How to Get Your Money Back From a Scammer Broker
Fraudsters in the “Forex” market send traders into a frenzy. The only course of action thereafter is to attempt to retrieve money from the broker. These scammers are well aware of this and put up resistance.
Broker doesn’t facilitate withdrawals. Why does this happen?
According to the law of any country, including the Russian Federation, trader’s funds in a broker’s account are the trader’s property.
It’s important to understand: the intermediary merely provides an account. They do not have rights to the capital. Therefore, the return of money from the broker must take place, even if the trader violated trading rules.
An exception is a court order or other lawful decisions requiring specific client funds to be frozen during investigation or other procedural actions.
If the response to a request for a refund from the broker is a denial without explanation, it’s a scam. Let’s provide an example. A trader opened an account with a “kitchen” broker, established solely to steal money as soon as the deposit is replenished. Demanding a refund from such a fraudulent broker is futile.
Furthermore, forex scammers might attempt to steal again. For instance, they might promise a withdrawal if a fee, taxes, insurance fees, or federal stamp fees are paid. Believing this is not advisable. Such demands are illegal.
Even a licensed forex broker might deny withdrawals. For instance, they might accuse the trader of breaking laws or delay the process with promises. There are two reasons for such scenarios:
- Insufficient funds for payouts.
- The broker’s owners intend to flee with the money.
The hands of legitimate licensed brokers are tightly tied by the laws of countries with strict regulations. They cannot take client capital and pocket it. Hence, returning money from such scam brokers is a quick and easy procedure.
It’s a different story with the offshore “kitchens.” There, anyone can obtain a license. Such fraudsters delay fund withdrawals to simulate a deposit drain. After that, there’s nothing to return.
How to retrieve money from a fraudulent broker
Traders seeking to recover money from a fraudulent broker have two courses of action. The first is to go to the police. When does this help?
- The broker lacks registration, license. They illegally take trader funds. Such entities aren’t afraid of regulators or other oversight bodies. They also hide well, covering their tracks.
- Trader funds were sent to an individual. Most scammers don’t use business bank accounts to receive funds. Everything goes to individuals, often fake ones. Anonymous wallets might be used. This complicates identification and recovery.
- The transfer went through a cryptocurrency wallet, WebMoney, YooMoney, Skrill, or other electronic payment systems. All of these have a major drawback – they lack mechanisms for recovering money from the broker.
The second course of action in cases of forex fraud is to dispute transactions made from a bank account or card to the account of a business entity. Attention: this works only if no more than 18 months have passed since the transfer.
How feasible is it to retrieve money from a broker by canceling a transfer? It all depends on the trader’s persistence and the evidence they’ve gathered. Here are some useful tips:
- Record all conversations with the broker.
- Take screenshots of conversations, documents on the broker’s website, “Personal Cabinet,” payment history, pages with withdrawal requests.
- Gather information about the acquiring bank. This financial institution received funds from your account or card.
- Order statements from your bank account, card.
- Send a complaint to the fraudulent broker due to withdrawal denial. After 10 days, notify them of the unilateral termination of the contract. Document and retain any subsequent correspondence with threats and insults from the forex scam.
What to do with all the collected information? Go to your bank and the acquiring bank. Submit a request. It might need to be done more than once.
Employees of financial institutions often don’t want to spend time on their responsibilities. There have been cases where fund transfer operations were canceled only after 6-7 requests.
Get help to retrieve money from the broker. Who to turn to?
Every day, we receive complaints from victims of forex scammers – people who have been left with nothing. They all seek to recover their capital. We know the schemes of fraudsters well. Therefore, we always achieve results.
We will help you retrieve money from the broker. We will explain in detail what documents need to be collected and what to do if the bank refuses to cooperate.
Our expertise lies in recovering money from unregulated “kitchens.” This process is much more challenging. Even if you go to the police with a report, you won’t see results. The scammers might be apprehended, but the money won’t be returned.
We have other methods. We force fraudsters to voluntarily return the stolen funds. Everyone who has approached us has retrieved their capital.