The Top Strategies for Recovering Lost Funds from Forex Scams
The forex market is surely very rewarding, but it does have the potential to make you very wealthy, because of this a number of people have been taking a keen interest in learning about the forex market. Almost about $9 trillion in people invest in the forex market every day.
People usually lean towards forex for travel, tourism, investing, and trade.
But it is very obvious that there are going to be frauds and scams where there is popularity, money, and people involved.
Common forex scams:
1. The Signal Seller Scam:
The signal seller scam is a popular scam that has come to the market recently. Over here the scammer offers a system for a monthly, daily, or weekly payment, this system mentions the proper time in a day to invest or trade for maximum benefits.
They boast about their experience and provide fake testimonials that confirm how great a trader this friend of theirs is and how much wealth they have earned because of them. Once they believe them and pay, the scammer never shows up.
2. Forex broker scams:
Sometimes fake brokers act like real forex brokers or financial advisors and trick people into investing in non-existent funds or stealing their money in the form of a deposit.
Scammers usually use the name and registration number of an authorized forex broker, so, it is the trader’s duty to check thoroughly before taking any step ahead or choosing a broker.
3. Forex Pyramid schemes:
Pyramid schemes usually focus on recruiting or adding new people to an already existing plan.
The members who come later pay a subscription amount and are told to get more people in so that they can get a commission.
Here the money comes from membership fees rather than forex profits.
When there is no one new, the payments stop and the scheme is closed.
4. Forex ponzi schemes:
Scammers here advertise nonexistent forex funds and promise high returns in a short period.
They say to start with a small investment and pay the initial investors the promised amount to coax them into believing that the investment is not a scam.
The scammers then encourage the victims to get in with their friends, family, and people they know.
Once enough people get in and the scammer gets enough money, they run away with the money.
How to recover lost funds?
It is always better to be safe from these scams and such scammers, but sometimes even after doing everything right, you may still get tricked.
If you have ever faced a forex scam the first thing you should do is inform your brokerage firm. They should be held responsible, and always choose a regulated forex firm.
After this, it is important to keep your bank informed. They will make sure that your account is frozen and that funds do not go to unauthorized parties.
Once the funds are frozen you can work towards getting your funds back.
Many lawyers out there work on money recovery cases, contact one of them. They would surely help you get your money back.
Another way could be to contact genuine recovery firms with a good track record, they would surely be of great help.
How to prevent a forex fraud:
Forex scammers lately have become very smart and sophisticated, they know exactly how to fool victims into believing them.
However, there are some ways in which you can keep yourself safe.
- It is probably a scam if someone is forcing you to do something quickly.
- It’s not a very good idea to get into pyramid schemes, you will only lose your money.
- It’s never a good idea to click on shady links sent by strangers, they will probably record all your personal information and steal your money.
- Do thorough research before enrolling in a course or a mentorship program.
- If someone comes to you and says they know a technique that made them wealthy and they will help you learn the same, they are probably going to run away with your money, so be careful.
It is always a good idea to be careful and protect your wealth from getting scammed but sometimes it may get out of hand. It is very difficult to get scammed money recovered but not impossible, go to the proper source and you will get your money back.