Shying 2025 Review: Everything You Need to Know
Summary: Shying, a Hong Kong-based forex broker established in 2020, has garnered mixed reviews, with significant concerns surrounding its regulatory status and user experiences. While it offers the popular MT4 trading platform, issues related to customer service and withdrawal difficulties have been highlighted by users.
Note: It is crucial to be aware that Shying operates under various entities across different regions, which may impact its regulatory compliance and user experience. This review aims to provide a fair and accurate assessment based on available data.
Rating Overview
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user experiences, expert opinions, and factual data regarding the broker's services.
Broker Overview
Shying is a forex broker established in 2020 and is based in Hong Kong. It primarily caters to the Ukrainian market, as indicated by its influence index. The broker uses the widely recognized MetaTrader 4 (MT4) platform, which is known for its user-friendly interface and customization options. However, Shying lacks support for mobile applications on iOS and Android, which could limit accessibility for some traders. The broker offers a variety of trading instruments, although specific details regarding available asset classes are not extensively documented. Regulatory oversight remains a concern, as Shying is not widely recognized by major financial authorities, raising questions about its trustworthiness.
Detailed Section
Regulatory Areas
Shying operates primarily in Hong Kong and has been flagged as a suspicious clone by the Financial Conduct Authority (FCA). This raises red flags regarding its regulatory compliance. According to WikiFX, the broker has a low score of 1.44 out of 10, indicating significant concerns about its legitimacy. Investors are advised to exercise caution and thoroughly investigate the broker's background before engaging in trading activities.
Deposit/Withdrawal Currencies/Cryptocurrencies
The specific currencies supported for deposits and withdrawals have not been explicitly mentioned in the available reviews. However, it is common for brokers to support major currencies such as USD, EUR, and GBP. The absence of information regarding cryptocurrency support suggests that Shying may not cater to this growing market.
Minimum Deposit
Details regarding the minimum deposit required to open an account with Shying are not clearly outlined in the reviews. This lack of transparency can be a concern for potential traders looking to understand the financial commitment required to start trading.
There is no mention of any bonuses or promotional offers available for new traders. This could indicate a more straightforward trading approach, but it may also limit incentives for new users to choose Shying over competitors that offer attractive bonuses.
Tradable Asset Classes
While the reviews indicate that Shying offers forex trading, specific details about other asset classes such as commodities, indices, or cryptocurrencies are not readily available. This lack of information may limit the appeal for traders looking for a diverse portfolio.
Costs (Spreads, Fees, Commissions)
The cost structure, including spreads and commissions, is not thoroughly detailed in the available reviews. However, it is essential for traders to compare these costs with other brokers to ensure competitive pricing. The absence of this information could be a disadvantage for Shying when attracting new clients.
Leverage
The leverage options available through Shying are not explicitly mentioned in the reviews. Traders typically seek brokers that offer flexible leverage options to manage risk effectively, and the lack of information on this front may deter potential clients.
Shying primarily offers the MT4 platform for trading, which is a widely recognized and trusted platform among forex traders. However, the absence of proprietary trading platforms or support for other platforms like MT5 may limit options for more advanced traders.
Restricted Regions
There is no specific information regarding regions where Shying is restricted from operating. However, given its regulatory concerns, potential traders should verify whether they can legally trade with this broker based on their location.
Available Customer Service Languages
Shying offers customer support in English, which may limit accessibility for non-English speaking traders. The reviews indicate that customer service response times may be longer, raising concerns about the quality of support provided.
Final Rating Overview
Detailed Breakdown
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Account Conditions (4/10): The lack of clear information regarding minimum deposits and account types is a significant drawback for potential traders.
Tools and Resources (5/10): While the MT4 platform is a positive feature, the absence of mobile support and proprietary tools limits its effectiveness.
Customer Service and Support (3/10): Customer service has been criticized for slow response times, which can be detrimental for traders needing immediate assistance.
Trading Setup (5/10): The trading experience on MT4 is generally positive, but the lack of advanced tools may not meet the needs of experienced traders.
Trustworthiness (2/10): With a low score on regulatory oversight and user complaints about withdrawal issues, trust in Shying is notably low.
User Experience (4/10): Overall user experiences have been mixed, with some positive aspects of the platform overshadowed by significant concerns regarding regulatory compliance and customer service.
In conclusion, while Shying presents itself as a forex broker with a familiar trading platform, significant concerns about its regulatory status and customer service quality warrant caution. Potential traders should carefully consider these factors before deciding to engage with Shying.
