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Mr Green

Forex scam

Question

Hi,

I'm almost sure I was defrauded by an offshore unregulated forex firm called fxglory.com.
I'm now preparing to file a credit card change back to retrieve my deposited funds.
 
Questions:
  • Does the anyone have any information from other people if fxglory is indeed a fraud company?
  • Is there any legal requirement for the credit card company to refund my money?
  • Is there any way for an unregulated forex company to actually trade in the forex market or they are just making visual trades with no backing in the real market?
if you could help i would gladly appreciate.
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2 answers to this question

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Hi Mr Green,

Thanks for your question!

fxglory.com are almost certainly unregulated.  A regulated broker will always publish who they're regulated with on their site, usually in the footer, and fxglory have nothing like that.

You're doing the right thing by filing a chargeback, we have a guide to chargebacks here which explains the chargeback process: https://www.asktraders.com/broker-complaints/complaints-board/#guides-container

When you file a chargeback the card issuer has to refund the deposits unless the merchant successfully disputes the case.  For this to happen they will need to provide compelling evidence that the case should be settled in their favour.  What that evidence is exactly will depend on the chargeback reason used, but will most likely have to include things like proof of your ID and address, copies of any contact they've had with you (emails, calls etc).

And to answer your last question there's no way to be sure, as they're unregulated, but it's certainly possible.  This is why we always recommend you use a regulated broker.

Hope this helps!

The AskTraders Team

 

 

 

 

 

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Hi Mr Green...

 

I just wanted to add some regulated brokers that you can use in future-

IGmarkets

Oanda

Lmax- although they don't accept many retail clients

eToro- withdrawal fees are fairly high though

 

All of the above are regulated in case you wish to open a new account in future.

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