FxGecko is a forex complaint platform that provides assistance and support to traders who have suffered losses in forex trading. We understand that on some occasions, even regulated and licensed brokers may fail to comply with local laws, resulting in losses for their clients.

Therefore, FxGecko advises traders to exercise caution when selecting a broker and to conduct thorough research to ensure the broker has sufficient financial operating capital, a long-standing track record, and proper regulatory licenses in the countries where it operates, in order to ensure compliance with local laws.

When traders face mismanagement that violates relevant laws, regulations, and guidelines, they have legal grounds to claim the recovery of their funds. As per the laws provided by the Cyprus Securities and Exchange Commission (CYSEC) and the European Securities and Markets Authority (ESMA), there are specific steps that traders should follow to pursue the recovery of their funds.

Firstly, an official complaint letter must be directly delivered to the licensed broker. Within three months of receipt, the broker is required to provide an official response to the trader's claims and initiate negotiations for a possible out-of-court settlement.

If a settlement cannot be reached through the complaint letter, the trader has the right to file a complaint against the broker at the Financial Ombudsman to seek recovery of their funds and can further file a complaint with the regulator to impose sanctions against the broker.

The Financial Ombudsman thoroughly examines the complaint and investigates the broker to determine whether the trader should be compensated. The examination and decision of the Financial Ombudsman are also forwarded to the regulator, who will decide on imposing sanctions and/or penalties against the broker.

While the decision of the Financial Ombudsman is not binding on the broker, if the broker fails to execute the relevant decision, the trader may file a civil lawsuit against the broker to enforce the decision and seek compensation.

At FxGecko, we specialize in forex Complaints related to brokers licensed under CYSEC, FCA, FSCA, and have successfully recovered funds for clients who have suffered losses due to such mismanagement. As a forex complaint platform, FxGecko is dedicated to providing support and assistance to victims so they can recover their funds.