Beware! BkyhyoLtd is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BkyhyoLtd is a completely disappointing company – the broker operates from an incredibly basic website that lacks any legal documentation. But this is not the only issue with the company – it has severe issues regarding its regulation and provides pretty bad trading conditions. There is not a single reason why anyone would trade with BkyhyoLtd instead of using the services of a legitimate broker – and if you are still considering it, or have actually invested with BkyhyoLtd already, please read the following review:
BkyhyoLtd regulation and security of funds
BkyhyoLtd falsely claims to be an NFA licensed firm, as you can see from the screenshot below:
The NFA is one of the regulatory bodies in the United States. It, and the other regulator in the federation – the CFTC, are also one of the strictest regulators out there – and obtaining a license with it is no easy feat. A broker that wishes to participate on the US market legally needs to hold over $20 million to prove it has what it takes to not go under due to the extreme fluctuations in said markets – and it also needs to prove it is not running a scam. That is done by the broker reporting on a daily basis on open and closed trades, which simply makes it impossible for the broker to engage in any price fixing, or other such market manipulation!
To see if a broker actually holds a license is as easy as looking up its given registration number in the NFA database. We did that for BkyhyoLtd and got the following result:
The company is not overseen by the NFA. Of course, it is incredibly suspicious that it would lie about being regulated, but the fact BkyhyoLtd is not present in the database also means that the guarantees for your safety of funds we mentioned are not present with it! Therefore, it would be best to stick to trading with licensed brokers!
BkyhyoLtd trading software
To our surprise, BkyhyoLtd provides access to industry standard trading platform Metatrader 5 – but there are also a lot more brokers that provide access to the revered software, which are also licensed – so if you want to experience the MT5 platform, and its powerful automated trading features, it might be best to stick to one of them. Here is what the software BkyhyoLtd offers looks like:
Unfortunately we could not open a trading account on it by ourselves – and our request to do so was never approved, as you can see from the screenshot below:
We are therefore unsure what the broker’s spreads are – but the leverage with it goes up to 1:1000 – such amounts have been rightly recognized as too much for retail traders by most regulatory bodies, who have consequently moved to outlaw them. Most brokers that have them available nowadays are unlicensed, just like BkyhyoLtd!
BkyhyoLtd deposit and withdrawal methods and fees
BkyhyoLtd accepts deposits via wire transfers and Bitcoin – both of these payment methods are not eligible for a chargeback. The broker also does not share its withdrawal policies, so we are not sure what fees it charges, or if there are any additional restrictions – but we would wager getting your money out of BkyhyoLtd is not going to be easy, fast, or even cheap!
H0w does the scam work?
Brokers like BkyhyoLtd are a dime a dozen – and all of them are scams, following the pattern outlined below:
The scammers set up a website and prompt visitors to register there. If they do so, they are required to leave a phone number, which the scammers will start using to call around the clock with demands for deposits. These demands will only stop if the victim either realizes what’s going on or simply runs out of money to pour down the scammers’ throats – at which point, they will simply cut them off and move on to new targets!
What to do when scammed?
Here is what you need to do if you have been scammed in order to limit further losses:
Re-issue whatever forms of ID and credit cards the scammers had access to – and remove any remote control software they had you install on your PC!
Do not trust recovery agencies that contact you and demand an upfront payment for their services, as they are simply running another scam!
Finally, do not hesitate to leave a comment with your own thoughts on BkyhyoLtd in the section below – in doing so, you will be helping combat the scam by raising the awareness of it!
Deepansh Kaushik
Fraud