Have you ever been scammed by a Forex broker?
If the answer is yes, it’s OK. Almost all Forex traders have been scammed at least once, including me.
Scam brokers are everywhere nowadays. They live by luring traders and robbing their hard-earned money. Once traders make deposits, they have little chance to get their funds out.
Fortunately, we - traders - still have a solution to this problem. Here I share with you my field-tested tactic to save the day. By using it, I have successfully withdrawn more than $14,600 and helped many other traders get hundreds of thousands of dollars back from scam brokers.
A Step-by-Step Guide to Forcing A Scam Broker to Process Your Withdrawal Request
The key of this tactic is to drive pressure on the scam broker to force them to execute your request. Imagine that you are attacking a castle. You surround, identify weaknesses, pressurize, and conquer.
And the first step is:
1. Contact The Broker And Make a Deal
When you realize the potential signs of being scammed, the first thing you should do is contacting the broker.
You can send them a polite email saying that you haven’t seen your withdrawal processed for a specific period of time (ideally after 14 business days since you made the withdrawal request). Tell them to process it immediately, and you will give them a good rating on the internet.
In case they continue to delay the payment or don’t reply to your email, send them an ultimatum warning that you will have to take further steps on the situation after several days, and see what happens.
If the broker remains stubborn, go to the second step:
2. Show Off Your Toughness
If making a deal with the broker doesn’t work, it’s time to show them a greater resolution. Now, publish your case on large trader communities to warn other traders about the broker. Some of the largest trader communities include Forexpeacearmy, Babypips, and Thatsucks. You can search for more places to hang your warning.
Bringing the case to large trading groups on social media like Facebook or Google+ is also a good idea.
After publishing your case, invite the broker representative to the topics you opened. Again, pave a way for them to solve the case in peace. Tell them to process your withdrawal request immediately, or you will take stiffer measures.
3. Be Stiffer
If the above steps don’t make the broker surrender, continue to intensify the second step by giving bad reviews and comments about the broker on reviewing sites. Tell other traders about your terrible experience and warn them not to trade with the broker.
Always remember to contact the broker while taking every step, because there’s nothing better than making an arrangement. If you offer them a win-win solution, there’s a high probability that the broker will shrink and accept your deal.
4. Ask For Help From Authorities
Almost all scam brokers I have dealt with surrendered when I took the step 3. However, there may be a few stubborn ones that want to fight until the end. Please them.
In my 7 Tips to Avoid Scam Forex Brokers article, I have mentioned the importance of choosing a regulated broker. So if your broker is licensed by an authority, it’s time to ask for their help. You can file a complaint with the authority and detail your situation, and ask them to intervene to solve your case.
In case the broker isn’t regulated, the only option you have is to file a complaint with the authority that granted the broker a general license to do business.
Scam brokers are traders’ enemies. Seriously.
When you make a deposit to a scam broker, the probability of losing your money is 99%. I am not just talking about the difficulty in cashing your money out; I am talking about the fact they manipulate your trading activity to make you lose.
So if you have to cope with a scam broker, follow this guide to get your money back. Scam brokers are always afraid of negative comments and bad ratings from traders, so you can use this weakness to put pressure on them.
While it’s necessary to know how to deal with scam brokers, spotting them from the beginning is even more important. Check out 7 field-tested tips to detect whether a broker is a scam or not.
Please share the article to help new traders know how to fight against scam brokers.