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Abstract：Tax scams are one of the common tactics used by unreliable forex traders. WikiFX has witnessed many cases wherein a fraudulent forex broker scared their trading clients about having tax payments in arrears and urged them to pay quickly before being punished by the authorities. However, it is rare to see a forex broker that uses this as an ultimatum, or rather “threat” towards its clients.
Yabo Market Limited is a forex broker established in 2021 in the United Kingdom. According to WikiFXs evaluation and review, this broker is lacking in many departments which explains its low WikiScore.
Firstly, it is fairly new in the industry. WikiFX usually advises our users to opt for a forex broker that has been in the market for at least 3-5 years or more to ensure that its a company that can withstand the test of time. Secondly, Yabo Market Limited is neither regulated by an authority body nor is operating with a valid license. This is another red flag to consider upon choosing a forex broker. It is logical that when it comes to dealing with funds, it is best to select a forex broker that is backed by the authorities.
WikiFX received an Exposure piece submitted by a victim from Turkey. The client is not comfortable with revealing his real name, so let us call him Mr. O in this article. Below is the identity card submitted by Mr. O.
Mr. O deposited his funds and started trading with Yabo Market Limited towards the end of June 2022.
Things were going smooth initially but when Mr. O tried to withdraw his funds, his requests were dragged on by Yabo Market Limited for the reasons shown in the image below:
He approached Yabo Market Limiteds customer service representative when his withdrawal requests were constantly rejected.
Yabo Market Limited gave Mr. O an ultimatum – pay the tax or risk your account being frozen and all funds being gone for good.
From the conversation above, it is clear that Yabo Market Limited is just using tax payment as an excuse to scam and even threaten Mr. O.
A reminder to all WikiFX users:
Do not fall for schemes like this. A genuinely trustworthy forex broker will never request any tax payments because there are not related to a nation‘s governing body. Any tax payment should be dealt with your country’s respective government. If you have encountered a similar case like this, do not make such a payment to your FX broker. Instead, get in touch with WikiFX through the mediums below and attach as much evidence as you can to enable us to mediate the case for you:
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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