The City watchdog has sounded an alarm over yet another fraudulent clone, this time shedding light on a firm called ‘HYCMFX’ that has been posing as the UK-based FX trading brand, HYCM.

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HYCM is the global brand name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, Henyep Capital Markets (DIFC) Ltd and HYCM Limited, a global corporation founded in 1977, operating in Asia, Europe, and the Middle East.

Although HYCMFX doesn’t explicitly claim to be licensed by the FCA, they are in fact using the details of regulated companies in an attempt to convince investors that they work for a genuine firm.

The FCA warning comes just a few days after the authority warned the public against the suspicious operation of Eurotrade.co, which has been revealed to be manipulating investors by using a similar name to the CySEC-regulated firm Eurotrader Group.

Founded in 2018, Eurotrader is a forex brokerage firm owned by Eurotrade Investments RGB Ltd., which is headquartered in Limassol, Cyprus, and licensed to provide online trading products and services.

Part of a rebranding process, the company has recently acquired new domains: eurotrader.com, and eurotrader.eu for the CySEC-regulated entity.

FCA has been at the forefront of the fight against the financial fraudsters, recently expanding its list of dubious brokers almost on a daily basis.

Fraudsters in the financial services space have numerous methods for trying to get their hands on victims’ cash and one…

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