How to recover money lost in Trading

How to recover money lost in trading? The first and most important step is to report any suspicious activities that have occurred.

For those who invest in online trading, it can be difficult to interpret where money lost was due to natural risks that occur in trading, or if the loss was orchestrated unlawfully; and at times, it is nearly impossible to say with confidence if you have been the victim of a forex broker scam without expert advice.

Forex trading is always a gamble and as such losing capital invested is possible, but this does not mean that losing money to mishandled funds is acceptable.

It is true that no one can guarantee to get back what is lost, but in most cases at least part of the investment can be recovered. The first step in doing this is to report the scammers, for this gives judicial authorities the ability to intervene and freeze funds where possible.

What steps to take to recover money lost in trading

  1. Report the broker to the authorities;
  2. If you have used a credit card, contact your bank to request the transactions to be blocked;
  3. Check that the Forex broker is regulated so that you can rely, if possible, on the country’s supervisory body;
  4. Contact a lawyer experienced in Forex,because a professional will know how to

What are the chances of recovering money lost in online trading?

Investors who report a scammer may be eligible become beneficiaries of an Investor Compensation Fund, as has happened in the cases of AFX Capital Markets Ltd and PlexCorps.

This is why it is important to always report promptly. Remaining silent does nothing to help yourself nor others who have been victims of these scams.

How to recognize a Forex trading scam

It is important to know how to recognize a Forex scam and understand when you have been a victim of one.

How did you lose money in Forex trading?

  • You have been made promises but at the end of the day the broker has been careful not to keep them?
  • Have you been guaranteed a bonus but have been told that the capital invested will need to be surrendered in order to receive it?
  • Did you believe that your account was continuing to earn but your funds have been drained?
  • Have you had any unexplained losses and no justification for why they would have occurred?

 Who stole your money in Forex trading? 

  • Was your Forex broker unauthorized and were you aware of it?
  • Did you believe that the online Forex broker was regulated and have since discovered it is not?
  • Have you been made to understand that the Forex broker’s registered office was in Europe only to discover that it was instead of a tax haven?

How did you realize that you have been scammed?

  • Have you been unable to withdraw funds from your account?
  • Have you been unable access your account information?
  • Have you been unable to contact your broker or have been bounced from one person to another by the call center without receiving any satisfactory answers to your questions?
  • Have you noticed that your Forex broker has a questionable reputation based on the opinions of other investors or on specialist sites?

Usually, the revelation of a scam having occurred comes when you want to withdraw and enjoy the fruit of your investments and are unable to withdraw.

Who to report a possible online scam to

If yours is one of these cases, it is of the utmost importance to collect any and all documentation that can be used as proof, and to report the broker to the local authorities.

In Italy, the activities of brokers are monitored by CONSOB (exposed module), which has the power to shut down illegally-run sites. You can prepare the report yourself or have assistance in reporting with the help of a Forex trading lawyer.

If you believe that the situation deserves a thorough investigation by the competent authorities, you can contact the Fraud department of the local police online reports ), which deals with online crimes. Keep in mind that the online report alone is not enough, you must go with a copy of the report to a police officer.

Beware of those who contact you unsolicited to recover your money

Sometimes scammers target the victims of other scammers, and even in the cases of their own victims, to offer their assistance to recover lost money.

Reports of bogus law firms, or non-existent investor compensation funds, are on the rise, claiming to help people scammed get their money back.

The emails of the scammers (as well as phone calls) are usually recognized by the inaccuracies in the information provided, by the fact that they arrive with an offer for you from nowhere (without you having priorly contacted them) and by the promises to recover all of the lost funds which, this type of guarantee, is impossible to give and will not be done by true professionals. They may also work to discredit those who work honestly to help their clients, who have been victims of Forex scams.

It is good to keep in mind that …

A reliable trading broker should be registered the official regulatory bodies (Consob for Italy, Cysec for Cyprus, Fca for Britain, Nfa for the United States).

A scammer who hides their capital abroad makes it difficult for the police to recover it, but not impossible, given that a network of collaboration between the various supervisory activities has now developed.

Don’t be afraid to report, there’s no shame in being scammed, and the complaint is necessary to stop the scammer from continuing to do the same to others. The supervisory authority is the entity able to initiate shutting down the site to prevent the scam from continuing.

A report should be done as soon as possible, both because in the immediacy of the crime you have the opportunity to collect the greatest amount of information relative to your case, and also if you are still communicating with the scammer, the authorities are better positioned to stop them before they cut contact and finding them proves more difficult.

If you can, preferably use credit cards to make your investments, as the bank can activate a chargeback procedure, a process which allows to reverse a payment.

Don’t trust anyone who contacts you and promises they can get all your money back.

Why rely on a law firm expert in Forex?

Experience has taught us that all is not lost, that brokers are not always scammers, and that a gentle approach can bring more benefits than a threatening one.

A scammer is a victim only if he behaves like a victim, but that if he reports he is a little hero, and we have learned that many scammed together can be a crushing force to put the people who have taken advantage of them.

We have found that the complaint alone is not enough, that a practical law firm in Forex trading can succeed where the authorities stop, because they cannot devote themselves to every single person who presents a complaint.

Thanks to the interest in the individual client, the work of a Forex law firm is instead targeted and can be carried out in the best way, through its network of contacts (offices abroad, in strategic points, such as Cyprus) and knowledge, created over the years.

Because over time you learn to recognize, and to distinguish, a scammer from an honest broker.

The investigative work of a lawyer is to distinguish such differences, and to understand how to get the money back to the client.

The Boccadutri International Law Firm offers their team to assist anyone fallen victim to Forex fraud, and therefore, if you are seeking legal advice on Forex investment fraud, please contact our Forex department.

As each scam is different, no matter how similar they seem, with the help of an experienced lawyer a tailor-made solution will be made for you to address your particular situation. We do not make unnecessary promises, and therefore if the situation is such that proceeding would be counterproductive, we will advise you.

Calogero Boccadutri
Calogero Boccadutri
Managing Partner

Calogero Boccadutri is the Managing Partner of Boccadutri International Law Firm. He has trial experience in Forex, Personal Injury and Administrative litigation.

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2 Comments

  1. 7823a339c502a697a35c7cef02a6a174?s=54&d=blank&r=g
    CalisileTfusi 20 May 2021 at 15:35 - Reply

    please may you help me recover my money lost from forex scam

    • 59652a4edfaecf0843d874e01e76c029?s=54&d=blank&r=g
      Calogero Boccadutri 21 May 2021 at 13:40 - Reply

      Dear Calisile,

      Thanks for your comment. Our experts will contact you as soon as possible.

      Kind regards,
      Calogero

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