In most of the cases, it is entirely possible that beginner Forex traders fail to trade with a tested strategy or trading plan, and loss their Money.

Such initial loss angers beginner traders and leaves them feeling that Broker scammed them. But in reality, this could not be the case, it is simply a failure by the beginner trader to understand the Forex Market Dynamics.

Get in touch with your Broker and Complain straight to them. Often disputes are caused due to misunderstandings, and an amicable solution is easy to achieve through communication.

Even, external Authorized Agencies will first ask you to give enough time to your Broker & allow them to explain their position about the dispute.

Follow this step to correctly discuss your complaint with your broker –

1. It’s normal to get angry when you feel that Broker scammed you. But, don’t contact your Broker in a state of anger, instead wait for an hour or four or till you get calmer. Anger will throw you into the valley of mindless fury and in such state instead of finding a solution to your complaint, you will end up yourself in a more frustrating situation.
2. Once your calm down, prepare a detailed description with evidences like MT4 screenshots, trade logs, bank or transaction statements, etc. which shows why you think that Broker has scammed you.
3. After that contact your Broker. It is best to handle the communication with the broker in writing – this way both parties can keep track of the issue and can monitor what has and has not been done. Here your objective is not to vent out your anger or to blame Broker that they scammed you, your objective is to make Broker understand your complaint correctly, and to collect more and more evidence from the Broker about their explanation on your complaint. Also, ask Broker to provide evidence supporting their explanation. For Exa. – Tick data in case of order execution or slippage or stop loss hunting related dispute, transaction evidence in case of withdrawal related dispute.
4. After Broker’s reply if you are not convinced with it, then again explain them your reasons for not agreeing with them. Communicate at least 2-3 times and collect as many evidences of each communication as possible.
5. You need to give at least 4 weeks to your Broker to explain their position.

Generally, most of the disputes get resolved when Broker explains their position with convincing evidences.

Be patient for these 4 weeks, especially if your claim is a more complex one. After 4 weeks, if you still think that your dispute is not resolved and Broker has stopped further communication with you, in such case inform them that you will escalate your complaint to their –

1. Regulatory Body, or
2. Bank, or
3. Payment Processing Company, or
4. To Public Forex Forums like ForexPeaceArmy or The Financial Commission, or
5. You will opt for “CHARGEBACK” in case of Card Deposits.

In most of the Forex scam funds recovery case the fraudulent brokers avoid such escalation to authorities and forums, and in most of the cases they refund your money.

Even after this, if the broker hasn’t addressed your claim within a reasonable time (min. 4 weeks), or if you are unhappy with the final answer, you can go ahead and follow OPTION 2.