With trillons of dollars traded every single day, the Forex market offer unregulated brokers the lure of earning huge returns in a limited amount of time.
However, it’s almost impossible to be a long term winner if you are not a professinal trader. Worse than that, a vast majority of online unregulated brokers are even manipulating prices in order to make you lose your money faster so you can deposit new funds.
Many fraudsters have seen the opportunity to scam people with forex offers. They pretend to be a reliable broker, but you won’t hear from them anymore as soon as you make your first deposit. This is why you should make sure that you are dealing with a legitimate regulated broker and not a scam.
Can you really earn money with Forex trading?
If you have knowledge and experience in stock trading, you can have a chance with forex trading. However, just like any other investments, there are risks involved, and risks are even higher for beginners.
Those that are successful with trading are making a huge amount of money. The more people hear about this, the more they want to try it.
And, this is where the trouble begins.
They don’t realize that forex trading is a full time job and not a hobby. You can’t learn it overday, and you can’t profit from it as a beginner. Almost every recreational forex traders will eventually lose their investment on the long run. Don’t be one of them.
Why are people becoming victims of Forex brokers?
The main reason is the of lack of experience and knowledge. They are seeing the advertisements for great results and guaranteed profit and they are falling for it.
Or, they tried Forex and got lucky just like some people can get lucky on any type of gambling at one point. Then, they are trying again, with even more funds, and they eventually lose everything after a losing streak.
But the biggest factor which explain the increase of victims of Forex scams is the rise of unregulated platforms offering forex trading, stealing customers funds and basically disapearing at some point.
Avoiding the Forex fraud
The best thing that you can do, is to make sure that you are avoiding any unregulated forex broker. If you trade on a regulated platform and you are not an experienced trader, then you should also be careful and only invest money you can afford to lose. Moreover, don’t let any broker so called “agent” trade on your behalf or you will probably wake up the next morning with an empty balance.
Research is key. It doesn’t matter if you have the right experience in forex or not. You should do research about what to expect, and about the company behind the broker making sure that they are legit and regulated.
The more research you are doing, the less chance you are going to have to fall for a scam.
Scammed by a Forex broker?
You might have already been scammed by an unregulated forex broker. People that fall for such frauds don’t always consider the fact that they can get assistance for this. They think that people will laugh at them.
But, this doesn’t mean that you should just ignore it, and try to go on with your life. This is not something you are going to forget over night and it may affect you in a lot of ways. The good news is that with the technology that we have today, it is a lot easier to get assistance after falling for this type of scams.
Is going to the police will get your money back?
If you already are a victim of a forex trading fraud, you should report them immediately to your local police. It is important that they know about these scams and tries to find the sources. However, are you going to get your money back, by reporting it to the police?
No, the chance that you are going to get your money back from the police is almost 0. They might catch the individual behind the scam, but they will not be able to recover all the money.
Is it possible to get the right assistance that will refund your money back?
This is the good news. It is actually possible for forex fraudsters victims to get their money back after they have been scammed. The secret is that you should just know where to find the right assistance for this type of scam.
Unfortunately, disputes involving authorized transactions are really hard to handle and require a lot of technical knowledge which means you will need the help of lawyers and experts in the field.
This is where MyChargeback is coming in the picture. Our long time partner is an expert in complex transaction disputes and has already recovered millions of dollars for fraudulent forex brokers victims. All you need to do is fill our form for a free consultation and they will build a customized chargeback case for you.
But what is a chargeback?
A chargeback is the reversal of a transaction made by credit/debit card or wire transfer.
When you have been scammed and you have paid money to them with your credit or debit card, or with a direct bank deposit, you can actually get your money back if you know how regulations and financial laws are working and you build a strong chargeback case. This is why we recommend MyChargeback’s experts to help you build such a case.
Forex trading scams are unfortunately still a reality so you should be aware of it. And if you have already fallen for one of these frauds, don’t worry, we are here to help you.