In short
Complain to the firm in writing first and keep copies. For a brokerage, the next step is a FINRA complaint, which can lead to discipline of the firm; recovering money usually means FINRA arbitration, which brokerage agreements require, and claims must be filed within six years. For crypto, complain to the platform, then to the CFPB and your state financial regulator; SIPC does not cover crypto that is not a security, and crypto sent to a scammer is usually gone. Check any firm or broker on BrokerCheck, reach your platform only through its app or website, and treat anyone who offers to recover lost money for a fee as a scammer.
How complaints work in this industry
- FINRA asks you to contact the firm first: question the broker at once about any trade you did not authorize, then go to the branch manager or compliance department, and if you lost money, complain in writing and keep copies. Complaints are filed online at investor-complaints.datacollection.finra.org; FINRA no longer accepts faxes. FINRA: file a complaint
- FINRA can discipline brokers and firms with fines, suspensions and bars, and may pass a complaint outside its jurisdiction to another regulator, which can delay it. FINRA: file a complaint
- Brokerage customer agreements send disputes to FINRA arbitration. Robinhood's agreement (revised October 1, 2026, section 39) says any controversy about the account "shall be settled by arbitration before FINRA Dispute Resolution". Robinhood Customer Agreement
- A claim is not eligible for FINRA arbitration once six years have passed from the event that gave rise to it. FINRA Rule 12206
- Many firms publish no separate complaint address. Robinhood handles U.S. support through the app, an in-app callback and robinhood.com/contact; Fidelity lists no complaint address on its mailing-address page. Robinhood: how to contact support Fidelity: mailing addresses
- Crypto platforms route complaints to their own process and then to state regulators or the CFPB. Kraken's complaint page promises a response within 15 business days and names the state regulator or the CFPB as the U.S. escalation. Kraken: complaint handling process
Your leverage
- Transfers between brokers are started by the receiving firm. Outbound fees differ: Robinhood $100 per transfer, Webull $75, Vanguard up to $100 for a full transfer or closure, Fidelity $0 for a transfer of assets. Robinhood: transfer your assets out Webull: initiating your transfer Vanguard fee schedule Fidelity: commissions and fees
- Several firms promise to reimburse unauthorized losses if you report promptly. Fidelity's Customer Protection Guarantee requires you to review statements within 30 days and report at once by calling 800-544-6666. Fidelity: Customer Protection Guarantee
- BrokerCheck shows a firm's or broker's registration, employment history and disclosure events, including regulatory actions and arbitrations. The BrokerCheck help line is (800) 289-9999. FINRA: check registration
- A CFPB complaint gets a written answer from crypto platforms. In the 12 months to June 2026, Coinbase closed 394 of 1,292 CFPB complaints with monetary relief. CFPB complaint database: Coinbase
- Regulators' enforcement records help a complaint. FINRA fined Robinhood $26 million in March 2025 and found that its anti-money-laundering program missed accounts taken over by hackers. FINRA news release, March 7, 2025
Traps
- SIPC protects missing cash and securities only when a member broker fails, up to $500,000 including $250,000 cash. It does not cover market losses, bad advice, most commodity futures, or digital assets that are not securities. SIPC: what SIPC protects
- Platforms can restrict an account without notice. Robinhood's agreement lets it restrict deposits, withdrawals or trading at its sole discretion; Kraken says scam-prevention restrictions are lifted only after 90 days. Robinhood Customer Agreement Kraken: why is my account restricted
- Some assets do not transfer. Robinhood crypto and futures cannot move to another broker, and fractional shares are sold; Webull sells fractional shares, Treasury bonds and money market funds when a transfer starts. Robinhood: transfer your assets out Webull: initiating your transfer
- After a full transfer starts, Robinhood locks the account from trading, deposits and withdrawals, and only the receiving broker can cancel it. Robinhood: transfer your assets out
- Crypto transfers cannot be reversed. Robinhood says it cannot reimburse crypto transfers that you authorize, and the FTC says you typically will not get back crypto sent to a scammer. Robinhood: identify and report scams FTC: cryptocurrency and scams
- You can file a regulator complaint yourself; FINRA says to think twice about paying anyone to help you file an investor complaint with a securities regulator. FINRA: recovery scams
Scams to watch for
- Impersonated brokerages: scammers use a real broker's name and CRD number on a fake website, solicit from phone numbers that are not the firm's official contacts, and may link to a real BrokerCheck page. Check the firm yourself on BrokerCheck, compare the phone number and website with its Form CRS, and call a number from the firm's public website. FINRA: imposter investment scams, April 29, 2026
- Fake support numbers: Robinhood and Kraken say phone numbers for them found through a web search may be scams; both give phone help only through an in-app callback or call option. Robinhood: identify and report scams Kraken: protect yourself from scams
- Account takeover: a caller who says they are from Fidelity asks you to read back a one-time passcode that they triggered. No platform needs your password, 2FA code or recovery phrase. Fidelity: identify fraud and phishing scams Kraken: protect yourself from scams
- Leaked customer data makes impersonation convincing. In May 2025 Coinbase disclosed that bribed support staff took customer names, contact details, masked SSNs, ID images and balances. Coinbase Form 8-K, May 14, 2025
- Crypto investment scams: only scammers demand payment in crypto or guarantee big returns; romance contacts and fake celebrities push crypto "investments". Report to ReportFraud.ftc.gov, the SEC, the CFTC, IC3 and the exchange you used. FTC: cryptocurrency and scams
- Crypto recovery scams: people who lost money are contacted by someone posing as a government agency, law firm or advocacy group who promises to recover it for an upfront fee. Anyone who charges upfront for asset recovery is almost certainly a scammer. FTC: refund and recovery scams FINRA: recovery scams
- Investment groups on social media and messaging apps show fake "proof" of gains. Check sellers on Investor.gov before you invest. FTC consumer alert, April 16, 2026
By the numbers
- People reported more than $7.9 billion in losses to investment scams in 2025, with a median individual loss of more than $10,000. FTC consumer alert, April 16, 2026
- CFPB complaints received July 1, 2025 to June 30, 2026: Robinhood 1,815 (all closed with explanation), Coinbase 1,292 (394 with monetary relief), Kraken 250, Foris DAX (Crypto.com) 212. Data retrieved 2026-10-13. CFPB: Robinhood CFPB: Kraken CFPB: Foris DAX
- Fraud or scam was the top CFPB issue for Kraken (69 of 250) and Foris DAX (59 of 212), and the second issue for Coinbase (326 of 1,292). CFPB: Coinbase
- BrokerCheck disclosures as of 2026-10-13: Fidelity Brokerage Services 24 regulatory events and 130 arbitrations; Robinhood Financial 56 regulatory events and 13 arbitrations. BrokerCheck: Fidelity BrokerCheck: Robinhood Financial