What to do when scammed by a forex trader?

If you are going to trade forex, then the first thing to do here is to identify brokers who are legit, viable, and genuine and ignore the ones who are not.

In order to separate the good brokers from the bad and the reputed ones from the shady ones, here are some steps to keep in mind before you make a large amount of deposit with a broker.

stock trading

Trading is tough in itself and when a broker uses practices that are against the trader, it becomes almost impossible to make a profit.

Major takeaways

  • If your broker isn’t responding to you, it is a red flag that it is not in your best interest.
  • In order to ensure that you aren’t being scammed by a shady broker do proper research. Find out if there are any complaints about them and read all the fine prints mentioned.
  • First, open a small account with a low deposit and make a trade for a month before going for withdrawal.
  • If you notice buy and sell trades for pairs that don’t fit your goals, your broker may be churning.
  • If you have found out that your broker isn’t reliable, then review all your documents and discuss your actions with a professional before taking any measures.

Stuck with a bad broker?

Well, unluckily, you have limited options at this stage. However, there are a few things that can be done.

First and foremost, read all the documents to ensure that your broker is on the wrong side. If you have missed something, then you may have to assume the blame.

Discuss your course of action if the broker doesn’t answer your question or give a withdrawal.

Steps may involve posting comments and reviews online, reporting the broker to FINRA and the recommended regulatory body of your nation.

You can hire professionals from Money Back to help you in getting your money back. The team will help you in getting your scammed money back to you.

If you have lost your money, then they can help you. Just rely on their excellence, integrity, and teamwork and they will retrieve your funds easily, in a legal way.