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    HuanYu Suspended Investor’s Account and Escaped

    Resumen:The forex environment is changing for the better as regulation policies tighten, and high rated brokers are expanding their market share. However, many illegal brokers still lurk around the market and block investors’ withdrawal or even escape after defrauding investors. Recently, investor Mr. Chen reported forex broker HuanYu to WikiFX in hope his experience of being defrauded by the illegal broker can be a reminder for other investors.
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      HuanYu Suspended Investor’s Account and Escaped

      Broker: HuanYu

      Regulatory status: currently unregulated

      Complainant: Mr. Chen

      Cause of complaint: account suspended for no reason

      The forex environment is changing for the better as regulation policies tighten, and high rated brokers are expanding their market share. However, many illegal brokers still lurk around the market and block investors’ withdrawal or even escape after defrauding investors. Recently, investor Mr. Chen reported forex broker HuanYu to WikiFX in hope his experience of being defrauded by the illegal broker can be a reminder for other investors.

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      Event recap

      In mid-July this year, Mr. Chen signed up and made deposits at HuanYu upon a friend’s recommendation and managed to make some profits at first with a sharp sense of the market. After trading for a while, Mr. Chen suddenly found his account became “invalid” when he tried to log in on August 1st to check out the market trend. Since further attempts to access his account all failed, Mr. Chen tried to contact the customer service through both social media and email, but received no reply. Until now, Mr. Chen still can’t access his account and withdraw his balance. Within a month of Mr. Chen’s registration, the broker suspended his account arbitrarily and might have escaped.

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    Mr. Chen’s deposit receipt

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    Mr. Chen’s account suddenly became “invalid”

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    Mr. Chen’s inquiries to the customer service received no reply

      Analysis

      From Mr. Chen’s experience, investors can draw the following lessons.

      Mind the pitfall of “acquaintance recommendation”.

      In Mr. Chen’s case, he was introduced to HuanYu by his friend. It is common for investors to draw on others’ advice and improve their own trading skills by learning from others experience, but when it comes to choosing broker and following trading signals - two decisive factors for your investment success, investors must base the choice on personal situation and information received from various credible sources. Avoid blindly following the advice and recommendation of friends or acquaintances, lest you fall victim to the traps of “acquaintances”.

      Be very careful in choosing a broker

      The most important step during investment is choosing a broker, which deserves excessive care and prudence from investors. Investigation shows HuanYu, based in Hong Kong, claims to hold an AA license; but HKSFC website shows no regulatory record of the broker, suggesting it has been posting false advertisements. Investors should remember to investigate the broker’s regulation, business strength, customer feedback and other information through various channels to ensure the broker is compliant and trustworthy, a crucial step for ensuring assets safety which Mr. Chen had clearly ignored.

      Conclusion

      WikiFX App shows HuanYu, rated at 1.17 on WikiFX App, is currently unregulated without any valid license and uses pirated MT4 software, indicating low credibility. WikiFX suggests investors to stay away from the broker, while remaining cautious in selecting brokers by checking their information through multiple sources. You can also visit WikiFX App or the website to find out about more brokers in detail.

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    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Tipo de cambio actual  :
    --
    Por favor ingrese el monto
    United Arab Emirates Dirham
    Monto convertible
    -- United States Dollar
    Advertencia de riesgo

    Los datos de WikiFX provienen de datos oficiales de los organismos de supervisión de divisas, por ejemplo, la FCA británica, el ASIC australiano, etc., los contenidos publicados también se basan en la imparcialidad, objetividad y búsqueda de la verdad a partir de los hechos, las tarifas de gris, como las tarifas de relaciones públicas, de publicidad, de ranking y de limpieza de datos no se cargan a la plataforma de intercambio de divisas. WikiFX hará todo lo posible para mantener la coherencia y sincronización de nuestros datos con fuentes de datos autorizadas, como los organismos de supervisión, pero no promete ser coherente y sincronizada con ellos en tiempo real.

    En vista de las complejidades de la industria de divisas, no se excluye que los comerciantes individuales de divisas obtengan el registro legal de los organismos de supervisión a través del engaño. Si los datos publicados por WikiFX son inconsistentes con la situación actual, envíenosla a través de las funciones "Quejas" y "Corrección" de WikiFX de divisas, lo revisaremos y verificaremos a tiempo y anunciaremos los resultados relevantes.

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    En particular, la información que aparece en WikiFX es solo para referencia, y no constituye un consejo de inversión. La plataforma de divisas es seleccionada por el cliente por sí mismo, el riesgo que conlleva la operación de la plataforma no está relacionado con el WikiFX, y el cliente tiene que asumir las consecuencias y responsabilidades relevantes por sí mismo.

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