ByCoin Limited is a foreign exchange broker officially registered on November 28, 2023. This broker mainly provides users with a wide range of trading markets through its self-developed trading platform, including foreign exchange, metals, commodities, indices, etc., and does not operate in the United States, Iran, North Korea, and other regions.
Company Registration Information and Regulatory Status:
According to the official information on ByCoin Limited's website, its corporate entity is ByCoin Limited Limited. The broker is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC), with license numbers 296805 and 700455, respectively. Additionally, ByCoin Limited is a registered member of THE FINANCIAL COMMISSION.
Upon verification, the ASIC's official website shows that the enterprise corresponding to license number 296805 is DLS MARKETS (AUST) PTY LTD, while the VFSC's official website indicates that the enterprise holding license number 700455 is DLS MARKETS LIMITED. Moreover, THE FINANCIAL COMMISSION does not list ByCoin Limited as a registered member.
Furthermore, the broker's website provides only icons on the "Terms and Conditions" page, which in reality cannot be opened.
Opening an Account:
To open an account with ByCoin Limited: Visit the broker's website, click on “Open Account” to enter the registration interface, fill in your personal email address, set a login password and submit. After submission, the account is successfully registered. After logging in, you need to complete a full KYC verification to proceed with deposits and trading.
Account Types:
ByCoin Limited offers users two different types of real trading accounts: STANDARD ACCOUNT and ECN ACCOUNT.
STANDARD ACCOUNT
- Minimum deposit amount: $200
- Spread: From 1.0 pips
- Maximum trading leverage: 1:500
- Trading commission: $0
ECN ACCOUNT
- Minimum deposit amount: $200
- Spread: From 0 pips
- Maximum trading leverage: 1:500
- Trading commission: $6 per round turn trade
Trading Platform:
ByCoin Limited claims to offer the MT4 trading platform on its website, but in fact, it uses a self-developed trading platform, and the broker cannot be found on MT4.
Deposits and Withdrawals:
ByCoin Limited supports deposits and withdrawals via credit/debit cards, e-wallets, and bank wire transfer.
Conclusion:
Traderknows reminds investors that ByCoin Limited is actually an unregistered, unregulated scam website that does not provide any contact information. Investors are advised to choose brokers with transparent information, strong regulation, and a good reputation for their investment and trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected fraud" on Traderknows.
