Online Trading Scams & Losses

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.


How We Can Help Recover Money From Online Trading Scams

We understand that when you fall victim to an online trading scam, it can feel incredibly personal and we find that a number of our clients tend to feel embarrassed or have a lack of confidence in trading again. These feelings often mean that a number of online trading scam victims don’t come forward or report the scam, so little is often ever done about them. This doesn’t need to be the case. 

At Wealth Recovery Solicitors, we have a number of finance recovery services in place to help recover funds lost through online trading scams. With these services, our team of UK-based specialist solicitors and legal experts can offer confidential advice and support following an online trading scam, whilst working to trace the lost funds using the latest software and technology.

The longer the scam is left unchallenged and goes without investigation, then the more likely it is that your money is lost forever. Our online trading scam and loss services allow our team to review your case and provide advice on how best to proceed.

Cryptocurrency Trading Losses

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. 

More About cryptocurrency trading losses

Forex 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. 

Learn About Our Forex scam services

NFT 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.

Find Out about our NFT scam services

If you believe you’ve fallen victim to an online trading scam, then get in touch with the team at Wealth Recovery Solicitors as soon as possible. We can start the recovery process and begin tracing your lost funds.

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.

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.

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.

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.

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