Binary Options is a type of trading that has gained significant attention in recent years. It is one of the easiest forms of online trading where one can place a bet on the movement of different trading assets such as stocks, currencies, commodities, and indices. However, with its rise in popularity, binary options scams have also become rampant. According to reports from the United States, retail investors lost over $175 million to binary options scams in 2019 alone.
If you have been a victim of a binary options scam, here is a comprehensive guide on How to Recover Your Money from Binary Options Scam and get justice.
Step 1: Identify if you are a Victim of Binary Options Scam
Binary Options scams come in various forms, including fake trading websites, signal scams, and withholding of funds by brokers. If you suspect that you have been defrauded by a binary options scammer, there are certain signs to look out for. These include high-pressure sales tactics, promises of unrealistic returns, refusal to withdraw funds, and unsolicited calls or emails.
Step 2: Report the Scam to the Appropriate Authorities
The next step is to report the scam to the authorities. The regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) in the United States are responsible for investigating such cases and taking action against the perpetrators. Reporting to other bodies such as Financial Industry Regulatory Authority (FINRA), National Futures Association (NFA), and Internet Crime Complaint Center (IC3) also helps.
Step 3: File a Complaint with the Broker
It is essential to file a complaint with the broker to demonstrate that you are trying to solve the issue. This usually results in getting your money back as the broker takes action to avoid their investigation. You can use other ways to indicate that you intend to take legal action if they don’t provide a solution.
Step 4: Contact a Recovery Expert
If you feel that you’ve exhausted all avenues, or the authorities are not helpful, you can contact a recovery expert to help you recover your funds. Recovery experts are companies that specialize in retrieving lost funds from fraudulent brokers. They have a team of experts with a wealth of experience in handling such cases and are familiar with the procedural and legal technicalities involved in such cases.
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FAQs
- How much of my funds can I recover?
The amount of funds that a victim can recover from a binary options scam varies depending on the case. Victims can recover up to 100% of their invested funds in some cases. - How much does it cost to hire a recovery expert?
The cost of hiring a recovery expert depends on the complexity of the case. While some recovery experts charge upfront fees, others charge a percentage of the recovered funds. - How long does it take to recover my funds?
The duration of the recovery process varies depending on the case’s complexity and jurisdiction. However, the process takes between a few weeks to several months.
Conclusion
Binary options scams are not only a financial loss but can be emotionally draining as well. It is, therefore, essential to take precautionary measures when investing in such schemes. If you’ve fallen victim to binary options scams, there is hope, and you can Recover your Money From Binary Options Scam. By following the steps outlined in this guide and seeking professional help, you can get justice and restore your financial stability.
Sources:
- FBI Binary Options Scam Report
- SEC Binary Options Scam Report
- FCA Binary Options Scam Report
- CFTC Binary Options Scam Report
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