it is not with surety.
The role of a regulatory agency is to promote market integrity, consumer protection from a forex scam, and give birth to healthy competition. However, they will extend the support if you are reporting about a broker under them. If the broker is not registered, it is difficult for the regulatory authority to give you help in any way.
Therefore, it is advisable to do trading activities with a broker registered with the regulatory. Before you dive in to open an account with a broker, check the bodies regulating them.
Possibilities are that a broker will have to get away with their license to operate if they get involved in any scam. The regulator has the authority to cancel their permit. To be in the business, a registered broker will surely refund your amount in case of a scam.
Most of the scammers are never in the picture, and no authorities are regulating them. Then what is the option that you have?
A Police Complaint
It is better to report to the authorities if you get duped, no matter even if the chances of recovery stand zero. Your local police may prove to be a great help. They are aware of the fraudster that comes under their area. If you are fortunate, the police might collect information about the broker and ultimately arrest them. Still, the chances of recovery of your money from the broker are next to nil.
Handle the Scammer Tactfully
If you are good at psychological tactics, this option might work for you. Again, it gives no guarantee that you will taste success. Never be aggressive with the broker, interact with them sweetly. Make baseless commitments to them. Give an assurance that you believe them and are ready to do more trading through them.
At this point, never give importance to money. Tell things that favor the broker. If everything goes as per the broker, you will end up convincing them. Thereby you will increase your odds to recover your funds.
But the fact of the matter is most of these brokers never show up once they execute their mission. You might not be able to reach them.
Cash Recall
The recalling of cash depends upon the way you have given the deposit to the forex broker.
Following are the options for your cash recall:
- If you have funded your account by using your credit card, then request a chargeback.
- If you have used wire transfer as the medium, put effort to call back the wire transfer.
- If you have used the PayPal platform, raise a dispute.
- If you deposited the money by any other means, try connecting to customer support and explore the option of calling back your funds.
These options can give you the result of the recovery of your money. But, recovering your money from these scam companies is not easy. They follow ways of deposit in which it is difficult to recall your money. Today they are taking your funds through cryptocurrency, where the chances of reversal are zero.
Awareness of the Forex Industry Ensures Safety
For anything you do in life, it is necessary to know their roots. There is no doubt that you will have to engage yourself in investment for a better future. The investment should never happen on the grounds of unawareness. Before you get into any financial transaction, assess the risk. Ask yourself, are you ready for it? Once you are convinced, then do a thorough check of the broker.
Always deal with a well-established broker in the industry. It is crucial to see various charges that a broker takes to give services. But that needs to be secondary. Always go with a trusted broker who is regulated by different bodies so that your funds are secured.
If you go with a regulated broker, finding them and recovering your funds through a fund recovery expert becomes easy. Contacting a fund recovery professional in case you want recovery for your losses is a wise decision. They know every aspect of the industry and might extend you the support in getting your funds back.
