Filing a Complaint Against Forex Brokers – Understanding the Process

Filing a Complaint Against Forex Brokers – Understanding the Process

If you have been a victim of any forex scams then you have a right to complaint against forex broker. The US Department of Justice has formulated a forex trading rule to help the traders get back their money that they have lost. The traders have a complaint forum where they can express their grievance and get it settled. Complaints against brokers are filed in the forex trading forum. You can also complain about any broker on the chat forums where you will be able to interact with the other traders who have faced the same problem.

If you have already complained about the forex broker then you should proceed with it. There are certain complaints where traders have to appoint a person for the complaint to proceed. If you want to complaint then you have to do so under the proper authority. If you are victim of a scam then you can lodge the complaint with the Federal Trade Commission. It will be dealt under the department of commerce. In the first instance you will have to present your complaint to the office of the assistant consumer bureau.

Now that you have a complaint against a forex broker you will have the right to go forward and file a complaint with the office of the attorney general. These complaints are always taken very seriously. The investors who have lodged the complaints will get justice. Only the legitimate brokers will be asked to settle the case. The fraudulent and greedy brokers will not be asked to remove their licenses.

In case you have already lodged a complaint against a spam online fraud company then you will have to proceed to the state regulatory body. The complaint must mention the name of the firm, its address, its telephone number, its website address, email id and other details. The case will be heard by the state regulatory body. You will have the opportunity of going in for a settlement with the company if the complaint is supported by facts and evidence.

It is very important to know whether you are dealing with a genuine forex broker or whether it is a fraudulent company. There are certain online brokers who just receive a bulk of complaints and nothing more. If you deal with such brokers you will have no chance of removing the fraud brokers out of your business.

A few important points should be clarified before you start lodging a complaint against a forex broker. You must be able to tell whether the complaint is true or false. This means that you must have some solid proof to back up the complaint. False claims and misinterpretations are very common on internet. If you make a genuine complaint about an illegal broker you will receive support and aid from the appropriate authorities.

When you lodge a complaint about an illegal forex broker, you will need to provide as much detail about the cheating as possible. The best way of doing this is to record every statement made by the broker. All the conversations with the broker should be recorded in your recording. You can then present this evidence to the Financial Services Authority. This regulator had received over one million complaints in the past year alone.

Investors often get scared when their complaint about an illegal broker is ignored by the regulatory authority. However, this is not a good option. The traders are at risk of losing all the money that they have invested through the brokers. If the complaint is not properly dealt with the investors may lose more money through the settlement.

Relevant news