Have you been scammed by your broker

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Have you been scammed by your broker?

Unfortunately there are still many binary option brokers who overcharge their clients with hidden fees or unauthorised credit card transactions.

Have you been overcharged by your broker? Do you feel that your broker has committed a fraud and scammed you out of your money?

If so, this page will inform you about your options and how to get your money back. In some circumstances, if transactions were unauthorized, it is entirely possible to recover your funds.

STEP 1. Try to resolve the issue with your broker first

(If you have already tried reasoning with your broker skip to STEP 2 or STEP 4 below.) If you believe you have been scammed by your binary broker always try to resolve this issue with them first. You can call them to discuss your case but it is much better to communicate with them via email or a chat window so that you will have the whole history of the conversation and the outcome.

Be warned that most customer relations employees hired by a broker will try to convince you of trading more to recover your losses. They might entice you with new offers reserved just for this type of occasion. Ultimately, if your goal is to get your money back do not accept any offers and save all your conversations with broker’s representatives.

When your binary broker refuses to issue a refund and you proceed to STEP 2 and approach your credit card company and open a chargeback case, you will be able to add all that conversation history to your case and prove that you had already tried to resolve this issue with your broker unsuccessfully. This will be a big step forward.

In your written communication with the broker pay attention to the following:

  • any false promises made,
  • real broker location vs one that is advertised,
  • how and where payments are processed (see your bank statements for details)
  • legal and rightful owners of the company.

When you add this information to your credit company in support of your case, make sure to organize everything really well, preferably in chronological order and in a single PDF file. If your submitted information is well organized your claim will be processed quicker.

STEP 2. Contact your credit company. Use chargebacks.

(If you have already tried your credit card company and were unsuccessful skip to Step 3.) Claiming the funds from your credit card company should be the second step in trying to get your money back. Some ex-employees have revealed that even the threat of a chargeback might be enough to scare the broker into returning unauthorised credit card transaction.

The main reason binary brokers are so afraid of chargebacks is that like any other business they have certain limitations set by their payment processing company and can’t go above a certain percentage of bad transactions or chargebacks.

As you can imagine any imposed blocks, delays, or additional charges by the payment processing companies can be very time-consuming and costly for the broker. Sometimes it’s just easier to return the funds back to the user.

How to open a chargeback case

To begin the process of claiming your money back with the help of your credit company you will need to contact a representative and fill out a form for chargebacks. You will be asked to state the reason for a chargeback. Depending on your situation the best options to consider would be:

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  • fraud, misrepresentation, or breach of contract.

During this whole process you may be asked for additional information. Simply be patient and try to provide everything they ask or need to resolve the matter.

STEP 3. Contact the financial authority overseeing your binary broker

(If you have already tried these three steps and still could not recover your funds consider Step 4.) Binary brokers are quite wary of regulators and financial authorities which oversee their operational and financial conduct. Therefore any serious and well founded claims made to such authorities can result in a formal investigation.

There have been cases in the past where users got all of their money back from their broker as soon as the regulators launched their investigation. Of course this often takes much longer than expected as regulators only rush in with a formal investigation when there are multiple claims of committed fraud.

The issue with financial authorities that you may encounter is their limited jurisdiction to a specific region or country. They are more willing to help if the claimant is a citizen or at least a resident of the country or region (i.e. EU) in which they have authority and the broker is also registered to operate in their specified region. See a list of financial regulators here.

Use a specialist company to recover your funds

Simply put if you don’t have the time or the experience to file a claim and pursue the entire case against your binary broker yourself, try outsourcing it to a lawyer or a specialist company who will use their knowledge of the law and its processes to recover your money.

My Charge Back

A company with a good level of success in recovering funds from binary brokers is Mychargeback.

They have specialists who deal exclusively with fraudulent transactions made by binary brokers. Based on experience they know how to proceed with a claim and what is most effective approach.

By hiring a specialised firm who will act on your behalf and in your interests will be the first warning sign to your broker that you are serious about getting your funds back.

Hiring a lawyer will be a lot more expensive and expect to be charged be hour and without any refunds.

Not much to lose thanks to a Money Back Guarantee

You only need to pay a fee of $72 to open your case. However, if your claim is rejected by the bank, your payment will be refunded in full, making this one of the most affordable representations you can use.

Please note that if you decide to open a chargeback case with your credit bank by yourself as described in Step 2 and you lose your case, the decision will be final and you will not be able to reopen the same case again. Using Chargeback in the first instance will increase your chances of recovering your funds.


The truth is that it’s not that easy to recover unauthorized charges by your binary broker. Many have tried and failed for various reasons. The claiming process can be a very daunting task and many users get discouraged too quickly. Those that persevere and keep pressure on their broker, credit card company, their bank, and financial authority will have a greater chance of success in getting their money back.

References and further reading:

Online Broker Complaints – Report a Scam

Binary options, forex and cryptocurrency brokers generate a significant number of complaints from our readers. Some are legitimate and others are not. But what we’ve consistently noticed is that investors who use a licensed, regulated broker rarely alert us to any problems and rarely file complaints.

If you traded with an unlicensed broker, the major complaints that we hear are outlined below.

If your broker is licensed by the United Kingdom’s Financial Conduct Authority (FCA), you may want to view its complaint procedure here. Please note, however, that neither the FCA nor any parallel national regulatory agency in any other country can assist you if you contracted with an unlicensed broker.

Withdrawal Complaints

If by now you haven’t been convinced that you’ve been scammed, try withdrawing money from your account. You will find that the requirements are very narrow in order to make it difficult, if not prohibitive, for you to make a withdrawal.

When you sign up with a scam brokerage, for example, it’s quite common to be given a large “bonus,” even if you haven’t requested it. The bonus is bogus, of course. It’s as phony as the website itself. But read the fine print in your contract. The “bonus” is often cited as a reason why you cannot withdraw your own funds. Unregulated brokers will require you to trade 30-to-60 times the value of the phony bonus before being able to withdraw even a single cent of your own money.

Auto Trading Systems

Some investors fall victim to scam brokerages having been swept in through the back door after responding to an advertisement for a money-making scheme attributed to Bitcoin Code, Bitcoin Trader or Bitcoin Loophole, among others. Unbeknownst to the investor, however, the software automatically creates an account at a scam broker. You are then instructed to make a substantial deposit to enable the dividends to flow.

Legitimate brokers often have a clause on their terms and conditions page that bans the use of automated trading software.

Unauthorized Credit Card Charges

There are three possible explanations for an unauthorized credit card charge made by a broker. The first is that it was an honest mistake.

The second possibility is that a legitimate broker who you relied on to double your money lost it all instead. He needs you to replenish your account in order to continue to play the market.

The third possibility is that your broker isn’t really a broker and he’s scamming you.

If you received an unauthorized charge on your credit card from a broker, you should dispute the charges immediately.

Managed Accounts

Trading forex or cryptocurrencies is extremely risky even under the best of circumstances using a registered brokerage. In fact, you risk losing all the money in your account. You can conceivably lose even more if you engage in what is called “buying on margin.” That’s a euphemism for borrowing money from the broker that allows you to buy more than you’d otherwise be able to do on your own. If you bet incorrectly and lose it all, however, you’ll still be obliged to repay it.

Because these sorts of trades are volatile and impossible to predict with total accuracy, your broker’s experience may have no effect on your chances to succeed. In the event you authorize your broker to trade for you, therefore, you are effectively forfeiting control over your money.

So if your broker offers to place a trade on your behalf, tell him NO! If you want to invest in forex, then invest the time to do your research and learn how to become a seasoned trader. But do not assume for a moment that someone else is going to make money for you.

Ask yourself this simple question; If the broker is such a good investor, why is he interested in trading your money rather than his own!

Fight Back

If you have been scammed, don’t for a moment sit still and assume there’s nothing you can do to get your money back. There’s plenty you can do to get your money back, but the process can be complex and take up to six months or more, depending on your form of payment, the number of payments you made and your bank.

That’s why we recommend contacting an international fund recovery firm, which has broad and deep experience in doing so across the globe. If, after consulting with them, they think that your chances of winning your case is marginal, they’ll tell you. They can obtain a reversal of payments made by credit and debit cards as well as bank and wire transfers.

Have you been scammed by your broker?

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October 20, 2020 at 2:33 pm

As you may or may not know there are many trustworthy Binary Options brokers in the industry, but there are also quite a few scam brokers in between. None of us want to get scammed. Thus, we need to do everything in our power to ensure that we end up with a broker who we can trust. Should we for some reason end up with a broker who we think are scamming us we need to take action. Before we get into the steps you should take, let’s first look at ways how Binary Options brokers could scam you:

Expiry Times – This is one of the most common tactics that brokers use to scam you. They will manipulate their expiry times. Say you are in a winning trade. The trade is meant to expire at a particular time but for some reason the clock keeps on running. When the trade finally expires you find that your trade turned out to be a loser that should have been a winner had it expired at the right time. When you take up this problem with the broker, they will claim it’s a site error and refer to their terms and conditions that state that they are not responsible for this. There is no doubt in my mind that this is a tactic used by the broker to scam you.

Spreads – Brokers that incorporate spreads into their prices can be really frustrating for traders. They will add or minus a few pips from the actual market price. This is a huge disadvantage when trading short expiry times. Say the broker has a spread of three pips added to the market price; you will need your trade to go more than three pips in your favor to win the trade. This makes it extremely hard to win. You can take all the screenshots of the spreads you want. When you show it to them, they will again just point you towards their terms and conditions. My opinion is that if it were not a way to scam traders, they would have fixed the issue at the first problem they encountered.

Withdrawals – Scammy brokers will give you the runaround when you are trying to make a withdrawal. They will ask you to send in paperwork even though you already submitted everything that they asked for in the beginning. Some brokers will just ignore your withdrawal request altogether, and others will plainly refuse to pay out your money for some or other excuse they came up with.

What to Do If You Think You Are Being Scammed By Your Binary Options Broker

Now that we know how brokers could scam you, it’s time to move on to what you can do when you are involved in such a scam. I strongly advise traders to resolve the issue on their own. If they fail to do so, it is time to take action against the broker. Let’s have a look at a few steps that you can follow if you have a dispute with your broker:


Traders should always do their homework before they join a broker. Maybe you made a mistake and rushed in without doing research before signing up with the broker. If this is the case, now is the time to do so. Look around to see whether you are the first one to raise this complaint or if there have been others before you with the same problem.

If you find that you are the first one to have this problem, there could simply just be a misunderstanding. However, if you find that there are other traders before you with the same problem, there is definitely something else wrong. Look for ways how other traders solved this issue and follow the same steps as they did. If you fail to solve the problem like this, move on to the next step.

2.Is The Problem Lying With You?

Before you plan on raising a complaint with a broker, it is always a good idea to check if you are not the cause of the problem. If you find that you were the cause of the problem, you can quickly resolve it yourself without having to wait for who knows how long until someone else can do it for you.

Start by reading through the broker’s terms and conditions. Maybe you need to send in some documents in order complete the withdrawal. Perhaps you accepted a bonus and have not traded the required volume to be able to withdraw yet. Is your withdrawal amount too big for a particular withdrawal method?

Sometimes you can figure out the problem by doing this and other times the problem lies deeper. If so, you should continue to the next step.


The problem could be due to miss-communication. Maybe the broker sent you an email, and it landed in your spam folder. Perhaps you emailed your broker, and they misread your email or missed your email in between the thousands of emails they get. Go through your spam folder to see if there is an email from the broker or send them another email. Find out whether the problem is lying with you or them.

4.Attempt To Resolve The Issue In A Polite Manner

Should you find yourself unable to solve the problem on your own, you need to make contact with the broker. Before you do so, give them a reasonable amount of time to address the issue. If the problem is still not resolved after a week, it is time to give customer service a call and speak to them directly.

At this point, you are understandably angry and at this stage it is all too easy to fall into a destructive, accusing pattern. When dealing with customer service you should refrain from attacking them as this will only put them on the defensive side. Instead, be polite and calmly explain to them what your problem is. Tell them all the steps that you have taken and that you could not sort out the problem yourself. Being kind and polite to customer service will make them want to help you.

Hopefully, the problem will be resolved at this stage. Give them a few days’ time. If the issue still is not fixed, you can move on to a more drastic step.

5.Give The Broker A Deadline

Now it is time to kick it up a notch. You have tried everything you could do and have waited long enough. You have given the broker more than enough chances to comply. Now you can finally feel free to express your frustration and anger. The broker will more than likely try to refer to their terms and conditions, but it doesn’t really matter. Tell them if the problem is not fixed within a certain timeframe you will have no choice but report them to the authorities and take public action against them.

Hopefully, you will get your money at this stage. If they still refuse to do so, you have no choice but to move on to the last and final step.

6.Report Broker To Authorities And Take Public Action

The broker has made their choice. Now it is time for you to report them to the applicable authorities. Regulated brokers should be reported to their regulatory agency. Some of the top regulatory agencies are CySEC, ASiC, GSC, and FSA. Unregulated brokers can also be reported to the authority that granted them the license to do business.

After reporting them, you can share your experience with the broker online. Post to different forums and review sites. You can start with our website’s Broker Review section.

Following the above steps will not guarantee that you will get your money back. What it will do is draw business away from the broker and save other traders the misfortune that you have suffered. It will give legitimate and trustworthy brokers the business that deserves it more. Be safe out there!

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