Date Posted: 
Tuesday, August 11, 2020

The State of Washington Department of Financial Institutions (DFI) received information from the National Futures Association (NFA) that a company purporting to be a forex trading platform requested a customer pay an $860 advanced fee before the customer was permitted to withdraw her funds. The customer was told that the $860 advanced fee was an NFA fee.

The NFA does not charge fees for individuals to withdraw funds. The customer was told that if she did not make the $860 payment within two days, then her profits would be seized, creating a false sense of urgency to the transaction.

DFI warns Washington consumers of the following: Be extremely cautious when asked to pay a fee up front as a condition to withdraw your funds.