I Can't Get My Money Back from My Broker - What Should I Do?
If you are an honest trader, fulfilled all the conditions of the contract, but the broker still does not give you the money, the question is what to do? You can complain or correspond with the scammer, as many articles suggest, until you feel blue in the face, you won't get more money from it.
What is the right way to act if a broker does not return the money, and what tools can help to withdraw the deposit, even without the consent of the recipient?
What helps you get your money back?
If the broker is not going to give you the deposit, and the application for withdrawal is constantly denied, the first thing to do is to check the fulfillment of the terms of the contract. That is, to make sure and record that you are trying to return from the broker the money, which under its terms are entitled to receive. The second thing that almost everyone advises you to do is to contact the technical support of the broker, and find out the reason for the withdrawal refusal. Already at this stage it is worth making screenshots of every step, from another attempt to make a withdrawal request to every detail of your correspondence with a representative of the firm.
Next, as a rule, is advice file a complaint to regulatory companies or leave negative feedback on forums. As we can see, many people follow this advice - the forums are overflowing with deceived traders. However, if anything, it will help new generations forex players and binary options. No complaint can fill the purse of a defrauded client (all complaints from our blog) is not capable. The regulator can shut down a broker or take away his license. This would block his accounts, including with your money. That is, most tips on how to get money back from a fraudulent broker without prepaying or leaving your computer are not able to replenish your card. The only option, if after the correspondence and threats the broker is not going to give up and give you your earnings is a chargeback. This is a really working method, but it is not suitable for everyone.
Who can get their money back from a chargeback?
Chargeback - is a refundable payment made by Visa or Mastercard in case the money was withdrawn by mistake or transferred to a fraudster. Accordingly, this system will work only for those traders, who used cards when depositing the account. And this is the most realistic chance to get money back from the broker. But you can't count on the profit return. Even in the best case a client receives only the amount, which was transferred from his card to pay for the service.
In order to initiate a chargeback procedure, the client must be more than just a cardholder. He must have enough evidence of poor service and the broker's failure to comply with his obligations under the contract. This is where the screenshots made earlier during correspondence will come in handy - they are the main evidence in a case of forex fraud or binary options trading.
Difficulties in conducting
Despite the relatively simple system of refunds with cancellation of payments, there are certain difficulties in processing a chargeback. As there is no profit for the bank, you just have to communicate with both the international system and the issuing bank that accepted your payments, it is not burning with the desire to accept the application. The payment system also wants to protect both sides of the conflict, so it approves only if there is enough evidence.
There are also frequent cases of blatant cheating of traders. The bank's lawyers and employees convince clients that they do not deal with chargeback, that they are not interested in such small amounts, and that it's your own fault, what do you want from us? This is all completely illegal, but the lack of knowledge, both in the field of law and in the rules of chargeback, usually prevents traders from resisting the pressure. The result is that the application is not accepted, the refusal is not issued, to the bank it looks as if no one ever tried to submit the papers, while the trader feels that the chargeback does not work.
Therefore, the chargeback procedure most often involves intermediaries who can reduce the risk of rejection to almost zero.
Help with Chargeback - who, where, how much
Logically, it is the charterback companies that are the best at drafting applications and collecting evidence. First of all, because they have the best track record on this, and second, because they have extremely dedicated specialists who have been involved in both law and trading. Thanks to the experience and knowledge of such professionals, the client gets:
- in time and a properly formatted application, which is hard to complain about;
- a legally competent package of evidence;
- reasonable resolution of disputes in favor of the trader;
- pressure on the bank to ensure that the financial institution fulfills its obligations.
Since the bank and the payment system have provided the chargeback procedure with a huge number of conventions and rules, it is rarely possible to achieve a successful resolution of the case and get the money back from the broker on your own. And there is no point in becoming a lawyer yourself and spending a lot of time studying controversial issues, if you can just share a certain percentage of the refunded amount and trust the work to professionals.
Let's move on to the no less important question - how much do the services of these specialists cost. To begin with, it is worth noting that there are two principles of payment: prepayment and payment of interest after receiving the money. Of course, you should trust first of all those offices that can get your money back from a fraud broker without prepayment. Because they do not just give certain guarantees, but also have a personal motivation to get results. The same firms not only promise to get money back from the broker without prepayment, but they also prefer not to take on knowingly losing cases. Whether you have a chance, you can find out at a free consultation.
One should not believe the statements that chargeback is not able to help traders to get money back from the broker - as a rule, people who cheated the bank or who submitted the documents incorrectly are convinced of this. Among those who trusted professionals and collected the correct data themselves, the percentage of returns is close to 100%.