Don't Let Scam Brokers Win! Report a Scam Broker

Why Should You Report a Scam Broker?

You should make the broker complaint about your own good as well as to help the other brokers. Since the forex industry is the largest financial market in this universe, a lot of scammers are always on the run to fool someone and lure them. Hence, regardless of the experience, anyone can get scammed.

So, if you are a victim of a scam broker, you should complain to the proper authority to get your money back. Though, you may not get your investment back if the broker is not regulated. But you can help the trading community so that other traders don’t work with that specific broker.

Besides, if you are lucky enough, law and enforcement can find that unregulated broker and give you justice. 

So, for the reason mentioned above, you should complaint against online fraud.

How to Spot a Scam Broker?

Due to the forex scam news here and there, many people may think forex is a pyramid or Ponzi scheme. However, forex is not such a scheme. It is a real business with real money. But a few scam brokers conveying the wrong message to the potential traders. There are different types of forex scam brokers out there. So, how to find them or how would you know if a broker is a scam?

While scammers may take different approaches or discover new methods, the basics remain the same.

Almost all scam brokers offer a large profit in the first place without any financial risk. But you have to keep in mind that forex trading is risky and no one can ensure continuous profitability. So, if any broker provides any lucrative offering, there has to be something fishy. Whatever the approach or method a scammer offers to grab the customer, in most cases they offer high profit with no risk.

Scam brokers are always in a hurry. They will provide you tons of lucrative offers, but will not give you enough time to think about them or judge them. Hence, they tend to force the traders to register immediately.

Sometimes scammers like to hide their physical address or sometimes they don’t have any physical location. Instead, they operate online and try to influence you through online methods. Even though they operate online, they don’t provide all the relevant details on their website. Besides, their online presence seems fishy too.

While some regulated forex brokers may scam in a tricky way, all the large scammers are unregulated.

So, if you see any of the signs mentioned above, that can be a scam broker and broker complaint is necessary.

Where to Complaint Against Online Fraud?

If you suspect a scam broker or if you are a victim, you can make the fraud complaint online or even you can do the broker complaint alert to the proper authority. So, where would you go to complain?

You can make the broker complaint registry in different authorities. Whether the broker is regulated or not, you can always complaint against forex broker to the local regulatory body. Further, if you lose your money due to scamming, you can file a scam report with the local police or the cyber unit.

Apart from these, you can also spread the broker’s fraudulent activity to the online forum or brokers traders’ community so that any prospective traders can stay alert.

How to Report a Forex Broker?

Now that you know where to complain, let’s see how to complaint against online fraud. 

When you plan to file a complaint, you should maintain steps to make your report strong. So, make sure you have enough evidence and have all the proof. Try to remember every single detail and make those ready before you make the complaint.

Proofs You May Require

All the communication details, such as e-mail, text, and records of any messages between you and the scam broker. Relevant screenshot of the communication, even if they comment something on social media. Also, record all the transaction details showing the dates and amount. Since all the transactions were online, you can get all the records from your bank or credit card company.

Any telephone conversation recording. Although, you may not be able to provide this, as most people record the conversation. But, if you are a new trader and reading this, you can keep the phone recording to help you report a scam broker in the future.

You will also need to provide the name along with the address of the financial institution, a broker in this case.

If possible, mention the name of the people who had a deal with you.

Once you have all this information ready you can complain to the local regulatory authority. You can visit the regulatory authority website and you will find the details for fraud company complaint. Besides, you may also call the regulatory body and ask for the guidelines to report a scam broker. However, if the broker is offshore, you can also file a fraud complaint to the respective regulatory body and other countries where the broker operates.

Apart from broker complaint to the regulatory body, you can also report to the local police department as well as the respective cybercrime authority.

So, you can file a scam report against a forex broker through the above-mentioned way.

How To File a Case Against Scammer?

If you can locate the broker or have registration with a regulatory body, you can file a case to recover the money. There are many law firms and lawyers out the who provide support to file a case against the scammers. They are experts with that.

So, after you are done complaining about the proper authority you can proceed to file a case. However, if you lose a small amount of money, we don’t recommend filing a case as it is time-consuming and expensive. So, the complaint against online fraud to the regulatory body is enough.

To file a case, you must supply all the proofs and documents from the beginning of your transaction. After that, the lawyer will guide you properly. But make sure the law firm has the experience dealing with forex scamming.

Can I Recover Money from a Scam Broker?

Here comes the big question, can you really recover your lost money?

Well, it depends on the situation and case. If the broker is regulated you may get all your money back even with the compensation after your report a scam broker. However, if the broker is unregulated, you may have a small chance to get back the money. But, still, you should not refrain from doing the fraud company complaint.

How to Avoid a Scam Broker?

While you may not know if the broker is legit or a scam, you can choose the broker carefully and follow some steps to avoid scammers. Do not jump for the empty lucrative promises and offerings. Instead, check the broker’s review online and do your research. Stay away from any kind of software that claims to provide a secret formula. Avoid installing any software or programs on your computer from any source you don’t trust.

Another trick you can follow, not to trade with any unregulated broker. Keep in mind that a legit broker always provides the regulation information. If you think the broker is lying about the regulatory condition you should cross-check with the regulatory body. Therefore, this will lead you to choose the regulated broker.

Before Report A Scam Broker

If you have issues with the broker, you can talk with them before the broker complaint registry. Often brokers face problems with the underlying banks as well as the network. So, communicating with the broker may get you the solution.

Furthermore, you can gather all the relevant proofs and evidence before approaching the broker. After that, you can talk with them about the issues. However, you should email them or write a letter for future reference.

If the broker is legit, they will communicate with you properly and work with you for a solution. On the other hand, if the broker intends to scam you, they will cut the communication. So, if this happens, you can go for the fraud complaint online.

What Else You Can Do?

You can take other steps besides contacting the broker or filing a scam report.

Review them on Public Platforms or Forums

In this age of social media, there are many groups and pages for traders on different social media. You can send a bad review about the broker to those platforms. As a result, other traders can avoid them and stay safe.

Additionally, there are many legit online forums for forex traders. You can write a review there too and also alert others about your broker complaint.

So, online shaming will help the other traders and the broker will not be able to run the scam activity.

Chargeback Request to the Bank or Credit Card Provided

File a chargeback request is another step you can take. However, this might work only for the credit or debit card payment, as other digital transaction methods such as PayPal, Neteller, Skrill may not allow the chargeback.

That is why experts recommend making the transaction through the cards. Furthermore, bank transactions may also help you to file a dispute. Your bank can contact the broker’s bank upon your official complaint and can reverse the transaction.

When Should You File a Scam Report?

You are forced to open a forex account and make the deposit immediately. If you think your account is mismanaged which led you to a loss. All the underlying costs are not disclosed and you find irrelevant fees are charged. However, in this case, you should contact the broker first. If you cannot withdraw your fund despite having reasonable transactions and an active balance sheet. If your broker doesn’t reply to your messages or phone call after you face an unexpected major loss.

Guide to Report a Scam Broker in Different Countries

Different countries have different authorities about handling the broker complaint. So, you may find them online. But we have gathered all the information for different countries. Check them below.

United Kingdom

If you are in the UK you can report to two agencies.

Firstly, report to the Citizen’s Advice: https://www.citizensadvice.org.uk/consumer/scams/reporting-a-scam/

Next report to the UK police’s action fraud department: https://www.actionfraud.police.uk/reporting-fraud-and-cyber-crime

Additionally, if the broker is from outside of the UK you can report to econsumer: https://www.econsumer.gov/en/Home/FileAComplaint/1#crnt

USA

The USA is very strict about fraudulent activities. Hence, they have several authorities for reporting investment fraud. 

You can make the broker complaint alert on the following agencies.

FTC: https://www.ftccomplaintassistant.gov

Consumer Finance: https://www.consumerfinance.gov/complaint/

eConsumer.gov https://www.econsumer.gov/en/Home/FileAComplaint/1#crnt

The FBI: https://www.ic3.gov/default.aspx

The SEC: https://www.sec.gov/tcr

Australia

Australians can report to the following authorities.

ACCC: https://www.scamwatch.gov.au/report-a-scam

ASIC: https://compliance.asic.gov.au/#/form/583b77dc397bbc319837ea2a

Before heading to ASIC, read this: https://asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/

Australian Fair Trading: https://www.fairtrading.nsw.gov.au/buying-products-and-services/scams/report-a-scam-or-cybercrime

ACORN, an organization to protect the Australian citizens from the scammers: https://www.cyber.gov.au/acsc/report

European Union

EU has two specific authorities.

The European Unions Anti-Fraud Office: https://ec.europa.eu/anti-fraud/contacts/fraud-reporting-form_en

Country specific broker complaint registry: https://www.europol.europa.eu/report-a-crime/report-cybercrime-online

New Zealand

A government organization NZ scam watch: https://www.consumerprotection.govt.nz/general-help/scamwatch/

SFO Serious Fraud Office: https://www.sfo.govt.nz/complaints

The Commerce Commission: https://comcom.govt.nz/make-a-complaint/complaint-form

South Africa & Nigeria

South Africa is a hub for forex scammers. But the country has its own regulations as well as the rules to take action against the scam brokers. You can report a scam broker through the National Consumer Commission: https://www.ncc.gov.ng/

Once you go to the National Consumer Commission website you will need to visit the “COMPLAINTS” tab located on the right side and a form will be downloaded. 

Cyprus

Although Cyprus is not familiar with scam brokers, the country is safe for forex traders. Still, they have the separate authority to deal with the forex scammers. You can email complaints@financialombudsman.gov.cy.

However, if you want to make a fraud complaint against a CYSEC registered broker, you can go to https://www.cysec.gov.cy/en-GB/complaints/how-to-complain/

Israel

Israel Consumer Council deals with the report on the scam brokers. You can visit  http://www.consumers.org.il/category/complaint-form to file a scam report.

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Report to Us

While making the complaint against fraud company you can also report to us by filling out the form below. We have the complete list of the scam brokers. So, once you identify a scam broker you can send the details and we will check them out and list the scam brokers list. As a result, many trades can stay away from that specific broker.