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Online Trading Scams & Losses

Getting To Know

What are online trading scams?

Online investment and trading scams are, unfortunately, becoming more and more common. There are currently numerous different schemes in place, with some investment scams becoming more notorious than others, that operate across the internet and various trading platforms. 

Here at Wealth Recovery Solicitors, our team specialise in dealing with a wide variety of different online trading scams and can help you to recover money and funds lost through these trades. Whether you’ve lost money through a CFD Scam, or made trades through Forex that resulted in financial loss as the result of an online trading scam, our team can work to trace this trade and look to recover the lost funds. 

There are many different ways in which scammers can conduct online trading scams, all whilst appearing legitimate, that can lead to investors and traders losing their money. We have a range of services here at Wealth Recovery Solicitors dedicated to online trading scams and losses and our team are on hand to help trace and recover these trades.

Further Information

Frequently Asked Questions

01.Common signs of trading scams+

Knowing what to look out for when it comes to online trading scams is important to make good investments and to trade safely. If anyone requests that you send them sensitive information, bank details or to transfer money, you should be very cautious. Legitimate trading companies will not do this, nor will legitimate brokers. You should be especially careful if there is any sense of urgency in the request that is being made.

If you are approached out of the blue with investment opportunities, or text messages or emails asking you to make a payment, be wary. Offers that seem too good to be true, or if any kind of emotional manipulation or fear tactics are used, it’s likely to be an online trading scam.

As soon as you have any suspicion that something may not be legitimate, you should check whether the trading company is legitimate, stop any communication with the person and report the suspected online trading scam.

02.I think I’ve been the victim of an online trading scam, what do I do?+

If you think you’re a victim of a trading scam, the first thing you should do is to call your bank. They may be able to stop the payment from going through, so you should do this as soon as possible. If the payment has already gone through, your bank will be able to provide guidance on what they can do to help and potentially also help you to recover the funds. After this, report the scam to Action Fraud and National Cyber Security Centre to help prevent it from happening again. Then, you should get in touch with us at Wealth Recovery Solicitors. The sooner you can get in contact the better, however if you have lost money through an online trading scam at all over the last few years, we still may be able to recover the funds for you.

03.Are banks responsible for refunding money lost in trading scams?+

Depending on the exact scenario of the online trading scam you’ve been involved with, your bank or building society will likely be responsible in some way for reimbursing you. In the case that you have been convinced by a scammer to make an authorised payment of some kind, a bank may not technically be liable, however may conduct a further investigation that could result in you getting your money back. Some newer financial institutions, like Revolut, do not hold a UK banking licence, so hold no responsibility to help you if you’ve been involved in a trading scam through Revolut..

04.How to check if a trading coming is legitimate?+

To check whether a trading company is legitimate to help you avoid being involved in an online trading scam, you should use the Trading Standards council department who will have a list of approved traders or trading websites. You should also have a list of questions to ask them, and if they aren’t providing clear and thorough information, or they can’t provide you with their Form ADV, they’re unlikely to be legitimate.

Conducting thorough online searches is also advised, if they are not registered on company’s house, or there is very little information about an individual or business, this indicates they may be trying to involve you in a trading scam.

You should also be cautious if you’re approached by a trading company, as it’s very rare that a legitimate trading business will approach you, especially not with quick investment opportunities or asking for sensitive information.

05.Examples of trading scams+

Some common examples of trading scams include:

  • Cryptocurrency scams – the number of online trading scams taking place within this industry is staggering, despite improvements being made to regulation.
  • Investment scams – scammers will approach victims with “fantastic” investment opportunities, often with an element of rushing them to make a decision
  • Forex scams – someone posing as a legitimate figure in the foreign exchange market in order to build trust and ultimately steal sensitive information, bank details or money
  • Pump and Dump scams – a group of trading scammers artificially inflating the value of an investment, then simultaneously withdrawing their money to leave the investment worthless

Online Trading Scams

Even with the improvements in regulation and enforcement in the cryptocurrency market in recent years, a number of traders still, unfortunately, lose money through cryptocurrency trading scams. 

Online Trading Scams

Forex is a legitimate market that is used in the trading of international currencies, however, Forex trading scams are very specific, highly targeted and sophisticated, often intended to look like legitimate trading platforms. 

Online Trading Scams

More traders than ever are looking for NFT investment and opportunities and, as a result, it can be harder to spot NFT trading scams on the blockchain. Due to the nature of transactions on the blockchain, if you fall victim to an NFT scam, you may not always be able to recover the lost property if left for too long.

Victim of a Scam?

Get in touch

We understand that being the victim of an online trading scam can be tough to handle, but we hope that our support, action and guidance can enable you to recover lost funds and regain a sense of confidence and security in making trades and investments online.


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