Can you recover money from Forex scams? Forex trading has become popular as low, and no fee trading platforms are becoming more prevalent. Unfortunately, with this rise in popularity comes with it scams and deceitful business practices. If you have ever fallen victim to a Forex scam you may be able to recover your lost money. Read on to see how.
Contact the Broker
The first step in attempting to recover money from Forex scams is to contact the broker directly. This is the first step and probably a long shot, but it is a place to start.
You can be polite at first. Call or email them and tell them that you haven’t seem your money deposited that you requested to be withdrawn.
Be as thorough as possible before contacting them. Keep all records of your transactions, screenshots, transfer statements from your bank, and any other paper trail that you may have. The more evidence that you have the better chance you have at recovering your money.
A legitimate company will realize that they made an error and make things right. A company out to scam you will probably ignore your request.
If you are ignored you can move to the next tactic.
Social Media
Social Media can be a powerful influencer. Often a negative posting about a company will get their attention. No one wants a bad reputation. At least, no legitimate company wants a bad reputation.
If a company sees that you are giving bad reviews about them, and that you are warning others to not use their brokerage services, then that may be enough for them to make things right. If not, you will have to escalate matters.
Legal and Professional Help
There are countless legal firms that specialize in recovering money from scammers. While they can be successful you will have to keep in mind that their fees may not make using their services worth it to you. This is a good option if you have been scammed out of a large sum of money, however.
The NFA has a dedicated webpage to file complaints against fraudulent business practices. Turning to the regulatory bodies is often your last avenue to recover stolen funds. Brokers can face stiff fines or a loss of their license if they ignore the requests of the regulatory bodies. Just a word of caution that if a broker is not regulated, then this avenue may not be successful.
Wrapping Up
Can you recover money from Forex scams? Yes, however it is often a difficult and drawn-out process. An ounce of prevention can go a long way when it comes to online trading.
Stay away from questionable brokers, and stick to using well known, reputable, and licensed platforms.
Use a credit card to fund your account. It is much easier to dispute a transaction and recover money from your credit card provider than from the brokers directly.
Finally, use common sense when trading. Only trade what you can afford to lose and don’t fall for flashy online posts and ads from supposed “rich” online influencers.
Read Also:
Make Forex Trading for Beginners More Profitable And Enjoyable
Strategies to Help You Gain Success with Stock, Cryptocurrency and Forex Trading
Why you should learn to trade Forex
Find Out About Currency Markets With Online Rankings of Forex Brokers
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
