Have you been scammed by your broker

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4 Reasons Why You Might Be Or Have Been Scammed

One of the worst feelings in the world is being scammed and having something taken. The moment you realize that you’ve been part of a trick and someone profited on your own “stupidity”, it’s not easy to swallow. Only few people will say: “Oh, well… Yes, I’ve made a mistake. It’s ok. I’ll be better next time.” It’s completely logical to be angry.

The world of binary options and scams are inseparably related. In fact, every in business dealing with money, there are people who want to deceive or fool you. Generally – where the money is, there are crooks and if there aren’t, you can be well sure they’ll show up soon. Crooks will always try to find a way to take money away from people who unfortunately fall for it. The cheated people however are not always foolish. A saying “A fool and his money are soon parted” is only half-true. The chances of an intelligent man being cheated is practically same as with the not-so intelligent one.

We also have to distinguish between people that really have been scammed and those that only think they were. There are a lot of people that claim that they have been scammed, but nothing really happened and in the end it was them who did something wrong. I, personally, hear it all the time, when people say: “I’ve been scammed and that’s why I’ve lost money”, while they don’t realize that it was all their fault. You know how it is, everyone first looks at someone else instead of acknowledging his or her own mistake

A lack of understanding

Every time before you do anything, check everything thoroughly and carefully. Brokers receive a lot of unfair complains and the reason is that no one reads the terms and conditions before registration.

Honestly, who has ever read the terms and conditions for withdrawing bonus money and terms and conditions when singing up? I think the absolutely minority of you and if anyone really did, they are one of the very few. Do you know that most of the brokers have it written in the terms and conditions that they can take your account down any time? The only thing you could do is to write to a friend and complain about it. Although, you are always entitled to all your money on your account and no one can them away from you. That’s where regulatory services come into play.

As the saying goes, life is not fair and you have to be ready for this kind of things. You have to know what you are singing in for when registering and what can happen. I’ll say it this way, would you lend money (I am not talking about giving someone $10 for lunch) without any written agreement and conditions? If yes, you should take some basic financial literacy classes.

Money withdrawal fraud

Withdrawing money from your traders account is often quite problematic. There are a lot of complains that spread in between the traders. Once again, the problem is the lack of understanding of the whole process. Only in very few cases traders really get their money taken away from them and if it happens, it’s usually with unreliable brokers.

Depositing money into your account is easy, but if have any doubts, you can find a video instructions here, how to deposit money. Brokers accept a broad range of options to deposit money. Most of them are instantaneous and you’ll have your money with the broker straight away, on the contrary to the withdrawal. It takes several days and the number of methods to withdraw your money is a bit limited. The reason why it takes longer are not always related to the broker. Regulation requirements from regulation offices and time that banks need to process your request all add up to the time to withdraw your money. The process usually takes 3-5 days and it also depends whether the broker operates on weekends or not.

You have to have your documents verified before making a withdrawal. Some brokers require it in the beginning of the registration process (i.e.: HighLow), others at the time of the withdrawal. For example, with the broker StockPair you need to verify your documents before withdrawal. Don’t be afraid that they want to steal your identity. The reason why you need to provide these documents is simple – brokers only try to avoid possible threats and they are urged to do so on behalf of the regulation authorities. All you need is a passport, driving license or an ID and then your bank statement or electricity bill.

Unfair bonuses! They’ve tricked me

The same problem, again and again… Most people think how generous the broker is, giving away free money when registering. Who wouldn’t like to have $1000 instead of $500. This is where the problems begin. Bonus doesn’t have to be what you really want. When you accept the bonus from the broker, you have to, (usually) trade 35 times the volume of the bonus before you can withdraw your money. How do bonuses really work can be found in the following article Pros and cons of bonuses.

It’s not a fraud, just a condition that you get to know when registering for your account. Have you read these conditions before accepting the bonus, right? I’ll answer for you: “No.” Always, before accepting any bonus, read it’s terms and conditions and if you don’t understand them or don’t want the bonus after all, just write to the costumer support. Bonus might be sometimes added automatically, which shouldn’t happen, so always write to the customer support, so they can take it away before you start trading.

Optionavigator and other scam schemes

Binary options are simply said cool and that’s why binary options’ frauds are growing quite fast. There are Optionavigator, profitonline, BinaryBotPro and many others. We try to inform you about them quite often, so you know when to be more careful.

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Frauds are always the same. They promise you high profit in a short time, but they are not always recognizable at a first glance. The website might look like some sort of a financial magazine, a professional trading platform or automatic trading system that guarantees an income without any work. However, I think that binary options traders are so often warned against these fraud that only a few get fooled. Those who do, much probably don’t know anything about binary options after all. Unfortunately.

There is only one way to never get fooled; to stay informed! It’s very important to read and educate yourself. If you’ll know what to watch out for, I am sure you certainly will.

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

What to Do If You’re the Victim of a Work-At-Home Scam

If you believe you’ve been a victim of a work-at-home scam, then you’ll want take some steps right away to report it, try to get your money back, and learn what to do to protect yourself in the future.

Before you accuse a company or person of scamming you, make sure you really were scammed, and not just the victim of bad service or a misunderstanding.

For instance, a direct sales company may have several complaints about sending products to reps without them having been ordered. However, if the complainants had read the contract, they’d know the company had an autoship program. That’s not necessarily considered a scam.

Getting Your Money Back

If you were scammed out of money, then getting it back can be difficult. However, there are a few things you can do to try and get it back.

Gather Proof

Collect all of your contracts, payment receipts, bank statements, emails, and any other proof of contact or exchange you had with the company. These documents should have contact information, refund policies, and other information you need to seek recourse. You’re less likely to get help or a refund if you don’t have this information.

Contact the Company to Request a Refund

If you want your money back, the best way to make that happen is through the company that scammed you. Reporting the business to the authorities might result in an investigation, but law enforcement and consumer protection agencies won’t necessarily help you get your money back.

If an email and phone call to the company in question doesn’t work then send a certified letter with a return receipt so you have proof that your letter was received on the other end. If the company fails to respond to your requests, then you can try the next step.

Report the Issue to Your Bank or Credit Card Company

If you used a credit or debit card then you can always dispute the charges. Many financial institutions will refund your money if they determine you were the victim of fraud. Each institution has its own rules about what it considers fraud, so be sure to check with yours to find out.

If you’re concerned you’ll continue to get billed on a recurring basis by the scammer company, then your best option might be to close the account.

Reporting the Scam

Even if you don’t get your money back, you can still take action against the scammer that may lead to stopping them. There are several places you can report to.

State Attorney General’s Office or the Secretary of State

Contact the State Attorney General’s Office or the Secretary of State in the state the company is located in to report the fraud. Even if you live in a different state, contact the state that the company is doing business in. You can do a Google search with the state’s name and “Attorney General’s Office.” For example, “New Jersey Attorney General’s Office.”

Federal Bureau of Investigation Internet Crime Complaint Center(FBI IC3)

The FBI IC3 investigates complaints of internet crimes, and requires accurate and complete details to do so. After they analyze the complaint, they’ll work with federal, state, local or international law enforcement or regulatory agencies with jurisdiction to take action.

Federal Trade Commission (FTC)

The FTC won’t be able to resolve your specific dispute, but if there are others who are filing the same complaint, it can investigate the prosecute the scammers.

Fraud.org

This site is a project of the National Consumers League (NCL), a nonprofit advocacy organization that aims to protect consumers. It can’t get your money back on your behalf, but it will forward the complaint to the proper authorities, including the FTC.

Better Business Bureau (BBB)

A company doesn’t need to be listed at the Better Business Bureau (BBB) for you to leave a complaint. Just file a complaint in the location where the company does business. The BBB may also contact the company on your behalf and attempt to solve your complaint. People who search the BBB for information can see the complaint, so it may help protect other consumers.

U.S. Postal Service

If the scam used the U.S. Postal Service, you can contact your local postmaster or go online to report the scam. This includes scams such as envelope stuffing, fake sweepstakes, mail theft, fraudulent checks, and more.

Local Police

Depending on the scam, the local police may not be able to help, but often the news of the scam gets reported so that others can avoid getting duped. In some localities the police will notify news outlets to warn others of the scam.

Avoiding Future Scams

The best way to deal with scams is to not be a victim of one. If you don’t want to be scammed, investigate and read all the details of the job or business before signing up. Here are a few tips for avoiding work-at-home scams:

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    Binarium

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  • Binomo
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    Good Choice For Experienced Traders!

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