Categories
General Information

Forex Scam Recovery – Know the Methods

Forex Scams are on the rise as more and more retail investors are flooding the markets. Access to markets is easier than ever before and given the high leverage and potential of forex markets, it is no wonder that everyone wants a piece of the action. Unfortunately, things are not always what they seem and mistakes do happen from all the parties involved.

While in some cases the flaws might be from both sides of the equation, in the vast majority of scenarios, it is the work of the scammers which has cost tens of thousands of dollars to the innocent victims. If you are one of those people who fell in the easy money trap, then don’t worry about it because in this blog post, we are going to teach you the way these platforms work and more importantly, how you can get your money back from them?

The recovery process is fairly straightforward, but sadly most people are not aware of it and the lack of knowledge is the kind of thing the criminals are counting on. So, to know the exact steps involved and to understand the traits of fake platforms, continue reading till the end. 

Forex Scam Recovery - Know the Methods

Types of Forex Scams

Though the intentions of the scammers are always sinister, their approach will always be creative. These new breeds of crooks will always jump from one narrative to the other to keep up with time and unless you are careful enough, they will hustle you right under your nose. Thanks to the data we have available over the years, there are a few classic approaches used by them which are all explained in detail below.

Get in Touch with our Recovery Experts for free by filling the form below.



    Signals Trap – Crooks using this narrative will usually present themselves as subject matter experts. They will try their best to convince you into buying their so-called trading signals which will supposedly help you gain consistency in trading. To make you pull the trigger and buy into their program quickly, they might also offer some bonuses and other perks. We are not saying that all signal services are a scam, but a lot of them indeed are.

    So, if any trader or a group is trying to sell you on a subscription service with no verifiable track record, then you shouldn’t invest a penny on them or else you will never get it back. Most signals services are a fly by platforms which won’t last for more than a year. So, be careful if you come across those kinds of platforms and never be impulsive with them. Remember, they are master manipulators who will do anything to convince you otherwise.

    Unregulated and Offshore Broker – Generally speaking, unregulated brokers always seem enticing as they offer high leverage, fancy features and technologies. Many newbies make the mistake of trusting them with their money and a lot of times, they will be left high and dry. Offshore brokers will never ensure safety of client’s money.

    Moreover, they will have a significant amount of control over the market feeds. In other words, their policies and trading conditions will always be biased and it is near impossible to make huge transactions with them due to safety concerns. Unregulated brokers are also known to loot the clients in the name of asset management services.

    Basically, they will promise huge returns to the clients and will encourage them to make frequent deposits. However, once they have control over the funds, they will intentionally make huge trades by which they make money by taking the opposite side.

    At the end, they will give ridiculous excuses to the end victim and come up with convincing stories. We all understand that fancy features might be appealing to everyone, but if something is given away for free, then there will always be a catch in the end.

    Always do a proper background check of the platform you want to indulge with and the best way to gauge any service is by looking at their user feedback. Though it is possible to meddle with the comments and change the bias, the truth cannot be hidden for long. 

    MLM/Ponzi Model – Out of all the types of scams, this category is the easiest to detect. Sadly, most of the newcomers will always be attracted to easy money and their greed blinds them from seeing the truth. There are countless, ever growing numbers of high yield investment programs on the internet. These firms generate cash from their marketing capabilities and use it to pay some of their clients in the initial days of their inception.

    Eventually, like a house of cards crashes down, they will collapse and sooner or later, they will disappear with all the money. The people who invested in them will have no other option other than reporting to the authorities especially if a lot of time has passed since the collapse.

    If you find yourself in a platform which doesn’t share much details about their operational model, but still makes bold claims, then most probably you might be dealing with a ponzi scheme. Lastly, know that ponzi and MLM schemes are dependent upon their promoters for cash and once they have run out of steam due to the lack of new recruits, then it will not stay afloat for long.

    Get in Touch with our Recovery Experts for free by filling the form below.



      Crypto and Binary Options Recovery

      Cryptocurrencies are gaining retail attention for the last couple of years. People are euphoric about it and as a result, the scammers have created a new approach to transfer money from the victim’s account to theirs. Basically, any ICO or crypto related investment opportunities that aren’t regulated fall within this category. Some of the notable traits exhibited by them are lack of transparency, no details about the owners and no firm plan to follow. Firms pushing this narrative will usually target newbies as they are easy to convince.

      However, if you feel like you are being pushed to make an investment or if you encounter an unjustified sense of urgency created from the opposite side, then walk away from the firm immediately. Remember, not all cryptocurrencies will stick around for long and unless you know the metrics, the odds will be against you.

      Binary options is a notorious industry which even today for the most part is run by unregulated entities. The broker or platform offering this trading instrument to the retail side will have a huge conflict of interest and they will do anything to increase their revenue. From setting up bonus traps to emptying the client’s account in the name of technical glitch or error, we have heard every possible horrifying story about them.

      Making 60% to 90% ROI within 60 seconds to a few minutes is something we all like, but understand that it will never happen on a consistent basis. The odds in the options market will be against the buyer and if you don’t give much attention to risk management, then the longevity of your capital will be low.

      Moreover, think for a minute, if it was really that easy to make consistent profits via options, wouldn’t everyone be doing it? Derivatives markets are mainly for hedging purposes and by itself it can make or break your account.

      Credit card and Bank Wire recovery steps

      The easiest way to initiate a recovery process is by applying for a chargeback. Note that chargebacks are applicable only if you have made payments using a credit card. If you have used any other method such as wire transfer, then you need to ask the bank for more details about the recipient and explain the problem to them. In some cases wherein the crooks have bounced the amount from a few accounts back and forth, the banks might not be able to help you track the funds.

      Nonetheless, that doesn’t mean they can’t be tracked. Just input all the details of the incident on the contact form available on our website and get in touch with our recovery experts who have more than 35 years of combined experience. We will assess your case for free and will show you the legal options and methods available for you.

      Remember, if you don’t take action quickly, the crooks will have more time to flee from the situation. So, take a firm stance and let our team do the work for you.

      Do you need help to recover your funds from a shady platform? Get in touch with us for a free consultation.

      Leave a Reply