This step-by-step guide will walk you through how to report a Forex scam:

How to Report a Forex Scam: Step-by-Step Guide for TradersFalling victim to a Forex scam can be a devastating experience, both financially and emotionally. The feeling of betrayal and loss can be overwhelming. However, it’s crucial to remember that you’re not alone, and there are concrete steps you can take to report the fraud and potentially pursue recovery of your funds. Acting quickly and systematically is key.


Step 1: Immediately Cease All Contact and Document Everything
The moment you suspect you’re dealing with a scam, your first priority is to stop any further interaction with the alleged fraudsters.

• Stop All Deposits/Transactions: Do NOT send another cent or make any more trades on their platform. Any request for “fees,” “taxes,” or “commissions” to release your funds is almost certainly another layer of the scam.
• Collect and Preserve All Evidence: This is paramount. Scammers often delete accounts or communications once they suspect you’re onto them. Gather every piece of evidence you have:
  • Communication Records: Emails, chat logs (WhatsApp, Telegram, etc.), SMS messages, social media messages, call records. Screenshot everything.
  • Transaction Records: Bank statements showing deposits, credit card statements, cryptocurrency transaction IDs, wire transfer receipts.
  • Website Screenshots: Capture screenshots of the broker’s website (especially the “About Us,” “Contact,” and “Regulation” pages), your trading account dashboard, and any withdrawal request pages.
  • Contracts/Agreements: Any documents they sent you.
  • Advertisements: Any ads or solicitations that led you to the scam.
• Write Down Your Story: Create a detailed timeline of events: when you were first contacted, by whom, what promises were made, how much you deposited, when you requested withdrawals, and how they responded. Include names, dates, and amounts.

Step 2: Notify Your Bank or Payment Provider

Time is of the essence here. The sooner you act, the higher the chance of recovering some of your funds.

• Contact Your Bank/Credit Card Company: Immediately inform them that you’ve been a victim of fraud.
  • Initiate a Chargeback: If you funded your account using a credit or debit card, inquire about initiating a chargeback. There are often strict time limits for this (e.g., typically 120-180 days from the transaction date), so act fast.
  • Trace Wire Transfers: If you sent money via wire transfer, your bank might be able to help trace or even recall the funds, though this is often more difficult once the money has left their system.
• Contact Cryptocurrency Exchanges: If you sent crypto, contact the exchange you used. While crypto transactions are often irreversible, the exchange might be able to flag the recipient’s wallet or assist in investigations if they have their own fraud departments.

Step 3: Report to Relevant Financial Regulatory Authorities

These are the primary bodies responsible for overseeing financial markets and investigating fraud. The specific agency depends on where you reside and where the broker claims to be (or actually is) located.

• Your Country’s Financial Regulator:
  • In the UK: Financial Conduct Authority (FCA). Use their online reporting form or contact them directly. Check their “Warning List” for known unauthorized firms.
  • In the US: Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). File a complaint directly with the CFTC or search the NFA’s BASIC database. Also, consider the Federal Trade Commission (FTC) at ReportFraud.ftc.gov.
  • In Australia: Australian Securities and Investments Commission (ASIC).
  • In Cyprus: Cyprus Securities and Exchange Commission (CySEC).
  • In Canada: Provincial securities commissions (e.g., OSC in Ontario, AMF in Quebec) and the Canadian Securities Administrators (CSA).
  • In Europe (generally): Your national financial supervisory authority (e.g., BaFin in Germany, AFM in Netherlands).
• Key Tip: Even if the scammer is offshore, reporting to your local regulator is vital. They may have information-sharing agreements with international bodies, or they can issue public warnings to protect others.

Step 4: File a Police Report

While financial regulators deal with compliance and market integrity, local law enforcement handles criminal fraud.

• Contact Your Local Police Department: File a police report for financial fraud. Provide them with all the evidence you’ve collected. Obtain a copy of the police report, as this can be useful for other reporting agencies or potential legal action.

Step 5: Report to Cybercrime and Fraud Prevention Centers

Many countries have dedicated agencies for cybercrime and online fraud.

• Your National Cybercrime Unit: Search online for your country’s cybercrime reporting agency (e.g., Action Fraud in the UK, FBI’s Internet Crime Complaint Center (IC3) in the US).
• Consumer Protection Agencies: Agencies like the Federal Trade Commission (FTC) in the US also collect fraud reports.

Step 6: Beware of Recovery Scams

Unfortunately, once you’ve been scammed, you become a target for “recovery scams.” These are fraudsters who contact victims, claiming they can recover your lost money for a fee.

• Never Pay Upfront for Recovery: Legitimate recovery services (if any) typically don’t demand large upfront fees. Be extremely skeptical of anyone who contacts you unsolicited promising to get your money back. This is often just another scam to extract more money from you.
• Verify Credentials: If you do consider a recovery service, thoroughly vet them, check their reviews, and ensure they are legitimate legal professionals.

Step 7: Seek Legal Advice (Optional, but Recommended for Large Losses)

For significant financial losses, consulting with a lawyer specializing in financial fraud can be beneficial.

• Financial Fraud Lawyer: A lawyer can advise you on potential legal recourse, such as pursuing a civil lawsuit or joining a class action, though this can be costly and recovery is not guaranteed, especially if the scammers are truly untraceable.

Step 8: Warn Others

Help prevent others from falling victim by sharing your experience.

• Online Forums & Social Media: Post about your experience on reputable Forex trading forums, review sites, and social media platforms. Be factual and provide details of the scam without revealing excessive personal information.

Being scammed is a painful experience, but by taking these proactive steps, you can contribute to fighting financial crime and potentially aid in the recovery of your funds. Stay persistent, patient, and use every resource at your disposal.