• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Sunday, March 19, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
forex scams

Can you get money back from forex scams?

The answer is certainly ‘yes’ – but there is never any guarantee of remedial action that can be taken. Read on.

by Joanie Moretti, California Business Journal
A A
Share on FacebookShare on Twitter

For all that trading in forex pairs can be highly lucrative, there are – regrettably – always going to be risks. These risks do not start and end with the decisions you make during trading. Sadly, there will always be scams and hoaxes out there, which may result in financial loss. With that in mind, is it ever possible to get money back from forex scams?

The answer is certainly ‘yes’ – but there is never any guarantee of remedial action that can be taken. Therefore, it is always more prudent to know how to start spotting forex fraud before getting deeper into the process. Let’s examine this phenomenon in a little more detail.

What should you do if you’re a victim of forex fraud?

If you know that you’re a victim of a forex scam, the first point of action should be to report the broker or brokerage you’ve been working with. They should be held accountable – should they be regulated. In fact, one of the best ways to avoid fraud in the first instance is to always trade exclusively with regulated brokers.

Beyond this, you should make sure to inform your bank or bookkeeper as soon as you can that you believe you are a victim of fraud. Steps to take here will, of course, ensure that any cards or associated assets are frozen to prevent access to unauthorized parties.

Once assets and funds are frozen, you can start your journey towards potentially claiming back money you have lost. This may require you working with a regulatory body, for example, which oversees brokers –
however, processes can and will vary when it comes to claiming back lost funds.

How do you seek compensation for forex fraud?

At the time of writing, the main route for compensation for forex fraud appears to travel through class action suits. Therefore, a more worthwhile cause will be to prepare yourself in case of potential fraudulent activity. Knowing how to spot forex fraud before you choose a broker or start trading in pairs will – of course – prevent you from having to pursue compensation avenues in the first instance.

That said, if you are the victim of what you believe to be forex fraud, it is still worth pursuing through the relevant channels. Staying silent will only help to propagate the idea that fraud victims have no options once they have lost their money – and ultimately, if your case is legitimate, you are, of course, entitled to pursue what is due to you.

However, given the complexity of forex – and the burden of proof – you will need to keep an open mind regarding potential fraud cases. Therefore, be sure to assess your case clearly, and to ensure you can back up your claims should you be asked any questions. Compensation requests on the back of fraud claims are – of course – extremely serious, in which case, honesty is paramount.

Prevention, as they always say, is better than any cure. Those traders who have suffered losses through fraud will likely always think about what they could have done differently.

How do you prevent forex fraud?

Protecting yourself from forex fraud can and will vary from case to case. However, it is worth being cautious with brokers who promise bonuses that will need capital release ahead of time. What’s more, if you are already working with a broker and they are unclear about why you experience losses, you could be looking at potential fraud moving forward.

ADVERTISEMENT

Of course, a telltale sign that you are working with a fraudulent or unscrupulous broker is that they are simply unregulated. Always be sure to ask about their regulation and protection for you before you begin any trading. If any terms and conditions or clauses appear a little odd or don’t feel legitimate, you must always trust your gut instincts.

It’s also excellent practice to ensure you have multiple lines of contact for your broker and that you can retain access and authority over your accounts. A legitimate broker will always be willing to provide you with the necessary controls and the power to manage your money.

Unfortunately, realizing you have been the victim of forex fraud can occur at a moment when it’s too late to take action. Sadly, relying on compensation to help heal fraudulent activity can be short-sighted in the world of forex. Therefore, always ensure you know the signs of a scam before you get too deep into the process.

Related Posts

Essential Tools for New Forex Traders
Essential Tools for New Forex Traders
Foreign Exchange FOREX
Global Financial News: Is Forex Legal in Singapore?
Gold Coins vs. Bars: Is There a Difference?
Gold Coins vs. Bars: Is There a Difference?
Triumph FX Review
Investigation: Can TriumphFX Take Your Money?
Tags: bestbrokerCan you get money back from forex scams?casefinancialforex scamspowerprotectionregulatorytradetradingtrust
ADVERTISEMENT
Joanie Moretti, California Business Journal

Joanie Moretti, California Business Journal

Related Posts

Gold Coins vs. Bars: Is There a Difference?
Gold Coins vs. Bars: Is There a Difference?
Essential Tools for New Forex Traders
Essential Tools for New Forex Traders
Triumph FX Review
Investigation: Can TriumphFX Take Your Money?
Foreign Exchange FOREX
Global Financial News: Is Forex Legal in Singapore?
advertisement
ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN

Commercial Relationship Manager 3, Wells Fargo Bank, N.A., Los Angeles, California:

Represent the bank in developing and maintaining client relationships within middle market and mid-corporate banking.

Position requires a Bachelor’s degree in Business Administration, Finance, or related field and 3 years of experience. Requires up to 20% travel.

To apply, send resume to recruiter_inbox@wellsfargo.com and reference Requisition # 000329 in the subject line.

Facebook Twitter LinkedIn LinkedIn Instagram
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • Gavel, scales of justice and law books

    Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0
  • How to Start a Telecommunication Business: A Step-By-Step Guide

    0 shares
    Share 0 Tweet 0

Latest Articles

The Best M4A4 Restricted Skin

The Best M4A4 Restricted Skin

The Top Signs You Need HVAC Repair: Don't Ignore These Warning Signs

The Top Signs You Need HVAC Repair: Don’t Ignore These Warning Signs

The Benefits of Renewable Energy

The Benefits of Renewable Energy

Injured by a Drunk Driver? Seek Justice with the Help of a Skilled Attorney

Injured by a Drunk Driver? Seek Justice with the Help of a Skilled Attorney

Modern Payment Methods and iGaming: Changing the Way We Play Online

Modern Payment Methods and iGaming: Changing the Way We Play Online

Top 3 Websites For Free Comparisons Of Auto Insurance

Top 3 Websites For Free Comparisons Of Auto Insurance

EcoEngineers

EcoEngineers has established itself in California to help companies navigate the carbon disruption and energy transition

How Servicon Scaled and Soared During Pandemic and Continues to Grow with ESG Initiatives

How Servicon Scaled and Soared During Pandemic and Continues to Grow with ESG Initiatives

Who develops esports in LoL

Who develops esports in LoL

Sacramento Fence Repair Escalates as Homeowners Cope with Global Climate Change in Their Own Backyards

Sacramento Fence Repair Escalates as Homeowners Cope with Global Climate Change in Their Own Backyards

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR