Forex comes from Foreign-Exchange where you trade different currencies depending on the ups and downs of the currency rates.
For example, if you notice that one currency rate will increase as compared to the other one, you trade in those currencies and earn profits.
It’s not that simple as it looks. In a research, it was found that we usually overestimate our abilities to do something when we see experts doing something and that’s what we do in Forex trading as well.
From where the story of the forex scam begins.
How beginners are trapped in forex scam?
Most people see someone else trading in forex. Definitely, someone may be making a lot of money because of his expertise, people get excited and want to go for it.
That’s where they get disappointed.
Money is never an easy thing. If you’re not scamming or hacking someone’s account then it’s really a tough job to make money.
You need a lot of effort to make money.
And that’s what people need to understand in forex trading. Forex trading also requires a lot of learning, understanding fundamentals, such as double top pattern, and expertise to work on and when you don’t do it. You don’t get anything.
In the meanwhile, scammers reach you or sometimes, you reach them. They show you the glaring results of their trading.
They may or may not be doing great, it’s possible that they purchased those screenshots or accounts to trap people.
Either they do it well or not, they make your mind invest with them and get profits on monthly or quarterly and or annually.
Once you invest some money, you’re trapped to be a victim of continuous scams.
There are some fraud brokers who have created their websites and apps. They invite you for investments and offer you huge profits.
So it’s always a great idea to check the company’s reputation before investing something.
Perfect ways to recover your money from forex scam
I discussed the details of being scammed so that you could avoid it for the future. But, now let’s discuss the perfect ways to recover your money from forex scams.
Definitely, you won’t stop trading for a scam, but you will try to avoid scams next time. That’s why it is better to keep an eye on the tricky ways of the scammers.
Well, the following are some working ways to recover your money back from scammers.
CySEC (Cyprus securities and exchange commission) works against frauds and scams. Whenever you feel something fishy with your broker, for example, your withdrawals are limited or you’re continuously inquired to raise investments to keep working. All such signs of scamming should timely be noted and reported so that CySEC could help you.
If the broker had provided you all the true details then it’s possible that you could recover your scammed money back.
But usually, they don’t provide you with the actual details.
Report to police:
It’s also one of the most important things while getting your scammed investments back. You should consult with the police and ask them to deal with the scammer.
If the scammer had provided you the actual details, like phone number, address, or anything else then they might hesitate to scam your money.
Although, every time people have signed such agreements that they can’t get their investments back.
Contact a recovery service
No matter how much trapped you have been or how much heavy amount you lost, recovery services fight for you.
Here the problem is that we aren’t sure if the recovery service is real or not. There are hundreds of guys and companies who work in recoveries. But do they really recover scammed money back?
You should ask them and only trust a true forex scam recovery service.
To judge a recovery service, you should ask them a few questions.
- How long did you work in this field?
- How can you assure me to recover my investments?
- From where do you live?
- How many times did you recover the money back and what percentage couldn’t you?
Once you will read the answers to the questions, you will easily make sure if the recovery service is really good for you or not.