Binary Options refund definition

With binary options trading getting popular, scams are also increasing. Sadly, these companies have successfully found new ways to con traders. Also, sometimes they successfully do it. 

But there is a way to get your money back lost in the binary options trading scam. 

How to get the money back through a chargeback?

Whichever way you have lost your money in the binary options scam, you can get it back through chargeback. 

One exciting thing about chargeback is that you can directly contact your bank or card issuer. Your bank will then take the matter further by contacting the fraudster company. In short, by using chargeback, traders can get their lost money back. 

You can use the chargeback method within 120 days to get back your money quickly. 

How to initiate a chargeback?

To initiate the chargeback yourself, here are a few steps you can follow. 

• First of all, you have to find the address of your credit or debit card company. 
• After that, you need to provide information about the payment. You can give a few things like proof of income, the total amount paid, the company’s name you made payment to, and the payment date. If you can’t provide the relevant information, your chargeback process will take so much time to complete. 
• Lastly, you can compose a letter by mentioning all the required details and send it. 

If your cardholder doesn’t respond within 60 days, you can take a follow-up. 

Conclusion 

Losing money in binary options trading scams is a huge thing. But you can trade without worrying because you can find money lost in scams via the chargeback method. 

To keep yourself safe from increasing binary options scams, you should thoroughly understand the market before starting a trade. 

Read other important articles in the binary glossary.