Complaints about forex, crypto and binary option brokers occur more often now a days and for multiple reasons. Normally traders that choose to trade at a licensed broker never have problems. If you trade of have been trading with an unlicensed broker, there’s no government agency that can help you getting back your money. On this page I am going to explain you what to do in diverse scenarios where you have a broker complaint.

Since today, works together with a company called MyChargeBack. This is a company specialized in getting money back for traders from brokers. I know the owner of this website and I know he’s got at what he is doing.


Licensed Broker Complaints

If you have any complaint with a FCA or CySEC regulated broker, follow these instructions:

Cyprus Securities and Exchange Commission (CySEC)

CySEC takes all complaints serious. However, the CySEC warns it’s clients that they do not research individual complaints. If you are not satisfied with the behavior of a certain broker or financial product by a Cyprus Investment Firm (CIF) then follow these three steps:

1. Contact the broker or CIF directly.

The broker or CIF is required to reply within five days that they have received your complaint. Then they have two months to let you know if your complaint is filed successfully or if they need more time to investigate the situation. In total they have a maximum of three months since the day the complaint arrives.

2. Contact the Financial Ombudsman

The financial Ombudsman is an independent service that manages complaints and disputes between CIF’s and traders. If your not satisfied with the reply of a CIF or didn’t hear back from them in time, contact the financial Ombudsman.

3. Go to court

If you are not satisfied with the decision made by the financial ombudsman, you can go to court. The CySEC has a special form where you can explain to them what happened. You can find this form here.

The Financial Conduct Authority (FCA)

The FCA warns traders before they trade somewhere to check the FCA register of Warning List to check which brokers and companies to avoid. If you got scammed, you can explain the situation or scam by calling 0800 111 6768 (toll free) or by filling in the online complaint form. Their FCA complaint department will explain you the process. They cannot help you if you have been trading with an unlicensed broker.

The smartest way of trading CFD’s and forex is by trading at a licensed broker like or FP Markets.

Withdrawal problems – If you cannot withdraw money from your broker

If you have any difficulties withdrawing money from your broker, I suggest to use MyChargeBack to get your money back.

MyChargeBack is a company specialized in helping traders that lost money with their brokers. They suggest traders to not give up but ”fight back” to get their money back. To use their services, you have to fill in their form and eventually pay a small percentage of the money they will return to you.

Here are a few things to keep in mind when your broker gives you headaches during a withdrawal request:

– Withdrawing money is always harder than depositing money.

To withdraw money from your broker, you always need to confirm your identity with several different documents. The most asked for are: National Identity Card, passport, drivers license, proof of address, recent utility bill or bank statement.

Also, deposits done by credit or debit card need a front and back scan of the card.

– When you order a withdrawal request, never give any value at a phone call or Skype conversation with your broker. Be wise and email the customer service or compliance department.

– If your withdrawal request doesn’t go to well with your broker, contact your bank and ask them to block or reverse your transactions to the broker. In most cases where traders order multiple withdrawal requests to their broker, they are dealing with an unlicensed, scam broker.

Managed Account Broker Complaints

This scenario happens all to often: you get a call from your broker offering to invest your money and trade for you. The problem of this is that wether it’s forex, binary options or cryptocurrencies, trading comes with risk. In fact, you’re just risking all the money in your account and by letting your broker manage it, you are just giving it away.

Instead of this, if you decide to trade forex, stocks or crypto, just do your research on websites like this and learn how to become a real trader. I have written some articles and made some videos from scams I have seen in the binary options world before.

Never ever believe someone that promises to make money for you. In fact, all unlicensed brokers earn money when you lose money – it is not in their advantage to help you make money.

Always keep in mind: if the broker is such a good trader, why doesn’t he trade with his own money but needs yours?

Trading Software Scams

You will often run in to an ad or website where they promise a ”secret system” that generates money as long as you open an account with them. Some examples are: Bitcoin Code, Crypto Trader and the Tesler app, just to name a few.

These so called automated trading systems create an account for you at a scam broker, let you deposit money and ensure you they are going to make money for you. The problem is that the software doesn’t work and that these brokers are unlicensed. In the terms and conditions from the broker, most oftenly you will find out that using automated trading software is forbidden.

This doesn’t mean that all auto trading robots are scams. Just be sure to choose a reliable one. You can check a few reliable auto trading robots and softwares out here.

Broker Bonus Complaints

Another common reason why traders cannot withdraw money from their broker is because they received a bonus. Always read the fine print before accepting a bonus. Most often, unregulated brokers require the trader to trade around 30 to 60 times the received bonus value before they can withdraw. Licensed brokers don’t offer bonuses for a simple reason: it’s forbidden by CySEC.

Imagine depositing $500 and getting a $200 bonus upon your depost. This automatically means you have to trade let’s say 500 x 20, $10.000. This is almost impossible.

The catch here is that, after receiving the bonus, the $500 you deposited in the first place is unwithdrawable until you meet the bonus requirements.

In this hypothetical scenario, you have $700 on your account ($500+$200 bonus). Let’s say you open a position and profit $85, your balance is $785. However, you will not be able to withdraw any of it.

Some brokers give bonuses to new traders automatically, without asking the trader. This is why so many unregulated brokers get complaints and negative reviews, every day again. Traders like to warn other traders about these kind of scams and tricks.

Unauthorized Credit Card Charges

If you receive any unauthorized credit card charges from your broker, there can be two reasons for this:

1. It was an honest mistake and the payment is deducted twice from your bank account or credit card.

2. Your broker promised you to double your money but lost it all. Now he calls you to deposit money again.

What ever happens, if you receive any unauthorized credit card charges, contact your bank immediately. Ask for the fraud departments and explain that it’s a broker who did it. Broker complaints are quite common so your bank will know what to do.

Online trading in stock, binary options and cryptocurrencies is always risky. Not only because you can lose your money, but also because you can deal with the wrong broker. Always do your research and trade only with a reliable broker. If you found this page to late, please follow the above steps and/or contact MyChargeBack as soon as possible.


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