Have you lost money by a dishonest Forex broker? You can get them back

If you have been scammed by a dishonest broker, you can get your money back. This is not always possible, but there are companies that specialize in such matters. Often you can even avoid a court case and get everything done much faster, without too much nerves.

Contrary to appearances, fraud on Forex market they do not always involve tricking naive people who are not fully aware of how the financial market works. Of course, it happens anyway, in the Forex Club portal we often write about frauds, investments in shady companies and their effects. Most often the result is a loss of money. 

In the best cases, after a long e-mail exchange, we have a chance for a "bonus", but only if we have enough patience to often study the regulations, and the company will not disappear and will not dispense us with twisted explanations. 

Dishonest brokers do not go unpunished

We just have to come to terms with the loss more often. But are you sure? Dishonest brokers do not go unpunished. You can start by reporting to your national regulator who may put your company on an official list of alerts. You can also describe the matter on a forum or in social media. In practice, however, this will help save more victims than recover our funds.

We can also try the police case, but if the case concerns a company from the other side of the continent, or even the world, we can be sure that the case will be dropped. Not to mention the fact that it is difficult to count that the policeman in charge of the case will be familiar with the secrets of the Forex market, or at least its basics.

We warn against using the services of unlicensed companies. Before opening an account, always make sure it is correct the broker has the appropriate regulations and permits at the indicated financial market supervisory institution.

You can also try to recover the money through the intermediary with which we deposited it. For example, PayPal has a program to protect buyers using online payments. However, you must report the scam within 180 days of making the deposit transaction. Chargeback works similarly in the case of payment card transactions. In this case, the matter must be reported to the bank that will apply to Visa or MasterCard on our behalf in order to cancel the transaction. However, the bank sometimes asks for evidence that we have tried to recover the funds ourselves. Here too, time matters - the sooner the better. But the bank may also refuse Chargeback.

Brokers make mistakes sometimes

However, we are not always dealing with scammers. Brokers who operate legally also sometimes do their best not to withdraw the deposits already received. Let us give the floor to one of the clients of the Greek broker - Fortissio, who had a promotion under which it was possible to open 10 protected positions, in which the broker would cover the possible loss:

“During the telephone training, the consultant must inform the client, among others: about limits. A consultant called me, but he didn't mention once about the existence of limits. He learned this the hard way the next day when I opened a protected position on 100 barrels of crude oil. Later it turned out that the limit was 50 barrels. Unfortunately, the price of oil went up and I bet down. When the new trading session started, the broker closed my position automatically with a big loss of PLN 6000.

I recorded an interview during which the consultant admitted that he forgot to inform me that there are limits. He said it was his mistake and he would write a complaint. But after sending it, the contact was cut off, so I turned to a law firm specializing in cases against unfair practices used by foreign brokers for help. "

Our reader described the situation in detail, collected evidence, including screenshots of account history, terms and conditions of the promotion, recorded conversation and evidence of deposits made, i.e. bank statements.

Update:

After 2 months, the reader managed to recover part of the amount.