Many people have made money on Forex, but unfortunately, there are also a multiplicity of scams intended to take advantage of people who want to make money quickly
When you sign up with a broker, you need to know that you can withdraw your money whether there are gains or losses. It is essential to work with a broker who is licensed and has a strong reputation. It is also important to look carefully at their policies for withdrawals. If you are stuck with a broker that won’t withdraw your money, contact Trader Defense Advisory.
Trader Defense Advisory experts consult with traders who are having issues with brokers and suspect they may be stuck in broker scams. You may ask, “How to get my money back from Forex trading?” Our professionals will create a game plan with the goal of retrieving your funds. Speak to our experts today if a broker is not returning your money.
Many people have made money on Forex, but unfortunately, there are also a multiplicity of scams intended to take advantage of people who want to make money quickly. Therefore, one should avoid approaching Forex with a “get rich quick” mentality. Also, take the time to research each broker.
Always work with a regulated broker. If the broker does not allow you to withdraw your money, you at least have some recourse an authority that can take action against the broker. It isn’t enough simply to notice the broker has a license. You should ask the following questions:
You may notice that a Forex broker has a license, but the license may be out of date. You may think, “Well, he is licensed so it must be okay.” However, a broker might have lost his or her license because of misbehavior, so it is important to mind the date. Ensure that the license is from a reliable regulator.
Some regulators give a license to anyone who follows very minimal requirements and pays money for it. Third, you should try as far as possible to determine whether the license is genuine and not counterfeit. Checking with the regulator that they indeed issued the license is a good move.
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Before working with a broker, you should ask the following questions:
You should be able to withdraw your money from a broker easily. Look at any specific fees, delays, and rules for withdrawal very carefully. This doesn’t mean that all fees and guidelines are red flags, but they should be placed under scrutiny to make sure they make sense.
Reasonable withdrawal regulations may include a withdrawal fee, but these should be very low. Many reliable brokers do not charge special fees for withdrawals, but there may be charges for specific withdrawal methods. These should be quite minimal and be clearly stated in terms and conditions.
If you see any illogical qualifications for withdrawal such as market volume or something that doesn’t seem directly relevant to the individual trader, that is a cause for concern. Additionally, if traders are asked to wait a week or more for withdrawal of funds, know that this is not a common requirement from reputable brokers.
You shouldn’t have to wonder how to withdraw funds from Forex companies. The policy should be stated openly on the broker’s websites or the terms and conditions before you sign. You may find, however, that a broker is not releasing your funds. This may not be a sign of an intentional scam 100% of the time, but it certainly makes a broker less reliable. Here are some reasons a broker may be holding onto your money.
None of these scenarios are good signs. If a broker is not intentionally committing fraud but is out of money, this is an indication that the broker may be going bust and wasn’t well-capitalized.
If the broker wants to make additional trades on your money, this is what the SEC has termed “churn”. In this context, churn is defined as a broker making excessive trades in a client’s account to benefit the broker, not the client.
The third possibility is that the broker is intentionally engaged in a scam and was never going to return money to the client. This is the most severe scenario, but the other two are also reasons to get professionals such as Trader Defense Advisory involved.
If your broker is not returning your money, contact Trader Defense Advisory. Our experts will consult with you and create a strategy for confronting the broker, the regulator, and legal authorities. Our professionals will set in motion the process to retrieve your funds. Talk to us today and we will create the right plan for you.