In recent months I have made big profits by trading with a trader at a trading company. A few weeks ago I said that I want to withdraw 1/4 of the profit before December 1st. Last Friday my broker called and said we need to close all trades and pay taxes and fees. On Monday he called and said that now is the time and if I gave permission to close all trades. I said yes and after that he said I will have to pay commission and fees. Of course, no problem I thought. It’s just a matter of deducting the profit. It didn’t work, he said, but I have to pay commissions and fees on all trades before I get my money, and they have to pay me all the money. Is this normal? Can’t it be deducted from my account? After all, my money is invested in the business, I don’t have as much money as is required, and I don’t want to pay until I get my money because I’m worried about being cheated. They are under the FSC (Financial Services Commission) a Belizean regulator of the financial services market of the
international level. I have emailed the FSC but have not received a reply yet. They have now suggested that I should open a closed wallet to make me feel safe, where they should deposit my money and lock it there until they see that I deposited fees and commissions. Is it possible to lock them and how do I know they are unlocking them? How can they have control over my hidden wallet?
They aren’t going to give you your money. I have the same problem. Trade X wantes 12% for the withdrawing. I paid and received anything
Hi there,
I’m sorry to hear about your situation, it definitely raises some red flags. Legitimate brokers deduct fees/commissions directly from your account or profits, they don’t demand upfront payments. The “closed wallet” they mentioned is a common scam tactic, as no trustworthy broker would control your wallet or lock your funds.
You did the right thing by contacting the FSC. In the meantime:
- Do not send any more money.
- Verify if the broker is registered on the FSC’s official site.
- Report them to your local financial regulator or a consumer protection agency.
Could you share the broker’s name? I’ll also check their FSC registration to help verify their legitimacy.
Stay safe,
Samuel