Have You Been Scammed By An Alleged Binary Options Broker? Chargeback First, Ask Later.

Have You Been Scammed By An Alleged Binary Options Broker? Chargeback First, Ask Later.

Very sadly, too much often in the news we read or hear about binary options customers who have been defrauded of their money by scam firms. If you have been defrauded by a binary options broker, you may want to read these 5 steps that may help you recover your money.

1. Your first course of action should be to try to reverse the credit card transaction. Point. It is undoubtedly the best option you have if you have been defrauded.

Sometimes even only the threat of a chargeback can get you your money back. In fact companies may face problems when processing credit cards after a certain number of chargebacks, and hence they often prefer to just return a customer his money.

If the company decides to keep your money instead, then you can approach your credit card company or issuing bank and fill out all the paperwork necessary for a chargeback. You must mention fraud, misrepresentation and breach of contract as the reasons. You can more often than not count on the fact that scam binary options sales people tend to lie about their identity, location and financial experience, and this will help you to sustain your case.

Make the chargeback on your own, you don’t really need to pay anyone to help you with it.

2. If you just suspect you have been defrauded by a binary options company, you can first try to negotiate with it directly. It often happens that the fraudulent firms’ first response suggests to put more money in to recover your lost investments. Please, don’t do that! There are high chances you will add that money to the one you have already lost. If the binary options company refuses to refund your money, at least you will have additional documentation for your bank as proof of your good-faith effort to recover your funds.

3. Scammed customers should provide their bank or other financial institution with as much documentation as possible to demonstrate that false promises were made. Please make sure to send it all in a single email. Don’t just send emails for any documents you got. Take your time and arrange all the files in a single PDF. You can’t really expect that a bank employee does the work you do not want to do for your own good.

4. If you are able to ascertain the real location of the binary options firm that scammed you, you should provide your bank with that information. Many binary options firms claim to be calling from England or Scotland, but it often comes out that they are actually in Israel, Cyprus or Bulgaria. There is no question that this discovery will back your case. Indeed you may be even able to recover your money just by ascertaining the real address and names of the company owners, as it has happened to various defrauded customers already.

5. Unfortunately pressuring binary options firms or credit card issuers does not always work. Sometimes you have to take it a step further and go to litigation. But even with this, be always careful. Thus, if for instance you’re hiring an Israeli lawyer to help with an Israeli binary options firm, check with the Israeli Bar Association to make sure they’re legitimate, and try to get references and reviews of people you can trust. Too many victims have hired firms after being contacted on message boards by people promising to get their money back, just to find out later that they have fallen in another scam.

Comments (23)

  1. Reply hart

    A friend of mine paid a lot to Birman Law to retrieve funds from a BO broker only to get information he already knew. Total waste of money, I hired a solution professional it took less than a week to recover my funds.

  2. Reply Suzie Wyatt

    I recently recovered my initial investment from a scam broker. Happy to share my experience.

    1. Reply binbet.com

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    2. Reply Laura

      Please let me know how you recovered your money. I invested over 5K with Trade2get and found it was a scam. I believe they should be prosecuted for fraud as well.
      Thank you,
      laura

      1. Reply Susan Oliver

        Hi Laura, I invested about $11k in trade2get and lost all but i successfully recovered $7800 by contacting ########

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        2. Reply Reginald Twombley

          There are professional firms out there that prepare your chargeback requests and all the paperwork that you have to submit to your bank. I found mine online and they did an amazing job. Took a load off my back. Good luck.

  3. Reply Rivera

    THIS IS STRICTLY FOR THOSE WHO ARE UNABLE TO WITHDRAW LOST FUNDS FROM THEIR BROKER&SCAMMERS AFTER TRADING.
    If you know you have lost above 10,000 and you lost all by trading either to your broker or you where scammed, kindly let us know so you can get your money back direct from your broker because your money was supposed to be insured, this is applicable to both IQ Options, Binary Options and Forex traders, we, the CFTC ( Commodity Future Trading Commission ), have decided to help traders regain their funds back from their broker and also scammers. Kindly get back to us so we can help you get the full funds back in one month, this can only be done if your broker is among regulatory broker laws. Contact us on ########. We can give you guide lines on what to do.

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    2. Reply O. FARDAN

      I lost 10k in iq option …and my master card company refused to process chargeback against them as master card rules they said no accepting these cases.
      So I contacted them for refund they blocked my account too.

  4. Reply xing.ming

    I invested a lot of money in binary uno and they scammed me but I was able to recover the funds back through the help of a certified binary options recovery expert

  5. Reply Sarah

    Stay away from OPTION888. Lost a total of about $60,000 in 20 minutes without my consent to trade with it all and without my permission to empty my entire account for this transaction.
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    2. Reply Francois Beyens

      I was also scamed by Option888

  6. Reply Angelina Howard

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  7. Reply Kerri M

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  8. Reply Jeremy Wyatt

    I am a recovery expert/consultant. I help people recover the money they have lost to binary options scams, forex brokers ICO and all. I have helped different people to recover their money from options888 and I know for sure that they are scam brokers.you can reach out to me on XXXXXXX to help you recover your lost butter

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  9. Reply Frederick

    People say that binary option brokers are scam, but I can boldly say that is not true. There are still good people out there. Some time ago I was referred by a friend of mine to one *guy* for assistance, with his master class intelligence and strategy I was able to make $10,000 on a weekly basis and also recovered all my lost funds.

  10. Reply Fred Clinton

    It seems to be a serious concern to know which broker is legit these days. I was scammed by a broker in June, 2019. I invested all my savings of $65,000 and while trying to withdraw I keep on receiving different kind of messages, withdrawal became impossible. I started finding means to recover my funds then I came across John (xxxx@xxxxx) and tried him. He helped me to recover my funds few days after telling him about it.

  11. Reply Jane McForlough

    Sometime last year i was scammed of 1,000 dollars through binary options trading. The story is quite embarrassing so i wont bother to share here, the good news is i was able to get my money back through the use of a private investigator who earlier had a personal history with scammers. big thanks to him because I really needed that money. Just send me a message if you really need his services or wanna know more about the situation.  

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