My unregulated broker, 'TradeWise Solutions', is demanding a 'compliance audit fee' to release my profits. Scam?
Okay, so I got into forex trading a few months ago, found this broker called 'TradeWise Solutions' online. Seemed legit at first, the platform looked professional, and I even made some decent 'profits'. I've put in about £7,000 in total over a few deposits. Now I wanted to withdraw £3,500 of my 'profits' plus some of my initial capital, and they're suddenly hitting me with this 'compliance audit fee' they say I need to pay before they can process *any* withdrawal. It's about £1,200. They're saying it's for 'international regulatory review' because my funds are coming from a 'high-yield account'.
I feel like I'm getting played. I've never heard of this before. Is this a common thing with forex brokers, or am I just being scammed? I tried looking them up on the FCA register and couldn't find them, which is a huge red flag now that I think about it. What should I do here? Should I pay it? I'm in Liverpool, UK, and really worried about losing my savings.
asked by Charlie Evans· 27d ago