These days, when people begin looking for an online broker to start trading, they have to prioritize finding a legitimate one because the number of scam and fraudulent platforms has surged in the past few years. This is because of an influx of people in the financial markets, which means more targets for these cybercriminals. Hence, it is not a decision that you can make impulsively because it can have long-term consequences. You have to check out a company thoroughly before deciding to avail their services and the same has to be done in the case of Winhycm. You will find this Winhycm quite handy in this regard.
When you come across the Winhycm website, you will discover that they are promising an all-inclusive trading environment where you have access to a professional trading platform and a wide range of trading instruments to choose from. Their offerings include leverage as high as 1:400, generous trading bonuses for new clients that go as high as 200% and ultimate safety of your funds. All of this sounds like a pretty good deal, if only it were true. Instead, you will find that Winhycm has all indications of a scam. How? Let’s find out:
It is not regulated or licensed
The licensing and regulation of a broker is the first indicator of its legitimacy and you will find it lacking when it comes to Winhycm. A look at their website shows that it claims to be based in London, United Kingdom. This would be great news if they were actually regulated by the UK’s financial regulator i.e. the Financial Conduct Authority (FCA). They are known as one of the top regulators in the world and their license is extremely valuable.
Unfortunately, a quick check of the FCA’s register shows that Winhycm is not mentioned anywhere. Moreover, the only detail that the broker has given on its website is that it is based in London. They have not provided any address and you will not come across any corporate background either. This means that essentially, you are dealing with an anonymous firm and you have absolutely no idea who is behind it. All of this indicates that Winhycm does not have a legitimate forex license, which means it cannot be trusted at all.
In addition, when you go through their Terms and Conditions, you realize just how shady Winhycm really is because they appear to be registered in the Marshall Islands, since they claim to be following laws of the region. This is not reassuring at all because this offshore jurisdiction is known to be the home of scam brokers due to lack of oversight and regulation.
It has a malicious bonus policy
You will find that Winhycm offers trading bonuses, which itself is a problem, because regulated jurisdictions like the UK do not permit brokers to offer these to traders. This practice was banned because they exploited traders and this is exactly what you will find here. The bonus policy at Winhycm is a malicious one because it dictates that traders who get the bonus have to achieve a minimum trading volume requirement before they will be permitted to make a withdrawal.
All withdrawal requests will be cancelled if you don’t meet the requirement, which is already very difficult. It is made even more complicated by the fact that Winhycm states it can change its bonus policy whenever it wants. This means they will keep changing this minimum trading volume requirement to ensure you are never able to meet it.
It has a cheap trading platform
Even though they claim to offer you a professional trading platform, you will discover that Winhycm offers you a cheap, unproven and basic web-based trading platform. This is a common offering of scam brokers and is not to be trusted because only the MT4 and the MT5 can offer a seamless trading experience.
In light of the problems with Winhycm, you can safely conclude that it is not a legitimate broker.