Get your money back from your broker? Chargeback instructions
Trading at financial markets involves many risks connected with the peculiarities of these markets, difficulty to predict the movement of price quotations for different assets. But apart from these quite understandable risks, which are undertaken by every trader starting to work on the market, there are also risks related to the fact that a trader can run into a fraudulent broker.
This is a kind of SCAM, sites created with only one goal - to get money from gullible people who register at such sites, enter here payment details, usually their bank cards and transfer funds. However, when the trader makes a profit and wants to withdraw his honestly earned money, he is refused, hiding behind various excuses. You can read more about such cases in the complaints section of our website. Here we publish the real stories of people who have fallen into the trap of such scam projects, fraudulent brokers.
Is it realistic to get money back from a fraud broker?
This is real. But only if you deposited money into your account with Visa and Mastercard (other services do not participate in refunds). Besides, not more than 540 days must pass from the moment of transaction. Such procedures are called chargebacks and are gaining popularity online today. In addition, it is important to prepare properly for this procedure, you can use trusted companies for this purpose, for example, fill out an application at the bottom of this page.
When is it impossible to get money back from a scammer?
There are situations when, unfortunately, you will not be able to get back the money you transferred to the scammer:
- When the trader is unaware of how to properly do the chargeback procedure.
- When there is not enough capital in the account to pay back to the card (that is, the speculator spent all the capital on trading). However, even here you can get your money back, especially in cases where the analyst is purposely dictating losing trades to you in order to "drain" everything.
- When there are problems with the system. Here, it is enough to wait for the platform to work properly and contact the support team.
What to do if you do have to chargeback and what is this procedure? Let's find out in our material.
What is a chargeback?
Chargeback or otherwise "chargeback" is the procedure of protesting transactions by the issuing bank, when the money is debited from the recipient (acquiring bank) and returned to the payer, and then the obligation to prove the truth of the transaction is incumbent on the recipient. It can be said that this is the procedure for the bank to cancel the transaction on the card and return the money to it. When you can use the service:
- if payments were made using Visa and Mastercard (and up to 540 days have passed since the payment was made);
- in case of double debit;
- in case of payment for an amount different from the purchase price;
- when the date and time of the transaction do not coincide;
- in cases when money has been written off for services that you didn't use;
- when a service or service is of improper quality, etc.
Typical problems with withdrawal
The main problems with the refund are related to the fact that you deposited your money at the broker yourself, you entered your card details yourself and no one forced you to do it. The bank will ask you a lot of questions, without having prepared the answers to which you increase the probability of refusing your money back several times.
You must be able to prove to the bank that you have fulfilled all the conditions of work with the broker, that you have verification confirmed by the manager of the broker, that you have worked off the bonuses provided to you by the broker. You need to prepare a solid proof base for that: an agreement with the broker, screenshots of correspondence, account movements, etc. In this case a professional lawyer with experience of negotiations with the bank and successfully completed refund operations or a company that specializes in refunds will help you.