Trust is always required when you trade with a broker. GYD’s online profile indicates that it is registered in Vanuatu under the name GYD International Limited, which means if you are not in Oceania, you are operating with an offshore broker. However, being an offshore broker is not the problem. If a broker has the appropriate license to operate, it can still be trusted. GYD state in sits term of service that it follows Oceania’s regulation. However, we checked the Securities Exchange Commission of Oceania (SECO), and there was no company or brokerage named GYD International Limited. This means any regulatory body does not regulate GYD, and you should not trade with an unregulated broker. Even if you trade with amazing strategies, you can suddenly lose all your funds by trading with a fraud broker. If you were scammed by a GYD scam broker and didn’t know your options to recover funds, read this article to the end to learn how.
Common Signs of a fraud broker in Action
- Appropriate authorities have issued a warning like the;
-Financial Conduct Authority of the United Kingdom
-Australian Securities and Investment Commissions
-Cyprus Securities and Exchange Commission
-United States Securities and Exchange Commission.
- The broker asks for a withdrawal fee to withdraw your funds.
- The broker’s website is a clone of the website of a legitimate broker. They lifted the design and content exactly.
- When you want to withdraw your money, the broker does not allow you to do so.
- The broker isn’t registered by any known and established authorized regulating authority.
- The broker suddenly closed its website and they are not answering your calls or replying to your messages.
- Your account was frozen all of a sudden.
- The broker pulls out money from your account without your permission.
- Bonuses and trading conditions offered ultimately end in scams.
How To Recover Funds Lost To Forex Scam
If you have lost money to forex scams don’t panic. Mistakes can happen even with the most cautious of investors and should be used as a learning opportunity. Part of the defence mechanism against scams is to never think it can’t happen to you because anybody can be scammed at any time.
As you already know, GYD is likely a scam and you should get your money out of the fraudulent business, submitting a withdrawal request might not be helpful because scam brokers are known to put withdrawal requests on hold forever.
Your best chance to successfully recover your funds is to hire a Funds Recovery Expert. A Fund Recovery expert can file a Chargeback or Wire Recall for your case with your Financial service provider. A chargeback is a reversal of a credit card transaction. You have to structure a report that can convince your financial provider or Bank that you were scammed by the entity you transacted with. A Fund Recovery expert can consist of a group of Lawyers, data recovery experts and financial advisers, so a Fund recovery personnel is trusted to put down a well-structured report to file for a chargeback. Resist the urge to file for a chargeback yourself because you only have one chance to file for one with your Bank, and you should do everything necessary to make sure it is successful.
You can hire a Fund recovery expert from Recovery Pro. Recovery Pro is a trusted platform where you can hire different recovery experts such as Funds, Data, Cryptocurrency Wallet, Bitcoin, etc. With over 500+ satisfied customers, Recovery Pro can be trusted to recover your lost funds.
Different types of Chargebacks
There are different types of chargebacks. What differentiates the various types of chargebacks is whether or not the customer authorized the charges. It is considered a fraud if the transaction was not authorized. Unauthorized transactions (fraud) are relatively easy to get back if you prove that you didn’t authorize the transaction.
The other type of chargeback definition involves a dispute. Even if you feel the other party is a scam, the bank does not agree with you since this doesn’t fall under the bank’s definition of scam since the transaction was authorized regardless of what happened later.
A dispute arises when the customer does not receive the purchased product or service. In addition, for a disputed chargeback to be successful, you have to prove that what you received is different from what you ordered. You must provide documentation and photos to prove the product was inadequate. If it was a service rather than an item, you must show that the service was deficient. Some of the documents may include:
- Photo evidence of the product or service
- Product description or advertisements
- Copy of all communications with the merchant
- Documents relating to transaction history
- Terms and conditions or contracts
The items listed above are a partial list of the things someone should be prepared to provide in the chargeback process. A Fund Recovery expert may suggest you prepare additional documents to help your case. The quality of the evidence is a huge factor in whether a claim is successful or not.