Complaints about Forex, CFD and Binary Options Sites
We’ve been receiving multiple complaints from traders about fraudulent online Forex, CFD, and Binary Options sites.
Many times, brokerages will ignore regulatory laws and suffer from extreme conflicts of interest in order to profit. There are unfortunately plenty of licensed and unlicensed, regulated and unregulated brokerages abusing their client base. No one is 100% safe.
As for the scam brokerages, they use the same or very similar trading platforms so it is very difficult for the unseasoned individual to distinguish between a “true” brokerage and a “fake” brokerage. Only when they cannot retrieve their funds or have had their money traded away by their once friendly broker…do they realize they were scammed.
Here’s a summary of what people who have contacted us have experienced:
Fund Recovery – Our recommendation
After investigating, we found a solution we can recommend. MyChargeBack is an American fund recovery company with a global focus and an international client base that focuses on fraudulent binary options and forex sites.
So here’s a summary of what they explained to us:
Credit card consumer protection laws are only helpful if you know how to apply them. Though Visa and Mastercard may theoretically protect consumers from scams and fraud, but the local banks have a very hard time understanding the scams and applying these protective policies. Much like a court room where one certainly would necessitate a lawyer, so to in the “courtroom” of Visa and Mastercard – the general consumer is at a severe disadvantage when facing 1) an authorized transaction 2) a bank representative who is unhelpful and indifferent 3) a predatory and vindictive brokerage ready to challenge any chargeback claim that lands on their desk.
What makes MyChargeBack stand out from other fund recovery firms we checked out is their proven success record and hand-holding client services throughout this complicated process. MyChargeBack has an expertise is being able to explain your rights as credit card holders to bankers in the language that bankers understand and, when necessary, resurrecting a dispute beyond the standard deadline that your bank may incorrectly presume has already passed.
Having spoken with them and some of their former clients, it’s clear that MyChargeBack’s knows how to present your request to your bank effectively and professionally to maximize your chances to get your money back.