Bitcoin Forum

I am very new to bitcoin trade so please bear with me, I know I may have been scammed. If you could advise me
I have profits in a chosen platform which I am trying to withdraw they have asked me for 9% tax and £300 pound for cost of transfer (COT) is this common or is it a scam .

It sounds totally ludicrous and a guaranteed scam. What tax are they claiming needs paying?

The average withdrawal fee even with the crappiest and scammiest service is usually never above a few dollars and the real cost is a few cents at worse.

Name and shame the service.

Sounds very much like a scam.

Maybe it's different in the UK, but that would be the first time that I've heard of a crypto exchange getting involved in the taxation process. Individual crypto-investors usually have the responsibility to self-report taxable events.

And as already mentioned by gentlemand, withdrawal fees are usually in the single digits.

Crypto Exchanges are not the ones who charge taxes not unless you have a value-added tax there in the United Kingdom which amounts to 9%. However the tax isn't the one that flags it as a scam but the withdrawal fee which amounts to 300 pounds which is absolutely ridiculous to charge you with. First of all it is your money and you have the right to withdraw it from their platform, charging you this much will only make them profit just because you withdraw from their services. Also @OP it would be better if you tell us the name of the crypto exchange now since it would be hard second guessing if this crypto exchange you have an account with can be trusted in the first place. If this is a not well known exchange then chances are you are being scammed right now.

That is a very big red flag, I hope you will return to this thread and do not ever comply to that. 300£ is a lot in my country, also wouldn't it be strange if they are asking for a raw numbers for withdrawals and not percentage of the amount you are trying to withdraw. Can you also plug the site and post it here so people can check out the credibility of the site, I know it is too much to ask but if it can help in preventing people getting scammed then please do plug the site and many people will thank you and many will be saved from these scammers if they really are scammers.

This is the first time I hear you have to pay tax on bitcoin.

You might live in a country where there is no tax on it. There are a few.

If I were you I would double check that if you don't fancy jail time should you live in a place where it is taxable.

As for OP, no reputable service has ever mentioned a tax like this, and there is no 9% tax rate in the UK, so it's the same old scamminess.

Undoubtedly you have been scammed.
Please name the platform and help others so that they can be alert of such a scam platform.