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All my money is gone. How can this not be a scam?

Discussion in 'Forex Peace Army FAQ and Knowledge Base' started by AsstModerator, Nov 2, 2015.

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  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    All my money is gone. How can this not be a scam?

    There are two common reasons why the Forex Peace Army wouldn’t consider the loss of your money to be a scam.

    The first reason is that the Forex Peace Army Traders Court does not cover all forms of trading and investing. Currently. retail forex and binary options are the primary areas covered. You may have been scammed, but if it not a forex scam, then the FPA Traders Court won't deal with it. The primary exception is brokers failing to process withdrawals of money that is in your account.

    If a broker cancels your profitable trades on precious metals, stocks, or other items unrelated to forex, that is beyond the scope of the FPA Traders Court. It doesn’t matter if the broker also offers forex. The FPA and its members are specialized in forex and lack the expertise to fairly deal with this sort of complaint in a formal fashion. You may still leave a review and have a thread in the Scam Alerts folder to get advice. The one exception is if any broker does refuses to process a withdrawal for money sitting in your account. In that case, your issue does qualify for the Traders Court.

    If you have an IB relationship with a broker and get into a dispute, that is not a trading dispute. You may still leave a review and complain in Scam Alerts, but the problem is not eligible for the FPA Traders Court.

    Withdrawal issues involving bonus disputes require significantly more detailed evidence than withdrawal issues not involving bonuses. The reason for this is bonus rules are usually very complex. This makes it harder to determine if the issue is a real scam or just a misunderstanding of the rules. Cases like this can be accepted, but may require significantly more evidence.


    The second reason is that many new traders do not understand the fact that losses do happen in trading. If you open the trade, price can move against your position and cost you money.

    If you manage to wipe out your accounts with no outside help, that is not your broker’s fault. If you risk too much money in your account and get a margin call, your money is gone, but no scam has occurred. If you leave an EA running unmonitored and your account is drained, you might be owed a refund on the EA. Unless the guarantee says otherwise, you are not entitled to get back the money lost by the EA.


    Related Questions

    Been scammed? CLICK HERE to find out the the first steps to take.

    Do you want to file an FPA Traders Court case? CLICK HERE to find out how.

    Other Scam and Traders Court Questions? CLICK HERE
     
: faq scam
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