Anyone interested in currency trading will no doubt agree that though it’s likely the greatest form of trading, there are plenty of gaps that the inexperienced and naive can fall through. Whether it’s dodgy brokers or all-around bad eggs in the industry, various flaws in the system and a lack of traceability provide the ideal setting for scams to take place. 

Really, anyone can become a victim to the types of Forex, Crypto, and CFD scams out there: maybe you’re an experienced trader who took a chance on a new broker platform or was lured in by a signal-seller. The crypto market, though digital is the future of currency, is still quite delicate, but its growing popularity attracts a lot of amateurs. According to a recent American study, approximately $9 million in crypto is stolen every day, with 30% of that due to fraud and 17% due to scams. 

The truth is, scamming traders has become such a regular occurrence that a whole new industry was created in order to combat it. Fortunately, while the problem itself still exists, various companies have set up the world over to protect victims of currency trading scams and to help them get their money back. 

The Chargeback Industry and Why It Was Created

The chargeback industry and the companies within it work to reduce the amount of forex and crypto scamming that’s occurring and take money out of the pockets of fraudsters. The good thing about using online brokers is that all transactions are made by credit or debit card, which allows for companies like Payback LTD , Funds Recovery and MyChargeback to fight back against bad brokers and scammers. 

Should any services be rendered incomplete or poorly, or if any products aren’t delivered as promised, through the chargeback process, you’re able to make a claim in order to gain a refund. This is a lot easier said than done, however, and that’s why you’re better off turning to a company that can help you navigate the process effectively. Payback LTD, for example, has been able to return 100% of funds to 89% of clients, in 2019, something which wouldn’t be possible for these people otherwise. 

The process of regaining your money from a fraudulent broker or scam is arduous and incredibly stressful. It’s always better to have a specialized team working your case round-the-clock – at least that way you can save yourself the trouble and guarantee greater returns by leaving it with professionals. 

Some Of The Scams They Can Help With:

Robot Scams: The robot scam refers to the use of automated software, or a robot, in trading that uses algorithms and code to detect when it’s the right time to open and close a trade. These can be truly effective when made by industry experts, but many don’t work the way they’re supposed to. That’s because some fraudulent developers don’t deliver and simply want to secure a sale and commission with their crappy trading robots. You should always be careful about using robots. Make sure to do your research first. 

Signal Seller Scams: The signal seller scam is a lot like paying someone for their tips on the horses. Put simply, you pay someone, either weekly or monthly, for information on which trades will be the most profitable. With the aim to scam you, the person will share their supposedly professional forecasts and claim they’re well researched, but they won’t provide an opportunity for investors to make money. Once they’ve got what they can out of you, they’ll simply cut and run.

Investment Programs: Investment programs, essentially just Ponzi schemes, promise substantial earnings with only minor investments. As time goes on and you perhaps make even more investments, the holder of all the funds will take yours and everyone else’s money and do a runner. This is likely the most common form of trading scam and is precisely why companies like Cyber Shields exist. 

Final Thoughts

Scams in currency trading are commonplace and knowing how to identify them can save you from substantial financial loss. That being said, if you’ve fallen victim to this type of fraud or a scamming broker before, we’d highly recommend reaching out to one of the companies listed above. In most cases, you’ll be able to get at least some of your money back, and all initial consultations are free.