There are a lot of tips on the internet about how a trader can spot a reputable broker and avoid a scam, but there’s very little about how to get your money back if you’ve been duped.
Indeed, the fact that so many people have been cheated explains why many FX broker review websites and authors exist. Fraud occurs in all financial markets, not just FX, so it’s crucial to understand how to get your money back if you’ve been duped. Today, we’ll look at some tactics you can use to get your money back if your broker doesn’t let you.
How can you tell if you’ve been duped?
This may appear to be a silly question, but it should be considered. I’ve been in a position when I thought my money had been taken only to discover afterward that I had made a hasty judgment. In my case, I just lacked patience because the broker (whom I will not name) has yet to respond to any of my communications. After a few days, they finally did so, and I received my money. Let me just clarify my circumstance so you can see how it’s possible to suspect fraud when there isn’t any. I’d won an FX contest, so I started requesting my withdrawal right away.
After sending multiple emails to customer service and receiving no response for several days, I assumed the whole thing was a ruse. After rereading the Terms and Conditions, I understood that the monies are processed two weeks after the contest ends and that I had just jumped the gun. (Self-defense lessons: FX scams) So, how do you know you won’t receive your money back and start doing the necessary steps? The first sign is the absence of a response from the broker, despite repeated demands for one. Don’t jump to conclusions as I did; instead, allow the company some time to resolve the problem.
Many of the major FX brokers have tens of thousands, if not hundreds of thousands, of clients, making it difficult to respond to all of their messages. There is no set time to wait, but if your messages go unanswered after two weeks, you may reasonably assume that no one will respond. At this point, you can proceed with your complaint and try to get your money back.
The Claimers, a funds recovery firm, aims to be the most reliable database on frauds of all kinds. They are interested in all types of scams, including internet, romance, CFD trading, Forex, and cryptocurrency. All of the contents on their website contain thorough information that is both authentic and relatable to everyone, and it is entirely free.
Chargeback on a credit card
Credit/debit cards make purchases much easier since they eliminate the need to carry large amounts of cash. Utilizing a credit card to finance a trading account is much faster than using wire transfers, for example. Traders and brokers know this, which is why so many FX brokers now take credit cards. With the simplicity of transactions comes to the ease of fraud, and credit companies are well aware of this. Top credit card services like Visa and MasterCard created a chargeback system to reclaim money to protect their customers’ money when fraud happens. The good part is that if you deposited with a credit or debit card, you could also use this feature.
Reversal of wire transfer
A similar procedure is available for wire transfer deposits, in which the money sent is reversed. If you made a wire transfer deposit, you must contact the broker’s bank for a reversal because they are the ones who retain the funds. You can do this again by emailing or calling their customer service department. From there, it’s the same as if you were requesting a chargeback for a credit card transaction.
Provide proper documentation to show that you are entitled to the reversal, and let the bank handle the investigation. If your evidence is convincing, the bank will reverse the transaction; nevertheless, if the broker challenges your claim, you may be in for a fight. Any communication between you and the broker, whether emails or screenshots of Live Chat chats, are examples of good proof you might give.
Payment service providers and third-party eWallets
People utilize eWallets for a variety of reasons, as we just explained. The most important factor is security as if the eWallet provider is trustworthy, you won’t have to input your account information on the broker’s page. If the broker is a bad guy, they could utilize your data to commit even more fraud on your account. Instead, you can use an eWallet to have the company handle the money transfer for you while keeping your personal information private.
People prefer these eWallets since they have unique offerings for individuals based on their requirements. Some of them, for example, will offer debit cards that allow for speedier and more immediate withdrawals than waiting for a wire transfer.
Contact Funds Recovery Firms
TheClaimers; is here to assist you in gaining access to all available information on any and all frauds on the market – all for free. They have an interactive and exciting database with research papers, blogs, articles, case studies, and other materials that enlighten readers about current scams, how to prevent them, and which firms are the safest to work with! It’s always better to be safe and educated than to be sorry