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A scammed user’s experience: MyChargeBack

You’ve been scammed by a broker. Now what do you do?

A company called “MyChargeBack” has taken the initiative to assist people internationally to recovery their funds from scam brokers. Their team is very experienced and has helped thousands of people in the fund recovery process. MyChargeBack offers a free consultation if you think you’ve been scammed. We suggest you contact them if you feel the need.

Like filing taxes or going to court, it always helps to have a professional assist you in the chargeback filing process for complicated cases.  We wanted to know what that process looked like. We interviewed (by email) someone who actually was scammed to find out what MyChargeBack was able to do for him. See below.

Can you tell us about what happened?

I saw an online ad from a binary options site on Facebook for and my account manager Paul Stevenson was confident that with his help we could grow the account 3x or more over the next three to six months. I told myself that’s probably an exaggeration, but even if it’s only half correct, I’d still be sure to at least double my investment in a year. My thought was that I could deposit $1,000 to begin and that’s what I did.  Paul taught me the platform quickly and I was making good trades almost immediately. We traded together for about 3 weeks and I always did some research before trading. He helped me trade and I followed his advice almost every time.

A couple of days later the agent called me back to tell me that there was a good opportunity coming regarding a farm news announcement. I was offered what he called a “risk-free trade” on it that could double my principal. I did it and we made a nice profit. My account was then up over $4,600. I decided to take out $600 in a withdrawal and it was not an issue. A few weeks later when I had more time to trade I decided to invest $10,000 and receive a 50% bonus.

Did they give you problems when requesting a withdrawal?

Everything went smoothly and I was very happy about this service in the beginning to be honest.

Did you continue trading?

I kept trading during the evenings. I knew though it was going to be difficult to put the time in that Paul wanted me to – and he said that in his experience, I should consider full time trading. If I was serious (and I can’t believe he said this to this day) I would go for it. I needed to stop though, or at least slow down. I was trading sometimes a few hours a night after work. My account ranged between $40,000 and $50,000 most of the time. And then after some weeks of discussion, I needed and then insisted to withdraw $20,000. Paul thought this wasn’t the best idea – as he had seen traders leave right at the moment of their real breakthrough. We should trade to reach $100,000 and then withdraw whatever was needed. A few times he very heated or angry and said I was wasting his time. He also said at one moment that his job was under review and that my account was helping him keep his job. I put the withdrawal on hold a few times after these conversations.

Did you believe him?

Sometimes yes and sometimes no. It felt like he was really pressuring me into doing things.

I wanted my money withdrawn at the end but he would review with me over and over again why because of the bonuses, we’d have to trade more in order to fulfill the withdrawal. Unless I could deposit another $18,000, then I could withdraw the $25,000. This calculation sounded strange, and I went over the bonus terms and conditions with him – which didn’t state this condition. There was a clause somewhere on their web site that says investors can withdraw money only if they trade X times the amount, but that number changed. We argued on the phone and his rudeness became very nasty. I utterly refused to keep trading and demanded all funds be withdrawn or I would issue a complaint with the company and Paul personally. I asked to speak to his manager, but he was “too busy” to speak to me.

When did you know you were scammed?

I didn’t know I was scammed. I then searched online for and read articles and reviews. Then I knew.  There were a number of comments posted, one of which mentioned a company called MyChargeBack. So I contacted them. They confirmed that I was scammed and “trading” on a video game of unregulated brokerage.

What was their approach?

Since I kept a good amount of the records, I would be a good candidate for a chargeback. I didn’t know what that meant at the time so they explained that it’s a reverse of a credit card transaction – but because I had signed on my deposits and sent my broker copies of my ID and credit cards – the bank would not treat this as if I had simply lost my card and someone bought a watch with it. No one needs help if someone steals your card but here I made the transaction myself. The bank needed to be clear about what happened in order for them to process the case.

Why didn’t you do the chargeback by yourself?
  And why did you use MyChargeBack?

I did go to my bank and they said since it was an investment I did not qualify for a chargeback. Adam at MyChargeBack said this is a common misunderstanding at banks all over the world. He thought that unless the case is presented correctly, I could go 1,000 times to my bank and they would still reject it. The fact is this was a fake brokerage and they knew all along they were scamming me into thinking it was real. The bank didn’t know how to see it clearly. Adam thought it would be wise to use MyChargeBack if I was serious about making the best effort I could to get my money back.

To make a long story short, Adam and then Alan held my hand throughout the chargeback process. I certainly could not have done every step without them. They know the process better than the banks do, which is why they were able to convince my bank that I met all the conditions for a chargeback. Then I had to wait for the decision, but Nate did very nicely on the phone with the bank a few times when we called together. He explained every point to them thoroughly and diplomatically. The bank sent me a letter that they had decided to return my second transaction of $10,000.

What happened at the end?

After four months I received my money back in my account, $10,000 that I had invested (the first transaction of $1,000 the bank did not give back to me because too much time had expired). The money came back to my account and I paid the fee to MyChargeBack. I warmly recommend MyChargeBack to anyone in a similar position I was. I feel very stupid I got myself into this mess but I am done with it – and if this writing helps people then it’s the least I can do!

Lucas, age 32, from Denmark

Have you lost money to a scammy broker? MyChargeBack can help.

Thanks for reading this far. I think that this company could help you recover some of the funds you might have lost because of a scammy broker such as Binatex or Zoomtrader. What this company can’t do on the other hand is help you recover funds from a legitimate broker (such as IQ Option) that you have lost because of your wrong trading predictions.

However, you can always give them a call or talk to them over their live-chat and see what can be done. They will evaluate your case for free!

Good luck!



More about the author Step

I've wanted to build a business of some kind and earn money since I was in middle school. I wasn't very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

21 Responses to “A scammed user’s experience: MyChargeBack”

  1. Have you heard of Fundchargeback . I am thinking of hiring them to recover the money i lost to magnum options. I lost some money to those scam and I am hoping fundchargeback can recover it for me. Please let me know

    1. Hello, we never heard about this company. You should really be aware of this kind of companies. Read some reviews on the internet and make sure you are in the right hands. Be careful!

  2. It’s really good to pay MyChargeBack to get my own money back. Not only did I loose money to the Brit Method but I LOVED losing even more to get it back! I’ll try lawyers next time 😉

  3. I lost my funds to easy trade options and I’m been denied withdrawal of my invested funds. I keep believing that one day, I’ll look back at the pains and hurts easy trade had cost me and say thank you. I’m saying thank you to MyChargeBack that you recovered my lost funds plus interest and bonus.

    1. Hello, we are happy to hear that you have a good experience with MyChargeBack 🙂 I hope that we are gonna get more stories like this.

      Thank you once again.

  4. people say binary options brokers are scam, i can boldly say that’s not true because i have been doing a lot of trading not only that, i have been doing a lot of winnings sometime ago

    1. Hello, binary options are not a scam the brokers with bad practices are, they made this business look like a scam. It’s the same with the forex trading, you can also say it’s a scam but the forex is good, the brokers are making it look bad.

  5. I recently recovered my invested funds trading binary options from a scam broker. I hired a professional to this effect.

  6. Apparently, binary options is an all or nothing investment. I realized this after losing my Gratuity invested with BinaryTilt

    1. Hello, I don’t think that binary options are a scam. I think that the binary options brokers made binary options look like a scam because of their bad practices. It’s not a fault of the binary as the financial tool but the fault of the companies who made them look like the scam. I know many people who made a good money on this type of trading. It’s same with the forex, you can also say it’s a scam, but there are still many people who are doing it for a living and many good brokers, but also there are some scammy brokers.

      On our website, you will find reviews of just tested and trusted brokers. If you want to see the brokers check it page –

  7. I’ve had a bad trading experience. I got ripped off by a scam broker a couple of months ago it was difficult to get a withdrawal even after several failed attempts, but this company helped me to get my money back.

    1. Hello, we are really happy to hear the next happy ending story. Next time you should be more careful about your money and the broker you are gonna put your money in. It’s not something that you need to do fast, it’s good to choose the broker wisely and with respect. Better safe than sorry.

  8. I have a friend and he is a professional trader that helped me recover and withdrawn all my lost funds in binary options trading.

  9. After having been told by my (useless) bank that it was a lost cause, I turned to MyChargeback. They successfully retrieved the money that an online binary options scam stole from me. I have nothing but praise for them. They’re efficient, honest and they know ALL the ins and outs of chargebacks.

    1. Hello, we are more than happy to hear the next happy ending story! Thank you so much for your message, because it can help others to decide and make an opinion about MyChargeBack. Have a nice day.

  10. Last year was an exhausting experience trading binary options. I was unable to perform a chargeback since it was past the days I could have performed a chargeback with my bank. I had to resort to unconventional means to recover my funds. It has been an experience so far.Feel free to reach out.

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