Are you looking for a solution to scams? Well, you have come to the right article! It includes all you need to know about scams and how to get your money back from scammers. There are different types of scams, for example, online, banking, cryptocurrency, CFD, or forex scams.
But first, let me tell you about the most common Forex trading scams.
Top 4 Forex Trading Scams You Should Know
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Managed Forex Account
This scam is also known as the Signal Seller Scam. Signal seller refers to companies or individuals who charge investors a fee for a given time frame. They provide information regarding the best time to invest, giving investors high profits on investment. The companies may also offer forex accounts for a fee managed by specialists to carry out trade on behalf of the investor. However, once investors pay the fee, the company may disappear with the money without providing any services as agreed upon with the investor.
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Forex Robot
Forex Robot is software that automatically carries out transactions to generate enormous profits. Authorities can test such software and approve it for use in Forex trading. However, scammers may use non-verified software, making transactions unreliable and fraudulent. The investors may not be aware of such illegal software, making them susceptible to financial losses.
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Forex Pyramid Scheme
Companies promise high, risk-free returns on a small subscription fee for the scheme and provision of critical information for successful Forex trading. The company maximizes the number of investors by encouraging existing investors to persuade others to join the scheme, and old investors receive a commission for it. Thus, the returns given to initial investors come from the subscription fees of the new investors. This is why it is known as a Pyramid Scheme because you move higher up the pyramid and earn more profits as new investors join the scheme. But the real scam begins when there are no new investors. The company will end the scheme and disappear with all the money.
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Forex Broker
Recently, there has been a sharp increase in Forex Broker Scams, making it a concerning issue. Scammers can pose as legitimate Forex brokers to manage Forex trading for you or as Forex trading companies providing irresistible investment opportunities. Brokers have access to all your transactions and charge a fee or earn a commission from the trading. However, if your broker is a scammer, they may steal all your money.
Has Your Broker Scammed you?
Prevention is always better than cure. Therefore, doing detailed research about your broker or Forex trading company is essential. But what if you got scammed despite researching? It is possible because fraudulent companies and brokers can use the information of verified companies and brokers, making them seem legitimate. But you don’t need to worry because we have the answer to your problem.
Ways to Get Your Money Back Now According To The Experts at Chargeback Way!
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Contact Relevant Authorities
Authorities known as FX or financial regulators verify and give licenses, after which companies or brokers can provide financial services to the public, for example, the Financial Conduct Authority (FCA) in the UK. The list of registered Forex trading companies and brokers by the FCA can be consulted to check whether your broker is a scammer or not. If you invested in a company authorized by FCA, you could recover your money through FCA’s compensation scheme. You have to report the scam to FCA with your transaction details as evidence. However, in the case of unauthorized companies, your best option would be the Chargeback method.
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Chargeback Method
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Credit card chargeback
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You will have to contact the bank that issued your credit or debit card from which you made the payment. The bank is the entity that transfers the money; therefore, it will have the authority to reverse the transaction. Processing the request regarding the fraud is done after making a call to the bank or submission of a written complaint which serves as proof. After that, the bank can contact the trader company or broker to verify the fraud and help you get your money back if you were scammed.
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Using Intermediaries
You can also contact and hire companies that act as intermediaries and get your money back. The companies will require evidence of the fraud to build your case against the scammer and take legal action against them if needed. I found such a company online when my aunt had asked me to help her research Forex trading as she wanted to invest. ChargebackWay is a consultancy firm that can recover your funds from fraudulent brokers. I read multiple testimonials on their website of previous clients who stated that ChargebackWay was transparent and efficient with the entire process. Without their expert guidance, investors would have suffered significant losses.
