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Abstract：Recently, WikiFX has received several complaints about the unlicensed forex broker, Hehuan Global.
Hehuan Global is an unlicensed broker that was exposed by WikiFX in June 2022 and warned by Hongkong SFC in August.
This cunning broker has caused many investors to lose a lot of money and it is necessary to know about the broker and stay away from Hehuan Global.
New and Briefly Used Domain
Like many other scammers, this broker's description of its regulation could not be found anywhere. What was ridiculous is that the broker even mistook its company name sometimes.
Hehuan Global's website (www.hehuanfx.com) is now suspended, while its account page (https://account.hehuanfx.com/login) is available for people outside of Hongkong, though it claimed to be located in Hongkong.
Through our investigation, we found the domain was created in April of this year. It's just been half of a year since it started fraud to close its website. Right in such a short time, however, many investors lost a lot of money.
Victim's Personal Experience
A victim of Hehuan Global, named YZ, accused the broker of a “criminal group” and wanted it to be stopped.
YZ invested a large amount of money into Hehuan, and after five-month trading on MT5, the balance reached about 7 million of USD. Suddenly, on 8 Oct 2022, the whole website of Hehuan disappeared, along with the YZ's funds. After a few days, the scammer showed up again with a slight change on its former domain and the same design, but disappear again shortly. The most important thing was that YZ could not log in to his account on the new website and had nowhere to find the lost.
Regulated？ No! Warned？ Yes!
The fraudulent company (Hehuan Global Limited) claimed to be registered in Hongkong, while it also called itself a “British broker”. As a forex broker, you should know that the forex regulator in the UK is FCA while the one in Hongkong is SFC. Therefore, the broker's statement about its location is suspected.
In order to thoroughly confirm its regulatory status, we searched both FCA and SFC.
Obviously, the company was not authorized by FCA to provide financial services in the UK. How come it was a regulated “British broker” ？
Moreover, according to Hongkong ICRIS, Hehuan Global Limited is registered in this region indeed. However, it was not regulated in Hongkong, according to SFC. The Hongkong regulator confirmed that the company was an unlicensed entity.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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