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It's easy to fall prey to an online trading scam, recovering what you lost is more important.

What are trading scams?

Trading scams are tricks or schemes that trick people or businesses into giving away money or investing in something, only to end up losing their money. These scams come in numerous forms, and usually people or groups operate trying to take advantage of unsuspecting individuals.

How do these scams work?

Trading scammers operate by grabbing your attention with attractive ads, emails, text messages, or phone calls that guarantee easy money profits. They open a bogus platform or pose as scam brokers. Also, they convince you to transfer your money, believing it could be a scalable affair or interest, but in actuality, it is a trading scam. Furthermore, fraudsters steer trades to make it seem like you’re making profits and motivate you to deposit further. But when you want to withdraw your money, they create reasons and simply vanish, leaving you penniless. Therefore, be careful and check the legitimacy of any trading scheme to prevent falling prey to scams.

Common types of trading scams

Pump and Dump Schemes:Con artists artificially boost the price of an investment, like a stock or cryptocurrency, to lure investors, only to profitably sell their holdings, causing the market to plummet.

Ponzi schemes: These schemes guarantee huge returns to investors but use money invested by new investors to pay-off earlier investors, giving the appearance of a successful investment.

Binary Options Scams: Swindlers might exploit binary options trading, resulting in a loss for investors via fraudulent methods.

Forex Scams: Bogus forex trading schemes typically guarantee high profits with minimal risk but may rig trades or misrepresent their specialty.

Social Media and Pump Groups: Fraudsters use social media or chat groups to spread bogus details to motivate others to trade based on phony claims.

Offshore Investment Scams: Swindlers advertise overseas investment with assurances of tax benefits or huge returns, frequently using complicated structures that are hard to track.

Phishing and Investment Fraud: Con artists make use of phishing emails, websites, or phone calls to gather private and financial details, which can then be used to pilfer money or commit investment scams.

Fraudulent Investment Platforms and Brokers: Fake trading platforms or brokerage companies might seem genuine but are created just to collect money from naive investors.

Recommendations to avoid Trading scams

Research First: Before jumping into any investment, take the time to research. Verify if it's genuine and not too good to be true.

Ask Questions: Don't be hesitant to ask plenty of questions and get guidance from trusted specialists or friends.

Be Wary of Pressure: Scammers may push you to make quick decisions. Avoid rushing into anything and take your time.

Safeguard Your Data: Avoid giving away personal or financial information to individuals you do not trust. Be cautious of unsolicited calls or emails.

Check for Licenses: Ensure that the broker or platform you're using is properly licensed and regulated.

Read the Fine Print: Always read the terms and conditions. If something seems uncertain, it might be best to get away.

Trust Your Intuition: If something seems too good to be true, it possibly is. Trust your instincts and be cautious.

Diversify Investments: Avoid putting all your money in one place. Diversifying your investments can help reduce risk.

Stay Informed: Keep up with financial news and be aware of the latest scams circulating in the market.

Report Suspected Scams: If you notice a possible scam, report it to the appropriate authorities to protect others.

Frequently Asked Questions

Report it to the authorities and stop any further investment. Keep your financial and personal information safe.

It can be tough, but you should report it and seek legal advice. Sometimes, you may regain some of your money.

Research thoroughly, inquire, don't rush into decisions, and trust your instincts. Diversify your investments and stay informed about potential risks.

No, not every one of them. Many online trading platforms are legitimate, but you need to be cautious and verify their credibility before investing. Check for proper licensing and regulations.