About the Firm “Broker-SOS”
The firm “Broker-SOS” specializes in aiding traders in recovering investments that have been mishandled by brokers through illicit actions. It operates not only in Russia but also in 30 other countries, including the USA.
Formation Story
The establishment of “Broker-SOS” came about following the personal experiences of its founders who had encountered a deceitful broker and successfully recouped their funds through chargeback. Although the company was inaugurated on November 20, 2015, details concerning the founders remain undisclosed. The team comprises lawyers, attorneys, and translators.
Confirmation of a physical office’s existence is lacking. The website solely provides hotlines and contact forms. “Broker-SOS” furnishes clients with a directory of deceitful brokers, alongside maintaining a news section and blog.
Operational Procedure and Service Charges
To engage the services of “Broker-SOS,” individuals are required to reach out to the hotline or request a callback via a designated button. Following consultation, a lawyer informs clients about the potential for fund recovery, negotiates terms, and executes a contract.
The organization mandates a prepayment, the sum of which is individually discussed with each client. In instances of unsuccessful chargeback, the prepayment is non-refundable. Information concerning service charges is not displayed on the website. Clients can access a 10% discount by completing a brief survey through a banner link.
Chargeback Procedures
- Compiling and dispatching a contract termination notice to the broker.
- Drafting a statement in Russian and English to dispute the contested transaction, subsequently submitting it to the bank.
- Preparing and forwarding a statement to the broker’s bank, financial regulator, and other supervisory bodies of the broker.
- Compiling and sending a statement to instigate a criminal case against the broker.
- In instances of broker non-cooperation, a chargeback request is dispatched along with a complaint to the international payment system.
Advantages and Disadvantages of the Firm
Highlighted advantages of the firm include:
- Client confidentiality assurance.
- Document preparation within a three-day timeframe.
- Comprehensive client assistance throughout the fund recovery process.
Enumerated disadvantages are:
- Exclusivity to traders seeking recovery of 50,000 rubles or more.
- Lack of transparency regarding service costs.
- Unavailability of proof of fund recovery on the website.
Official records of the company assert that in nearly four years, over 900 chargebacks have been successfully concluded. Nonetheless, it maintains a relatively subdued online presence, despite its extensive operational tenure.
The firm’s website appears unassuming for an agency of its nature. The news section and blog exhibit insufficient content spanning the three-year operational period. Trust in “Broker-SOS” remains debatable in the absence of supplemental information presented on the official website.
This review has been prepared by the specialists at ExpertsReview.