BKYHYO Forex Broker

Aspect Information Registered Country/Area United Kingdom Founded Year 2-5 years Company Name BKYHYO LTD Regulation Suspicious Regulatory License Minimum Deposit Not specified Maximum Leverage Up to 1:500 Spreads Standard accounts with stable spreads, professional accounts with spreads as low as 0.0 pips on 30 currency pairs Trading Platforms MetaTrader 5 (MT5) Tradable Assets Forex, Precious Metals (Gold, Silver), Cryptocurrencies (BTC, ETH, BCH, DASH, etc.), Stock Indices, Crude Oil Account Types Standard and Professional Demo Account Not specified Islamic Account Not specified Customer Support 24/7 customer care through online chat and email (support@bkyhyoltd.com) Payment Methods Not specified General Information Launched in 2020, BKYHYO LTD is an online forex broker registered in the United Kingdom, offering its clients access to the worlds most trading platform-MT4, a wide range of trading instruments, leverage up to 1:500. The absence of valid licenses may indicate that BKYHYO does not have the necessary approvals to operate as a legitimate broker. Additionally, there have been 53 complaints filed against BKYHYO in the past three months, suggesting a potential risk and the possibility of a scam. Furthermore, the lack of transparent information about deposit and withdrawal methods and the absence of a trading software may further raise concerns about their reliability. Despite offering access to a variety of market instruments, including forex, precious metals, cryptocurrencies, stock indices, and crude oil, the potential risks associated with BKYHYO should be carefully considered before engaging in any trading activities. Pros and Cons BKYHYO LTD presents a mixed bag of pros and cons. On the positive side, the broker offers access to a wide range of tradable assets, including forex, precious metals, cryptocurrencies, stock indices, and crude oil. The availability of these instruments allows traders to diversify their portfolios and take advantage of various market opportunities. Additionally, BKYHYO provides two types of trading accounts, catering to both novice and experienced traders. The professional account offers spreads as low as 0.0 pips on select currency pairs. Moreover, the MetaTrader 5 (MT5) trading platform provides advanced features and tools for technical and fundamental analysis, enabling traders to make informed decisions. On the downside, BKYHYO lacks proper regulation and has a suspicious regulatory license, raising concerns about its legitimacy and trustworthiness. The absence of transparent details regarding deposit and withdrawal methods further adds to the overall uncertainty and potential risks associated with the broker. Pros Cons Offers a wide range of tradable assets Not regulated by a valid regulatory authority Provides two types of trading accounts Suspicious regulatory license Spreads as low as 0.0 pips on select currency pairs for professional accounts Lack of transparency regarding deposit and withdrawal methods Advanced features and tools available on the MetaTrader 5 (MT5) trading platform Potential risk and possibility of scams due to numerous complaints filed against the broker Is BKYHYO Legit？ Based on the provided information, it appears that BKYHYO is not regulated by any valid regulatory authority. The United States NFA regulation license number (0539341) claimed by this broker is suspected to be a clone. This suggests that BKYHYO may not have the necessary licenses or approvals to operate as a legitimate broker. Additionally, there have been 53 complaints filed against BKYHYO in the past three months, which indicates a potential risk and the possibility of a scam. Moreover, the information suggests that BKYHYO does not have a trading software, which could further raise concerns about their legitimacy and ability to provide reliable services. Market Instruments BKYHYO LTD offers a variety of market instruments for its clients to trade. These instruments include: 1. Foreign Exchange (Forex): BKYHYO provides access to a wide range of currency pairs, offering over 62 currency pairs for trading. Clients can engage in Forex trading with ultra-low spreads and fast execution, allowing them to participate in the global currency markets. 2. Precious Metals: The broker offers trading opportunities in precious metals, specifically gold and silver. Clients can trade these commodities, taking advantage of price movements and fluctuations in the precious metals market. 3. Cryptocurrencies: BKYHYO allows clients to trade popular digital currencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dash (DASH), and other cryptocurrencies. This provides an avenue for clients interested in participating in the volatile and dynamic cryptocurrency market. 4. Stock Indices: BKYHYO provides access to major global stock indices. Clients can trade these indices, enabling them to speculate on the performance of specific markets or sectors without having to trade individual stocks. 5. Crude Oil: The broker also offers trading opportunities in crude oil. Clients can engage in trading crude oil contracts, allowing them to participate in the energy markets and take advantage of price movements in the oil industry. Pros Cons Access to diverse market instruments Lack of specific trading conditions and contract specifications Wide range of currency pairs with ultra-low spreads Potential risks in the volatile cryptocurrency market Opportunity to trade precious metals Limited information on trading conditions for precious metals Access to major stock indices Lack of transparency on trading conditions for indices Trading opportunities in crude oil Inadequate information on trading conditions for oil contracts Account Types BKYHYO LTD offers two trading accounts designed for both retail and professional traders. Standard account is more suitable for novice traders featuring market execution, stable spread, no requote. While Professional accounts are designed for experienced traders with extremely competitive spreads, low commissions applied. Pros Cons Caters to different types of traders Limited information provided about the account features and benefits Standard account designed for novice traders Lack of transparency regarding specific spreads and commission rates Offers market execution and stable spreads for standard account Potential concerns about the legitimacy and trustworthiness of the broker How to open an account？ With just a few clicks of your mouse, you can open an account with BKYHYO LTD Step 1: Click “Register” to fill in the application information online Step 2: Upload ID and bank information Step 3: After the approval is passed, the account information will be sent to the email address when you register Step 4: Online cash is made through account deposits in the management system. Leverage The maximum trading leverage offered by BKYHYO LTD is up to 1:500, which is a generous offering, ideal for scalpers and experienced traders. However, since leverage can magnify your profits, but it can also cause to fund losses, especially to inexperienced traders. Therefore, it is essential for traders to choose the proper amount based on their risk tolerance. Spreads & Commissions Spreads and commission are determined by trading accounts. Standard accounts offer stable spreads with low commission. 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 Available BKYHYO LTD offers its clients access to the worlds most popular trading platform-MetaTrader 5. In addition to providing access to currency and stock market trading, MT5 also allows users to perform technical and fundamental analysis. MT5 is a fantastic choice for experienced traders thanks to its extensive set of indicators, several charting options, and numerous order types. The MetaTrader Market, where customers can download a variety of tools and features, is also accessible through the platform. Pros Cons Popular and widely used MetaTrader 5 (MT5) trading platform May not cater to traders who prefer alternative platforms Ability to trade in various markets, including currencies and stocks Limited information on specific platform features Features for technical and fundamental analysis Lack of details on platform customization options Extensive range of indicators and charting options Potential learning curve for inexperienced traders Various order types for trade execution Limited information on platform stability Access to MetaTrader Market for additional tools Insufficient information on third-party integration Lack of information on mobile trading capabilities Deposit & Withdrawal Based on the available information, BKYHYO LTD does not provide transparent details regarding the deposit and withdrawal process on its website. There is no specific information about the payment methods supported by BKYHYO. However, it is worth noting that wire transfer, major credit and debit cards such as MasterCard, VISA, Maestro, and popular e-wallet processors like Skrill, Neteller, and PayPal are commonly supported by most forex brokers for deposit and withdrawal purposes. Regarding the minimum deposit at BKYHYO, there is no information provided on their website. However, it is generally recommended that a standard forex trading account should not require a deposit exceeding $250. Considering the lack of transparency and previous indications of potential fraud associated with BKYHYO, it is advisable to seek regulated and trustworthy brokers that clearly outline their deposit and withdrawal processes. Customer Support As for the contact information, BKYHYO LTD offers its clients 24 x7 customer care to solver any trading-related issues. and they can be reached through online chat as well as support@bkyhyoltd.com. Reviews The reviews of BKYHYO depict several complaints and concerns raised by users. Some of the common issues mentioned include the inability to withdraw funds, allegations of scams and fraud, manipulation of trades, and accounts being blocked or deleted. These reviews highlight the frustration and financial loss experienced by individuals who have had negative experiences with BKYHYO. Conclusion In conclusion, BKYHYO presents several disadvantages and risks that potential traders should consider. Firstly, the broker lacks proper regulation, with the claimed regulatory license number being suspicious. This raises concerns about the legitimacy and reliability of their services. Additionally, there have been numerous complaints filed against BKYHYO, indicating potential issues such as fund withdrawals, scams, and account manipulation. The lack of transparency regarding payment methods and deposit/withdrawal processes further adds to the concerns. On the positive side, BKYHYO offers access to a range of tradable assets, including Forex, Precious Metals, Cryptocurrencies, Stock Indices, and Crude Oil. They also provide the popular MetaTrader 5 (MT5) trading platform and 24/7 customer support. However, given the risks and uncertainties associated with BKYHYO, it is advisable to consider regulated and trustworthy brokers with transparent practices for a more secure trading experience. FAQs Q: Is BKYHYO regulated？ A: No, BKYHYO is not regulated by any valid regulatory authority. The claimed regulatory license number is suspicious and suspected to be a clone. Q: What are the trading platforms offered by BKYHYO？ A: BKYHYO offers the MetaTrader 5 (MT5) trading platform, which is known for its popularity and comprehensive features. Q: What are the tradable assets available on BKYHYO？ A: BKYHYO provides access to Forex, Precious Metals (Gold, Silver), Cryptocurrencies (BTC, ETH, BCH, DASH, etc.), Stock Indices, and Crude Oil. Q: What types of trading accounts does BKYHYO offer？ A: BKYHYO offers two types of trading accounts: Standard and Professional. The Standard account is for novice traders, while the Professional account is tailored for experienced traders. Q: Does BKYHYO offer a demo account？ A: The information does not specify if BKYHYO provides a demo account.