Can someone recover money lost to a trading scam? How recovery scams work
The Farol Markets team · 29 October 2026 · 4 min read · How we write
In short
- Upfront fees to recover lost money are a classic second scam.
- Authorities don't sell recovery services or call to charge fees.
- Use your bank, the police and channels you found yourself.
Losing money to a fake trading platform is painful. What often comes next is worse: a message from a "law firm", a "blockchain investigator" or even someone claiming to speak for a regulator, offering to get your money back for an upfront fee. In many cases this is the same group, or one that bought the list of victims, coming back for a second payment.
How a recovery scam usually works
- Contact. You are found through comments you left online, a complaint site or a victims' list. The message knows the name of the platform that took your money.
- Credibility. Official-looking logos, a lawyer's name, sometimes a fake "court case number" or a fake letter from an authority.
- The fee. To start, you pay "legal costs", "tax on the recovered amount" or a "wallet unlock fee", usually by Pix or crypto.
- More fees. Each step reveals a new cost. The recovered money never arrives.
Red flags in any recovery offer
| What you hear | What it usually means |
|---|---|
| "We guarantee you'll get it back" | Nobody can guarantee recovery of funds sent to a fraudster |
| "Pay the fee first, then we release it" | A real recovery is not unlocked by a new transfer from you |
| "We work with the CVM / the police" | Authorities don't sell recovery services or contact you to charge fees |
| "Keep this confidential, even from your bank" | Isolation keeps you from asking someone who would say no |
What really helps
- Your bank, quickly. Report the original Pix or card payment as fraud. Speed matters for any attempt to block or return funds.
- A police report (boletim de ocorrência) with every receipt and conversation.
- The regulator's public channels. In Brazil, the CVM receives complaints through its own website; in Portugal, the CMVM. Contact them yourself, at addresses you typed, never through links someone sent you.
- A lawyer you chose yourself, registered with the OAB (or the Ordem dos Advogados in Portugal), if the amount justifies it.
Rebuilding on solid ground
After a loss, the urge to win it back fast is exactly what fraudsters count on. If you return to trading, return to education first: a demo account, risk at a small fixed fraction (see Fixed fractional vs fixed lot) and every position sized with the lot size calculator. The risk/reward calculator shows what a plan costs before money is involved. And before any new deposit, check the firm as described in CVM alerts explained.
In short
An offer to recover lost money for an upfront fee is very often a second scam. Talk to your bank, the police and the regulator through channels you found yourself, and never pay to "unlock" anything.
Questions people also ask
Are all recovery services scams?
Not all, but guarantees and upfront fees are strong warning signs. A lawyer you choose yourself is a safer route.
Will the CVM contact me to recover my money?
You should not expect a regulator to contact you offering recovery for a fee. Contact the regulator yourself through its official website.
What should I do first after a scam?
Call your bank, then file a police report and keep every receipt and conversation.
Take the quiz and find your trader profile.
Take the quizTrading financial markets carries a high level of risk and can result in the loss of all the money you invest. Farol Markets content is for education only and is not investment advice. Past results do not guarantee future results.