When you hire a broker for trading or investing, you entrust them with your money. However, dodgy brokers betray this trust by charging exorbitant fees, not providing services promised, and in some cases, actually taking clients’ money and disappearing.
This problem can be perplexing with any kind of broker but can be particularly distressing with deposits made through bitcoin transactions that can be difficult to track down.
The solution seems to be filing a broker complaint. However, if a broker is not licensed, there is only so much a regulatory agency can do to take action against their services. In this case, victims of scam brokers may have to approach authorities, but they need to present evidence and documentation to back up their claims.
It may seem simple to file a broker complaint, but the fact is, successful broker complaints that achieve results require validation and expert advice so scam victims can adopt the best strategy. That is where CryptoScamBrokers can help you.
Reasons to Make a Broker Complaint
Online trading is so popular now that everyone wants to get involved. Whether it is forex, commodities, binary options, or cryptocurrency, not just any type of trading will do–new traders often want trendy trading with high risk and high reward.
However, forex, binary options, and cryptocurrency trading tend to attract dishonest and unregulated brokers whose motives are not to create value for clients but to take their money.
Often those not experienced with trading may not notice there is a problem until the broker has stopped communicating and has shut down their account. When this happens, the broker may have disappeared with their funds. The top reasons people make a broker complaint are:
- The broker is not providing the services promised
- They have a fake license
- The broker does not allow withdrawals from client accounts
- The client’s funds are being held “hostage” with high fees that were not initially agreed upon
- The broker has stopped communicating or has disappeared entirely
Where Are Your Funds?
If the broker disappears, so do your funds. Where are they? Locating funds depends on how the transactions were made into your brokerage account:
- Credit card
- Bank wire transfer
- Online payment platform
If you used a credit card, you will want to file a complaint with the issuing bank of the credit card company and ask for a chargeback. However, you will need assistance, since issuing banks often only provide chargebacks in cases of unauthorized transactions unless the customer makes a compelling case.
The same is true of online payment platforms such as Paypal. Returning funds for unauthorized transactions is often straightforward, but getting your money back if you made the transaction can be difficult without experts on your side. Bank wire recalls also require negotiating with a bank and providing evidence.
Cryptocurrency transactions are particularly challenging because of anonymous bitcoin wallets. It can be easier for brokers to disappear on the blockchain, which is why many scam brokers demand bitcoin transactions to fund client accounts.
CryptoScamBrokers use crypto trace technology and bitcoin forensics to track down suspicious bitcoin wallets. We create intelligence reports to go with your broker complaint and provide corroborating evidence of the fraud.
Seek Assistance with Your Broker Complaint from CryptoScamBrokers
Have you lost money to a scam broker? The CryptoScamBrokers team is on hand to listen to your claim and to gather the necessary information to search for your funds. Our cointracking technology and crypto trace strategies allow us to uncover the people behind the anonymous bitcoin wallets. Let us achieve results for you.