The firm has stopped opening new accounts for users based in the EU.
HYCM Europe has yet to disclose the reason behind this action.
Finance Magnates has learned that the forex and CFD
trading platform HYCM (Europe) is voluntarily renouncing its CIF License. In a
statement published on its website, the company mentioned that it will no longer
accept new clients or open new accounts for individuals based in the EU.
Additionally, HYCM Europe is in the process of
terminating services for all existing clients in the region. However, the company will ensure that users are informed about
how they can access their funds. The firm has not
provided specific details regarding the reasons for this decision.
Terminating Services in the EU
HYCM Europe wrote: "We would like to inform you
that HYCM (Europe) Limited (the Company) hereby notifies you that it is in the
process of voluntarily renouncing its CIF License with authorization number
259/14."
"Therefore, the Company will no longer accept any
new EU-based clients and/or the opening of any new EU-based accounts while it
is in the process of terminating all its existing EU-based clients and
informing them about the procedure that should be followed for their fund's
return."
The brokerage firm has directed clients seeking clarification to compliance@hycm.com and those with complaints to send their
emails to complaints@hycm.com. Finance Magnates contacted HYCM for comments and will update this article once we get their feedback.
Meanwhile, the Cyprus Securities and Exchange
Commission indicated on its website that HYCM Europe is under examination for voluntary renunciation
of its authorization.
HYCM's Financial Performance
Last year, HYCM Capital Markets (UK) Limited released its financial performance for the fiscal year ending December 31, 2022. Despite
experiencing a notable surge in revenue, the company faced a decline in
profitability compared to the previous year.
The company's turnover soared to over £1.88 million,
marking a substantial increase of 14% from the preceding year. This
surge in revenue was attributed to various factors, including a significant
boost from 'other operating income' sources, which skyrocketed to £697,335 from £5,464 in the previous fiscal year.
However, amidst this growth in revenue, HYCM UK
encountered a significant rise in administrative expenses, which surpassed
£2.57 million. This represents a substantial increase of 43% compared to the previous
year.
Despite the uptick in revenue and supplementary
income, HYCM UK's operating profit for the year amounted to a modest £13,088,
significantly lower than the £198,050 recorded in the preceding fiscal period.
The company attributed this decline to the surge in administrative
expenses.
Finance Magnates has learned that the forex and CFD
trading platform HYCM (Europe) is voluntarily renouncing its CIF License. In a
statement published on its website, the company mentioned that it will no longer
accept new clients or open new accounts for individuals based in the EU.
Additionally, HYCM Europe is in the process of
terminating services for all existing clients in the region. However, the company will ensure that users are informed about
how they can access their funds. The firm has not
provided specific details regarding the reasons for this decision.
Terminating Services in the EU
HYCM Europe wrote: "We would like to inform you
that HYCM (Europe) Limited (the Company) hereby notifies you that it is in the
process of voluntarily renouncing its CIF License with authorization number
259/14."
"Therefore, the Company will no longer accept any
new EU-based clients and/or the opening of any new EU-based accounts while it
is in the process of terminating all its existing EU-based clients and
informing them about the procedure that should be followed for their fund's
return."
The brokerage firm has directed clients seeking clarification to compliance@hycm.com and those with complaints to send their
emails to complaints@hycm.com. Finance Magnates contacted HYCM for comments and will update this article once we get their feedback.
Meanwhile, the Cyprus Securities and Exchange
Commission indicated on its website that HYCM Europe is under examination for voluntary renunciation
of its authorization.
HYCM's Financial Performance
Last year, HYCM Capital Markets (UK) Limited released its financial performance for the fiscal year ending December 31, 2022. Despite
experiencing a notable surge in revenue, the company faced a decline in
profitability compared to the previous year.
The company's turnover soared to over £1.88 million,
marking a substantial increase of 14% from the preceding year. This
surge in revenue was attributed to various factors, including a significant
boost from 'other operating income' sources, which skyrocketed to £697,335 from £5,464 in the previous fiscal year.
However, amidst this growth in revenue, HYCM UK
encountered a significant rise in administrative expenses, which surpassed
£2.57 million. This represents a substantial increase of 43% compared to the previous
year.
Despite the uptick in revenue and supplementary
income, HYCM UK's operating profit for the year amounted to a modest £13,088,
significantly lower than the £198,050 recorded in the preceding fiscal period.
The company attributed this decline to the surge in administrative
expenses.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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