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The following morning I noticed $11 228.84 USD had been withdrawn from my account - no explanation and I did not order this.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