Being affected by any wrongful activity of your broker is very common nowadays. Due to the increase in people’s interest in forex trading, some brokers are intentionally doing these with their clients. Their target is to make an unauthorized transaction from those traders who do not have much knowledge yet. Sometimes, people get conscious, and they try to get their money back by submitting a complaint against the broker.
If you are searching for an explanation to your query, “How do I file complaints against regulated forex broker?” then you are in the right place. We are going to show you exactly step by step process of filing complaints against any regulated forex broker.
How to Complaint Against Regulated Forex Broker
Whenever you are starting your forex business and depositing your real money into a forex broker account, practically, you are putting your faith on the broker’s hand. Now there are incidents regarding different kinds of faults that brokers are making with the trust of their clients. Traders have the right to complain against those faults with proper evidence and facts that prove that the broker is guilty.
You should know to detailed process and understanding of submitting complaints to the respective regulator or license provider. Without further due, let’s start the step by step process.
Reach your Brokerage Firm
At first, you need to check that you have prepared your complaint correctly, and it has all the evidence attached to you. After that, before you go to the regulator, you need to contact your broker and let them know your problem.
Sometimes, the brokerage system mistakenly do faults as it automates the process. After letting them know your problem, they take responsibility and solve your problem. You can contact them through their live chat service or email. You will get the details on their website, grab their email, and send an email explaining your problem and attaching respective documents.
If they have an online chat service, then you can contact them via those chatbox and start discussing your problem with their representative. Be precise with them after greeting them directly, start explaining your problem, and it is the best way to do it. The best forex brokers and reputed brokerage service providers will discuss their issues (if there any) will solve your problem immediately, or they will take time to solve it.
However, the problem is not very easy. If the broker does not agree to solve your problem, then you should go further, and there starts the next step.
Reach the Brokers’ Financial Regulator
Now, it is the most confusing part for most of the traders because you need to know the location of your broker to complain against it. Otherwise, you may end up in nowhere, and your problem will remain unsolved. For example, if your broker is located in the UK, then you have to submit your complaint to the regulator of the UK government.
Prepare your complaint based on the instruction provided by the regulator. You will find every guidance and contact details on the respective regulators’ website. Read them carefully and provide all the documents, forms, evidence along with your complaint file. Without them, they will not consider your claim as a solvable complaint.
Wait for Them to Resolve Your Problem
After sending them the complaint fulling all the requirements instructed by the regulator, now you need to wait patiently. There is nothing you can do now, and everything is in the hand of the regulator.
Remember, you are not the only trader who is submitting complaints against brokers to the regulators, so patience is the most precious thing you need after complaining against any broker. Understand that they have nothing on stake regarding your complaint, so they may have problems that have more priority than your claim.
However, if you send your complaint correctly, then they will look into the problem and solve it according to their timeframe as well as you will be notified via email about the update of your complaint.
Based on the past statistical analysis, the SEC in the US and the FCA in the UK has a stringent position on punishing the deceitful brokers. They are very respectful when it comes to traders’ interest to make the financial trade market comfortable for traders.
We hope you have completed reading the whole article and now understand how to submit your complaints against a regulated forex broker. If you are serious about doing forex business, then you are going to need the detailed knowledge we have discussed in this article.
In addition to that, if someone asks you, “How do I file complaints against regulated forex broker?” then you can quickly answer them based on the knowledge you have learned from the article. If
you have further queries regarding the forex complaint, then comment below, we will reply as soon as possible.