by Refundaroo | May 19, 2020 | Forex, Stock trading
Introduction
Automated trading systems seem like a dream come true – program a computer to execute trades based on predetermined criteria, and watch your investments grow without the hassle of constant monitoring. However, the reality is a bit more nuanced. Let’s delve into the pros and cons of automated trading to gain a comprehensive understanding.
The pros of automated trading
The primary advantage of automated trading is its ability to remove emotion from the equation. Unlike human traders, automated systems operate purely on logic, eliminating the risk of impulsive decisions driven by excitement or fear.
Another significant benefit is the utilization of “backtesting,” where historical data is analyzed to forecast future market movements. This technique, once exclusive to large institutions, has now become more accessible to individual traders.
Moreover, automated systems operate tirelessly, 24/7, processing vast amounts of market data and responding instantly to new developments. They offer unparalleled convenience, efficiency, and speed, with comprehensive market coverage.
The cons of automated trading systems
While automated trading offers many advantages, it also presents several challenges. The success of these systems hinges on the effectiveness of the trading strategies programmed into them. Poorly designed strategies can lead to financial losses or missed opportunities for profit.
Additionally, automated systems are susceptible to technical glitches, such as power outages or internet disruptions, which can derail trading operations. Constant monitoring is essential to ensure smooth functioning.
Designing automated trading systems is complex and requires meticulous calibration of algorithms. Changes in market conditions can compromise the effectiveness of these systems, leading to unintended outcomes.
Furthermore, automated trading eliminates the human element of intuition and gut instinct, which has historically led to successful investment decisions.
Avoiding scams associated with automated trading systems
As with any financial endeavour, there are risks associated with automated trading systems, including scams. It’s essential to exercise caution and due diligence when selecting trading platforms or brokers. Look out for red flags such as unregulated companies, unrealistic guarantees, and difficulty withdrawing funds.
Ensure that any company you engage with is fully licensed and regulated. Research their trading record, read online reviews, and verify their physical presence and staff credentials. Don’t be afraid to ask questions, especially if you’re new to the game. A genuine broker will be happy to help you. And remember that if you’re unlucky enough to fall victim to a forex fraud (links to refundaroo.com/forex-scam/or trading scam, there are expert companies out there who may be able to help you get your money back.
Conclusion
Automated trading systems offer significant potential for investors but require careful consideration and monitoring. Before venturing into automated trading, ensure a thorough understanding of market dynamics and choose reputable brokers. Remember to stay vigilant against scams, and seek assistance from expert companies if needed. Automated trading can be a valuable tool in your investment portfolio, but it’s essential to approach it with caution and diligence.
by Refundaroo | Feb 3, 2020 | Advice, Announcement, Blog
Navigating chargebacks: Reclaiming your money after fraud
With the rise of online transactions and internet usage, scams are more prevalent and sophisticated than ever. Scammers employ a variety of tactics, targeting people of all experience levels. Even some of the oldest scams remain effective.
When faced with credit card fraud, many of us trust that our banks can recover our money. But what about crypto scams or Nigerian advance-fee fraud? Here’s how chargebacks work and how they can help you get your money back.
Understanding chargebacks
A chargeback is a process of reversing a transaction, whether it’s made via credit card, debit card, or PayPal. It’s akin to requesting a refund for defective or misrepresented goods.
However, chargebacks aren’t always tied to a transaction you initiated. Often, the debited amount is a result of fraud or a scam, such as Ponzi schemes or dishonest brokers misusing your investments.
How chargebacks operate
For consumers, initiating a chargeback involves contacting the appropriate authority, providing evidence, and waiting for a resolution. The company handling the chargeback reviews the evidence, investigates the fraud, and attempts to recover the funds. This process requires extensive knowledge, resources, and time, so patience is necessary. Even if fraud is proven, recovering the money can be challenging.
Chargeback timelines
The time it takes to process a chargeback varies based on the platform used. PayPal’s chargeback time limits differ from those of banks and credit cards. Chargebacks can take up to 45 days or longer, sometimes extending to six months, depending on the amount involved and the nature of the transaction. Always check with the company managing your chargeback for specific timelines.
Benefits and drawbacks of chargebacks
Benefits
- Funds recovery: The primary advantage is reclaiming your lost money, which can be substantial, especially in investment scams.
- Deterrence: By pursuing a chargeback, you send a message that you won’t tolerate being scammed, reducing the likelihood of future scams.
- Reputation protection: If your business falls victim to a scam, a chargeback can help you recover funds discreetly, protecting your reputation.
Drawbacks
- No guarantees: Chargebacks aren’t always successful, especially if the scammer has moved the funds. Acting quickly increases your chances.
- Cost: Depending on the amount lost, the fees for using a chargeback service might outweigh the benefits. Bank or PayPal chargebacks typically only cost you time.
Steps to initiate a chargeback
- Reach out: Contact the bank, card issuer, or PayPal where the transaction occurred. Alternatively, consider using a chargeback service like Refundaroo for higher recovery chances.
- File your dispute: Provide detailed information, including your account details, transaction information, and any supporting evidence.
- Wait for the results: Once filed, allow the fraud team to investigate. You may need to provide additional information, but otherwise, wait for their findings.
Using chargebacks to recover from investment scams
- Forex market: Chargebacks can be initiated not just for stolen funds but also for poor service or decisions by brokers. Common reasons include brokers withholding funds for personal gain.
- Binary options market: This sector is notorious for scams, making chargebacks essential.
- Cryptocurrency market: Due to the anonymity and complexity of crypto transactions, scams are rampant. Chargebacks can help reclaim funds from shady platforms or brokers.
How Refundaroo can assist
At Refundaroo, we specialize in recovering funds lost to scams, with nearly a billion dollars recovered in recent years. Whether it’s forex, crypto, or advance-fee scams, our expert team works quickly to get your money back. We review your case, gather evidence, and confront the fraudsters. Contact us to start your chargeback process – we’re confident in our ability to help.
