Spreadex Markets Ltd is asking for upfront 30% tax on profits

Broker FAQ 📈
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I have invested in forex through SpreadEx Markets ltd. When i ask them to withdraw my money. They are asking me to pay 30% upfront tax on profits to withdraw. Also, they have blocked my account until i pay the tax. Is this legal?
I have not seen any broker asking for upfront tax payments.

1 Like
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Hi,

Thanks for reaching out. It looks like you’re dealing with a scam. SpreadEx Markets Ltd is likely a clone of SpreadEx Ltd, which is a legitimate broker regulated by the FCA (Financial Conduct Authority) in the UK. Scammers often create clone websites or companies with similar names to deceive people who are searching for the real, trustworthy broker.

Regarding the upfront tax on profits — this is highly unusual. Reputable brokers don’t ask for tax payments directly or block accounts until taxes are paid. Taxes are typically handled through your local tax authorities, not the broker. This is a classic red flag for scams, where they try to extract additional money under false pretenses.

I would recommend stopping all communication with them and reporting the incident to the relevant authorities, like the FCA or your local financial regulator.

Let me know if you need further help or guidance!

Best regards,
Andris

3

Thanks for your inputs. I infact lost money by investing money there on that platform.
The url of the fake website is - https://www.spreadexmarketsltd.com

I request you to highlight this to the broader audience so that they are aware and does not fall into the trap.

4

Hey,

I’m truly sorry to hear that you’ve been caught up in this situation. Thank you for sharing the scam broker’s URL—it will help protect other community members. We’ll add it to our scam database to prevent others from falling victim to the same scheme.

Unfortunately, the recovery of funds from scam brokers is an extremely complex procedure and chances of success are rather low.

I would recommend checking the following article where we collected a few things you can try to get your funds back: https://brokerchooser.com/forex/regulation/scams#how-to-recover-your-funds-when-scammed.

Also, please be careful with companies offering to get your money back. There are many scams that offer asset recovery services.

Please let me know if you have any further questions.

Best regards,
Andris