Forex Scams – PayBack

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How It works

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

Get expert help to track and recover your lost crypto with a personalized approach.

Expert Assistance

Our team of experts can guide you through the process of recovering your losses.

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Once you successfully execute the action plan, you'll recover your lost funds.

Binary Options Scam: Retrieve Your Lost Funds

As you may be aware, the U.S. Department of Justice (DOJ) and the FBI have conducted an investigation into a number of recovery companies, including Payback. Payback fully cooperated with the authorities throughout their investigation, and we are pleased with their decision to return our website in order to resume our operations in the US.

This inquiry into Payback was an opportunity for us to perfect our product and services and ensure stricter compliance with applicable US law. We look forward to continuing our work helping victims of online scam get their money back.

Your money back guarantee

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. So, if for any reason you are doubtful, you can ask for a full refund within 14 business days.*

Forex 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 fraud altogether. We believe that informed investors are better-equipped to make sound decisions and avoid falling victim to scams.

What is forex trading?

Forex is the single largest traded market globally, with up to five trillion dollars exchanged 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 and as a result, the regulation is far from a precise science. It is not uncommon to see some non-US forex offers list 1000:1 due to these factors and low barriers to entry with offshore rules, this why scams can be so prevalent within the foreign exchange market.

Is forex trading a scam?

In the investment world, forex is the wild-west of traditional financial instruments. However, most of the participants are massive institutions like banks that hedge companies managing cross-currency rates for payroll or buying goods, but this is far from a trouble-free exchange.

The forex trading space is rife with brokers who establish bent on defrauding new traders. Avoid bad brokers, forex education programs, performance marketing lists, and fraudster automated trading programs.

The ease of access to significant leverage, and the fact it is open 24 hours a day all but makes the most appealing marketplace. But this is not always to the same degree in the US. Many countries must take in the regulation and allow anyone to open a bank brokerage account in their country. Note that many new traders and brokers around the globe – so it’s often best to stick with brokers that are based in the US, EU, or UK.

Key points

🔸 Using a regulated broker ensures that your money is safe, the data is secure, and the provider is abiding by proper industry standards, and that the broker is operating legitimately and ethically.

🔸 The forex trading space is rife with brokers who establish bent on defrauding new traders. Avoid bad brokers, forex education programs, performance marketing lists, and fraudster automated trading programs.

🔸 If you’ve been the victim of a forex scam, we can investigate the fraud and provide you with the information you need to potentially recoup your losses.

How to spot a forex scam

The scams that exist in the investment world are many. One of the hardest things for new and up-and-coming traders to overcome is the vast ecosystem of bad information, bad actors, and blacklisted scam brokers looking to take advantage of you.

Here are some of the different types of forex trading scams:

Broker’s Leverage

🔸 The US and EU (more recently) have limits of around 50:1.

🔸 If you see a broker offering 500:1, 1000:1, or anything beyond a conservative amount, stay away. This is a predatory action.

🔸 Avoid any broker that is not clear about margin requirements.

Broker’s undisclosed parameters

🔸 Avoid requirements for a minimum Stop Loss or Profit Target.

🔸 Avoid requirements where you must have a trade open for a certain amount of time before you can exit.

🔸 Avoid anyone that doesn’t allow you to create your own risk management profiles.

Broker withdrawal rules

🔸 You should be able to withdraw your money from your brokerage account at will – but some don’t allow this.

🔸 Avoid minimum requirements for volume traded before you can withdraw.

🔸 Avoid one that doesn’t disclose their withdrawal rules.

🔸 If a broker advertises a bonus on deposits, make sure that you can withdraw the bonus within a reasonable amount of time – it should be clear what the requirements are for you to withdraw the bonus.

Broker’s spread

🔸 The spread is the difference between the Bid (buying) and the Ask (selling) – this should be clearly defined or be avoided.

🔸 Avoid brokers that don’t warn you of regular increases in the spreads, such as at the end of the day or during certain holidays.

Signal Sellers

🔸 Forex signal sellers are individuals who want to sell you signals or advice – when to tell you what price to buy or short, when to exit for profit, where to put your stops, etc.

🔸 Millions of signal sellers out there are all selling you on their success in messaging like, “1000 pips a week!” – one pip is how you measure movement in the exchange rate, and on average, a price that moves 100 pips in a day can vary between 10 to 50 pips.

🔸 Avoid people or companies that promise or allude to a guarantee of profit. Avoid websites that promote misleading statistics like “90% win rate” or “18 winning trades, 2 losing trades!” or “MASSIVE GAINS.”

Broker spam

🔸 Avoid ads that have side advertisements and banners promoting a single broker.

🔸 Avoid anyone or anything that is endorsing a single broker.

🔸 People who promote a single broker generally have loose regulations behind them. Many non-broker sites offer various incentives for people to talk about certain brokers. This may either be a shell of a cut for deposit fees or minute cut on any trades you make.

🔸 If someone is heavily paid to refer or if a site is promoting a broker ask if they have an IO (Introducing broker) agreement with them – this must be disclosed in the site when asked.

Educational services

🔸 Be wary of the rise of free or paid trading education opportunities.

🔸 Many may look incredibly professional and may even list certification logos.

🔸 Check for quality educational providers from the CMT Association (Chartered Market Technician Association), LTA (International Technical Analyst Association), or a quality of technical evaluation.

🔸 Even by professional US brokers, a significant amount of the education provided is decades out of date.

Automated Trading or Artificial Intelligence (Bots or Robots)

🔸 It is best to avoid anyone selling forex robot trading systems

🔸 AI systems have existed since the 1980s for retail investors – but nearly 100% of them fail.

🔸 The current buzzword for investment scams is ‘AI’. Avoid anyone that claims they use Artificial Intelligence. There are only two known private hedge funds that have anything close to authentic self-learning AI. They are not selling their bots to anyone.

🔸 Think about this logically: If you created a profitable AI (virtually a money printing machine), would you ever tell anyone about it? Would you sell it? Probably not – your advantage disappears when others have access to that kind of a tool.

🔸 Automated Trading systems are a common way fraud is committed by forex scammers.

Flashy advertising or false lifestyles

🔸 Avoid any service or individual who has ‘high lifestyle’ imagery, such as girls in bikinis on a yacht, Lamborghini or Ferrari in the background, massive mansion or house, or a private jet.

🔸 A good rule to follow for any investment or speculative endeavor: if it looks or sounds too good to be true, it probably is.

What can I do after a Forex scam?

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 retrieving 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.

Forex Scam FAQ

Is Forex a pyramid scheme?

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

Who regulates the forex markets?

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).

How do I know if a broker is legit?

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.

Let’s start your investigation!

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Retrieve your money from a scam!

Thousands of clients used our Investigation Report to
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The types of scams we can help you with

Binary Options

Digital Currency

Forex

Property scams

Credit card phishing

Stock trading

Romance

Other scams

More about Payback and our Fraud Investigation Services

About Payback

PayBack has only one mission: to protect people from frauds and scams online worldwide, whatever it takes. We help victims of online fraud retrieve what is rightfully theirs using our Investigation Reports and tailored Action plans. Although several types of scams have stood the test of time and are constantly growing in number of victims, new scams constantly pop up. Our job is to stay updated on both old and new scams to help the victims and inform our clients on how to stay safe in the future. We aim to be the number one company in the world to whom people can turn when they try to protect themselves from scams or when they need the tools to fight back after being a victim.

How do Our Investigation Reports help retrieve losses?

Very often, recovering losses from a scam doesn’t require a lawyer, court, or the legal system in general. Processes such as ADR allow one to retrieve money lost to a scam without a lengthy legal procedure. Yet to do that, one needs to be familiar with the ADR process, with the intricacies of the bodies involved, and armed with the needed evidence. This is where our Investigation Reports come in handy. The investigation report not only finds and gathers all the needed evidence in one place, but it also provides a suggested Action Plan that guides our clients through the retrieval processes (such as ADR) and shows them step-by-step how to navigate them and what exactly they should do to retrieve their losses.

Do all cases end with a successful outcome?

Unfortunately, no. For example, some scams involve people taking cash from their victims. Such cases rarely have a successful outcome, and we make sure people who come to us with such cases know it. It is very important to us to be transparent with our clients, and we make sure to give them an honest and straightforward assessment of their case and what we believe they can expect in terms of retrieval of losses. So, if we believe you can do nothing to retrieve your money, we will tell you so immediately.

How do I know if I have a chance of retrieving my money?

This is exactly why our “Free consultation call” practice is in place. It gives you a chance to tell us what happened and get our initial thoughts free of charge. Once we present our opinion and similar cases we’ve dealt with before, you can make a more educated decision about whether our services are for you or not. So, before making a decision, secure a free consultation, and let’s move on from there.

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