Beware of WETUOKE | Tax Payment or Denied Withdrawal

Wetuoke (www.wetuoke.com) is an online broker that provides CFDs for several trading instrucments, such as forex, swap, commodities, options and more.

WikiFX did a review on Wetuoke and failed to find any information about this brokers regulatory status. The reason for this investigation was because WikiFX received an Exposure submission from a Vietnamese trader, named Trang, who was unfairly treated by this broker.

Trang has a live trading account with Wetuoke but when he wanted to withdraw, he was told that he must pay a 15% income tax to the International Tax Bureau, worth more than 75,000 USD.

We at WikiFX would also want to highlight this scenario as a warning sign that should not be ignored by any means. Tax scams is one of the common tactics used by dubious forex brokers. WikiFX has witnessed many cases wherein such a broker scared their clients about tax payments in arrears and urged them to pay before they could process their withdrawal requests. Unfortunately, in most cases, despite receiving the so-called tax payments, the client still could not receive the withdrawals that they are entitled to.

It is crucial to remember that no brokers are directly linked to a nations tax bureau. If your broker is requesting for such tax payments and claiming that they are doing it on behalf of the government body, it is a trap. Be careful.

Once again, we would like to reiterate that traders and/or investors should know their rights clearly, as well as the red flags that you see coming from a forex broker. When in doubt, always do as much due diligence as possible. Conducting a thorough research is not overwhelming nor time consuming when you have WikiFX at your fingertips.

WikiFX being the dedicated global forex broker query platform, will continue to investigate this case to do our best in helping out our users.

If you spot any red flags presented by your forex broker, please feel free to contact WikiFX for help or advice through these mediums below: