Possible scam

I invested $1000 with this company....called it their "basic plan".  In just a little over a month, it soared to over $5000. in profit.  I wanted to withdraw and they said I had to wait until a 30 day cycle was finished and then I could.  So, then when that happened I wanted to "withdraw".  They said I needed to pay them $1000 in taxes and fees in order to have my money (investment and profit amount) sent to the wallet of my choice.  I said, "why can't you just deduct the $1000 and send the remaining?"..."said it's against policy and illegal to pull from profits.  So, I said..."ok, just give me back my initial investment, since that'st not profit...it's my money and keep the rest". Of course that's not going to happen.  It it customary for these companies to charge that much to make a withdrawal ( I understand there shoud be fees and taxes) and that I have to come up with it out of my pocket to make this happen?

Thanks.  I think they are scammers now and I don't feel I should give them another penny.  Your thoughts?

My contact person is saddened because I won't proceed.  I don't think I should.

Virginia

Dear Sir or Madam, thank you for reaching out to us regarding this possible scam broker. We have confirmed that CryptoFxExperts is a scam.

CryptoFxExperts claims to be owned and operated by CryptoFXExperts LTD but does not provide further details about its location. We then checked the phone number it claims and believed it might be located in the United States. In addition, it displays a certificate given by the Financial Commission on its homepage to build credibility. However, it should be noted that Firms and individuals, who do not overseen by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), are not allowed to solicit or approach US citizens. Therefore, we searched for this broker on the website of the NFA, but found no matching results. That means, CryptoFxExperts is not supervised by any financial regulatory bodies. More importantly, the Financial Conduct Authority (FCA), the UK financial regulatory body, has issued a warning against CryptoFxExperts for its offering of financial services or products in the UK without authorization. You can check the full warning from here.

As regards your question, a fully regulated broker will clearly display their fees for withdrawal on their website and will not charge extra fees using various reasons. Charging so much fees as CryptoFxExperts did in your case is usually a sign of forex trading scams. We would suggest investors be informed on a broker's regulatory status before making a trading decision. You can check our rewiew of brokers to achieve relevant facts and information. We recommend staying away from unlicensed brokers like CryptoFxExperts and trade with fully regulated brokers.