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Abstract:Fraudulent forex brokers can come up with a myriad of reasons to convince their trading clients to make unnecessary payments. No matter how persuasive their justifications could be, retail traders should remember that a legitimate forex broker will never ask for extra charges during the withdrawal process.
Bkyhyo Ltd is a forex broker that has a low WikiFX score. Established in the United Kingdom, Bkyhyo Ltd is an unregulated forex broker that is fairly new in the industry. However, within a short period of time, it has garnered an overwhelming number of complaint cases from its trading clients worldwide.
In today‘s article, WikiFX will disclose an Exposure of Bkyhyo Ltd’s scam, submitted by its former trading client, Onkar, from India.
Onkar initially opened an MT5 trading account with Bkyhyo Ltd (account number 353XXX). However, after some time, he was told that his old account was closed due to an internal system upgrade, and a new account was prepared for him (account number 660XXX).
He was instructed to move and deposit his funds into this new account moving forward. When he realised he could not withdraw any of his funds, he contacted Bkyhyo Ltds customer representative for assistance.
Their explanation for those failed withdrawals was that his account had not been verified. In order to allow the withdrawal to be approved, he would need to add 320USDT to his account to complete this process.
He was promised that this money would be refunded to his trading account within 60 seconds after the verification process.
Onkar did not realise that the promise made to him had changed. It went from a 60-second refund to a 60-minute refund.
If he discovered this flag, he would probably sense the fishiness behind this additional payment request.
Onkar was not convinced at the start but eventually gave in to the customer representatives persuasion and agreed to fork out 320USDT.
After his transfer, his account was still not verified as the amount was short of 320USDT after handling fees were charged.
At this stage, it was obvious that Onkar had officially fallen into the trap of this fraudulent broker.
Remember traders, it is always important to do a thorough background check on your selected forex broker. We at WikiFX know how daunting this process could be with so much contradicting information on the Internet, therefore, our company is here to solve every traders problem. We are a specially curated global forex broker regulatory query platform. Simply download our free mobile application or visit www.wikifx.com to gain access to all verified broker-related information that could help you conduct this due diligence in just a matter of seconds!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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