FXTM is demanding a 15% 'trading turnover tax' to release my profits. Is this legit?
Hey everyone,
i'm really freaking out right now. I've been trading forex with FXTM for about six months, put in a good chunk of cash, maybe about 12k CAD total, and actually managed to make some decent profit. Nothing crazy, but enough that I wanted to take some out to pay down some debt. i tried to withdraw like 4k last week, and my 'account manager' (who's been super pushy btw) told me I need to pay a 15% "trading turnover tax" before they can process the withdrawal. He said it's a new regulation and if i don't pay, my funds will be frozen indefinitely.
I've never heard of anything like this, and it sounds really fishy. I looked on their website, couldn't find any mention of it. Even tried searching Google, but most results are about *actual* income tax on trading, not some upfront fee from the broker itself. My gut is screaming scam, but I'm also really scared of losing the money. Has anyone dealt with this specific fee or this kind of withdrawal block from FXTM or any other broker? What should i do?
asked by Olivia Bergeron· 31d ago