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, UK operating in the financial services, education and real estate.
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. As a main pros 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.
In fact, HYCM trademark is much-respected brand among traders and investors in the financial industry, which is also confirmed by gained international awards:
Best Forex Broker Europe | 2018 by FXDailyInfo
Best Forex Broker Dubai | 2017 by Global Brands Magazine
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 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.
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 provide 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
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. Thus, in case HYCM by virtue of certain circumstances is unable to provide further financial services, customers may receive compensation.
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. 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.
MetaTrader 4, which is an industry leading software is loved for many reasons, but mainly for its ease of use and comprehensive features. 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.
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 a slightly higher spread, which means commissions are not charged on trades. Or as an option to stick with variable nature spreads, and lastly, Raw spreads provided by interbank with commission per trade.
So due to its account types, you may choose either fixed spread or a floating spread basis, as well as the raw spread with commission, see snapshot below. Fixed spreads worth considering for those that prefer to rely on stability even during volatile news. Therewith, Islamic trading accounts are available for traders who wish to trade the markets based on Islamic principles.
HYCM spread – Standard Account
Crude Oil WTI
For instance, you can compare HYCM trading fees to AvaTrade.
HYCM overnight fee
HYCM overnight fee or a swap rate determined by the overnight interest rate is involved in a long opened position, whether its a buy ‘long’ or sell ‘short’. The fee originally varies from the currency to another, as example EURUSD buy order will equal -3.25%, while selling will add 1.25% respectively.
Also, what you should consider is inactivity fee, meaning HYCM will charge 10$ per month in case trading account has no activity for a certain time.
HYCM leverage actually, depending under which regulation and jurisdiction trading account complies with. 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.
HYCM Deposits and Withdrawals
There are plenty of ways to consolidate trading account, as well to withdraw funds from the account further on. HYCM’s clients can use regular bank cards Visa/MasterCard, Wire Bank Transfers and various electronic system WebMoney, UnionPay, Neteller, Skrill, etc.
HYCM minimum deposit
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.
HYCM withdrawal fee
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.
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. 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.
Alternative forex broker is FP Markets which holds strong licenses and with 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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