Scam Alert - Henyep Capital Markets UK (HYCM)

[lxboston]

Warning to stay away from this broker. Signed up and was given professional status for the UK arm. Made $11,303.84 USD with them, without any warning they just withdrew it from my account, and a few hours later they terminated the agreement and have transferred back my original deposit only.

Will be raising the issue with FCA, FOS and Traders court on FPA, and will consider legal advice from my litigator friend in London on the matter.

 

[FxMaster]

Warning to stay away from this broker. Signed up and was given professional status for the UK arm. Made $11,303.84 USD with them, without any warning they just withdrew it from my account, and a few hours later they terminated the agreement and have transferred back my original deposit only.

Will be raising the issue with FCA, FOS and Traders court on FPA, and will consider legal advice from my litigator friend in London on the matter.

Contact Rebecca here WinChargeback. She will help you to get your money back.

 

[lxboston]

Contact Rebecca here WinChargeback. She will help you to get your money back.

Thanks, WinChargeBack don't seem interested in the case as it is less than $10,000 GBP in question.

I can firmly just for now give a warning to anyone considering or using this broker to withdraw your funds and profits immediately, as they are a scam operation. They are running an FCA license but also one out of the Caymen's, seems like they think they can play by any rules.

Will be contacting the FOS next week if the issues are not resolved by the end of this week (doubt it will be), and hopefully, the FOS at least report their activity to the FCA.

 

[Leszek_N]

Warning to stay away from this broker. Signed up and was given professional status for the UK arm. Made $11,303.84 USD with them, without any warning they just withdrew it from my account, and a few hours later they terminated the agreement and have transferred back my original deposit only.

Will be raising the issue with FCA, FOS and Traders court on FPA, and will consider legal advice from my litigator friend in London on the matter.

Hi lxboston. What did they say? Was your problem solved or not?

 

[lxboston]

Hi lxboston. What did they say? Was your problem solved or not?

No they refuse to reply, I have opened a case with the FOS UK, this will take a while I think.

 

[Leszek_N]

No they refuse to reply, I have opened a case with the FOS UK, this will take a while I think.

Ok write here a decision of you question please. When all will be cleared of course

 

[lxboston]

Ok write here a decision of you question please. When all will be cleared of course

I will, I have also opened an FPA traders court action.

The FOS contacted to me today to inform me they will be investigating.

 

[Leszek_N]

I will, I have also opened an FPA traders court action.

Give me please a link

 

[lxboston]

Update: FPA said there is new rules to the traders court to post all of the correspondence public in here and upload the files, which I will do in the following post, and then invite HYCM to comment on this post.

The FOS has been in contact as has requested HYCM submit me their final response within 8 weeks of the 4th of December, so by 4th of February. They will obviously drag this out and respond at the last possible moment, of which I will pursue the matter further with the FOS and they mentioned it will be monitored by the FCA.

 

[lxboston]

I am submitting the case against: hycm.com

My Case is: In early November I signed up as a client to the UK regulated brokerage Henyep Capital Markets (UK) Limited.

After some early practice testing on my account as a practice I deposited $6000 USD on my account number 306700953.

On 14th November I placed a series of manual trades throughout the day on US30 and US100 indices, resulting in a profit of 11 303.84 USD by the closing that day.

The following morning I noticed $11 228.84 USD had been withdrawn from my account - no explanation and I did not order this.

The next day I received a termination notice from the company and that they would return to my bank my initial deposit, see below for company comments on the matter.

No other response has been received from the company on the matter over 2 weeks and multiple emails to back-office members, account manager and even the CEO.

Review is submitted by lxboston on 11/14/18

The company was first contacted about the issue on 11/14/18, the last contact was on 11/25/18

Details: Dear Client,

We regret to inform you that following a review of your trade history, HYCM has considered it necessary to close the account referenced above, and no longer provide you with trading services. As per the terms of the Client Agreement, we reserve the right to close your account at any time. Our decision was made following the results of a review of your trade patterns and as per the Clause 3.14 of our Client Agreement.

We have explained the extent of our obligations to you in Section 17 of our Client Agreement, that we may terminate the relationship (between HYCM and the client at any time) in accordance with section 15.2, without prior notice, by giving written notice of the termination. Hence, HYCM Limited is fulfilling its obligations as per its terms and conditions. We have closed your account and will return your remaining balance amount to the bank details provided.

Accordingly, we can confirm that we have carried out the following actions in the Account:

- Adjusted PNL on the account

- Removed all Credit and made a Funds Withdrawal of your remaining balance of $6331.18 which shall be sent to the bank account details you provided

- Closed your account

We hope we are clear in explaining the status of your account.

Yours sincerely,
Chris Hinde

Company representatives' emails:
Chris Hinde <chris.hinde@hycm.com>
Roger Bache <roger.bach@hycm.com>
Husam Kheito <husam.kheito@hycm.com>