The broker cheated: how to get your money back and what to do?.

A broker, if you choose a good specialist, can significantly simplify the entire task. But in some cases, a broker may deceive you. If the broker deceived you, then you need to come up with what to do next. After all, in this case, we are talking about quite a lot of money. 

Separately, you need to think about how to get your money back if the broker cheated you, and what to do to punish him. After all, sometimes the situation becomes fundamentally important. In any case, if the broker deceived you, it is not worth letting the situation run its course. 

What to do if the broker cheated you? 

In fact, the query "the broker cheated" is not so rare. The more this financial niche develops, the more often deception occurs. Therefore, before finding out what brokerage assistance is, you need to clarify immediately what you need to know about the broker so that he does not deceive you. But even in such cases, deception can occur. If the broker cheated you, you will have to look for answers on how to get your money back. Therefore, the work of a broker is important, but you can also often encounter a scammer. 

Swindled traders face loss of money and search for ways to get their funds back. If you find yourself in such a situation, it is important to know what actions to take and how to act correctly to maximize your chances of recovering your funds.

How to understand that you are facing a scammer? 

You should start with the fact that choosing a broker can be the salvation from the deception that everyone fears. How to recognize a scammer pretending to be a broker: 

1. He promises high profits immediately, without even detailing how they can be achieved so quickly. Scammers attract traders with promises of guaranteed income with minimal risks.

2. A scammer always takes high commissions for their services. This is often how they deceive clients. 

3. You can suspect fraud if the scammer immediately starts refusing to withdraw funds. The main sign of fraud is the inability to withdraw money from the account without explaining the reasons.

4. A real broker has a license and registration, while a scammer does not. The license and registration of a broker with regulatory bodies is one of the most important aspects indicating the legality of their activities.

Based on these criteria alone, one can immediately recognize how conscientious the broker is. 

What to do if the broker deceived you?

So, it may happen that the chosen broker, even if they passed the verification, did not justify your trust. When the deception is revealed, you need to act quickly and without delay. Then there is a chance that you can get your money back, at least partially. 

There are several effective strategies for dealing with scammers and getting your funds back. What needs to be done:

1. First of all, you need to save all correspondence and documents. These will be the main evidence of the broker's guilt. This includes both screenshots and printed correspondence. This also includes all contracts and agreements you signed with the broker. These materials can be used in court proceedings or to file a complaint with regulatory authorities.

2. Next, try to contact the broker directly. The first step is to try to resolve the problem directly with the broker. Send a request for a refund through official communication channels. If the broker does not respond or refuses, you need to move on.

3. Next, you can pay attention to the broker's license. If the broker claimed that they are regulated by certain bodies, check that assertion. Ukrainians can refer to the registers of the National Commission on Securities and Stock Market (NSSMC) or international regulators such as CySEC (Cyprus Securities and Exchange Commission) or FCA (Financial Conduct Authority in the UK).

At this stage, you can already predict whether something can be done or not. After all, if the broker does not have a license, it will be much more difficult to force them to respond. Then you can contact the payment system. In some cases, you can initiate a chargeback procedure. This is a refund for a completed transaction if it was done as a result of fraud. The chargeback process is possible for payments made using credit or debit cards, as well as through some electronic wallets. You will also need to describe the situation in detail to the bank and only then ask for help. 

Then, if all of this has not helped, you need to file a complaint with regulatory authorities. If the broker is registered in Ukraine or another country with a regulated market, contact the relevant authorities. For example, if the broker is regulated abroad, you can file a complaint with their financial authorities, such as CySEC, FCA, or FINRA.

The last resort may be court. In Ukraine, there are several legal mechanisms for recovering funds. In this case, you will have to prepare a lawsuit and spend on a lawyer (additional expenses without the guarantee of getting your money back).