Address: Hong Kong
Regulation: Suspicious Clone
Warning about BYFX HK: Not Recommended By Review Website Like All Scam Reports
BYFX HK Review 2023 – Is BYFX HK a good forex broker or a scam?
There may be a risk of scams in online trading like Forex trading, Cryptocurrency trading, Binary trading, and others. Some of the major online scams we heard about are Forex scams, Cryptocurrency scams, Investment scams, Romance/Dating scams, Pet scams, Binary scams, etc. Scam brokers have a common way of fooling victims either. They either do it through cold calling, creating fake websites, or pop-up advertisements. Similarly, after investigating BYFX HK broker, we found multiple proofs of scam activities done by Byfx.com.hk. The idea is to warn brokers about the possible scam activities of BYFX HK. Read a complete BYFX HK review to know more about this broker.
If you are thinking to invest with Byfx.com.hk but avoid scams, read the BYFX HK review and get to know about the scam activities of brokers in detail.
Is BYFX HK legit or a scam?
While trading, it is immensely important to identify a broker that is reliable and legit. But, there are some reasons why we have tagged this BYFX HK Review in our scam broker 2023 list of scam brokers. Here are some points that you need to know if a broker is a scam or not. Byfx.com.hk possesses some or more of the following mentioned traits of a scam broker.
Regulation and safety of funds
While choosing a broker online, the regulation status is one of the most critical points. Here, BYFX HK seems not to be regulated in its jurisdiction of operation or they do not follow the rules of regulation and is engaged in scam activities. There is a high possibility that the broker has been warned by reputed regulation authorities like CySec, ASIC, FCA, CNMV, FINMA, etc. Warning issued by any of these authorities clearly indicated that the broker is not a good fit to invest your hard-earned money with. Thus broker seems to be lacking such regulation or there is no proof of it.
Leverages and Accounts
The genuine brokers that are operating in the market often require low deposits. High deposits are not in the favour of the regulatory bodies. Whereas, this broker tends to charge a huge deposit amount which is a major red flag to avoid moving further with your investment journey. The same criteria apply to leverage, as the leverage offered by legitimate firms is low and in small amounts. Whereas, the broker tends to offer high leverage, shaping it as a scam broker. This broker offers high leverage, which can cause a big loss to traders if things go wrong.
Complaints in BYFX HK Reviews
A number of complaints and negative BYFX HK reviews have been found regarding the scam broker on various online review sites. A low rating on several online platforms makes it clear that the broker has a negative reputation among investors. The investors have accused them of being scam brokers and stated how they have been victims of the BYFX HK scam and lost all their money and efforts to them.
If your broker promises high leverage, ensures returns, professes to demand no expenses, and then all of a sudden asks for more money later, these are instances of problematic exercises that make the broker a suspect of scams.
How does the BYFX HK scam work?
One of the most common online trading scams is showing positive trades at first to deceive investors into believing they will make money quickly. The investor will be persuaded to invest more money in order to receive higher returns once this confidence has been developed. Other rewards might also be offered to entice investors to invite their friends and family to use the site.
The brokerage will proceed to suspend the account and prevent the investor from accessing the funds until they have taken all available cash from the investor and those in his or her account.
Got scammed by BYFX HK? File a Complaint against BYFX HK for a recovery process
It is tough to recognize fake brokers at first glance, yet that is the place where we can help. If you want to invest in online trading, it is a good idea to look at the list of scam brokers 2023 and avoid the brokers present on the list. This will help you in safe trading and also keep your investments safe with the right broker.
All Scam Reports have a team of experts who work to get your money back from scammers. We have broad involvement in chargebacks, forex scam recovery, crypto scam recovery, and the ability to manage a wide range of cases. All Scam Reports Team advises the user to avoid investing here, as we have found that the Byfx.com.hk broker is suspicious, and operating without any legal license. There has been proof of some suspicious activities similar to the signs mentioned in the BYFX HK review.
So it can be concluded from this BYFX HK review that this broker is a potential scam.
Investors should always remember that scammers don’t have any right to take away their funds in illegal ways and hence, it is their responsibility to fight for it and get it back from the scammers. All Scam Reports Team is here to help you out in this situation of fund recovery. All you need to do is to fill out a small complaint form, and we will be in touch with you shortly with a free consultation.
How to identify a scam?
In the time of information, it is not difficult to check the legitimacy and reliability of any company or broker. It is simple to safeguard yourself against fake brokers or blacklisted brokers. However, if you want more information, you can read about these common practices followed by scam brokers and check them with BYFX HK.
- They guarantee high benefits that sound too good to be true.
- They may not be regulated by any major authority like FCA, FMA, FINMA, ASIC, SEC, etc.
- They promise to offer risk-free trading.
- They ask you for personal information, like your bank details or passwords.
- Share no contact information like email address, postal address, chat option, etc.
- Asks for large investment and commission.
- Have no or less transparency.
- They follow some unprofessional practices and dubious strategies.
- Stop communication once you ask for a withdrawal.
- They ask you to quickly transfer money.
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