Explore The Many Forex Scam Recovery Companies That Will Go Above & Beyond to Help You!
The largest financial market in the world is known as forex, or the foreign exchange market, where investors and institutions trade currencies. The Triennial Central Bank Survey conducted in 2019 reports that approximately $6.5 trillion was traded daily on currency markets.
Forex trading is legal; however, there are many con artists and dishonest people out there. Before entering what may be a Wild West style of the world’s financial markets, investors must exercise due diligence.
The foreign exchange market is risky and prone to volatility. Retirement funds, for example, should not be invested there because you could lose most of it very rapidly. The CFTC wants to advise you on spotting possible fraud because it has seen a substantial increase in forex trading scams in recent years.
Foreign exchange or Forex frauds are done through any method that cheats traders and persuades investors that trading on the forex market will yield massive profits. The foreign exchange market is essentially a zero-sum game in which one party makes a profit while the other makes a loss, no matter what anyone tells you.
By now, you must be aware of how dangerous online investments mainly currency exchange can be. Online FX scams are initiated by con artists who take advantage of the Internet’s anonymity. It is important to differentiate a scam from an actual forex trading activity to prevent getting scammed.
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If you want to keep yourself safe from falling victim to internet scams, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!
Forex Scams Are Out To Get You!
Anyone who participates in forex trading should be aware of the risks. However, forex scammers pick a degree of danger that bets their clients’ capital and threatens harsh penalties for anyone detected.
The forex market has a massive number of financial predators because it is one of the biggest trading markets in the world. In reality, some of history’s most notorious con artists have held positions as scam forex brokers.
Below are some schemes through which forex scammers have been successful to befool people:
Black Diamond Scheme
Black Diamond was a complex currency Ponzi fraud that operated from 2007 through 2009. It was orchestrated by Keith Simmons and assisted by his associate, Deanne Salazar.
Simmons and Salazar were able to steal $35 million from over 240 victims, many of whom were elderly, by promising investment returns of up to 137 percent and claiming their trading program was regulated. They avoided actual trading on the FX market by making tiny payments to established investors with the money from new investors.
Simmons received a 50-year prison term and a more than $35 million fine after being caught in 2010. Salazar received a 4.5-year prison term and a $5 million fine.
Lance's Deception Down Below
Ryan Jack and Jimmie, the following dishonest act was conceptualized by Kevin McNicholl and his partner. This Ponzi scheme, which is all-too-common on the FX market, targeted over 1000 investors.
Together, they were able to amass more than $8 million NZD via their fictitious trading site, BlackfortFX, in just a few years. The company was falsely and dishonestly registered, and the investments were never even close to being traded on the foreign exchange market. Compared to Lance Jack Ryan, Jimmie received a harsher punishment of seven and a half years in prison and $50,000 NZD in compensation charges.
False promises Made in The US
Joseph Kim, a resident of the USA of Korean descent, collected enormous sums of money from numerous investors while promising them large profits on a “low-risk virtual currency arbitrage scheme.”
Sadly, Kim’s authentic approach was more of a “spend, spend, and spend” mentality, and he quickly squandered all of their assets. If the investors had done more investigation on their forex expert, they would have learned that he was just fired from his job for attempting to steal the company’s Bitcoin and Litecoin reserves.
Kim was sentenced to 15 months in prison for his offenses, a $1.1 million fine, and a lifetime prohibition on trading cryptocurrencies and soliciting donations.
Unfortunately, there is fraud in every industry, and the forex market is no exception. Sleazy Forex brokers will still defraud unwary traders in 2022, but the good news is that this is no longer the trend and is declining.
The primary causes of this transformation are numerous. Blacklists of Forex scam brokers are now constantly updated and published online by users. The same applies to our portal. Since we have been gathering information about shady brokers for more than ten years, we believe we are familiar with every shady business operating today.
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We have encountered victims who were mentally and emotionally drained when they were scammed out of their money. We can help you with your legal and technical concerns. We can help you get your money back.
Who are The Scammers in The Forex Market?
Forex scam brokers are not necessarily represented by other honest brokers. They are most likely lone actors that pose as broker firms despite not having companies.
They are frequently skilled internet users, capable of fabricating fraudulent information on the website they built. These scam website proprietors are not effectively controlled because they lack a license. They may lack even the most fundamental understanding of the Forex market. However, not everything is as evident to a beginner trader without a background in finance or economics.
For instance, when someone visits a beautifully designed website, they might notice words or phrases like “spread” and “instant execution of orders,” along with eye-catching promises of profit. That could give the dishonest website a false air of legitimacy to a beginner. As a result, a person registers and deposits money, and then technology deceives them.
Forex Scammers see opportunities to target us in these uncertain times. We can guide and support you, contact us now!
Fear Not, Even if You’ve Lost Your Money, The Claimers Have Got Your Back!
The number of results for forex broker scams on the internet is staggering. While the forex market is gradually becoming more regulated, many unscrupulous brokers should be avoided.
When looking to trade forex, it’s critical to identify brokers who are trustworthy and viable brokers and avoid those who are not. Before investing a significant capital with a broker, we must go through several steps to separate the strong brokers from the weak and the reputable ones from those with shady dealings.
Trading is challenging on its own, but the fear of losing your hard-earned money makes it a total gamble for some. When it comes to forex trading, one needs to be prepared because there is a huge chance they could lose their money. There are multiple such incidents and the history of forex scams mentioned above that can attest to this.
However, just because of a fear of losing, one shouldn’t let it hold them back from progressing. Losing money online comes with the territory of leaping. Nevertheless, numerous companies help you get your money back. Not only this, but they enlighten and educate you regarding the do’s and don’ts of online trading.
Following are some of the service provider companies that can help you get your money back:
- The Global Payback
- Funds trace
- Chargeback way
Their statistics of successful recoveries and satisfied customers speak for themselves.
The Global Payback
The Global Payback has a high customer rating of 4.6 stars which shows that most customers are satisfied with their purchases. Global Payback is ranked eleventh among Legal Services websites.
In one of the cases that came to the Global Payback for help, Sarah Jeane lost $5000 in a forex scam by trusting unregulated forex scam brokers. She had given all hope but then she came across the Global Payback. They asked her for all the relevant details, conducted research and successfully unveiled the scammers through their latest technology.
Not only have they helped Sarah, but numerous other such cases where the victims had lost all hope but with the help of the this company, they were able to recover from their tragic events. In a review, Ian Watson claims “If you’ve lost money online, don’t hesitate to talk to them. They don’t promise anything that they can’t deliver and they literally work tirelessly on your case (I mean literally – they called me about every 3 days to update me on the situation). Don’t think I would have seen a single cent without them.”
In another review, Christine claims that he didn’t know how they do it but they figure forex trading frauds so well that it is hard to believe! He used to gamble online, and sometimes, he thought there was something fishy about how they operated. Later, he realised that most of the money he put on the platform was lost. He didn’t get significant answers from the service representatives, and they started hanging up on him. However, the Global Payback managed to help him get a large amount of his money lost in the forex scam. “Excellent job. Highly recommended”, he exclaimed.
These were just a few examples of where Global Payback has been a savior for its customers!
Customers who are pleased with Funds Trace Recovery frequently express gratitude. Funds Trace has a consumer rating of 4.68 stars based on 63 reviews, indicating that its customers are satisfied with their purchases.
Nina Ross, yet another victim of a forex scam, lost all her life’s savings by trusting forex scam brokers. She went into severe depression and had entered a black hole from which she saw no place to escape. A friend of hers recommended Funds Trace to Nina. Now it was even harder for her to trust an online company after getting scammed, not once but twice.
Upon her friend’s persistence, Nina went over Funds Trace’s reviews, and after a good amount of research, Nina gave in to the idea as she didn’t have anything to lose further. She finally contacted the customer agents and gave them all the relevant information and waited for a miracle.
She was first told to report her broker which she previously hadn’t, to save others from fraud. Funds Trace also instructed her to freeze all her bank accounts and assets. Once this was done, they got in touch with oversees brokers to begin the process of recovering her funds. The whole process took six months and Nina was able to recover two thirds of her money.
Even getting two thirds after suffering and spending sleepless nights, this felt like a dream come true. Nina says “not only did Funds Trace recover my money, but they also saved my life. I had gone into a very dark place where I saw no hope but it was the team at funds trace that took me out of these dark times. Their customer service was phenomenal.”
With a 4.8 star rating and countless positive reviews, it is safe to say you can put your trust in Chargeback Way’s services. In times when one has incurred a massive loss, it is difficult to pull yourself out of the trauma and be ready to take action. This is your reminder to get up and take charge of your situation with the help of chargeback way.
Investors who have been scammed are eligible for an Investor Compensation Fund which Chargeback Way goes over and beyond its capacity to make sure the victims get a fair amount they have lost. Rita, a newly wed lost most of her savings in a fraud and was reluctant to report it. She contacted Chargeback Way a little too late, after 2 years and when the traces of the fraud had diminished. However, Chargeback Way helped her recover her money and also get reimbursed by the compensation fund by putting up a strong case.
In a review Rita says “Chargeback way acted as my knight in shining armor. The way they dealt with my situation was highly professional. Not only was the customer service top notch but they were actually able to provide what they claimed they would!”
With a rating of 4.7 starts, Chargebacking continues to step up its game. It has positive reviews of successful scam recoveries pouring in day after day!
In a review Anna says “I still can’t believe it. I still can’t comprehend that Chargebacking was able to recover all my money, I am forever grateful for their services. If you, like me, have been a victim of a forex scam, make sure to check them out once!”
In another review Sam says “I entered the forex world thinking it would change my bad days but sadly due to my lack of experience and the mistake I made of investing the majority of my savings, it turned my bad days into even worse ones. I don’t know how I came across chargebacking but I am forever grateful that I did. May they continue with their good work and keep helping others the way they did me,”
One of the top targets for scammers is the forex market. Since the sector is widely recognized as a reliable investment option, it is exceedingly challenging for the typical person to distinguish between legitimate and scam brokers.
We at the Claimers understand the trauma one goes through after having been a victim of fraud. These days, it is very easy to lose hope and essential insights. However, it is crucial that at this point you show strength and seek help. Reach out to the Claimers for informational support and we assure you, you will not regret it. We can help you in a numerous ways to help you recover from forex scams.
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A lot of those who contact us have questions and concerns about their personal and business data being compromised. We aim to arm you with the legal and technical know-how in the fight against scams. Also, we will be able to refer you to top scam recovery agencies.
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