HYCM or formerly HYMarkets is rightfully considered one of the leaders among forex brokers and at the moment shares more than 40 years of experience in the market. The broker is a member of the Henyep Group, the international financial holding company established in 1977 which headquarters in London, UKoperating in the financial services, education and real estate.
As the main pro of HYCM firm is a strict regulation that broker has throughout its offices in major cities around the world London, Limassol (Cyprus), Hong Kong and Dubai while complies with regulatory agencies in each jurisdiction. Besides HYCM maintain powerful trading capabilities, offering an advanced range of trading instruments and accompany its clients with dedicated support.
Globally recognized financial institution
No 24/7 support
Sharp adherence to regulation in multiple jurisdiction
Proposal vary according to the entity
Long history of operation and excellent reputation
Forex and CFDs trading
Great Forex trading education and research
Various account types
10 Points Summary
FCA, ESMA, CySEC, DFSA, CIMA
MT4 and MT5
Forex, metals, gold and silver, energy products oil and gas, commodities, indices and stocks
💰 EUR/USD Spread
🎮 Demo Account
💳 Minimum deposit
💰 Base currencies
Professional Education with Live webinars and Seminars
☎ Customer Support
HYCM maintains a professional trading environment and is a highly regarded broker with not only a long history of operation but also with numerous clients from all around the world and trading community consistent of HYCM traders. In fact, HYCM trademark is much respected brand among traders and investors in the financial industry, which is also confirmed by gained international awards.
Is HYCM safe or a scam?
It is crucial to consider regulations when choosing a forex broker, hereby clients can be assured that their broker act with transparency and professionalism. In the HYCM case, apart from a solid track record from the parent company as one of the leading financial services providers in the industry, the group of HYCM companies regulated and authorized by various necessary licenses.
FCA regulated broker
Various regulatory obligation applicable due to jurisdictions
Additional regulation from CySEC, DFSA
Broker is part of the global financial company with a good record
Good reputation and long operation history
Is HYCM legit?
The main office is Henyep Capital Markets, headquartered in London, and respectfully regulated by the FCA, which guarantees to its customers the appropriate legal security and provides convenient conditions for cooperation. Other, additional branches holding appropriate licenses from Dubai, Cyprus, etc. which confirms an unparalleled follow of the operational guidelines.
Authorized by CySEC (Cyprus) registration no. 259/14
Henyep Capital Markets (DIFC) Limited
Authorized by DFSA (Dubai) registration no. F000048
Authorized by CIMA (Cayman Islands) registration no. 1442313
How are you protected?
In simple words, strict regulation means customer are protected while deposits are always segregated, stored separately from the company’s funds and not available for personal or business use by HYCM. In addition, company clients are participants of the FSCS compensation program applicable to a particular entity.
Thus, in case HYCM by virtue of certain circumstances is unable to provide further financial services, customers may receive compensation. However, note regulation varies according to a particular entity where conditions and audit rules are diverse as well.
HYCM leverage actually, depending under which regulation and jurisdiction trading account complies with. Meaning each jurisdiction falls under particular rules and laws, therefore depending on your residence various leverage levels and trading conditions likewise are applicable.
1:500 for Dubai and CIMA accounts
1:30 for the UK and European traders
The high leverageup to 1:500 opens the path to the smaller retail traders, as a quite small initial deposit will cover margins, yet this level is allowed only for Dubai accounts and those that comply to CIMA (Cayman Islands).
The rest, and the majority of HYCM accounts will fall under European ESMA regulation, which recently limited leverage to a maximum of 1:30 for Forex instruments.
Here let us see what are the account offering, as specified conditions applied according to various proposals. And here be attentive as well, trading accounts and conditions may vary according to jurisdiction rules.
Fast digital account opening
Specified account types offered
Islamic Account available
There are three primary account types at HYCM to suit the needs of any individual, defined as Fixed, Classic and Raw Spread Accounts.
As it is obvious from the names, HYCM uses either a fixed spread model with slightly higher spread, means commissions are not charged on trades. Or as an option to stick with variable nature spreads, or even raw spreads provided by interbank with commission per trade.
As we found, HYCM fees will vary according to the account type you select or trade, so see which one is suitable for your trading style. Likewise, fixed spread conditions will offer a slightly higher spread but with stability under any circumstances. While Classic Account with variable spreads will include lower spreads that is changing according to volatility and market conditions.
Lastly, Raw spread is a choice for mainly professional traders as trading fees inbuilt into commission per round, which is 4$.
Low Forex and CFD fees
Spread only or commission based fees
Fixed spread option
0$ Withdrawal fee
Micro Lot trading
Our find on Forex Fees
Generally speaking, fixed spreads worth considering for those that prefer to rely on stability even during volatile news. And Classic variable spreads are good for various trading styles.
Besides, due to international proposal, there are Islamic trading accounts available for traders who wish to trade the markets based on Islamic principles.
Some of the fees comparison also with competitors we will see below, also you can see as example spread snapshot. For instance, you compare HYCM trading fees to AvaTrade.
Trading Fees of HYCM vs Similar Brokers
Crude Oil WTI
Non tradng fees
HYCM overnight fee or a swap rate determined by the overnight interest rate is involved in a long opened position, whether it’s a buy ‘long’ or sell ‘short’. The fee originally varies from one currency to another, for example EURUSD buy order will equal -3.25%, while selling will add 1.25% respectively.
Also, what you should consider is the inactivity fee, meaning HYCM will charge 10$ per month in case the trading account has no activity for a certain time.
HYCM specializes in providing trading services and offers a wide range of over 100 different financial instruments to trade with access to forex, metals such as gold and silver, energy products like oil and gas, commodities, indices and stocks.
Deposits and Withdrawals
There are plenty of ways to consolidate trading account, as well to withdraw funds from the account further on. HYCM applied democratic policy to money transfers, yet conditions and methods may vary according to the particular HYCM entity.
100$ deposit requirement
Payment conditional and methods vary according to the regulations
Card payment supported
Multiple base currencies
HYCM’s clients can use regular bank cards
Wire Bank Transfers
various electronic system WebMoney, UnionPay, Neteller, Skrill, etc.
What is the minimum deposit for HYCM account?
As for the minimum deposit amount, the number varies according to the chosen account. Yet, the options are starting from 100$ only, while Raw spread account requires only 200$ as a start.
Another pleasing addition from HYCM, the fee for deposits and withdrawals – 0$. Meaning you can easily manage expenses, yet make sure to deposit in your account base currency and avoid conversion.
As a leading financial services provider, HYCM offers its traders with advanced trading platforms. HYCM gave its preference and reliability to the popular MetaTrader 4 platform and has made it as the mainstay, yet you always can choose a new version Metatrader5.
Mainstay on MetaTrader4 and MetaTrader5
No proprietary platform
User friendly trading
Price alerts and push notifications
Supporting various languages and trading styles
Web, Mobile and Desktop versions
MetaTrader 4, which is an industry-leading software is loved for many reasons, but mainly for its ease of use and comprehensive features. Web Platform is a great choice due to its easy access via any browses and does not require any installation or specific settings.
The only gap could be a limited number of tools and drawing applications available via Web Version so for more comprehensive analysis you better choose desktop MT4.
Nevertheless, professional and day trading traders would need a desktop platform which is a full version of MT4 or MT5 platform offering a maximum of its trading capabilities.
Moreover, MT4 suitable for beginner traders and including security and 24-hour support, automated trading capable, integrated technical analysis tools and indicators, streaming market news, personal VIP dealer services, expert advisors and many more.
HYCM also included Mobile Application, for the traders who prefer to trade on the go, which allows trading at anytime and anywhere. HYCM Mobile is available for mobile devices Apple and Android.
HYCM support in any case and questioning through its established 24h customer service available on various languages and performed via the service desks covering global need. Even though, customer service available on working days only it is quite responsive and reachable via Live Chat, International Phone lines, email, etc.
Quality customer support
No 24/7 support
Live chat, International Phone lines
Quick response and reliable answers
Another fantastic opportunity with HYCM is its education center that provides all the necessary knowledge for successful trading. These include Trading Courses, regularly held Webinars and Seminars in various locations, also you will find Technical Analysis and Market Analysis available with tutorials, MT4Videos and other essential data.
This is indeed great and very recommended for beginning traders especially, since together with good education and research tools you have good chances for a good trading path.
Unlimited Demo account
Professional education and advanced materials
Learning courses, Seminars, Webinars
Free Research tools
Economic Calendar and Indicators, News Feed
Conclusion on HYCM
After all, HYCM brokerage company has a strong and very reliable reputation in the financial market. The time timed broker, offering professional services to the traders while highly regulated and regarded by traders as well.
Moreover, apart from the strong positions, small retail traders can find their way to open a live trading account, as a very small deposit of only $100 allows so.
Beginners are most welcome to the company too, with customer support team stands ready to help along with good education and research materials available for free, or seasoned traders that may be allured by offered conditions.
Alternative forex broker is FP Markets which holds strong licenses and with the lower spread.
Yet, it will be good to know your personal opinion about HYCM, which you may share in the comment area below.
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