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The best way to avoid this problem in the first place is do a background check of the broker and trade only with well-reputed companies, banks and financial institutions.

In the event of dispute, if your broker is based in the US, you can file a complaint to the Division of Enforcement at the Commodity Futures Trading Commission which investigates violations of securities laws, recommends Commission action either in a federal court or before an administrative law judge, and negotiates settlements. The Commission offers a Reparation Program under which you can file a claim against your broker for monetary losses. If the broker is based in the UK, the parallel body is Financial Services Authority.

Communicate straight off with your broker prior to filing any such complaints. Once the broker becomes aware of your serious intentions of filing a complaint, often times they would be willing to negotiate with you, especially if they are registered with the Commission or the FSA. These bodies are known for penalizing brokers heavily upon recognition of even the smallest flaws, so brokers will not want to get them involved.

Involve your credit card company or bank. If your broker is not allowing you to withdraw your money back, try filing a dispute through your bank.

Source(s):

http://www.firehow.com/200908131951/how-to-deal- with-a-fraudulent-stock-or-forex-broker.html

by
fxpie
fxpie
1 year ago