Did you just get tricked into putting your life savings in the forex market by a broker who turned out to be a fraud? Fraudster forex brokers reach out to innocent individuals and present them with opportunities that seem too good to be true, they then pair that with a hint of knowledge, and a bundle of experience – resulting in them tricking investors into investing with them.
The brokers give high leverage to the investors, asking them to invest £1000 to get £100,000 in return, resulting in inexperienced traders taking the deal. The reports have shown that 11%-25% of scammers become professional in scamming people on forex due to a lack of accountability. However, just like any scenario which seems too opportunistic to be real, the bubble explodes and it turns out that the forex broker was a scam! Fake forex brokers have been falsifying information with the goal of tricking people.
Thus, in order to create a safe atmosphere for trading, reporting and recovering money is essential. Funds Trace is an experienced and professional authority that specializes in asset recovery management for all types of scams. Our team of vigilant agents has created an integrated recovery process for individuals who have been wronged by their forex broker. If you are one of them, keep on reading to find out how we can get your money back using the Funds Trace recovery process for Forex Scams.
Figure Out How The Scammers Has Scammed You…
Forex is a currency trading market that benefits several people but also inflicts financial injury to many at the same time due to inevitable scammers ready to trap investors. The digital exchange of money on forex requires users to have a broker. They cut the deal and guide the investors in terms of investment, the brokers have a share in the profits of investors. Basically, if the investor or trader invested £300 when the EU/US exchange rate was 2% and was supposed to get $1000, however, if the exchange rate rises to 4% then the investor will get double the amount due to the rise in market rates.
The forex scammers at first build the trust of the traders to make them invest large sums of money. The forex user invested, James, on the advice of his friend, started trading on forex. He was assured by the brokers of a handsome amount of money on his way, which would make a great future for him without much of an effort. He further stated his accomplishments as a trading advisor, and broker, on the forex platform. Trusting his words, James invested $100 and got $1000 in return. He started to invest more as he got intrigued by making large sums of money.
He invested $1000 and ended up getting $100,000 which boosted his faith in online trading sites. However, when covid-19 hit, James decided to retrieve back his money because of the downfall in the money market. He was asked that he have to invest $100,000 as per forex policy before withdrawing the amount. James was pressured to pay the amount or else he would be legally liable, resulting in him feeling trapped. Thus, to get out of the trap, he invested that sum and did not get back his withdrawal amount as well.
Explore The Main Incenstives of The Scammer for Better Understanding
The monetary assets are a survival kit because everything from food to your own mental health requires you to have something in your pocket to fulfil that need. Scammers turn to an online platform to trap people to fill their pockets, fulfil their needs due to a lack of skills and competence required in jobs, thus, leading to an unhealthy society.
The reports have stated that the majority of the victims suffer extreme mental stress and anxiety due to emotional financial loss caused by online scams. This leads to the majority of the victims getting very close to suicidal thoughts. The ratio of people losing money to forex is pretty high, the statistics have shown that 7-0% to 90% of people lose their money on the forex platform and end up quitting. They start with getting double profits and six-digit amounts. But then the traders lose all at once while the brokers trap them in the loops with no end.
Scammers with criminal intentions can go very far in order to accomplish their goal, even if it includes hurting the victim to stop them from reporting against them. The brokers in the mask of scammers first get access to victims’ bank accounts, and social media accounts, resulting in misusing their personal details for the purpose of their illicit work. The scammer can then physically hurt the victim by kidnapping them or breaking into their house, threatening them to stay quiet and low.
Thus, the majority of the victims end up not reporting them because they get extremely traumatised. However, the Fund trace company with its expert knowledge and experience in assisting traders in dealing with scammers. We provide you with protection from scammers as well as the opportunity to get back your money. The most essential factors in fighting against scammers are the building of cases and collecting evidence because technology is easy to manipulate, thus, scammers clear the traces of their actions. We have the technology, skills, and knowledge for taking up such cases and succeeding.
The Forex Scam Recovery Process Begins…
Time is the most crucial element in recovering the lost money. Many of the traders, due to lack of awareness, could not use time efficiently, resulting in huge financial and emotional damage. The reports have illustrated how brokers kept on emotionally taking advantage of the investors and kept telling them to invest more using different excuses. They ask the victims to pay a tax amount, or the amount necessary to pay before withdrawing or quitting the forex platform as per the policy.
Naive traders being unaware of the ill intentions and pressure built by the brokers follows their instructions. Eventually, the brokers disappear, taking the money and the profits, leaving investors empty-handed and bankrupt. Therefore, it is essential to identify and notice the scam in order to prevent further loss. In order to identify the scam and tricks played by the scammers, the users have to be well aware and should have adequate knowledge of scams.
Traders and investors should do initial research before joining such trading platforms, many people become part of it by following their friends or family’s advice. However, the statistics have clearly demonstrated that 70%-90% of the people face a scam on forex and then they quit the platform. Even multiple social media influencers on Instagram and Youtube share their story or interview people who have been scammed to help the general public not repeat the same mistake. Thus, most of the posts and videos are with the straightforward caption of quitting the forex trading platform due to the ten years of illicit practice by scammers.
Scams are more likely to happen due to brokers getting involved in this big game. They get the share from the profits which are made when exchange rates go up, resulting in a large sum of money returning to the investor. When the investor decides to step out of the game, the brokers feel threatened and attacked because they are losing the person or the traders whose money they use to risk in order to gain a big amount. Traders do have the skills and the knowledge of operating a forex trading platform, however, they do not have the heart to risk their money. Thus, the trick and trap traders in order to accomplish their unethical goals and desires.
Forex trading scams are very common, therefore, the investors should have basic knowledge of how scammers trick them and what they can do if they ever happen to lose money in the hands of the scammers. Well, another major question is whether an investor can ever get back their money from scammers? Here are the ways the scammers can be held accountable and traders’ or investors’ money can be recovered.
1. File a complaint
The investor and traders should contact the police station as soon as they start getting the hint of scams being done to them. The immediate reporting of scammers or filing a complaint will initiate instant legal action against the scammers, thus, it can stop the criminal from inflicting more financial or emotional injuries on the victim. Some influencers or people share their stories on social media and find it enough against the scammers. However, they put themselves in danger this way. The scammers can be unpredictable and violent people who can kidnap, or break into the victims’ house in order to threaten the investor to stop him/her from exposing the broker. The broker’s entire business depends on people trusting them so if they get exposed their business will end. Thus, it is essential to file a complaint against the scammers to get legal protection and hold brokers accountable.
2. Contact fraud dealing authorities
Like every legal and administration dealing department, there are authorities that have official warrants to deal with and fight against scammers for the protection of the investors and traders. Thus, those authorities play a crucial role in promoting a safe and healthy atmosphere for business. They have access to every possibly helpful technology and legal officials to make it easier for victims to get justice. Thus, the investors should contact them and provide them with essential details, so the authorities can gather more credential evidence to put the scammers behind the bars. Additionally, the authorities can trace and track the scammers who try to hide behind the digital platforms.
3. Withdraw the money
The investors should immediately get their money out of the forex trading platform because the brokers have limited access to the investors’ accounts because they carry out the business by mutual consent and decisions. Therefore, the investors should withdraw their money by following the steps:
- Click on the “Add funds” option
- Select “withdraw funds” from the drop-down menu.
The money could be withdrawn by the bank transfer, the investor will have all the amount he was intending to spend in business back in his bank, thus, increasing the personal capital. When the investors or traders join the forex trading platform and onwards, they deposit money for the purpose of investment, so the withdrawal money will go back to the same account.
4. Protect your assets in the bank
The bank accounts are somewhat related to the online trading work on forex. The investors and traders have to deposit money as investment from that bank account and thus receive their profits in the same bank account. The brokers have required details regarding the investor or traders’ bank accounts. Taking advantage of personal details the broker can hack or using unconventional ways, steal the investor’s financial asset. The greed to maximize the bank balance can make brokers go to any level of unethical practice. Therefore, investors should immediately inform their banks to protect their money.
Get Your Money Back From Your Forex Scammer Today!
The increasing dependency on digital platforms has led to immense frauds and scam traps set by the criminals. The forex trading scam victims have reported losing a very large sum of money, causing them to go bankrupt or find it difficult to manage their ends meet. Further, the legal procedure to catch the scammer and get back the money complicates the investors’ lives. However, the actions have to be taken against scammers to create a safer platform for businesses to flourish.
Therefore, you should contact our company – the fund trace, many victims have walked out of this scam trap with our help. The scammers try to corner the investors making them lose all hope, while we redeem your hopes, provide a transparent and protected environment for the investor to proceed with legal procedures in order to fight the scammer and most importantly recover the financial loss which is the prime concern of the investors.