My unregulated broker, FXChoice, says I need to pay a 'risk management fee' to withdraw profits. Is this legit?
Hi everyone, I'm feeling so sick to my stomach right now. I've been trading with a platform called FXChoice for about six months. I started with a small amount, maybe €500, and they assigned me an account manager who seemed really helpful. He kept pushing me to invest more, showing me 'guaranteed returns' and how quickly my money was growing. I saw my balance go up to almost €8,000, which felt amazing.
Now, I've tried to withdraw some of it, like €2,000, to pay off some bills. But suddenly, the account manager is saying I need to pay a 'risk management fee' of 15% of my balance to 'secure the withdrawal' because it's such a large amount. He said it's standard procedure for international transfers and that it's fully refundable once the withdrawal clears. He even sent me an official-looking document, but it just feels so wrong. I'm scared I'm losing everything. Has anyone encountered this with FXChoice or any other broker? What should I do?
asked by Sophie Becker· 30d ago