WinHycm Review: Transparency and Regulatory Analysis
Taking its trading name after HYCM, a regulated UK trading firm, WinHycm tried to defraud its clients about legitimacy. However, we’ve exposed this entire scheme in our WinHycm review and given you all the reasons why to avoid this fraudulent company.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||No Info|
|Headquarters Country:||Marshall Islands|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
WinHycm Regulations And Security
WinHycm doesn’t list their owner, and as an address, we’re given an approximate location – London, UK. However, if you read the terms and conditions carefully, you will see that the governing law is the law of the Marshall Islands. It means we’re dealing with yet another unregulated offshore brokerage.
Just in case, we’ve checked FCA, GLOFSA, and several other registers looking for WinHycm. As suspected, there was nothing to be found. Beware of the broker’s scam and don’t fall for the story that they’re part of a regulated firm.
Fund Withdrawal Issues With WinHycm Broker
Following the good old scheme, WinHycm is not approving withdrawal requests. Like many others hiding their owners and headquarters, WinHycm broker thinks this anonymity will keep them safe for as long as it takes to steal the money and disappear.
If you’ve experienced any issues, including blocked access to your trading account, make sure to file a complaint. This is a new trick brokers are using, showing you that there is a technical error or some sort of wrong information input, while in reality, your access is suspended so that you couldn’t make any withdrawals.
Areas Of WinHycm Scam
According to numerous WinHycm reviews, it seems that the broker is mainly active in Spain and Italy. However, we’ve seen reviews from the UK, Australia, Canada, South Africa, and many other countries, so wherever you are, beware that you might become the next WinHycm scam victim.
Traders About WinHycm Scam
As you can imagine, traders have nothing good to say about WinHycm brokerage. They are prompted to make a too high initial deposit of $2,500, and once they do so, it all depends on how much they have left. If the account manager sees the potential to extort more, they will keep pressuring.
If, however, a client is not willing to invest further until they see results and payouts, the broker will just block their trading accounts.
How Does Online Trading Scam Work?
Online trading scams can vary and depend on the fact if the broker is regulated or not. While regulation is not a guarantee, you will at least know that you have an authority body behind it that will investigate the case and use the funds from a compensation fund to reimburse you. On the other hand, brokers like WinHycm give no guarantees as there is no regulator, no compensation fund, and no obligation to comply with the rules.
If you have experienced any issues and cannot withdraw your funds, access your account, place any trades, and similar, let us know.
Scammed by WinHycm? – Tell Us Your Story
If you were scammed by WinHycm or a similar bogus broker, there is a solution. You need to file a dispute and request a chargeback.
But What Is A Chargeback?
This is a way for your bank to reverse the transaction if you can prove the fraud occurred. However, since you need to go through an entire evidence collection and presenting process, the best would be to contact specialists. Get in touch with us via online chat to book a free consultation with an expert who can assist you with the matter. It’s time to make the first step towards a refund!
What Is WinHycm?
It is an online CFD and Forex trading provider without a license.
Is WinHycm a Scam Broker?
WinHycm has been suspected of fraud as it has many negative reviews.
Is WinHycm Regulated?
WinHycm is not regulated and provides financial services without a proper license.