Are you in the middle of a mess which you have no idea how to come out from? Well, EzChargeback is there to guide you on getting your money back if you get scammed. Everything has a drawback, just like iron pipes get rusted if not taken care of. Likewise, people or investors are most likely to be scammed if they do not take precautionary measures. The essential precaution is being aware of systems and technology, primarily how that particular platform works, for instance, cryptocurrency. Scams are the frauds or illicit actions performed by scammers to take advantage of investors' trust and vulnerability. Many people even work in groups and keep attacking people one by one.
Who Are Brokers?
First, let’s start by understanding who are brokers and their purpose. Brokers are the individuals or legal entities which assist the investors in the exchange of transactions, or in other words, they arrange the transmissions of money in order to conduct a business. They act according to the instruction provided by the investor, as he works as an employee for him. He acts as an agent between the investor and the client, he makes sure of the successful transactions.
Now, one might wonder why we need brokers. The online trading platform requires skills and knowledge of codes and manner of business. The investors, having the money, lack the skills required to run the virtual trading activity on the online market. Therefore, the brokers are hired, so they can carry out the business, their purpose is to make sure the transactions are properly conducted keeping the best interest of the investor.
Why Are Brokers Needed?
Brokers provide several services: taking loans, assisting in investment advice, and real estate activities. The investors' investments depend highly on the broker's advice, how much they should invest, where they should invest and others.
How Can An Individual Find a Broker?
There are several ways one could find a broker, however, the most essential factor one should keep in mind while searching for a broker is mutual interests. The conflict of interest will lead to major losses. The struggle to find a trustworthy broker is by ensuring they are well-regulated and transparent.
One way to find a broker is through their website. Whichever platform you are willing to join will have lists of brokers already willing to work for you. Make sure to consider the factors mentioned below by EzChargback experts.
1. Do Your Research
While researching for the brokers, dig into the brokers’ history. His identity card number and past experiences - do not forget to ask for proof to validate him. The second thing is brokers’ fees, they have minimum and maximum wage ranges. Any broker asking way too high from that range threatens peaceful business.
2. Set a Criteria
The broker should meet the minimum criteria you set to make sure you eliminate the less trustworthy brokers from the list. Also it becomes easier to decide the best one. Additionally, the broker should be on a list of RIA, registered investment advisors. It illustrates that the higher authorities have complete details of him which are even verified. Also, brokers should be registered in the trading organization that overseas trades and take care of the financial industry on behalf of the government.
Getting Your Money Back From A Broker
File A Complaint
The investor should immediately file a complaint against the scammers so the legal procedure begins against fraudulent activities, which can end the scammer's actions.
Contact FX Regulator
Every country has an FX regulator whose job is to oversee the FX broker, containing the information regarding brokers as each broker has to be registered and licensed. It becomes very easy to catch the broker using the details provided. If that is not the case, then follow steps 3 and 4.
Contact Legal Authorities
Every country has legal authorities responsible for taking care of fraud cases. They possess the experience of dealing with fraudulent activities. Further, they have skills and technological advantages which is essential against scammers.
Contact Respective Website Authorities
They can block your website if they can not refund the money. Further, take actions to prevent further financial loss. There are always support websites where you could report your complaints to whichever website you used to conduct online trade.
The brokers are essential to get hired initially because investors are not skilled enough to run an online trading site. However, the minimum investor should ensure is how that respective trading platform works, so he can identify the scammer before it’s too late. EzChargeback is there to help you through this journey.