How to recover lost funds from CDFX scam

recover lost funds from CDFX scam: Many people are making money on forex, but unscrupulous brokers in the community intend to take advantage of them. The most common method is the client’s withdrawal request being refused, called a forex withdrawal scam. Besides, when searching the broker’s name on the Internet, you may also find that the broker runs with no license.

CDFX is owned by CD Capital Limited and is located in Dubai, UAE. It is important to mention that this broker is an unregulated offshore broker, which should be considered a huge red flag not to trade with them.

recover lost funds from CDFX scam

The first step to shielding yourself from fraudulent brokers online is to do thorough due diligence on the companies and entities you plan to go into business with. In all probability, other users have already used the same broker and have expressed their opinions and feedback online on social media and various trading forums online.

After conducting some research on various social media platforms (Facebook, Twitter, Instagram and online trading forums), a common theme emerged: users dissatisfied with their experience with CDFX Broker. Feedback indicates that CDFX Broker is not a trustworthy broker; therefore, you should take extreme caution before investing in their brokerage platform or don’t invest in them at all because of the obvious red flags.

There are a lot of brokerage platforms out there operating under counterfeit company names or that have other fraudulent operations. A little bit of primary research can go a long way in protecting you and your finances.

Claims to be Regulated

It stated on the homepage of the CDFX website that it is owned and operated by a Dubai-based company named CD Capitals Limited. At the same time, there is no evidence about the trading license on its website, which is a red flag already for traders.

No information was found about this broker from the Dubai Regulator Financial Service Authority (DFSA) and the Central Bank of the United Arab Emirate (CBUAE). This further proves that CDFX is an unregulated broker. That means investors’ funds are unsafe with this broker and are not protected by any law. Therefore, CDFX should be considered a scam broker.

How to recover funds lost to CDFX broker scam

recover lost funds from CDFX scam

Here are summarised steps of how to recover your lost funds.

  1. Report the broker to the appropriate authorities;
  2. If you used your credit card to make payment, contact your bank to request the blocked transactions; request a chargeback.
  3. Check if the Forex broker is regulated so that you can report, if possible, on the country’s supervisory body;
  4. Hire a Fund Recovery Expert experienced in Forex because a professional will know how to file a Chargeback and retrieve your funds.

You can find good Funds Recovery experts on Duolabs. Duolabs is an online platform with various services for hire such as Fund Recovery Expert, Wallet Recovery, Cryptocurrency Recovery, Data Retrieval, etc. With over 600 successful chargebacks, you can trust Duolabs to get your money back from the scammer.

What Are Some Obstacles in the Chargeback Process? 

It is up to you and the Fund recovery expert to build up a convincing report with enough evidence to prove that you were scammed or the product or services offered is not up to the expectation. Chargeback simply means that the customer has to prove that the product or service received in exchange for the transaction is a sham to the bank. Some of the evidence may include:

  • Photo evidence of the product or service
  • Product description or advertisements
  • Copy of all communications with the merchant
  • Documents relating to transaction history
  • Terms and conditions or contracts

The list above is a partial list of the kinds of things someone should be prepared to provide in the chargeback process. A Fund Recovery expert may suggest you prepare additional documents to help your case. The quality of the evidence is a huge factor in whether a claim is successful or not. 

It is important to resist the urge to do it alone and enlist an agent’s aid. Victims who make a chargeback claim may not be familiar with the process. It is useful to work with recovery experts accustomed to communicating with the banks to understand and accept the claim. 

Note: There is no shame in being a victim of a scam, do not be afraid to report to the appropriate authority when possible and do everything in your power to make sure your money is recovered. It is important to report to the police so that the police can open a proper investigation on the broker, and in case the scammer is caught later, there will be evidence to prove that you were once their victim in case of reparation.

recover lost funds from CDFX scam

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