Review your case
Based on our experience, we are performing preliminary checks to assess whether your case can result in a substantial retrieval of losses.
Gather the evidence
We then gather every piece of evidence you have from your contact with the scammers along the way.
Investigation Report
We investigate your case and the people who scammed you to provide a detailed Investigation Report.
Action Plan
With our investigation Report, you’ll receive a step-by-step action plan explaining how we believe you can retrieve your losses.
Expert Assistance
Our team of experts can guide you in the execution of the recommended action plan.
Review your case
Based on our experience, we are performing preliminary checks to assess whether your case can result in a substantial retrieval of losses.
The Forex market can be risky and since the industry itself isn't very well regulated, it can be hard for an everyday person to determine whether they've been duped. If you suspect you've been scammed, we can investigate your case and expose the fraud. Our expert investigators will work hard on your case, analyzing every piece of evidence they can gather. We'll then provide you with a comprehensive report outlining our findings and empowering you to take the next steps towards retrieving your losses.
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Retrieving your losses can be a lengthy process, and it all starts with our investigation. Therefore, we must have your trust every step of the way. If for any reason you are not fully satisfied, you can ask for a full refund within 14 business days.
*read Terms & ConditionsForex scams are unfortunately common, which is why it’s important to understand how these scams operate and what steps you can take to protect yourself. That’s why we at Payback are dedicated to empowering our clients with the knowledge and tools they need to avoid Forex fraud altogether. We believe that informed investors are better equipped to make sound decisions and avoid falling victim to scams.
Forex is the single largest traded market globally, with up to five trillion traded each day and is considered decentralized because there is no central processor for trades– in other words, there is no entity that acts as a central exchange like the NASDAQ or the NYSE. Instead, orders are completed by millions of traders using millions of various forex brokers around the world.
Foreign currency trading is one of the most leveraged markets in the world as well. In the US, regulations limit a person to 50:1 leverage. In other countries, they have zero limits on leverage. It is not uncommon to see some non-US brokers offer 1000+:1. Due to these factors and a few others which we will discuss, this is why scams can be so prevalent within the foreign exchange market.
In the investment world, forex is the wild-west of traditional financial instruments. However, most of the participants are massive institutions like banks that help companies manage cross-currency rates for payroll or buying goods. But it is by far the most accessible and cheapest investment for anyone to make. A futures broker may require a $5,000 minimum investment; whereas many firms in the foreign exchange markets require as little as $1. Day trading stocks in the US requires a $25,000 minimum balance; forex does not require this.
The ease of access to significant leverage, and the fact it is open 24 hours a day all make it the most appealing market. But this also attracts many of the bad actors. Some countries regulate forex markets – but not always to the same degree as the US. Many countries have little to no regulation and allow anyone to open a brokerage account in their country. There are many, many bad brokers around the globe – so it’s often best to stick with brokers that are based in the US, EU, or UK.
Read more: Is forex trading legit or a scam?
The scams that exist in the investment world are many. One of the hardest things for new and aspiring traders to overcome is the vast amount of wrong information, bad actors and blacklisted scam brokers trying to take advantage of you.
Here are some of the different types of forex trading scams:
Broker’s Leverage
Learn more: How to avoid forex trading scams
Dealing with the aftermath of a Forex trading scam can be challenging, especially if you worked with an unregulated broker. But there are still ways you can come out of this messy situation. At Payback, we have a proven track record of investigating cases regarding investors who have fallen victim to Forex fraud.
Our expert team will investigate your case, analyze the evidence, and provide you with a comprehensive report outlining our findings. This report will empower you to understand the scam, gather crucial information, and take the necessary steps to pursue retrieve your losses.
Get in touch with us for a free consultation to learn about how our Investigation Report can help you get back what's yours.
A: No – but there are scams and fraudsters that create pyramid schemes. This kind of behavior exists everywhere and is endemic to all traded financial markets. If you are looking for a broker and they’re offering to put you into a ‘team’ to build a network, odds are it’s a pyramid scheme. Read our related article: What is a pyramid scheme and how to avoid them.
A: Several major regulatory bodies/agencies around the globe regulate forex markets. In the US, brokers are regulated by the NFA (National Futures Association) and the CFTC (Commodities Futures Trade Commission) – but not FINRA (Financial Industry Regulatory Authority). In the UK, the main regulatory body is the FCA (Financial Conduct Authority). In the EU, all nations that make up the EU have their respective regulatory agency – but the standards that each member State must maintain are established in the MiFID (Markets in Financial Instruments Directive).
A: Great question! One of the first signs that the broker you are looking at is legitimate is if they disclose that they are registered with a specific regulatory authority such as the FCA (UK) or CFTC (US). Another great way to determine legitimacy is to read reviews by current and former customers.
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