- What is HYCM?
- HYCM Pros and Cons
- Is HYCM Safe or a Scam?
- Account Types
- Trading Instruments
- Deposits and Withdrawals
- Trading Platform
- Customer Support
Our Review Method
- 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about HYCM.
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 the HYCM firm is the strict regulation that the broker has throughout its offices in major cities around the world London, Limassol (Cyprus), Hong Kong, and Dubai while complying with regulatory agencies in each jurisdiction. Besides HYCM maintain powerful trading capabilities, offering an advanced range of trading instruments and accompanying its clients with dedicated support.
What Type of Broker is HYCM?
Based on our findings, HYCM is a global CFD and Forex broker providing access to more than 300 trading instruments. The broker offers clients good trading conditions, great liquidity, and low spreads and fees.
HYCM Pros and Cons
HYCM has a long history of operation and is a heavily regulated Broker. We found that the account opening is easy and offers various account types while costs are low. HYCM education and research are good quality and you can use various options to deposit or withdraw funds.
For the Cons, proposals 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.
|Globally recognized financial institution||No 24/7 customer 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|
|Competitive trading conditions|
HYCM Review Summary in 10 Points
|🗺️ Regulation||FCA, CySEC, DFSA, CIMA, FSC|
|🖥 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|
Overall HYCM Ranking
Based on our Expert findings, HYCM is considered a good broker with safe and very favorable trading conditions. The broker offers a range of trading services designed for both beginner traders and professionals with low initial deposit amounts. As one of the good advantages, HYCM covers almost the globe, so traders from various countries can sign in, also with the lowest spreads.
- HYCM Overall Ranking is 8.9 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
HYCM Alternative Brokers
We learned that HYCM offers a range of trading instruments, good trading conditions, and also low trading spreads and fees. However, there are a number of other brokers that offer similar services. Here are some of the best alternatives to HYCM:
- AvaTrade – Good Instruments and CopyTrading
- FxPro – Low Spreads and Competitive Trading Conditions
- XM – Wide Range of Trading Opportunities
HYCM maintains a professional trading environment and is a highly regarded broker with not only a long history of operation but also numerous clients from all around the world and a trading community consistent with HYCM traders. In fact, the HYCM trademark is a much-respected brand among traders and investors in the financial industry, which is also confirmed by gained international awards.
Is HYCM Safe or Scam?
No, HYCM is not a scam. We found that HYCM is part of a global company with a high trust solid track record and is regulated by several authorities like FCA, CySEC, and DFSA. Therefore, HYCM is considered low risk and secure broker to trade with.
Is HYCM Legit?
We learned that the broker’s main office is Henyep Capital Markets, headquartered in London. HYCM is respectfully regulated by the FCA, which guarantees its customers the appropriate legal security and provides convenient conditions for cooperation. Other, additional branches hold appropriate licenses from Dubai, Cyprus, etc. which confirms an unparalleled follow of the operational guidelines.
See our conclusion on HYCM Reliability:
- Our Ranked HYCM Trust Score is 9.2 out of 10 for good reputation and service over the years, also reliable top-tier licenses, and serving regulated entities in each region it operates. The only point is that regulatory standards and protection vary based on the entity.
|HYCM Strong Points||HYCM Weak Points|
|Multiply regulated broker with a strong establishment||Regulatory standards and protection vary based on the entity Regulated by top-tier authorities|
|Regulated by top-tier authorities||Offshore entities|
|Good reputation and global expands over 140 countries|
|Negative balance protection|
How Are You Protected?
In simple words, strict regulation means customers 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.
We found that 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.
Based on our findings, HYCM leverage actually, depends on which regulation and jurisdiction the 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 with 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.
We learned that HYCM account types include three accounts: Fixed, Classic, and Raw Spread Accounts. HYCM uses either a fixed spread (also check fixed spread Forex brokers) model with a slightly higher spread, which means commissions are not charged on trades. The classic account offers variable spreads, and the 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.
|Fast digital account opening||Account types and proposals may vary according to jurisdiction|
|Specified account types offered|
|Demo and Islamic accounts available|
|Access to a wide range of financial instruments|
How to Open HYCM Live Account?
Opening an account with HYCM is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:
- Click on the “Open an Account” icon on the HYCM homepage
- Enter the required personal data (Name, email, phone number, etc.)
- Verify your personal data by upload of documentation (residential proof, ID, etc.)
- Complete the electronic quiz confirming your trading experience
- Once your account is activated and proven, follow with the money deposit
We learned that HYCM specializes in providing trading services and offers a wide range of over 300 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 improves its range of instruments and now offers a wide selection of Cryptocurrencies.
- HYCM Markets Range Score is 8.9 out of 10 for wide trading instrument selection among Forex, Metals, Indices, Cryptos, and more.
Based on our Expert research, HYCM fees will vary according to the account type you select or trade, so see which one is suitable for your trading style.
You should consider the HYCM overnight fee or a swap rate. The fee originally varies from one currency to another, for example, EUR/USD buy order will equal -3.25%, while selling will add 1.25% respectively.
Also, what you should also consider is an inactivity fee, meaning HYCM will charge $10 per month in case the trading account has no activity for a certain time.
- HYCM Fees are ranked average with an overall rating of 8.9 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below, however, HYCM overall fees are considered good.
|Fees||HYCM Fees||XM Fees||AvaTrade Fees|
|Fee ranking||Low, Average||Average||Average|
We found that HYCM Spread depends on the account type. Fixed spread conditions offer a slightly higher spread but with stability under any circumstances. While Classic Accounts with variable spreads will include lower spreads that are changing according to volatility and market conditions. Lastly, Raw spread is a choice for mainly professional traders as trading fees inbuilt into the commission per round, which is $4.
Besides, there are Islamic trading accounts available for traders with no adjustments.
- HYCM Spreads are ranked low with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.
|Asset/ Pair||HYCM Spread||XM Spread||AvaTrade Spread|
|EUR USD Spread||1.2 pips||1.6 pips||1.3 pips|
|Crude Oil WTI Spread||6 pips||5 pips||3 pips|
|BTC USD Spread||50||60||0.75%|
Deposits and Withdrawals
Based on our findings, there are plenty of ways to consolidate trading accounts, as well as 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 Funding Methods we ranked good with an overall rating of 8.5 out of 10. The minimum deposit is among average in the industry, yet fees are either none or very small also allowing to benefit from various account-based currencies, yet deposit options vary on each entity.
Here are some good and negative points for HYCM funding methods found:
|HYCM Advantage||HYCM Disadvantage|
|$100 is a first deposit amount||Methods and fees vary in each entity|
|No internal fees for deposits and withdrawals|
|Fast digital deposits, including Skrill, Neteller, and Credit Cards|
|Multiple Account Base Currencies|
|Withdrawal requests confirmed within 1 business day
In terms of funding methods, HYCM offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.
- Credit/Debit cards
- Bank Wire
- UnionPay, and more
HYCM Minimum Deposit
HYCM minimum deposit varies according to the chosen account and starts from $100. However, the Raw spread account requires $200 at the start.
HYCM minimum deposit vs other brokers
||Most Other Brokers
Another pleasing addition from HYCM is the $0 fee for deposits and withdrawals. Meaning you can easily manage expenses, yet make sure to deposit in your account base currency and avoid conversion.
How Withdraw Money from HYCM Step by Step:
- Login to your account
- Select Withdraw Funds’ in the menu tab
- Enter the withdrawn amount
- Choose the withdrawal method
- Complete the electronic request with necessary requirements
- Confirm withdrawal information and Submit
- Check the current status of withdrawal through your Dashboard
We learned, as a leading financial services provider, HYCM offers its traders advanced trading platforms. HYCM gave its preference and reliability to the popular MetaTrader 4 platform and has made it the mainstay, yet you always can choose a new version of Metatrader5.
- HYCM Platform is ranked good with an overall rating of 9.2 out of 10 compared to over 500 other brokers. We mark it as good being one of the best proposals we saw in the industry, and a great range including MT4, and MT5 suitable for professional trading. Also, all are provided with good research and excellent tools.
Trading Platform Comparison to Other Brokers:
| Platforms||HYCM Platforms||XM Platforms||FxPro Platforms|
Web Trading Platform
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 browser 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 a 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 the MT4 or MT5 platform offering a maximum of its trading capabilities.
Moreover, MT4 is suitable for beginner traders and includes security and 24-hour support, automated trading capability, integrated technical analysis tools, and indicators, streaming market news, personal VIP dealer services, expert advisors, and many more.
We found that HYCM has also a HYCM Trader mobile app, for traders who prefer to trade on the go, which allows trading at any time and anywhere. HYCM Trader is available on both Google Play and the App Store (all you have to do is search HYCM).
We learned that HYCM supports any case and questioning through its established 24h customer service available in various languages and performed via the service desks covering global needs. Even though, customer service is available on working days only it is quite responsive and reachable via Live Chat, International Phone lines, email, etc.
- Customer Support in HYCM is ranked good with an overall rating of 8.9 out of 10 based on our testing. We got fast and knowledgeable responses, also quite easy to reach during the working days.
See our find and ranking on Customer Service Quality:
|Quick responses||No 24/7 customer support|
|Supporting numerous languages|
|Availability of Live Chat|
Based on our research, we found that HYCM provides a rich collection of educational materials which offers 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, MT4 Videos, 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.
- HYCM Education ranked with an overall rating of 9.2 out of 10 based on our research. The broker provides very good quality educational materials, and excellent research also cooperates with market-leading providers of data.
HYCM Review Conclusion
Concluding the HYCM review, we admit a strong and very reliable company in the financial market. The time-timed broker offers 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 a quality customer support team and good education or research.
Based on Our findings and Financial Expert Opinions HYCM is Good for:
- Advanced traders
- Traders who prefer MT4/MT5
- Forex and CFD trading
- Variety of trading strategies
- Low fees and competitive spreads
- Good customer support
- Excellent educational materials