If You have been Scammed, What should You Do?
Firstly identify that if you are being scammed by a scam binary options broker or scam auto trader software or not. If yes, you should or you can do the following things to fight against the scammers and to regain your investment. In some of the posts of Legit Binary Options Review like Scams Blacklist, we discuss the scams and how to detect them. Even though you know how to detect a scam broker, you cannot guarantee that you will not be scammed. It happens because of the new technique adoption of the scammers.
So, what should you do if you are scammed? If you become a victim of scam brokers or auto traders? Do you let it go? Or fight back to regain your capital. Do you quit binary options trading? No, quitting or let the scammers go is not a good idea. If you let it go and quit, scammers will be more aggressive and harm more traders.
Trading is always good. Only brokers, auto trader software or robots can be a scam. This article is about what you can do if you are being scammed. Yes, you will not get any profit but you can get back your investment and it requires some works.
Scammed? 6 Steps to Get Your Money Back
● Document your proofs – This is the first step if you think you are scammed. Document everything that you did on that specific scam platform and make a complete record. You can include the broker’s terms and conditions, email copies, copies of your conversation with them via Skype or live chat, their SSP’s, your deposit confirmations, for bonuses their turnover requirements and your full trading history with them. You should keep all the information as record always. Your next step will depend on what type of scam you are fallen in.
● Try your best to withdraw – If broker won’t let you withdraw, contact them and find out the reason. You have not provided the right identification document is the most common reason they show. You have to provide your identification document and it is an international law to withdraw money. This is not a big issue and can be solved easily. Other most common reason to not allowing you withdraw are turnover requirements and bonus terms and conditions.
Check whether you meet all the conditions to make a withdrawal. For these reasons, you should have kept all your trading volume and turnover records. From the broker platform if you did not accept any bonus this documents will help you to fight against them. It’s a strong proof, there is no doubt. You will get the run-around from the scam brokers while legit brokers will solve this issue as soon as possible.
● Make sure your voice is heard – If you face the run-around from a broker platform and didn’t solve your issue, then what to do? Let the community know about this issue of that specific broker or auto trader. You can post your complaints with proofs in the major options trading forums and communities. You should make the complaints in details.
After doing that, let that specific broker or auto trader know about your complaints and send them your complaints link. If the broker or auto trader is a scam one, they will not care about it. But if it’s a legit one they will take action to solve your issue to avoid the negative impression. Always post your complaints with proofs and in details because no one will trust you without proofs.
● Contact brokers or auto traders payment providers – The brokers or auto traders aren’t eager to help you, now what to do? This is the point you should understand that you have been scammed by them and they give you suffering from their miscommunication. Now you should take more advanced steps to fight back. If you deposited your money from your credit card, you may call your credit card company and request them a chargeback.
Let the credit company know about the fraudulent initial charge and that specific company is not eager to contact with you to solve your issues or requests. The Times of Israel published a report on how a victim of scam gets back full investment after contacting the payment provider. The payment provider withheld the payments until the broker solves the issues of the client.
● Contact the regulatory authority – It is time to fire the big gun. There is an alternative for the traders who are scammed and that is the regulators. You can contact them explaining everything. Believe me, regulation is the best thing of expanding binary options market. You may found it challenging to contact the regulators because many of them located offshore. So do your homework before contacting them.
If the broker or auto trader is regulated by the regulators contact them directly. But if the broker or auto trader is not regulated contact the financial regulatory authority of your country. The regulated brokers or auto traders must solve your issue to avoid fines and other punishments. If the broker or auto trader is not regulated you will be able to give them a hard time with the ban and scamming notices. The regulatory authority may shut down that specific broker or auto trader forever to stop scamming people.
● You should be persistent – Scam brokers have the people who are professionally good to deflect complaints and questions. Do not accept any word from them. All these processes may take time but you are on the right track to address your cause. If you can do all the above process step by step the broker or auto trader will give your investment back to avoid much bigger loss, bans, or even shut down.
I think you understand how to get back your money after being scammed by the scammers. Follow the above steps and we hope you will be successful.
Trading Strategy Scam: How to Spot
You will find numerous trading strategies on the Internet via companies, ads, articles and individuals who promise you to make you a millionaire overnight. You should take a pause here because there are scam trading strategies too.
So what you have to do to detect a scam trading strategy?
What do You Need? A strategy or A System
To be a good trader you will need a good system with strategies. Only strategies are not able to make you a successful trader. You will need to make a trading plan which covers enter and exit of the market with the money management. You also take count the market conditions and how the things going on there. Combining all these with the strategies makes a perfect trading system. This system will tell you how, where and when to trade.
Strategies only tell you about the enter and exit of the market but they are not designed to tell you about market conditions. Moreover, strategies are not able to give you guidance on trade size or you should place multiple trades at a time. These issues are very important for binary options trading. Yes, strategies are useful for trading but only strategies are not enough.
A complete trading system that’s what you need. This will make you a smart trader. But you have to consider the following factors to be a smart trader.
Learn about JV Marketers and Social Media Scams
Careful about Boxed System
A boxed system is a system where traders won’t know how the trading strategies will work, it’s more like a black box. As the example, the product can be a series of a service or indicators which will tell you when to place a trade. But why to place trades, they won’t tell you. For sure this is not a good trade for you.
Because you are totally on the dark side about the trading. You will not get anything if a service or operator stop operating. You have to start all over again even if you made cash from the previous trade. Buy something which explains how it is going to work. So that you need not rely on services or indicators.
Very High Winning Rates
In binary options trading is it possible to win at a rate of 90%. Of course, it is very much possible. But you should also remember that to gain 100% win rate is not a possible thing. Many brokers and auto traders tell the traders fabricated lies or partial truths. Some tactics may say you they made $500 in a single day. That doesn’t make sense.
If your account value is $1,000,000 then earning only $500 in a day is not enough. If you lose $3000 before and earn $500 the next day, it’s little bit weird. So how you can earn a profit by minimizing your money management risk? What is the information you need to know? To understand binary options trading and for your better performance, you need several pieces of information.
They are – your account size or capital, return percentage, risk amount for every trade, profit amount for every trade, the ratio of win and loss, biggest trade winner, biggest trade loser, average trade winner, average trade loser, trades number and trading period. Depending on these facts you can calculate that which strategy is profitable for you.
You can have some other information also according to your need which is able to help you. But for all of this information, you have to ask the broker or auto trader company. If they are not giving you all this information, you can count them as suspicious. By checking the above stats you can learn what tendencies and vulnerabilities usually a trading system has.
The trading strategy whatever it is that should be tested for a long time period. It also should be tested in all binary options trading market conditions like sedate, up trends, down trends, volatile and ranges. Necessarily it doesn’t have to a winner in all these conditions, but it should be tested through all the conditions which make you know that overall it is profitable. Sometimes traders are not disclosed their trading result where their strategy worked well. It doesn’t give you an actual idea that for a long term period how a strategy or a system works.
You have to consider something else buddy. Profitable systems result based on all trades. After buying the service or product, what you do? Trade them all or not. On this case when traders subscribing to a specific signal service they don’t place trades for all signals. Then the typical result, your trading result could be different if you do not place trades for all signals.
Avoid Only One Direction Trades
You should avoid the system which provides only one direction trades. As the example, the system only buying assets but won’t let you sell them in the market. Whatever market will rise or fall, you have to participate in both market trends.
Let Them Go With No Trial Period
You should test a broker or auto trader platform before taking their service. Many broker and auto traders providing demo account which is comparatively same to Trial Period. By the demo account, you can test their trading platforms. The trading platforms who have no trial, no deal with them. Except you don’t trust others.
It is not legit for a product or service who make you depended on it. It should be transparent and show you the behind scenes. They will allow you to do your works. Legit services always have valued customers and they also gain new traders as well. Make you dependent on the broker platforms, products or services, there are actually no reasons for them. Check their stats to find whether they are legitimate or not.
If you found a broker platform or service or auto trader legitimate, then join, trade every signals to have better advantages and get the best results. Remember that past is always past. Past trading result will not affect your future trading results. You should know about the JV Marketers and Social Media Scams of binary options market too to avoid them.
Of course, you need to do your homework well and be sure that the product or service or system or strategy has a long trading history and proved for all binary options trading market conditions. Always test a broker platform or service or product before joining with them. If they do not let you do that, leave them as a suspicious one. I am Gary Wilson signing out for now. Take Care.