UK's Financial Conduct Authority (FCA) has issued a warning against HYCM Option, a clone of the major forex brokerage HYCM. According to the UK regulator, the clone firm is trying to convince its potential clients that they work for a genuine, authorised firm by giving out false details.
HYCM Option claims to be owned and operated by HYCM Limited, and a part of the Henyep Group, while in fact it has nothing to do with this broker. On top of that, HYCM Option does a very poor job at presenting its offer and actually offers binary options trading.
As regards the authorized brokerage, HYCM (formerly HY Markets), it regulated in the UK, Cyprus, and Hong Kong, and has existed for about 40 years. Previously, the brokerage group had a binary options brokerage brand called HY Options.
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