There is nothing more frustrating than facing the loss of money while trading on the Foreign Exchange Market. You would like to avoid that scenario in every possible way, or at least know how to adequately protect yourself, i.e. react in a situation of losing money.
Don’t worry. It’s perhaps the most common preoccupation of many Forex traders investing in online trading. One of the best solutions for traders is to consider numerous relevant chargeback companies that will provide them with one of the best ways to insure and recover what is lost, and these are Chargebacks.
So, before we get straight to the point and explain how you can recover your invested funds in Forex trading, let us give you a brief explanation of what Chargebacks refer to.
What is chargeback exactly?
A chargeback represents the payment amount returned to a credit or debit card after a customer returns the purchased item or disputes the transaction. The chargeback process is able to be initiated by either the cardholder’s issuing bank or the merchant.
A chargeback is also referred to as a payment dispute when a cardholder questions a transaction and asks the card-issuing bank to reverse it. If the bank rules against you, those funds will be returned to the cardholder. On the other hand, you will receive the disputed funds back if it rules in your favour.
Crucial Steps you have to take to recover money lost
If you are interested to know how can you recover your money lost due to Forex trading online, here are all the crucial steps:
- Report the broker to the authorities
- If you’ve used a credit card, you should contact your bank to request all the transactions to be blocked.
- Make sure you’ve checked whether the Forex broker is regulated so that you’ll know that you can rely on the country’s supervisory body.
- Contact a good lawyer experienced in Forex since a professional will know how to deal with it best and most effective way.
Reporting scammers is the best thing to do in case of fraud.
Even though Forex trading is considered a gamble and that losing invested capital is possible, it doesn’t mean that losing money to mishandled funds is acceptable. Investors who report a scammer could be eligible to become beneficiaries of an “Investor Compensation Fund”.
For that particular reason, it’s crucial to always report promptly. Remaining silent about this does absolutely nothing to help yourself or any other individual who’s been the victim of these common scams.
Reporting scammers is an essential thing you’re required to do. However, if the situation is far more complicated and deserves a thorough investigation by authorities, you should contact the Fraud department of the local police online. Remember that one single report isn’t enough. You’d need to go with a copy of the report to a police officer.
Who stole your money in Forex trading?
If you are wondering who stole your money in the Foreign Exchange Market, these are the key questions that should be answered adequately:
- Have you checked that the Forex broker’s registered office was in Europe, or you’ve discovered that it was instead of a tax haven?
- Was your chosen Forex broker unauthorized, and did you know that or not?
- Is your broker regulated or not?
Answering these questions above will help you discover what might be the cause of your stolen money in Forex. Good luck with that!