Who controls forex brokers?
Most traders of losers on the forex market blame their money for it is the brokers who deliberately used not fair techniques in order to prevent the trader from making a profit.
It is for this reason, and there is a desire to punish a dishonest company for fraud, to do it is quite difficult, but it is possible. However, you will need to provide confirmation information about the fact of fraud, and not just to prove on the fingers of their own.
Confirming documents can be screenshots made during trading or reports of the trading terminal of the trader, which prove the fact of violations.
There are several bodies that apply to which you can try to prove your right and return the money, as well as receive compensation for moral damage.
1. The first option is the simplest and at the same time the most ineffective one, this is an appeal to law enforcement agencies, the police or the prosecutor’s office. To do this, write a statement on fraud. And if you lost your money in the process of trading, returning money will be much more difficult than if they simply disappeared from your account. Explain to the investigator the nuances of trading on Forex is quite difficult.
2. The court is a more expensive option, but here you can already try to get a material compensation not only for losses but for moral damage. At the same time, one should be 100% sure of one’s rightness and have all supporting documents. Otherwise, the broker can file a counterclaim and require you to compensate him for damages for defamation.
3. To file a complaint with the Center for Regulation of Financial Market Relations (CRF), it was created specifically for such purposes. The main task of the CROFM is to control brokerage forex companies, so your appeal will be at the right address. In addition, if the center recognizes a violation, you can get money from the compensation fund. But at the same time, your broker should be a participant of the CRF.