I really feel sorry who fall in this situation.

We also have a number of traders reach out to us with stories of being ripped off. Usually it is quite hard to help but I can offer some suggestions.

These of course do depend what the scam was exactly? Did you use a broker and the broker is refusing to refund you? Or did you send money to someone who said they would trade for you?

Of course, the latter is harder to recover than the former. Assuming that you did pay money to a broker rather, there are a few things that you can do.

If the broker is regulated then of course you can threaten to take them to the overseeing agency. Of course, it is unlikely that a regulated broker would facilitate a scam.

If they are an unregulated broker then the first thing you can do is use a threat. You can tell the broker that you will be taking the steps below. Usually, if the broker is concerned about general self preservation then they will at least consider just giving your money back.

If however, they are not responding then you can take the following steps.

Preserve all records: If you are going to be challenging broker, you need a record of all of your conversation. This includes Skype, Emails etc.
Contact their Payment Provider: Assuming that you funded via credit card, then you most likely used a payment provider. If you tell the payment provider that the broker is running scam operation they are likely to send you the money back. If not, they may be likely to take issue with the broker and hence put pressure on them.
Contact the Regulator: Although the broker may be unregulated, regulators are still keen to take down operations that offer their services in an unauthorised fashion. Regulators regularly issue cautionaries about illicit brokers. This is usually a death knell for a broker.
Tell the Community: Let other traders know about your experience. For a broker that scams their clients, bad online reviews do come back to bite them. Hence, taking the time to spread word of the broker’s illicit operations online is likely to tarnish their reputation. The broker may also realise that you are unlikely to stop and may choose to refund your money. We know of a few traders in which this has indeed occurred.

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