HYCM BOT claims to be a UK-based company that is regulated and licensed not only by FCA but also by CySEC, DFSA, and CIMA.
Not only is that not true, but they also contradicted themselves stating their headquarters are based in St. Vincent and Grenadines. This leads us to believe they are nothing more than another scam broker.
In this honest and in-depth HYCM BOT review, we will give you all the needed insight into how this elaborate scam operates and why you should stay away.
|Headquarters||Trust House, 112 Bonadie Street, Kingstown, POB 613 Saint Vincent and Grenadines|
Regulation and Safety of Funds at HYCM-BOT
As we have mentioned, HYCM BOT claims to be a regulated company not only by one regulator but four. They state they are regulated by FCS, CySEC, DFSA, and CIMA.
Those are very big regulators and it took us by surprise they are licensed by all of them. Of course, that is just a lie, since, after a deeper investigation, we found out they are actually an unregulated company.
They stole the license number from a real regulated company HYCM. On top of that, CyCES has issued a warning regarding HYCM BOT and also blacklisted them. To make matter worse, they are pushing a story of how they are regulated and in business for 40 years.
And it’s funny how they just contradicted themselves by providing an offshore contact address in St. Vincent and Grenadines. This is funny because SVG is a completely unregulated jurisdiction.
So, we advise you to stay away from this investment scam.
HYCM-BOT Trading Software
For a company that is in business for 40 years, such as HYCM BOT claims to be, the trading software is non-existing.
To be specific, they do provide a very basic trading platform but for binary options. They do claim they give you the possibility to invest in forex, CFDs, and cryptocurrencies, but that platform for sure isn’t going to provide you with a very satisfactory trading experience.
And to make matters worse for them, binary options trading is banned in a number of major markets such as the EU, the UK, and Australia.
So, not only do they not have a proper trading platform, they are actually offering binary options trading that is banned by law. That is why it’s best to stay away from HYCM BOT since they are nothing more than just another scam.
Deposit and Withdrawal Options
HYCM BOT broker claims they have many different possibilities to deposit your fund into an account. They have stated the following as the deposit methods:
- Visa or Master debit or credit card
- Wire transfer
Now, the list of available deposit methods is not short and for the inexperienced person, this might look super legit. But here is the catch. After we tried to activate the account by using one of the mentioned methods, we were unsuccessful.
This is because the only option available for depositing is through cryptocurrencies which weren’t even listed anywhere. Many scam brokers use this option since once the user deposits the money, they will not be able to as for a refund.
We have also come upon many user complaints regarding the withdrawal issues. Users said they are unable to withdraw their money and agents are asking them to pay enormous fees that weren’t mentioned anywhere on their website.
This leads us to believe that The lack of publicly available Terms and Conditions or Client Agreements means that scammers may have set many traps such as hidden fees and impossible-to-meet withdrawal terms.
With that said, if you are wondering have they violated any terms and conditions by doing this, they have.
Offshore Brokers’ Fraudulent Tricks
It’s not a secret that a lot of illicit brokers use shady tricks and tactics to strip you of your money. And HYCM BOT is just one of them.
Not only are they not transparent with their clients, but they are also giving them trading software that is made for trading binary which is prohibited by law. On top of that, there is no mention of any fees anywhere.
And to make matters worse, we found many complaints made against the broker, with users saying they saw huge amounts of profit on their accounts that they weren’t able to withdraw. Don’t be fooled, this is all just a part of their scam.
Their agents will give you a call saying that you have made enormous profits and once you ask to withdraw even half of it, they will start being pushy and ask you to invest more. Agents will tell you that if you don’t invest more you will lose all of your profits.
In case you have been scammed by HYCM BOT or any other fraudulent broker, getting your money back is possible! There is no need to feel ashamed since scams can happen to anyone. We would also be grateful if you can share it with us since we can help you report your scammers to the authorities.
Recommended Forex Brokers
Starting your trading journey can be difficult. You also need to find a good and trustworthy broker who will not scam you. With that in mind, we have made this table below, where you can find all the needed information. And also, these are regulated and user-recommended brokers.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
In this HYCM BOT review, we gave you a better insight into how this illicit broker operates. Not only are they unregulated but they falsely claim they are.
For a company that states they have been in business for 40 years, the only platform they have is for binary trading. Binary options trading has been banned by law and trading on it can lead to imprisonment.
In conclusion, we do advise you to stay away from them and many other fraudulent brokers alike.
FAQs About HYCM-BOT Broker
Is HYCM-BOT a Good Broker?
No. They are falsely pretending to be a regulated broker with many licenses.
What Is The Minimum Deposit for HYCM-BOT?
They are asking for a minimum deposit of 500$ in order to activate your account.
Does HYCM-BOT Offer a Demo Account?
We found no mentions of a demo account. They will push you to start with the basic one.