HYCM review

HYCM

HYCM

www.hycm.com

  • Leverage: 1:30

  • Regulation: FCA, CySEC, DFSA, CIMA

  • Min. Deposit: 100 US$

  • HQ: UK

  • Platforms: MT4, MT5

  • Found in: 1977

HYCM licenses

  • Henyep Capital Markets (UK) Limitedauthorized 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
  • HYCM Ltd - authorized and regulated under the Cayman Islands Monetary Authority registration no. 1442313
     

Top 3 Forex Brokers

  1. Is HYCM safe or a scam?
  2. Trading Platform
  3. Fees
  4. spread and overnight fee
  5. Leverage
  6. Deposits and Withdrawals conditions with a minimum deposit and withdrawal fee
  7. Conclusion on 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 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.

HYCM review

Awards

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.

HYCM entityRegulation and License
Henyep Capital Markets (UK) LimitedAuthorized by FCA (UK) registration no. 186171
HYCM (Europe) LtdAuthorized by CySEC (Cyprus) registration no.  259/14
Henyep Capital Markets (DIFC) LimitedAuthorized by DFSA (Dubai) registration no. F000048
HYCM LtdAuthorized 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.

Trading Platforms

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.

HYCM platform

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.

Accounts

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.

HYCM accounts

Fees

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

Asset/ PairHYCM spread – Standard Account
EUR/USD1.2
Crude Oil WTI6
Gold32
BTC/USD1%

For instance, you can compare HYCM trading fees to AvaTrade.HYCM trading fee

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

HYCM leverage actually, depending under which regulation and jurisdiction trading account complies with. 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 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

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. 

Ole Torp From Singapore | | Sunday, June 14, 2020

The broker did a good job on assuring the tarnsparency of trading and relationship with its customers. Every cusotmer from very part of the world can be sure of the funds safety here. They are regulated with a well-known and trust worthy authorities, tehy offer negative balance protection and at the same time don’t made their trading commissions too high due to this fact. This is a rare opprotunity to trade with a regulated broekrage and still have affordable fees and spreads. New market players can go for fixed spreads and focus on learning and their analysis. Experienced traders can choose raw spreads accounts. The only issue – the min deposit here is a bit higher, yet, not that much, just 200 bucks. Classic account will fit everyone. There is a number of deposit and withdrawal methods that you can use. I’ve withdrawn funds about a dozen of times and each time the money arrived with no delays or further questions from HYCM stuff. Withdrawals take a day or two to complete depending on the method you choose.

N Prasetya From Indonesia | | Tuesday, May 19, 2020

My review is going to be quite long, but that’s only because I want to share my experience in details.. Hope you’ll enjoy reading 🙂 1. Trading platform. Here’s standard Metatrader 4 and it’s is a world famous trading platform. It offers real-time market news, advanced charting and technical analysis tools such as Trading Central, as well as advisors. You can either use official extensions or install your own. Also, there’s WebTrader platform – it’s a browser version of Metatrader 4. 2.Account types HYCM offers three different account types to meet the needs of different traders. Standard, Fixed and Raw. The first two have a minimum deposit of $100, the Raw account Their micro account suited me to the requirements of beginners and has a small initial deposit of just $100. I trade with a fixed account, this account type offers minimum fixed spreads of 1.8. The only drawback is that Expert Advisors are not available for Fixed accounts. Separate Raw account – spreads start from 0.2, but for each trade there is $4 fee . 3. Regulations HYCM has 5 entities, each one is regulated Henyep Capital Markets (UK) Limited is authorized and regulated under the Financial Conduct Authority with reference number 186171. HYCM (Europe) Ltd is authorized and regulated under the Cyprus Securities and Exchange Commission under license number 259/14. HYCM Ltd is authorized and regulated under the Cayman Islands Monetary Authority under reference number 1442313. Henyep Capital Markets (DIFC) Limited is authorized and regulated by the Dubai Financial Services Authority with license number 000048. HYCM Limited is an International Business Company registered in Saint Vincent and the Grenadines with registration number 25228 (IBC 2018). This info I’ve took from official website, but I checked everything -regulations are true

Gunj Sachar From India | | Saturday, May 2, 2020

I certainly didn’t always want to do trading. Moreover, I always had certain tasks and plans, which I had been creating for several years and never thought about Forex or anything like that. But time went by. And I began to understand that the picture that I imagined did not quite correspond to reality, and I really did not have the opportunity to realize what I wanted. And then it turned out that I didn’t have much desire. So I had a new choice – I had money to create a new business project, but had no idea what I wanted to do. And then I had a private conversation with a close friend, who at that time already had his business and even a good income, but did not admit in what area he works and what he does. He told me about Forex, about trading in this brokerage company and explained that he hides it because many people do not take it seriously and this is one of the most polite reactions that he faced. And he just doesn’t need it, he does what he likes. In general, he also offered me to try, at least for a small amount. I have always had good analytical skills, so there was every chance to understand everything and realize myself. In fact, everything did not work out at once, and of course I faced all the classic difficulties of a trader – I could not decide on the leverage, did not always understand when to hold a position, and when it is better to get rid of it. I lost a lot and earned a lot, but of course the interest was very strong, so over time, with experience, everything entered the format when I clearly learned how to distribute capital, forces and time. It turns out that you can create a business under any circumstances, especially if you have a desire.

Adinata Setiawan From Malaysia | | Tuesday, April 28, 2020

Of course, as for any other person, the security that a brokerage company provides for me and my money is important to me. It is clear that none of us is insured against mistakes, for which traders themselves are responsible, this is a whole different story. But it is possible that the trading terminal will slow down or some of its functions will not work at full capacity, and this will lead to problems with capital in the future. Here I was explained that the funds and in general the work of the broker is under regulation, which ensures the rights and obligations of the parties, and this has a strict framework that makes trading safer, or rather your investment. I think I made the right choice.

Colin Nena From Kenya | | Saturday, April 18, 2020

A broker has both advantages and disadvantages. I’ll start with the first, though I won’t focus on them: 1. There are licenses from 4 regulators. 2. Small initial deposit 3. A large set of assets. In general, there are many reviews that tell you about the pros of a broker, so I don’t see any point in talking about it anymore. But what I have noticed is that many traders don’t see the disadvantages of HYCM, and they’re here too, and they are quite significant. 1. There are several different companies, which provide brokerage services under the brand HYCM. Henyep Capital Markets (UK) Limited is authorized and regulated under the Financial Conduct Authority, and HYCM (Europe) Ltd is authorized and regulated under the Cyprus Securities and Exchange Commission, but other companies in this group don’t have such licenses. So, pay attention to which company you have chosen 2. Spreads are sometimes really higher than other brokers. Of course, you can choose a Raw account, but then you will overpay very much when you are flat on the market. 3. no expert advisors on Fixed spreads account and no-market execution for fixed spreads (only Standard and Raw)

Due Au Hong From Vietnam | | Saturday, April 11, 2020

MULTIRAGULATED This is the first thing that you see when visit their website. Let me explain why this is important and why this was the primary reason I’ve started using their service. Lots of brokers are registered in offshore zones. That’s ok in my opinion, but the license they get from the local authorities does not really assume any liabilities to their customers. Its important that broker works closely with reliable regulators. In this case if something goes wrong with the broker, this regulator will be held responsible to compensate for client’s losses caused by broker’s inability to fulfill its duties. This is why CySEC, FCA and other regulations are VERY VERY important. CONVENIENT TRADING FEES POLICIES They’ve got different account types so you can find the best one that will meet your needs 100%. Newbies and those who trade at market openings and during news releases will definitely appreciate FIX accounts at HYCM. I’m not a newbie, but I use fixed too. EURUSD spread here is only 1.8 pip. There are also variable spreads on standard accounts and RAW accounts assume you pay minimal spreads (close to zero) and additional commission. There are no per trade commissions of other two account types. FAST EXECUTIONS This is the other important thing that I need to mention as a pro of this broker. Those who have enough experience on the market will understand how this can affect your trading results. One-two-three pips slippages. Someone would say this does not matter. But in fact it does.

Haleem From Tunisia | | Wednesday, March 11, 2020

In my opinion, trading is no longer considered to be a kind of entertainment, and has moved into the category of a format of earning, which can really be systematized and lead to a certain system of actions. The main thing is to take it seriously and learn how to assess the market situation and how to earn money. In general, this can be considered one of the key components of success in the market, and it is difficult to argue with this. On the other hand, there is another key component that should be taken into account – a brokerage company, which will be able to provide quality conditions for independent work. I can not say that I quickly resolved this issue, in fact, it took me some time to figure out what a broker should be and what conditions it should provide for its clients. And then I got acquainted with the service, which HYCM provides. It seems to me that it was here that we were able to combine a quality trading terminal and a large number of assets, excellent indicators for market analysis and convenient conditions for the organization of withdrawal. With HYCM you basically get everything you expected and you have no reason to worry about how the broker will influence your work. I have not seen any deals that are closed without my desire or any other situations that may affect my capital negatively. And for me this is the best confirmation that my broker is my partner, not the company that wants to take my money.

Chim Ayisat From Algeria | | Thursday, February 27, 2020

I’ve been looking for a reliable broker for a long time, as I got tired of trading with unreliable companies that seek only for own profits. I wanted to find a reliable broker that I can trust. I met an advertisement HYCM on YouTube and decided to try to trade with them, or rather at that time just interested, but when I read the information about the brokerage, I realized that this is what I was looking for. One of the oldest brokers in the market, FСA regulation. Besides British regulation there is also CySEC and regulation in the UAE. Of the disadvantages for beginners – there are few promotions and free of charge, no giant leverages (prohibited by the regulators), the withdrawal takes 3-4 days. In the rest – a reliable company for serious work.

Ricky Bora From India | | Sunday, February 16, 2020

With HYCM trader can focus on his work and stop struggling to beat broker’s tricks. Every trader knows some brokers use all kinds of manipulations to provoke traders to lose money. HYCM is an honest market player. Sure enough they want to make money too, so they charge commissions, which are about the average for real forex market (yeah some brokers offer zero commissions. This is exactly why you should not deal with them as their only source of income is your lost deposit). I find it very nice of HYCM though that they’ve offered three different types of accounts with different approach to commissions. Depending on your trading style you can choose the plan that will be the most favorable for you. Fixed, variable or Raw account. If you can’t decide yourself what will work best for you, I recommend using the test offered at the official HYCM website at Accounts sections. I played a bit answering this test in different ways and I definitely see some logic in the solutions they suggest for one or another approach to trading. Withdrawals are done smoothly. Don’t forget to fill out all the paperwork providing true residence address and personal information to avoid any troubles in future. Once you do that, no troubles should ever occur.

No news available.

48 responses to “HYCM”

    • Better do some research first Rahmat. HYCM is one of the worst brokers around. Avoid them like the plague.

    • I consider HYCM as one of the biggest forex scammers
      Please if you are planning to trade with them don’t do it
      I made profits they refused to send my money instead they sent me some fictitious wire prove
      I sent the information to my bank I was told by my bank that such wite information doesn’t exist
      They are owing me more than $6000
      Right now they are not picking my calls nor reply my mails
      I have sent them my bank officers name, phone numbers and email
      I have sent them my account statement to prove such money never made it to my account
      But I rather die than to allow them to eat my money
      Am a black man this is part of the injustice we go through in this wicked world
      14165641553

  1. I want to know if I can Trade commodity options on the commodity exchange for options,as you know A deposit is all one can lose.

  2. Hello dear i want to ask you if you can give me an offer for trading account with 1 fixed spread on usd/chf with zero comm and swap . Thank you

  3. From what I understood, HYCM has started offering online trading pretty much as soon as online trading emerged. They’ve had enough time to build up the reputation and looks like they’ve suceeded. I’ve just started trading CFDs here, but so far so good. I’ve chosen the broker for its reputation and spreads policy. To my pleasure executions quality turned out to be very nice as well. I recommend working with HYCM!

    • It is immediately noticeable that this broker is trying to provide decent conditions for trading. I like that there are so many instruments and the broker gives useful information, which can be useful to find profitable situations in the market faster. At one time I was recommended to work with HYCM and I am glad that I took it seriously.

  4. Looking at different account types at HYCM I keep wondering, who in the world would choose paying $4 commission per trade on raw accounts? Aren’t 2 other options with 0 commisisons much better?

    • In fact, HYCM raw account can turn out to be MUCH more favorable. They only charge $4 per round, which is really favorable in comparison iwth several pips spreads with a decent positions size.

  5. This is my broker 🙂 I think this is the best combination of reliability, quality of executions and nice spreads and commissions policy that a forex trader can find. Broker has got real offices in a number of countries, which is a nice quality mark as well in my opinion.

    • Yeah, I worked hard to ensure I choose the service was of high quality and the cooperation between the client and the broker is mutually beneficial. Spreads here are average, but they are optimal for any capital. No problems with the withdrawal of funds do not create – yeah, this is clearly a profitable solution.

  6. The reason why I came there was long history of this broker, it operates since 1977! I don’t even consider to trade with 2-3 years brokers, I simply don’t trust them, even if they’re reputable. HYCM is another story – long time operating the market, so a lot of reviews and the brokerage is famous, so it really cares about own reputation and that’s the most important 🙂

    • You know, it happens differently, sometimes the money comes on the same day, sometimes the withdrawal takes a couple of days, but from my observations I never waited more than three days, quite acceptable.

    • Quick. According to my observations, about one or two days. It says on their website that they can withdraw up to a week, but I’ve never seen one in a couple of years.

  7. I like to trade in hycm, I have a big dynamic here and it is much easier for me to control the situation, I think it’s time to invest more money.

    • Depends on what you want to find out. Managers will definitely not give you any advise on what to trade and how. But if you mean whether they can help with choosing the best account type or help you with understanding the leverage and margin requirements – yes, they can be very helpful.

  8. For me, trading is my main source of income, so I was looking for a broker with an impeccable reputation. HYCM turned out to be just that, not only on paper, but also in practice. I like that there are no difficulties with deposit or withdrawal of funds, the broker uses many payment systems, commissions are adequate, with spreads, by the way, all is also transparent.

    • This depends on the account you choose. For classic and fix its just spread with no commission. Raw accounts have spreads of 0.2-0.5 pips and a $4 commission per trade.

        • Of course fixed and floating spreads also have their benefits. It seems to me that it depends more and more on the strategy and your position sizes.

  9. Fixed spreads for EURUSD are 1.8 and I doubt the classic ones can compete with this number. For me it’s much easier to have fixed predefined spreads rather than think about trading costs each time I enter the market. The broker is reliable regarding the withdrawals as well, which is why I can recommend it with a clear conscience. The only thing you have to keep in mind is that the deposit and withdrawal methods are rather limited here in my opinion. Few e-payments systems, CC and bank wire, that’s basically it.

  10. HYCM IS A FRUAD BROKER I MADE REQUEST FOR WITHDRAW 1000 TIMES I DID NOT GET MY DEPOSIT MONEY BACK YET DO NOT OPEN ACCOUNT WITH THEM completly fraud and scam broker please please please do not open account with this fraud broker

  11. When I started trading here, I analyzed in detail all the data provided by the broker, and on the whole nothing seemed suspicious or ambiguous to me. In practice, while there are no questions, the service is minimalistic, it may seem to some that it is not enough, for some people it is exactly what they need.

    • For MT5 – up to 1:200
      For MT4 – up to 1:500 for Forex
      1:100 for exotic currencies
      1:100 for indices and 1:20 for crypro.
      BUT! That’s only with HYCM SVG. If you want to trade with HYCM that’s regulated by the UK FCA or CySEC – than leverage will be up to 1:30 for forex and 1:2 for crypto. For commodities up to 1:10.
      The full list you can get on the HYCM website, as I rememba

      • Yes, you wrote it all right…
        It’s not bad conditions, is it?
        Otherwise, usually only one asset group has acceptable performance for trading, and everything else is not very profitable for customers. Well, that’s the idea I got after studying the conditions for trading in other companies.

  12. They offer a demo access, so you can train as much as you like. At the same time the broker is regulated, so it’s safe to keep the money on account. Even if you get disappointed in trading at some point, you’ll simply withdraw all the funds back to the bank, no troubles with that.

  13. HYCM is premium brokerage, that’s how I feel it.
    Firstly, there’s many regulations. While most brokers has only one regulation or don’t have it at all – HYCM offers clients to choose between 4 entities. Personally I’m trading with HYCM Ltd, registered on Caymans. I don’t need ‘strong regulation’, but I appreciate high leverage, it’s important for my strategy.
    Secondly, now mini depo is $100, when I was starting it was $500, as I remember. That allows all traders to try trading with company. Most FCA regulated brokers start at $1,000 and HYCM has a clear competitive advantage.
    And the last one – there is Raw account exactly what I need 🙂

    • Yes, it has. HYCM offers MT4 and MetaQuotes has designed app for iOS (iPhones and iPads). Just follow Trading – Metatrader 4 on the official website, there will be button ‘Download on the App Store’. There’s the same button for Metatrader 5.

  14. outstanding broker, i have nothing to compain – broker is just cool and that’s all you need to know. regulated, with tight spreads and many assets. if you want to earn money with trading – that’s the right place.

  15. In fact, there are a lot of offers on Forex trading and companies are now trying to stand out. Although in reality they should only cope in order to provide access to the market and perform all necessary financial operations.
    All the rest is marketing and advertising, although I do not rule out that some training materials and services can be very useful for beginners. It is also important to be guided by your own wishes.

  16. I’m learning to trade with HYCM, now I’m with $200, cause I’m learning, but I’ve plans to invest more money.
    There’s, fairly, some points that I like and some that I dislike. I like that brokerage is regulated, so I don’t fear to invest money (but I still fear to lose them while trading) and I know that I will get my funds and all profits back, however I don’t like that there’s no demo account?
    Am I right and they don’t have demo?

  17. I often have some problems with calculations of position size, I often make mistakes.
    Can you tell me if there are any tools here for me to solve this question?

  18. The first time I saw a broker who immediately provides data on the regulation and terms of cooperation – usually it is necessary to find out somehow, but I do not like this.
    I also find it interesting that they have not limited themselves to the standard economic calendar, but have prepared calculation tools and analytics for fundamental analysis.
    That is, in general, you get something that can be used for market analysis and trading, and this is very valuable for traders who have come here to learn how to trade and build a real business..

  19. Calculators are an original and, as it turned out, very useful tool that significantly saves time in the market. I myself have become more familiar with the issue of calculations thanks to this!

  20. Invested all my free money in trading with this brokerage and now I’m full-time. It was hard emotionally and firstly I thought I would just lose everything. However, I learned trading with HYCM educational center and finally I undestood I can make money trading. I don’t think that the brokerage is the first importance things, but at least I can claim that HYCM is good one. It’s just my opinion, but I see no cons.

  21. Choosing a broker you want to get everything at once, because you have already read that today brokers offer truly fabulous conditions, the main thing is that you have money.
    But when you start trading, you realize that the most important thing is a stable access to the market, not excessive spreads and the ability to withdraw money when it is convenient for you.
    I think that’s what this is all about. Everything else is a relative question, may be or may not be…

  22. Im just learning HYCM and haven’t made a deposit yet, I want to check everything before investing my money. I’ve noticed many really positive things.
    1. The broker has 5 (!) regulations. 5, Carl! Why do they need such many? But okay. Among the regulations are both CIMA and FCA + CySEC. These two regulations are very respected in the community, so I think this is a big advantage.
    2. Positive reviews on respected websites, which adds to the confidence that the broker is good not only “”on paper””, but also in “”real trading””.
    3. Minimum deposit only $100. This is the first broker with FCA regulation that accepts traders starting from $100 deposit, so this is great!
    The only drawback is that my strategy involves using fixed spreads. Is it possible to fix spreads on my HYCM account?

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