Scammed? Get a Free Consultation!
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Centobot is a trading robot. It hosts multiple trading robots with specialties in forex exchange and crypto-assets. People can create their trading bot with Centobot’s software. It claims its bots can make huge profits trading crypto. With an investment of $250, you could make as much as $1500 per day. (Note: this investment seems too good to be true)
Discovering a broker scam is up to you; moreover, it is your capital that it is at risk; let describe the characteristics of a fraud broker:
Practicing without a license: A brokerage firm or anyone who trades investment products must be registered. If the broker handling your forex account is not licensed, you are likely a victim of stockbroker fraud.
Trading without authorization: Your broker should only trade on your behalf if you authorize them to do so. If you provide them with discretionary authority, that is the only time a legit broker will transact on the stock market with your account.
Misrepresentation or Omitting Information: Giving clients misleading information or withholding facts that can affect the client’s investment decision is the most common type of stockbroker fraud. Fraud is also committed if your stock broker tells you that he has insider information about a certain stock or investment.
Giving unsuitable investment to clients: A legit broker will only offer investments that match the income level, risk tolerance, investment goals, and the particular client’s experience. If your broker is pushing you to invest an amount beyond your means or if you are not given sufficient information about the risks you face, your broker is committing fraud.
Failing to Execute Orders Promptly: If your broker fails to execute your orders or directions immediately, he has failed to protect your interests. As a consequence, the broker has committed fraud.
Some scams might not be as sophisticated as the ones mentioned above; scam occurs in various ways, some of which are;
- An amount is charged from your bank account from the broker without your permission.
- You try to contact the broker through the contact address listed on their website, but no one attends to you.
- The forex broker’s website is no longer accessible.
- Your trading account was blocked or frozen by the broker.
- The broker wants you to deposit more money with a promise of a larger return, one that seems too good to be true.
How to recover your funds
Your best shot at recovering your fund from a forex broker scam is to file for a chargeback with your financial service provider, be it your credit or debit card company or your bank. To file for a chargeback, you have to gather all necessary documents to prove that you were scammed by the individual or organization you transacted with, which is Centobot in this case. In addition, you have to convince your financial provider without a doubt that you did not receive the service you paid for.
Filing for a chargeback is not that simple; this is why we advise our readers to hire the service of a Financial Expert or/and a Fund Recovery Expert to assist you with industry-proven tips for a successful chargeback.
Note, you only have one chance to file for a chargeback, so make it count. Resist the urge to file for a chargeback on your own. Documents needed to file for a chargeback;
- Photo evidence of the product or service
- Product description or advertisem*nts
- Copy of all communications with the merchant
- Documents relating to transaction history
- Terms and conditions or contracts
The Recovery expert might ask you to provide additional documents apart from the one mentioned above, work with the recovery expert to make sure your financial service provider approves your chargeback.
Hire an industry-certified Fund Recovery Expert on Fraud Report Online. A platform where you can hire the service of different Recovery Experts, from Cryptocurrency to Data Recovery Experts. With 500+ successful chargebacks filed by experts on Fraud Report Online, this platform can be trusted to successfully help you with your chargeback.
Broker Research Protects You
Fraudulent brokers are everywhere. Protecting yourself against them is the important thing. The following clues should help:
- Do Your Research: Search online for the reviews of the broker you are about to get in business with. A simple internet search can help you distinguish between a legit broker and a fraud. You will be able to tell if the negative comments about a particular broker are just from disgruntled traders or something more serious. And you can go on a dedicated website that review different broker, like BrokerCheck from the Financial Industry Regulatory Authority (FINRA). This website indicates if a broker has an outstanding legal issue.
- Read the withdrawal policy: Before creating an account and adding capital, make sure you have read the broker’s withdrawal policy or search for complaints about not being able to withdraw funds from the broker on online forex forums.
- Read through all the fine print: Before opening an account, make sure you have read through all the fine print. Some incentives are designed so that they won’t benefit the trader in any way, but if you don’t read it from the fine print, you won’t know. Reading through the fine print makes sure you understand what you are getting yourself into.
- Don’t go all-in with your capital: If you are satisfied with the broker’s integrity after making your research, don’t start with huge capital. Instead, open a mini account with small funds, trade on it for a month or two, and then try to withdraw your fund. If you could withdraw your money, you can then trust the broker with a larger capital.
Also, if you are a victim ofaforex scam, binary scam,cryptocurrency scam, romance scam, tax scam, pension scam, or any other scam,file a complaint against Centobot Scamand tell us your case. Let us help you in fund recovery!
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