How to Get Your Money Back From Scam Forex Brokers

Source: https://www.linkedin.com/pulse/how-get-your-money-back-from-scam-forex-brokers-hai-pham/

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 By using it, I have successfully withdrawn more than $14,600 and helped many other traders get hundreds of thousands of dollars back from scam brokers.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.

Conclusion

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.

4 Likes

Most brokers that do scam, already have negative ratings and imo i would straight up ask my bank to chargeback or use paypal to charge back to get the deposit back. I don’t think brokers who scam really give a shit about authorities, their real identities wouldn’t be tied to the website anyway.
I love how your source is your own article. Nice article anyways bud.

1 Like

@faiz.97 Thank you bud.

Yeah right most scam brokers end up being massively reported, but during their businesses they try to scam as many traders as possible so they’re still afraid of bad comments.

Besides, with deposits made via e-wallets like Skrill or Neteller, there’s no way to chargeback.

Scammers are happy with those letting go their cases, and prioritize those making things loud.

Unfortunately most of the time all traders can do is drink a tall glass of cold water, accept they were robbed by people half a world away and look for more trustworthy brokers next time. :disappointed:

:weary: :weary: :weary:

I think there is completely no chance to get your money back from scam broker. Their main idea is to rob you, and they want to get as more as possible victims. You must be very patient and carefull before choosing broker. Cause it’s only yours fault if you work with scam broker. I can only advice to use some scam brokers list, like Unregulated Forex Brokers List 2018 to advoid swindlers.

It depends on the regulations here. If the the Regulators are reputable and serious then there is a chance to get at least part of the money back. If there are no regulations or they are offshore, then yes, the odds are zero.

Hello. Was just scammed by excess. This is one of many sites I am linked to. I requested 3 withdrawals. 1 for profits and 2 refunds. I was given the profit withdrawal because that was less money. And the others that were refunds of my own money of 400 and 50 dollars, there was an issue. My bank is not seeing any signs of the money coming back to my account.they say take some arn number to my head office branch. When I called my bank no one has ever heard of arn number. I will be informing every site about their scamming ways until I get my money back

Exactly. If the broker is some fictional company supposedly registered on an island somewhere they are long gone with your money, unfortunately. And there are an awful lot of such bucketshops out there.

i think regulated and reputable brokers are not scam , they are registered with any regularity body from where you can claim you any financial issue. But scam brokers are not registered It is quite difficult to get back your money because they are not fair not use fair methods to facilitate their clients for any issue related to funds.

Do you real the number of lawsuit against the regulated brokers. It is hard to differentiate them from none-regulated brokers these days. Some of them just want to cheat us traders at any means.

regulated brokers dont give a poopoo about little pennies from retail traders. what is 10 or 100k to them.

In case a broker is not registered or licensed. How do I which know the Authority that licensed their business please?

Thank you

Kind regards,
Floxy_biz1

I have a long story with trading and recovery as well. In the past, I had opened a few trading accounts with different brokers. Among them were IQ Option, BdB, TeleTrade, and few more. Unfortunately, ALL of them staged themselves as SCAM. The story of investments, trades and attempts to withdraw repeats itself from a broker to broker. Will say right away, I ended up losing over 150k. After I had gained a “trading” experience, I’ve opened a new page in my life, trying to recover at least part of my money. For that part, I wasted 1,5 years, lots of money (again!!) and fruitless outcome. Chargeback didn’t bring any positive replies from the bank since I had all my trading account verified. “REcovery experts” didn’t help either. By the way, beware of “Dellwoods”, “Mychargeback”, “Chargeback Pro”…
Anyway, I had found the company, called Scamconsulting SCC, registered in the UK, who, eventually helped me to get back a major part of my investments. Wouldn’t say that everything with 'em went smoothly, but as a result, I finally could see my money on my bank account.

2 Likes

Following this

honestly speaking i have never seen a guy who lost his money by scam broker and again got the money. may be its impossible.

IQ Option and TeleTrade seem to be based in Cyprus. That’s enough of a bad sign immediately.

BdB Group appear to be B2B insurance brokers, if I have the right company. They don’t seem to be forex brokers for private retail traders in any way. Maybe there is another BdB?

BDB as Banc De Binary.
The platform is shut down since 2016

Thanks. So you traded forex with two Cypriot brokers and a binary house. Was the outcome ever in doubt?

Am I the only victim of those?
Funny, how you, Tommor consider those fact now, When everybody is aware. Take yourself back to three years time and I promise you, you’d be same naive as I was.