What to do when online currency trading platform refuses to refund?


Hi, Iq Option.com is online broker who provide binary option trading on currency i have account with them since start of September'17, There was two days where unauthorized deposits from my credit card and trade happen on my account. when i complaint them they rejected first time when it happen again and i reported them they agreed to give refund but till now they have not refunded and it seem like they not willing too. I have all email communication. Kindly guide what can be done in this scenerio

Answers (3)


137 votes

Dear sir/ma'am,

The first thing I would advise you to do is to immediately file a legal notice specifying in detail the incident including therein the dates of communication with the company as well. In the legal notice itself you should also categorically mention that if the company does not resolve the dispute within a stipulated time frame (15 days or 30 days) then you would pursue legal recourse against them. After the expiry of the said time period you could file a complaint against the said company in the appropriate forum depending on the pecuniary jurisdiction. In case of any help with the drafting of the legal notice you can get in touch with me at 9687775463


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156 votes

First of all, look at the Terms and Conditions of the website and see what it says about the refund and/or about the unauthorised transactions. Then proceed forward to sent a Recovery Letter/Legal Notice entailing about the entire incident and also mention the email conversations and mention the name of the employee with whom you had a word. If they still does not refund your money then file an FIR in the Cyber Cell of the concerned Police Station.

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252 votes

You can file a criminal complaint agaisnt them. Or you can also initiate the proceedings under the relevant provisions of the IT Act. Firstly give the concerned company a legal notice. If problem is not solved by legal notice then you can follow the aforementioned procedure

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