Forex is a globally respected trading platform. Unfortunately, some brokers, robots, and investment managers take advantage of this by scamming their unsuspecting clients.
We’ll give you guidance on how to choose a Forex scam recovery company and talk about the types of scams they run.
What to Look for in a Forex Scam Recovery Company
You already suspect that you’re a Forex scam victim, so the last thing you need is to undergo a recovery company scam. Therefore, before you hand a Forex recovery company any money, make sure they meet the following guidelines.
1. No Guarantees
Scammers are clever to pull off what they do. So, a Forex recovery company can’t guarantee that they’ll be able to return your stolen money.
Therefore, when researching Forex scam recovery companies, avoid businesses that use the words “promise” and “guarantee.”
Instead, the company should showcase reviews on their website to demonstrate that they’re effective at hunting down Forex scammers. They should also show compassion while using phrases such as “we’ll do our best” and “our experience leads us to believe we can likely get your money back.”
2. Regulated Company
The Forex scam recovery business you choose should clearly state its affiliation with regulators. For example, Payback says that they’re a regulated Israeli company that offers global services.
Regulation helps ensure a company operates with fair business practices so that you don’t have to worry about being scammed again.
3. Excellent Customer Support
You have enough to worry about since becoming victim to a Forex scam, so you don’t want to agonize over having to hunt down your recovery company for a response.
Many of the best Forex scam recovery companies offer free consultations. That way, you can explain your situation and get a feel for whether the company will be able to support you.
4. Highly Rated on Reviews
Reviews are the foundation of a business’ social proof. While reviews on a Forex scam recovery company’s website are a good start for understanding customer experiences, you should seek out third-party review providers. Trustpilot is a great example.
Every company receives some bad reviews, and they can tell you a lot about the quality of the business. In fact, over 53% of consumers believe a company should respond to an online review complaint within one week.
So, analyze if and how the Forex scam recovery company responded to any negative reviews.
Types of Scams a Forex Scam Recovery Company Can Help You With
Below are some of the most common types of Forex scams. Forex scam recovery companies are aware of these tactics and may help you get your money back.
Broker scam: Criminals posing as Forex brokers. They’ll invest your money into a Forex fund that doesn’t exist.
Robot scam: Robots that have inexperienced or malicious developers. These robots trade without a legitimate algorithm.
Signal seller scam: Promises of high profits by following their advice. They give signals without technical analysis, or they leave with your money before giving you a signal.
Pyramid scheme: A Forex investment group that charges a subscription fee, with commission paid if you recruit people. These schemes eventually fall, and the group leader runs away with your money.
Managed Forex scam: Scammers that pretend to offer trading services but end up running off with your money.
Tips for Avoiding Forex Scams
Whether you’re reading this article for preventative purposes or want to know how to prevent Forex scams in the future, below is some tried and true advice.
- Use the Background Affiliation Status Information Center to choose a legitimate broker.
- Don’t use signals requiring you to register with a particular broker.
- Use a Forex paper account to test trade signals.
- Avoid investment management funds. The chances are too high that it’s a scam.
- Don’t believe a company that guarantees unrealistic daily gains.
Losing your money to a Forex scam is devastating. Luckily, all hope isn’t lost; there are Forex scam recovery companies that can work with you to try to get your investment back.
By following the advice that we shared here, you’ll have a head start on attempting to get back control of your stolen money.