Forex Fund Recovery Scams: How They Work and How to Avoid Them

If you have browsed forex or crypto review sites you have probably seen comments like "I lost $80,000 to a fake broker until a recovery expert got it all back — email them at…". These comments are almost always written by the scammers themselves. Fund recovery fraud targets people who have already been scammed once, and it is one of the most common reasons we remove comments on this site.

How the recovery scam works

1. The bait. Fake testimonials are posted under broker reviews, on social media and in forums, praising a "hacker", "recovery agent" or "chargeback specialist".
2. The hook. When you make contact, they ask for details of your loss and claim they can trace the funds, often using official-sounding terms like "blockchain forensics" or "court-approved recovery".
3. The fee. They ask for an upfront payment — a "retainer", "tax", "release fee" or "gas fee" — usually in crypto or gift cards.
4. The loop. After the first payment, new fees appear. Some even show a fake balance on a website to prove the money is "almost released".

Nobody can hack a scammer's wallet or bank account and return your money for a fee. Legitimate recovery happens through banks, payment providers, the police and regulators — and they do not advertise in comment sections.

Warning signs of a recovery scam

• They contacted you first, or you found them through a comment, testimonial or social media post.
• They use Gmail, Proton Mail, WhatsApp or Telegram rather than a verifiable company address.
• They guarantee success or name a percentage of funds they will recover.
• They ask for payment before doing anything, especially in crypto.
• They claim to work with the police, the FBI, a regulator or "the blockchain".
• Comments praising them use odd spellings ("fvnds", "l0ss") — a trick to avoid spam filters.

What to do if you have lost money to a broker

1. Stop sending money. Do not pay any fee to "unlock" a withdrawal; it will not be released.
2. Contact your bank or card issuer immediately. Card payments may be disputable through a chargeback within strict time limits. Bank transfers can sometimes be recalled if you act fast.
3. Collect evidence. Save emails, chat logs, transaction IDs, wallet addresses and website screenshots.
4. Report to the authorities. In the UK use Action Fraud; in the US the FBI's IC3 and the CFTC; in the EU and elsewhere your national police and financial regulator. Many regulators also want to hear about unauthorised firms so they can warn others.
5. Report the broker to the regulator it claims to hold a licence with, even if the claim is false — this helps get clone warnings published.
6. Secure your devices. If you installed remote-access software at the scammer's request, uninstall it, run a security scan and change your passwords.

Can lawyers help?

Genuine law firms can sometimes help with large losses, but they will have a verifiable office, a registration with the relevant bar or law society, and a written engagement letter. Check them on the official register before paying anything, and be wary of any firm that cold-calls you.

How to avoid the original scam

• Use only brokers you have verified on a regulator's register — see how to check a broker's regulation.
• Ignore promises of guaranteed or very high monthly returns.
• Never let someone else trade your account or control your computer.
• Start small and test a withdrawal early, before adding more funds.

Our comment policy

We automatically hold comments that contain contact details, recovery services or links, and we remove them after review. If you see one that slipped through, please let us know. Honest reviews of real experiences — good or bad — are always welcome.