So, you’ve invested your hard-earned money in binary options, only to find that you can’t withdraw any funds when you’re ready to. This is just one of the ways binary option scams can defraud you.
Unfortunately, there are many fraudulent binary option trading platforms and brokers out there taking advantage of honest investors daily.
However, if you’ve fallen victim to a binary options scam, don’t despair yet. There are a few different methods you can try to get your money back. In this article, we’ll tell you all about how you can recover your money from a binary options scam.
How do binary options scams work?
Binary options scams often attract their victims by advertising their fraudulent trading platforms on social media, via email, or cold calling. They usually promise investors low risks and high returns.
When you click on one of these ads, you’ll be taken to a site that looks legit, which is why so many people fall victim to binary options scams.
There are 3 common ways that the fraudsters typically scam users out of their money. These are:
- Refusal to release funds
- Price manipulation
- Identity theft
One of the most common ways that binary options scams work is that the platform or broker simply refuses to let you withdraw your deposited funds and returns when the time comes.
The fraudulent platforms may do this by “canceling” withdrawal requests, ignoring all your attempts to contact them, and even closing your account with your funds still in it.
Another very common tactic that binary options scammers use is to manipulate the trading software to generate losing trades. They’ll distort the prices and payouts of binary options until it appears that you legitimately lost money on a trade.
Finally, another way some binary options scams work is by collecting your personal data (i.e. credit card info and identification info) and using it to directly steal money from your credit cards or bank accounts.
Tips to avoid being scammed by binary options sites and brokers:
- Watch out for investment marketing that sounds too good to be true
- Always read the fine print (i.e. terms and conditions) on investment sites
- Don’t trust brokers who call you and encourage you to deposit more funds
- Never provide your financial account numbers or ID for unspecified purposes
- Be wary of investing advice on forums (sometimes they are linked to fraud sites)
There are plenty of reputable, registered binary option investment brokers and trading platforms out there. If you’re ever having any doubts about a particular brokerage or platform, do your research about it and check their registration status, or simply look for a different one.
Here are just a few examples of brokers and sites that are binary option scammers:
- Banc De Binary
- MFX Broker
- Titan Trade
How to get your money back from a binary options scam: 3 options
As soon as you realize you’ve become a victim of a binary options scam, the first thing you can try is getting your money back through a chargeback.
This means contacting your credit card company to explain the situation and see if they can reverse the charges to your card that you made through a fraudulent trading platform or brokerage.
This is often the easiest option because you only have to deal with your bank or credit card company. Keep in mind that you usually have to try and claim a chargeback within 120 days of when you realized you were scammed.
Claiming a chargeback requires you to write a letter to your card issuer explaining your case.
Make sure to include all the fraudulent charges and their dates, the total amount of money you want charged back, and the name of the binary options trading platform or broker that scammed you.
You should also include any additional evidence you have, such as copies of emails you sent attempting to contact the fraudulent company about releasing your funds.
2. File a Claim
The second option you have to get your money back from a binary options scam is to file a legal complaint against the broker or start a lawsuit. The best way to do this is to find a reputable lawyer who has experience with this type of litigation to help you through the process.
A good lawyer may be able to find out the real names of the people behind the scam to hit them with a lawsuit and get your money back. They may also be able to follow the money to the bank where the scammers keep it and put pressure on the bank to give you back your funds.
3. Hire a binary options recovery expert
The third and final way you can get your money back from a binary options scam is to hire a binary options recovery expert. These are specialists whose sole focus is on helping recover funds that have been defrauded from you.
If you’re not confident in handling the issue yourself, a binary options fraud recovery expert is your best bet for getting your money back.
This is because they have years of experience dealing with people just like you who have been victimized by these online scammers and have a high success rate of getting funds returned.
What is the best company to get your money back from a scamming binary options broker?
If you’re interested in hiring a binary options recovery expert, contact PayBack LTD today. We have a strong track record of success recovering money from unregulated binary options brokers.
We’ll review your case, look at the evidence, and go to great lengths to retrieve your defrauded funds.
Our strength lies in the fact that we’ve all worked in the options or forex industries, or in international banking and cybercrime law. We know how to leverage fraudsters by damaging their processing and banking funnels.
Conclusion: I Was Scammed On Binary Options How Do I Get My Money Back?
Finding out you’ve been scammed on binary options is a devastating discovery, but you don’t have to give up on ever seeing those dollars again. Now you know what your options are when it comes to getting your money back from a binary options scammer.
Don’t hesitate to contact us if you want to talk to our team of professional binary options recovery experts.