- What is HYCM?
- HYCM Pros and Cons
- Is HYCM safe or a scam?
- Account types
- Market Instruments
- Deposits and Withdrawals
- Trading Platform
- Customer Support
What is HYCM?
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 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.
HYCM Pros and Cons
HYCM has long history of operation and is a heavily regulated Broker. The account opening is easy and offers various account types while costs are low, HYCM education and research is good quality and you can use various options to deposit or withdraw funds.
On the negative side proposal vary according to the entity, there is no 24/7 support, trading instruments are limited to Forex and CFDs, also the trading platform is solely MetaTrader.
10 Points Summary
|🗺️ Regulation||FCA, ESMA, CySEC, DFSA, CIMA|
|🖥 Platforms||MT4 and MT5 |
|📉 Instruments||Forex, metals, gold and silver, energy products oil and gas, commodities, indices and stocks|
|💰 EUR/USD Spread||1.2 pips|
|🎮 Demo Account||Available|
|💳 Minimum deposit||100$|
|💰 Base currencies||Various currencies |
|📚 Education||Professional Education with Live webinars and Seminars|
|☎ Customer Support||24/5|
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
No, HYCM is not a scam. HYCM is part of a global company with high trust solid track record and is regulated by several authorities FCA, CySEC and DFSA. Therefore, HYCM is considered low risk and secure broker to trade Forex.
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.
||Regulation and License
|Henyep Capital Markets (UK) Limited
||Authorized by FCA (UK) registration no. 186171
|HYCM (Europe) Ltd
||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 leverage up 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 account types include three accounts Fixed, Classic and Raw Spread Accounts that are different models accounts. HYCM uses either a fixed spread (Also check fixed spread forex brokers) model with slightly higher spread, means commissions are not charged on trades. Classic account offers variable spreads, and Raw spread is provided by interbank spread from 0 pips with commission per trade. However, trading accounts and conditions may vary according to jurisdiction rules.
HYCM fees will vary according to the account type you select or trade, so see which one is suitable for your trading style. HYCM 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 with no commission added.
It is important to get into broker fees too, check additional fees like a commission for deposits or withdrawal also non-trading fees.
|Fees||HYCM Fees||OctaFX Fees||AvaTrade Fees|
|Fee ranking||Low, Average||Low||High|
Non trading fees
HYCM overnight fee or a swap rate determined by the overnight interest rate is involved in a long opened position (Check out best swap free forex brokers), whether its 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 inactivity fee, meaning HYCM will charge 10$ per month in case trading account has no activity for a certain time.
HYCM Spread depending on the account type, Fixed spread conditions 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$.
Besides, there are Islamic trading accounts available for traders with no adjustments. Also, compare HYCM trading fees to BlackBull Markets. See HYCM Spread below.
|Asset/ Pair||HYCM Spread||OctaFX Spread||AvaTrade Spread|
|EUR USD Spread||1.2 pips||0.5 pips||1.3 pips|
|Crude Oil WTI Spread||6 pips||2 pips||3 pips|
HYCM specializes in providing trading services and offers a wide range of over 100 different financial instruments to trade with access to forex, metals such as gold and silver, energy products like oil and gas, commodities, indices and stocks. Also, HYCM constantly improving its range of instruments and now offers wide selection of Cryptocurrencies.
Deposits and Withdrawals
There are plenty of ways to consolidate trading account, as well to withdraw funds from the account further on. HYCM applied democratic policy to money transfers, yet conditions and methods may vary according to the particular HYCM entity.
HYCM’s clients can use regular bank cards and other popular payment methods:
- Wire Bank Transfers
- various electronic system WebMoney, UnionPay, Neteller, Skrill, etc.
HYCM Minimum Deposit
HYCM minimum deposit varies according to the chosen account and starting from 100$, Raw spread account requires 200$ at the start.
HYCM minimum deposit vs other brokers
||Most Other Brokers
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 has also included Mobile Application – HYCM Trader, for the traders who prefer to trade on the go, which allows trading at anytime and anywhere. HYCM Trader is available on both Google Play and the App Store (all you have to do is search HYCM).
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.
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.
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. 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 quality customer support team and good education or research.