WikiFX Review: BKYHYO-----Why do many investors feel irritated by this broker?

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of BKYHYO based on the facts.

What is WikiFX？

To explore whether BKYHYO is a scammer or not, we evaluated this broker from different aspects, such as regulatory status, exposure, etc.

Table of Contents

1. Evaluate the reliability of BKYHYO based on its general information and regulatory status.

A. General Information of BKYHYO

B. Regulatory Status

2. Exposure related to BKYHYO on WikiFX

3. Special survey about BKYHYO from WikiFX

A. Scoring Criteria

B. WikiFX Alert

4. Conclusion

1. Evaluate the reliability of BKYHYO based on its general information and regulatory status

To understand BKYHYO better, we explore BKYHYO by analyzing three main perspectives:

A. General Info of BKYHYO

B. Regulatory Status

A. General Info of Admiral Markets

About BKYHYO

Launched in 2020, BKYHYO LTD is an online forex broker registered in the United Kingdom, BKYHYO LTD provides its clients a bulk of trading options including foreign exchange, precious metals, Bitcoin, as well as a series of CFD products. Besides, this broker also offers international spot and futures products for global retail customers and financial institutions.

Account Types

BKYHYO LTD offers two trading accounts designed for both retail and professional traders. The standard account is more suitable for novice traders featuring market execution, stable spread, and no requote. While Professional accounts are designed for experienced traders with extremely competitive spreads, low commissions are applied.

Leverage

BKYHYO offers leverage of 1:500.

Spreads & Commissions

Spreads and commissions are determined by trading accounts. Standard accounts offer stable spreads with low commissions. And Professional accounts are designed for advanced traders who pursue low trading costs, with spreads as low as 0.0 pips on 30 currency pairs.

Trading Platform

BKYHYO LTD offers its clients access to the worlds most popular trading platform-MetaTrader 5.

Customer Support

As for the contact information, BKYHYO LTD offers its clients 24 x7 customer care to solve any trading-related issues. and they can be reached through online chat as well as support@bkyhyoltd.com.

B. Regulatory Status

What is a Legitimate License？

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.

• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate license of BKYHYO

BKYHYO claimed itself to be an NFA-regulated broker. But according to WikiFX, the regulatory status of NFA (license number: 0539341) is abnormal, the official regulatory status is unauthorized.

2. Exposure related to BKYHYO on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of August 17, 2022, WikiFX has received 15 complaints against this broker within 3 months. Below are some of them.

From the above, we can see that the biggest problem this broker makes investors irritated lies in withdrawal refusal.

3. Special survey about BKYHYO from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

BKYHYO has been given by WikiFX a decent rating of 1.27/10.

(source: WikiFX)

B.WikiFX Alerts

(source: WikiFX)

4. Conclusion:

Due to too many complaints, WikiFX has put BKYHYO on WikiFXs scam broker list. It is obvious that investing in such a broker is risky. We advise fellows to do more research before making a decision. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.

Click on BKYHYO' WikiFX page for details