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    Is it possible to get money back from broker? Part II

    Chargeback details

    By now, you must have realized that the decision on the return of funds is mainly made by the card issuing banks and acquirer banks. Such companies are guided solely by their own ideas about the arguments of the sides.

    This leads to paradoxes, sometimes interpreted in favor of the broker, but clients who filed for a refund can receive 100% of the sum, even if the money was lost due to their own fault.

    Brokers must prove that the services were provided under the contract full and complete, but the acquirer bank may take the side of the trader in the case of unconvincing arguments saying that the check mark is a trader's signature, or in the absence of evidence of actual transactions.

    Another problem for brokers is a fake business format. If the client was not given the opportunity of real, competitive trading, and the funds were simply written off (this is especially true for binary options), the trader will get all his money back.

    If you are trying to make a chargeback following “someone else's advice,” remember that decisions in banks depend on specific people, so the same financial company can make different decisions on identical cases, or not accept a claim.

    Chargeback protection providers

    After reading the first part of this blog you can see that the success of claims directly depends on the ability to legally defend one’s case and relations in banking structures. Nowadays, there are plenty of companies and individuals ready to help traders recover their money.

    One of the features of such services is the prepayment and high commissions, reaching up to 30% of the transferred sum, retained or withdrawn by the broker.

    Before you rush to file a request with any company in the hope of returning lost funds, you should understand:

    • Appealing to intermediaries will not save you from collecting initial evidence of fraud;

    • The company will help “deliver” the application to the card-issuing bank and prepare a package of documents, but will never guarantee 100% results, because the main decision on return of funds is made by the bank equirer;

    • If the funds are transferred via an intermediary (in the details of the recipient is indicated an individual or some payment service, etc., but there is no clear broker's data) - the money will not be returned;

    • If the broker is bankrupt, then you will lose the prepayment to the intermediary.

    There is a lot of advertising of Chargeback providers on the Internet, but you should choose an intermediary according to the same principles as you should have chosen a Forex broker:

    • The legal entity must be registered in the client’s national jurisdiction (can be checked according to the registry);

    • Lack of 100% promises, partial prepayment;

    • Specialization - a lawyer should deal with chargeback closely and constantly.

    You should beware of the "free work" without prepayment, such firms will ask to make a letter of attorney and then will appropriate the received funds. Another common variant is foreign account. Fraudsters will demand payment for the work, pointing to the allegedly received money to the account, about which the “bank representative” will inform the trader.

    How to avoid forex scams?

    So easy, when you actually know it - companies working in the international financial services market for decades under well-known brand, will never try to steal a deposit from a trader. This can lead to loss of reputation or serious problems that the state will create.

    When you start Forex trading, you should see not only further advantages, but also assess all possible risks. You should always work using the formula - "The risk should not lead to strong emotional consequences, the invested sum should not crucial if you lose."

    Read everything you sign or agree to on a collective or public offer. Remember: having saved time on learning legal nuances and checking the validity of a broker’s business now - you will have to spend a lot of energy and emotions later, learning the documentation and ways to recover lost funds from a fraud broker.

    Be wary of calls from unknown numbers from short-lived companies. Usually the use methods of verbal influences, due to which 70% of frauds occur, including coercion to open an account in an unknown office.

    Fraudsters urge you "to open an account without risk." Do not think that you can withstand psychological tricks that are being improved day by day - just do not answer a call from an unknown number or hang up, actively using the "black list" function in your phone. You can also check the caller's number on the Internet - now there are a lot of websites, where you can find comments from people who have faced the similar problems.

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