If you've lost money to scammers, contact us now and we'll work with you to get your money back!
The Forex industry is one of the scammer's favorite grounds. Since the industry is generally known as a legitimate investment option, it is very hard for the average person to differentiate the scam brokers, from the legitimate ones. Usually, most people don't even know they've been scammed, they just think they had “A bad trading day”. If you feel that the way you lost your money trading, is more than just a “bad day”, contact us now. If your Broker is a fraud, we might get your money back!
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Performing preliminary checks to assess whether the case can result in a substantial recovery, based on our experience.
Collecting all the information and documentation required to successfully pursue your case. [*]
Systematically confronting the relevant entities that have facilitated the illicit transfer of your wealth.
We take pride in our track record and assure you that we'll go to great lengths to get your money back.
We want to make sure you know everything there is to know in regards to forex scams and fraud. While our primary job is to help recover financial loss for clients who have been scammed or being involved in some kind of fraud, ideally we want to help you avoid these scams in the first place. So be vigilant and knowledgeable.
Forex is the single largest traded market globally, with up to five trillion traded each day and is considered decentralized because there is no central processor for trades– in other words, there is no entity that acts as a central exchange like the NASDAQ or the NYSE. Instead, orders are completed by millions of traders using millions of various forex brokers around the world.
Foreign currency trading is one of the most leveraged markets in the world as well. In the US, regulations limit a person to 50:1 leverage. In other countries, they have zero limits on leverage. It is not uncommon to see some non-US brokers offer 1000+:1. Due to these factors and a few others which we will discuss, this is why scams can be so prevalent within the foreign exchange market.
In the investment world, forex is the wild-west of traditional financial instruments. However, most of the participants are massive institutions like banks that help companies manage cross-currency rates for payroll or buying goods. But it is by far the most accessible and cheapest investment for anyone to make. A futures broker may require a $5,000 minimum investment; whereas many firms in the foreign exchange markets require as little as $1. Day trading stocks in the US requires a $25,000 minimum balance; forex does not require this.
The ease of access to significant leverage, and the fact it is open 24 hours a day all make it the most appealing market. But this also attracts many of the bad actors. Some countries regulate forex markets – but not always to the same degree as the US. Many countries have little to no regulation and allow anyone to open a brokerage account in their country. There are many, many bad brokers around the globe – so it's often best to stick with brokers that are based in the US, EU, or UK.
The scams that exist in the investment world are many. One of the hardest things for new and aspiring traders to overcome is the vast amount of wrong information, bad actors and blacklisted scam brokers trying to take advantage of you.
Here are some of the different types of forex trading scams:
Avoid anyone or anything that recommends a single broker
Recovering funds in the forex trading market is difficult. The difficulty increases when you use an unregulated broker. Adding to the problem is the near impossibility of recompense from the scammers who defrauded you.
But we have a proven track record of success in helping investors who have been the victims of a scam or fraud. We are a regulated fund recovery company that focuses on some of the more complicated financial investments: forex, binary options, cryptocurrency, and stocks.
In addition to our professional forex recovery services, our team of experts focuses on customer outreach and we attempt to mitigate the damage that fraudulent actors have caused to our clients.
Contact us today for a free consultation and our professionals will work with you throughout the entire process to get you maximum returns!
No – but there are scams and fraudsters that create pyramid schemes. This kind of behavior exists everywhere and is endemic to all traded financial markets. If you are looking for a broker and they're offering to put you into a ‘team' to build a network, odds are it's a pyramid scheme. Read our related article: What is a pyramid scheme and how to avoid them.
Several major regulatory bodies/agencies around the globe regulate forex markets. In the US, brokers are regulated by the NFA (National Futures Association) and the CFTC (Commodities Futures Trade Commission) – but not FINRA (Financial Industry Regulatory Authority). In the UK, the main regulatory body is the FCA (Financial Conduct Authority). In the EU, all nations that make up the EU have their respective regulatory agency– but the standards that each member State must maintain are established in the MiFID (Markets in Financial Instruments Directive).
Great question! One of the first signs that the broker you are looking at is legitimate is if they disclose that they are registered with a specific regulatory authority such as the FCA (UK) or CFTC (US). Another great way to determine legitimacy is to read reviews by current and former customers.
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