What to do if you were deceived by a forex broker

What to do if you were deceived by a forex broker?

What to do if you were deceived by a forex broker? Understanding the situation : First of all , it is important to understand exactly whether it was really a deception. Forex is a high-risk market and losses can occur due to normal market fluctuations. Confirm that the broker’s behavior was unlawful or unethical.

Gather Evidence: Gather all evidence of communication with the broker, including correspondence, contracts, trading reports and any other documents that can support your case.

Contact your broker : First, contact your broker with your complaint. Official and regulated brokers have dispute resolution procedures. Describe your problem and provide evidence.

Market Regulators : If the broker is regulated, contact regulatory authorities such as the FCA in the UK or CySEC in Cyprus. These organizations can intervene and help resolve the dispute.

Legal Action : If the problem is serious and you are not getting satisfaction from the broker or regulator, consider legal intervention. Contact a lawyer specializing in financial matters and the Forex market .

Public Attention : Sometimes posting your story on social media or financial forums can draw attention to your problem and put pressure on the broker.

Warning Others : Consider writing reviews and sharing your experiences in relevant communities to warn other traders.

Lessons for the future : Regardless of the outcome, learn from this experience. Look for reputable and regulated brokers, understand the risks associated with Forex trading , and develop a thorough risk management plan.

Conclusion : Finding yourself in a situation where a forex broker is cheating can be frustrating and financially devastating. However, by following these steps, you can increase your chances of recovering lost funds and bringing those responsible to justice. It is important to act quickly and thoughtfully, while preserving all evidence and documentation.

How to choose a Forex broker to avoid becoming a victim of scammers

  1. Understanding the Forex Market : Before choosing a broker, it is important to understand how the Forex market works and what risks it carries. This will help you make an informed choice and understand what factors to consider when choosing a broker.
  2. Regulation: One of the most important aspects when choosing a broker is its regulation. Regulated brokers are subject to strict rules and standards set by regulatory bodies such as the FCA in the UK, CySEC in Cyprus, ASIC in Australia and others. Make sure the broker you choose is regulated and in good standing with these authorities.
  3. Reputation: Research the broker’s reputation. Read reviews from other traders, pay attention to complaints or praise. Forums, social networks and specialized websites can be a good source of information.
  4. Trading conditions : Compare trading conditions of different brokers. Pay attention to the size of spreads, commissions, available tools and platforms, the quality of order execution and the speed of transaction processing.
  5. Support Services: Good support services are extremely important, especially for new traders. Make sure the broker provides accessible and responsive customer support that can help you if you have questions or problems.
  6. Educational and analytical resources: Many brokers provide educational materials such as webinars, tutorials, analytical reports and forecasts. These resources can be very helpful in enhancing your knowledge and skills.
  7. Demo account : Before investing real money, try trading on a demo account. This will allow you to familiarize yourself with the broker’s platform, check the speed of trade execution and practice without the risk of losing funds.
  8. Deposit/withdrawal means and methods : Make sure that the broker has ways for you to replenish your account and withdraw funds that are convenient for you. Also pay attention to transaction processing times and possible fees.
  9. Other Factors : Also consider factors such as the platform’s user interface, availability of mobile applications, bonus and promotion offers, and other features that may be important to you.

Choosing a reliable Forex broker is a key step towards successful trading. It is important to do thorough research, take your time with your choice, and be attentive to detail. Remember that choosing the right broker can significantly reduce your risks and increase your chances of success in the Forex market .

How to check a forex broker’s license – forex scammer list

A forex broker’s license is a key indicator of its reliability and honesty. Regulation ensures that a broker adheres to certain rules and standards designed to protect the interests of traders. Here’s how you can check a forex broker’s license:

  1. Identify the Regulatory Authority: Find out which regulatory authority has licensed the broker. The most respected bodies include the FCA (UK), CySEC (Cyprus), ASIC (Australia), CFTC (US) and others. The regulatory authority is usually indicated on the broker’s official website. A license means that the broker is supervised by a regulatory authority. This provides some guarantees for investment protection. For example, for brokerage accounts in the UK there is FCA insurance up to 50,000 pounds sterling, in Cyprus CySEC – up to 50,000 euros. The most convenient option is a local broker, that is, one who is registered in the client’s country of residence. This gives more leverage over the broker. In case of fraud, it will be possible to file complaints, contact the prosecutor’s office, etc. A brokerage company can conduct its activities abroad, in an offshore jurisdiction. In this case, the defrauded client will not be able to file a complaint with regulators in his country, or appeal to the local court. Getting your money back will be many times more difficult than with a domestic broker.
  2. Check on the broker’s website: The first step is to visit the official website of the broker. Reliable brokers usually publish information about their licenses, including the license number and a link to the regulator’s website, in the company section or at the bottom of the home page.
  3. Check through the official website of the regulator: Every regulator has an online system where you can check the license status of a broker. Go to the official website of the regulatory body and use their search engine (often called ” Register ” or ” Firm ” Search “) to check the license. Enter the broker’s name or license number.
  4. Checking the license terms : When checking the license, pay attention to its terms. Some licenses may have restrictions or specific conditions regarding the types of services offered or the regions in which the broker may operate.
  5. Monitor for updates and warnings: Regulators often publish updates and warnings about brokers who have broken rules or lost their licenses. Check these updates regularly to stay up to date with the latest news.
  6. Pay attention to the warning signs: Be wary if a broker claims to be regulated but does not provide detailed licensing information, or if the information on the regulator’s website does not match the broker’s claims.
  7. Customer Support : If you have any questions regarding your broker’s license, do not hesitate to contact their customer support. A reliable broker will be ready to provide all the necessary information and clarify any doubts.
  8. Forums and reviews : Sometimes it is also useful to look for reviews and discussions on trading forums. Although such information should be used with caution, it may provide additional context or highlight potential problems.

Checking the Forex broker’s license is an important part of choosing a reliable partner for trading in the market. Don’t ignore this step and always take the time to do thorough research. By investing the time to verify your license, you protect your funds and trading activities.

Where to go if you are a scam forex brokers

Introduction: Being scammed by a forex broker can be a frustrating and financially devastating experience. However, there are steps you can take to try to get your funds back and hold the broker accountable.

  1. Collection of evidence : Before going anywhere, make sure that you have collected all the necessary evidence. This includes correspondence with the broker, account statements, trading reports, and any other documents that may support your case.
  2. Contacting a broker : Before contacting external authorities, try to resolve the problem directly with the broker. Write a formal complaint letter detailing your problem and attaching relevant evidence.
  3. Regulatory Authorities : If the broker is regulated, contact the relevant regulatory authority. These may be bodies such as the FCA (UK), CySEC (Cyprus), ASIC (Australia) and others. They may offer a complaint resolution procedure or even conduct their own investigation. A complete list of government regulators in all countries of the world:
Albania Bank of Albania
Algeria Bank of Algeria
Angola National Bank of Angola
Anguilla Financial Services Commission
Argentina Central Bank of Argentina
Armenia Central Bank of Armenia
Aruba Central Bank of Aruba
Australia Reserve Bank of Australia
Australian Prudential Regulation Authority
Austria National Bank of the Republic of Austria
Austrian Financial Market Authority
Azerbaijan The Central Bank of the Republic of Azerbaijan
Bahamas Central Bank of The Bahamas
Bahrain Central Bank of Bahrain
Bangladesh Bangladesh Bank
Barbados Central Bank of Barbados
Belarus National Bank of the Republic of Belarus
Belgium National Bank of Belgium
Belize Central Bank of Belize
Bermuda Bermuda Monetary Authority
Bhutan Royal Monetary Authority of Bhutan
Bolivia Central Bank of Bolivia
Financial System Supervision Authority
Bosnia and Herzegovina Banking Agency of Republika Srpska
Banking Agency of the Federation of Bosnia and Herzegovina
Botswana Bank of Botswana
Brazil Central Bank of Brazil
Brunei Darussalam Monetary Authority of Brunei Darussalam
Bulgaria Bulgarian National Bank
Burundi Bank of the Republic of Burundi
Canada Office of the Superintendent of Financial Institutions
Cape Verde Bank of Cape Verde
Cayman Islands Cayman Islands Monetary Authority
Central African Republic Commission Bancaire de l’Afrique Centrale
Chile Banking and Financial Institutions Supervisory Agency
China  The People’s Bank of China
China Banking Regulatory Commission
Colombia Superintendencia Financiera de Colombia
Congo, the Democratic Republic of the Central Bank of Congo
Cook Islands Financial Supervisory Commission
Costa Rica Central Bank of Costa Rica
General Superintendence of Financial Entities (SUGEF)
Croatia Croatian National Bank
Cuba Central Bank of Cuba
Curacao Central Bank of Curaçao and Sint Maarten
Cyprus Central Bank of Cyprus
Czech Republic Czech National Bank
Denmark Denmark Nationalbank
Danish Financial Supervisory Authority
Dominican Republic Superintendence of Banks
Ecuador Superintendence of Banks
Egypt Central Bank of Egypt
The Savior Central Reserve Bank of El Salvador
Financial System Superintendence
Estonia Bank of Estonia
Estonian Financial Supervision Authority
Swatini The Central Bank of Swaziland
Ethiopia National Bank of Ethiopia
Fiji Reserve Bank of Fiji
Finland Bank of Finland
Financial Supervisory Authority
France Autorité de Contrôle Prudentiel et de Résolution
Gambia, The Central Bank of The Gambia
Georgia National Bank of Georgia
Germany Deutsche Bundesbank
Federal Financial Supervisory Authority
Ghana Bank of Ghana
Gibraltar Financial Services Commission
Greece Bank of Greece
Guatemala Superintendencia de Bancos
Guernsey Guernsey Financial Services Commission
Guinea Central Bank of the Republic of Guinea
Guyana Bank of Guyana
Haiti Bank of the Republic of Haiti
Honduras Central Bank of Honduras
National Banking and Insurance Commission
Hong Kong SAR Hong Kong Monetary Authority
Hungary Magyar Nemzeti Bank (Central Bank of Hungary)
Iceland Central Bank of Iceland
Financial Supervisory Authority of Iceland
India Reserve Bank of India
Indonesia Bank Indonesia
Iran, Islamic Republic of The Central Bank of the Islamic Republic of Iran
Ireland Central Bank of Ireland
Isle of Man Financial Supervision Commission
Israel Bank of Israel
Italy Bank of Italy
Jamaica Bank of Jamaica
Japan Bank of Japan
Financial Services Agency
Jersey Jersey Financial Services Commission
Jordan Central Bank of Jordan
Kazakhstan National Bank of Kazakhstan
The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market
Kenya Central Bank of Kenya
Korea, Republic of Bank of Korea
Financial Supervisory Service
Kosovo Central Bank of the Republic of Kosovo
Kuwait Central Bank of Kuwait
Kyrgyzstan National Bank of the Kyrgyz Republic
Latvia Financial and Capital Market Commission
Lebanon Central Bank of Lebanon
Lesotho Central Bank of Lesotho
Libya, State of Central Bank of Libya
Liechtenstein Financial Market Authority
Lithuania Bank of Lithuania
Luxembourg Central Bank of Luxembourg
Financial Sector Supervisory Commission
Macau SAR Monetary Authority of Macau
Madagascar Banky Phoebe’s Madagascar
Malawi Reserve Bank of Malawi
Malaysia Central Bank of Malaysia
Maldives Maldives Monetary Authority
Malta Central Bank of Malta
Malta Financial Services Authority
Mauritius Bank of Mauritius
Mexico Comisión Nacional Bancaria y de Valores
Moldova, Republic of National Bank of Moldova
Montserrat Financial Services Commission
Morocco Bank Al-Maghrib (Central Bank of Morocco)
Mozambique Bank of Mozambique
Myanmar Central Bank of Myanmar
Namibia Bank of Namibia
Nepal Central Bank of Nepal (Nepal Rastra Bank)
The Netherlands The Bank of the Netherlands
New Zealand Reserve Bank of New Zealand
Nicaragua Superintendence of Banks and Other Financial Institutions
Nigeria Central Bank of Nigeria
Nigeria Deposit Insurance Corporation
North Macedonia, Republic of Macedonia National Bank of North Macedonia
Norway Central Bank of Norway
Financial Supervisory Authority of Norway
Oman Central Bank of Oman
Organization of Eastern Caribbean States (OECS) Eastern Caribbean Central Bank
Pakistan State Bank of Pakistan
Palestine Palestinian Monetary Authority
Panama National Bank of Panama (National Bank of Panama)
Superintendence of Banks of the Republic of Panama
Papua New Guinea Bank of Papua New Guinea
Paraguay Central Bank of Paraguay
Peru Superintendent of Banking and Insurance
Philippines Central Bank of the Philippines ( Central Bank of the Philippines )
Poland Narodowy Bank Polski
Polish Financial Supervision Authority
Portugal Bank of Portugal
Puerto Rico Office of the Commissioner of Financial Institutions
Qatar Qatar Central Bank
Qatar Financial Center Regulatory Authority
Romania National Bank of Romania
Russian Federation Central Bank of the Russian Federation
Rwanda National Bank of Rwanda
Samoa Central Bank of Samoa
San Marino Central Bank of the Republic of San Marino
Saudi Arabia Saudi Central Bank
Serbia National Bank of Serbia
Seychelles Central Bank of Seychelles
Sierra Leone Bank of Sierra Leone
Singapore Monetary Authority of Singapore
Slovakia National Bank of Slovakia
Slovenia Bank of Slovenia
Solomon Islands Central Bank of Solomon Islands
South Africa South African Reserve Bank
Spain Bank of Spain
Sri Lanka Central Bank of Sri Lanka
Sudan Bank of Sudan
Suriname Central Bank of Suriname
Sweden Sveriges Riksbank
Finansinspektionen
Switzerland Swiss National Bank
Swiss Financial Market Supervisory Authority (FINMA)
Syrian Arab Republic Central Bank of Syria
Tajikistan National Bank of the Republic of Tajikistan
Tanzania, United Republic of Bank of Tanzania
Thailand Bank of Thailand
Tonga National Reserve Bank of Tonga
Trinidad and Tobago Central Bank of Trinidad and Tobago
Tunisia Central Bank of Tunisia
Turkey Central Bank of Turkey
Banking Regulatory and Supervisory Agency
Turkmenistan Central Bank of Turkmenistan
Turks and Caicos Islands Financial Services Commission
Uganda Bank of Uganda
Ukraine National Bank of Ukraine
United Arab Emirates Central Bank of the United Arab Emirates
Dubai Financial Services Authority
United Kingdom Bank of England
Prudential Regulation Authority
The Financial Conduct Authority
United States Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation DC
New York State Department of Financial Services
Office of the Comptroller of the Currency
Uruguay Central Bank of Uruguay
Uzbekistan Central Bank of the Republic of Uzbekistan
Vanuatu Reserve Bank of Vanuatu
Vanuatu Financial Services Commission
Venezuela Superintendency of Banks and Other Financial Institutions
Vietnam State Bank of Vietnam
Virgin Islands, British Financial Services Commission
West African Monetary Union Union Banking Commission West African Monetary
Zambia Bank of Zambia
Zimbabwe Reserve Bank of Zimbabwe
  1. Financial Ombudsman or Consumer Protection: Many countries have financial ombudsman services or consumer protection authorities that can help resolve disputes between customers and financial institutions.
  2. Legal Help : If the above steps do not resolve the problem, you may need to seek legal help. Hire an attorney who specializes in financial law and has experience handling these types of cases.
  3. Public Attention : Sometimes going public can put additional pressure on a broker. You can talk about your experience on social networks, forums and in the press.
  4. Trading Community : Seek advice and support from the trading community. Members of such communities often have first-hand experience with similar problems and can offer useful recommendations.
  5. Professional Associations : If the broker is a member of a professional association or trade group, you can also direct your complaint there.
  6. Online Dispute Resolution Platforms : Some online platforms specialize in resolving financial disputes and may offer alternative solutions to your problem.

When faced with deception from a forex broker, it is important to act decisively and in an organized manner. Collect all the evidence, seek help from the relevant authorities and do not be afraid to involve the public and professionals in the case. Your goal is not only to recover lost funds, but also to ensure that the scammers are brought to justice.

Forex scammers – how to recognize them

  1. Intrusive calls at any time of the day. Fraudsters have been known to trick clients for months before they transfer their money. Remember: a professional and honest broker or financial trader will never impose his services over the phone. Clients look for a good specialist themselves.
  2. Calls come from a mobile or hidden number. Keep in mind that a serious brokerage company always has a single telephone number – federal or local.
  3. The promise of fabulous profits from invested funds in a short time – 10–20% or more per week or month. Moreover, no broker can guarantee 100% profit. Investing is always a risky activity.
  4. Refusal to provide the website address of the brokerage company. Lack of information about her on the Internet. Or there is no information on the company’s website about the owner of the company, legal address or contact information.
  5. Refusal to provide license information or lack thereof. Every organization that professionally carries out transactions in financial markets and with financial instruments using raised funds is required to have a license .

If a broker company is registered in another country and operates without a license, it is an offshore organization operating outside the legal framework of your country. After signing an agreement with such a broker, if your rights are violated, you will not be able to defend your interests in your country of residence.

  1. The broker refuses to meet in the office and conclude a brokerage agreement. It offers to quickly open an account without checking your documents and assures that it is enough to create a personal account on the website.

How to get money back from a Forex broker?

If a fraudulent broker refuses to return your money or he simply disappeared, a refund is possible through the chargeback procedure – challenging the transaction through the bank. To do this, you should submit an application to the bank that issued your card or opened the account. In the application you need to write that you want to return the money and justify this requirement, indicate your contact information, card or account number.

The application must be accompanied by copies of your passport or other identity document and documents proving the fact of fraud. This could be information about the brokerage company not having a license, correspondence with a fraudulent broker in instant messengers or by email, recordings of telephone conversations, a copy of a statement to the police with a mark of its acceptance, a copy of the statement sent to the Central Bank of the country where the forex broker is registered.

You must contact the bank with an application no later than 45 days from the date of the transaction. Some banks set longer terms.

The waiting time for a response can range from 30 to 160 days. If the payment system makes a positive decision, the funds transferred to the fraudster will be returned to your credit card or account, and the fraudulent organization may be fined.

Please note that many offers have appeared on the Internet from so-called chargebackers who promise to return funds transferred to an unscrupulous broker for a fee in the form of interest. We recommend that you do not waste time and money on such services – it is better to contact a lawyer or lawyer in your country of residence.

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