Illegal broker FXtrademarket charged 5% 'IRS' fee resulting in investor’s loss of US$500

It has been two years since the investor was defrauded by Fxtrademarket. The investor chose a pair of currencies USD/EUR and invested 100 dollars on MT4/5. The investor said that the candlestick was going well and rising at that time. The result showed that the investor has made 12,692 dollars. When it was time to withdraw, the investor received an email from Fxtrademarket. Fxtrademarket mentioned in the email that the investor needed to pay 634 dollars before withdrawing. It meant the investor would be charged 5% of Internal Revenue Services(IRS) from the money he had made. The Internal Revenue Services included two parts of fees, namely, withdrawal permit and brokers permit. Furthermore, the Fxtrademarket investment company required the investor to pay 200 dollars of COT. The investor had no choice but to pay the fee, he transferred 300 dollars to an agent who worked in a branch office in Nigeria.

After the investor paid the COT, Fxtrademarket still refused to let the investor withdraw, because the 634 dollars of IRS needed repaying. All in all, the investor lost 500 dollars roughly and never got respond from fxtrademarket.

What is the IRS？ Does it relate to forex？

TheInternal Revenue Service (IRS) is the revenue serviceof the United States federal government.It is responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law of the United States. The duties of the IRS include providing tax assistance to taxpayers and pursuing and resolving instances of erroneous or fraudulent tax filings.

IRS does not relate to forex and it is only useful for solving tax problems of American citizens.

Generally speaking, the environments of forex market are different in different countries. Compared with undeveloped countries, forex markets in developed countries are more strict on rules and regulations. In forex fraud cases, there are often so-called extra fees that need paying, such as COT, stamp duty fee, tax fee and IRS... etc. These fees can only be defined when illegal brokers want to get more from investors.

Warning!!!

According toWikiFX App,Fxtrademarkethas a poor rating of 1.24, and the broker currently has no valid regulatory, bearing great risks. The broker is currently active on large social network such as Telegram and Facebook, please stay away from it!

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If you have ever been defrauded by illegal broker, you can contact WikiFX. WikiFX will assist you in your exposure. You need to hold enough evidences to prove the broker is illegal.

Evidence requirement: (Chatting history records, Trading history records, Banking Transaction records and video recordings from victim).

In order to help you better. There are two ways to upload evidencesfor exposure.

1: WikiFX App:

Log in the App, choose Exposure on home page click on blue light bulb-Expose,

The types of Fraud Choose fraud broker Just write down your experience of being deceived and upload the relevant evidences here.

2: More brokers‘ information will be updated on WikiFX. If you can not find the broker that you want to report, there is another way to contact WikiFX by Facebook Messenger. You can leave your message on messenger. WikiFX’s staff will review the broker that you wanna report and the relevant evidences you submitted. You will get the feedback in the following 3-5 working days.

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Declaration:

The evidences in WikiFX exposure articles are verified via the following processes:

1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and video recordings from victim).

2: These evidences will be evaluated and verified by experts who have been work in forex industry for many years.

3: The editor will review it again before the article is published.

WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.

It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:

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Wiki Forum Forum Function:

In order to help more investors, WikiFX has launched the “WikiFX Forum” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.

The exposure function of “WikiFX Forum” includes the following features:

1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)

As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:

2: Block low score brokers from entering the forum

3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;

4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of WikiFX Forum.

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Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html

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