Unable to Withdraw Funds from AF Index

Investors Narration

I invested with and deposited funds to a forex broker AF Index (af-index.com). I have been trading with this broker since Dec. 2020, but when it came to withdrawing my funds, I was advised I wouldn't be able to unless I paid personal income tax. I thought it was my duty to pay the tax and I did pay it, however, after I paid the income tax, they neither responded to any of my messages nor handled my withdrawal request.

The AF Index only scored 1.72 on the WikiFX app

Q: What is your total loss, that is, the principal plus all fake fees you already paid？

A:My principal was 45,000 dollars. Fake tax fees were 34,598 dollars.

Q: Do you know much about the broker？

A: I am in the US. I did not do thorough research before investing in this broker, which is normal when depositing or trading. I was able to withdraw a small amount of funds in the beginning. When it came to withdrawing more funds, the broker asked for taxes. Until now, they have not processed my withdrawal request, and the customer service person has not responded yet.

Q: Have you asked them about the full details of the personal income tax they required？

A: Yes. I have asked them. This broker is registered in Hong Kong, but its servers are hosted in the US. They said as per the Hong Kong tax authority, all the traders investing with the AF index are required to pay 20% personal tax to the Hong Kong government. I think this is also a scam.

Q: What do you want to say to other investors？

A: Stop investing with the AF Index. They will manipulate your account and find different excuses to delay your withdrawal request or ask for more deposits. That is definitely a scam broker.

Reminder: Do not pay any taxes or fees.This can be part of illegal brokers scam to rip you off. In Hong Kong, there is no tax on capital or investment gains.

Please note the HK SFC has flagged this broker as unregistered and unregulated.