HYCM
www.hycm.com
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- Leverage: 1:30 | 1:500
- Regulation: FCA, CySEC, DFSA, CIMA
- Min. Deposit: $20
- HQ: UK
- Platforms: MT4, MT5, HYCM Trader
- Found in: 1977
HYCM licenses
- HYCM Capital Markets (UK) Limited – authorized by FCA (UK) registration no. 186171
- HYCM (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 259/14
- HYCM Capital Markets (DIFC) Limited – authorized by DFSA (Dubai) registration no. F000048
- HYCM Ltd – authorized by CIMA (Cayman Islands) registration no. 1442313
People rightly think of HYCM as one of the best Forex traders. They have more than 40 years of experience in the market. The firm is part of the Henyep Group, an international financial holding company that was founded in 1977 and has its main office in London, UK. The Henyep Group works in real estate, education, and financial services.
The best thing about the HYCM company is that it is strictly regulated. It has offices in London, Limassol (Cyprus), Hong Kong, and Dubai, all of which are big towns around the world, and they all follow the rules set by the regulatory agencies in those places. HYCM also keeps its trading power by providing a wide range of modern trading tools and giving its clients unwavering support.
What Kind of Broker Does HYCM Work?
We found that HYCM is a global CFD and Forex exchange that gives traders access to more than 300 different trading products. The company gives clients good dealing conditions, a lot of options, and low fees and spreads.
The Good and Bad of HYCM
HYCM has been around for a long time and is a highly controlled Broker. We discovered that starting an account is simple, they offer a range of account types, and the fees are low. There are several ways to transfer or remove money from HYCM. The broker lets you trade on both the MT4 and MT5 systems, and it also has its own app.
Cons: plans are different for each organization, and help isn’t available 24 hours a day by 7 days a week.
| Advantages | Disadvantages |
|---|---|
| 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: Is it safe or a scam?
This is not a scam. We learned that HYCM is part of a global company with a strong track record that people can trust. It is also controlled by a number of groups, including FCA, CySEC, and DFSA. Because of this, HYCM is seen as a safe and low-risk company to trade with.
Does HYCM work?
We found out that the broker’s main office is in London and is called Henyep Capital Markets. The FCA regulates HYCM in a responsible way, which gives its customers the legal protection they need and makes it easy for them to work together. Other offices have the right licenses from Dubai, Cyprus, and other places, which shows that they follow the rules of business more closely than anyone else.
Check out our opinion on HYCM Reliability:
Our Ranked HYCM Trust Score is 9.2 out of 10 because it has a good name and has provided good service over the years. It also has solid top-level licenses and works with controlled companies in every region it operates in. The only point is that different entities are subject to different rules and levels of security.
| 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 do you stay safe?
In simple terms, strict rules protect customers, and payments are always kept separate from the company’s funds so that HYCM can’t use them for personal or business purposes. Clients of the company are also part of the FSCS payout scheme that applies to that organization.
We learned that HYCM users may get money back if the company is unable to provide more financial services for some reason. On the other hand, keep in mind that regulations and audit rules are different for each organization.
Use of leverage
We found that HYCM leverage actually rests on the trade account’s compliance with the rules and laws of the country where it is located. That is, each state has its own set of rules and laws. This means that based on where you live, different amounts of leverage and trade conditions will apply to you.
1:30 for sellers in the UK and Europe.
People who aren’t big players can use the high leverage of up to 1:500, which means that even a small starting payment will cover the earnings.
Another thing is that Japanese buyers can use leverage of up to 1:1000.
As of recently, European regulator ESMA limited leverage for Forex assets to a maximum of 1:30. The rest of HYCM accounts, as well as the majority of them, will be regulated by ESMA.
Different Types of Accounts
We found out that HYCM has three different types of accounts: Fixed, Classic, and Raw Spread Accounts. When you deal with HYCM, you don’t have to pay any fees because they use a fixed spread approach (also see fixed spread Forex companies). Spreads on the classic account can change, and the Raw spread is the interbank spread starting at 0 pips, plus a fee per trade. But trade accounts and terms may be different depending on the rules in your country.
| Pros | Cons |
|---|---|
| Fast digital account opening | Account types and proposals may vary according to jurisdiction |
| Specified account types offered | |
| ECN trading | |
| Demo and Islamic accounts available | |
| Access to a wide range of financial instruments |
How do I sign up for HYCM Live?
It’s very easy to open an account with HYCM. You should go to the page for making an account or logging in and follow the steps given:
- On the HYCM home page, click on the “Open an Account” button.
- Type in your personal information (name, email address, phone number, etc.).
- Uploading proof of residency, ID, or other information will help us check your personal information.
- Finish the online test to prove you know how to trade.
- After your account is verified and active, you can send money.
Tools for Trading
A lot of the things we learned about HYCM are about trading. They offer over 300 different financial tools to trade, including Forex, metals like gold and silver, energy goods like oil and gas, commodities, indices, and stocks. HYCM is also always adding new instruments to its collection, and it now has a lot of Cryptocurrencies to choose from.
The HYCM Markets Range Score is 8.9 out of 10 because it offers a lot of different trade instruments, such as Forex, Metals, Indices, Cryptos, and more.
HYCM Fees
Our experts have found that HYCM fees will change depending on the type of account you choose or trade with, so find the one that works best for you. You might want to look at the HYCM overnight fee or a swap rate. The fee used to be different for each currency. For example, a buy order in EUR/USD will cost -3.25%, while a sell order will cost 1.25% more.
You should also think about a “inactivity fee.” This means that HYCM will charge you $10 a month if you don’t use your trade account for a certain amount of time.
Based on our tests and comparisons with over 500 other dealers, HYCM Fees get an average score of 8.9 out of 10. Fees may be different depending on the company selling; see the table below for our research on fees and prices. In general, HYCM’s fees are thought to be fair.
Spreads
We learned that HYCM Spread changes based on the type of account. Fixed spread conditions have a slightly bigger spread, but they are always the same. Classic Accounts with changeable spreads, on the other hand, will have smaller spreads that change based on market factors and instability. Finally, Raw spread is a choice for professional traders only, since trading fees are built into the $4 payment per round.
Also, buyers can use Islamic trading accounts that don’t require any changes.
Based on our tests comparing HYCM Spreads to those of other firms, they get a low score of 8.5 out of 10. The spread for Forex was much lower than the average for the business. Spreads for other products are also very good.
| 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 |
| Gold Spread | 32 | 35 | 40 |
| BTC USD Spread | 50 | 60 | 0.75% |
Making deposits and withdrawals
Looking into it, we found that there are many ways to merge trade accounts and take money out of them later on. HYCM used democratic policy for money exchanges, but the terms and means may be different depending on the HYCM organization.
With a total score of 8.5 out of 10, we gave HYCM Funding Methods a good grade. The minimum investment is about normal for the industry, but there are no or very small fees, and you can use a number of different account-based currencies. Different entities offer different payment choices, though.
Here are some good and bad things that were found about HYCM payment methods:
| 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 |
Deposit Options
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
- Skrill
- Neteller
- UnionPay, and more
HYCM Minimum Deposit
HYCM minimum deposit varies according to the chosen account and starts from $20. However, the Raw spread account requires $200 at the start.
HYCM minimum deposit vs other brokers
| HYCM | Most Other Brokers | |
| Minimum Deposit | $20 | $500 |
Withdrawals from HYCM
Another nice thing about HYCM is that there are no fees for payments or withdrawals. This means it’s easy to keep track of your spending, but make sure you put money in the currency that your account is set to and avoid changing it.
How to Take Money Out of HYCM Step by Step:
- Sign in to your account.
- In the menu tab, choose “Withdraw Funds.”
- Type in the amount to be taken and pick the way of payment.
- Fill out the internet request with the necessary information.
- Verify the payout information and click “Submit.”
- Through your Dashboard, you can see how the removal is going right now.
Platforms for trading
We learned that HYCM, a top financial services company, gives its users access to advanced trading tools. HYCM chose the famous MetaTrader 4 platform because it is reliable and has made it the foundation. However, you can always choose a new version of MetaTrader5.
When compared to more than 500 other dealers, HYCM Platform gets a good score of 9.2 out of 10. It’s good because it’s one of the best offers we saw in the business, and it has a wide range of options, such as MT4 and MT5, that are good for professional traders. Also, everyone is given good study materials and great tools.
Trading Platform Comparison to Other Brokers:
| Platforms | HYCM Platforms | XM Platforms | FxPro Platforms |
|---|---|---|---|
| MT4 | Yes | Yes | Yes |
| MT5 | Yes | Yes | Yes |
| cTrader | No | No | Yes |
| Own Platform | Yes | Yes | Yes |
| Mobile Apps | Yes | Yes | Yes |
Trading Site on the Web
MetaTrader 4 is the best software in its field and is loved for many reasons, but mostly because it is easy to use and has a lot of features. Web Platform is a great option because it can be accessed from any computer and doesn’t need to be installed or set up in a certain way.
The only possible weakness is that the Web Version might not have as many tools and drawing programs, so if you want to do a more thorough analysis, you should choose PC MT4.
Platform for Desktop
Still, skilled traders and day traders would need a PC platform that is a full version of the MT4 or MT5 platform and has all of its trading features.
MT4 is also good for new traders because it has security and support 24 hours a day, the ability to trade automatically, basic analysis tools and indicators built in, live market news, personal VIP dealer services, expert advisors, and a lot more.
Platform for Mobile
We learned that HYCM also has a mobile app called HYCM Trader for traders who like to trade while they’re out and about. This app lets traders trade at any time and from anywhere. You can get HYCM Trader on both Google Play and the Apple App Store. Just look for “HYCM.”
Help for Customers
We learned that HYCM has full-time customer service available 24 hours a day, 7 days a week in a number of languages, through service desks that handle needs around the world. Customer service is only open during business hours, but they are very quick and can be reached through Live Chat, international phone lines, email, and other channels.
We gave HYCM’s customer service an average score of 8.9 out of 10, which means it’s good. The answers were quick and helpful, and they were also easy to get in touch with during business hours.
Check out what we found and how we ranked Customer Service Quality:
| Pros | Cons |
|---|---|
| Quick responses | No 24/7 customer support |
| Relevant answers | |
| Supporting numerous languages | |
| Availability of Live Chat |
The HYCM School
Our study showed that HYCM holds Webinars and Seminars in a number of different places. These events give traders the chance to learn about how the market is feeling, how it is moving, and take advantage of live Q&A meetings.
Based on our study, HYCM Education got an average score of 8.2 out of 10. Traders can learn more about the market and make smart choices by attending workshops and courses that are offered by the company.
Review of HYCM: The End
At the end of our HYCM study, we can say that the company is strong and trusted in the financial market. Customers can get professional services from the time-timed broker, which is highly controlled and well-liked by customers. A very small payment of just $100 is all it takes for small market users to open a live trading account. Beginners are also welcome at the company, which has a great customer service team and good study or education.
Based on what we’ve learned and what financial experts say, HYCM is good for:
- Beginners to experienced traders
- There are many trading methods for people who like to trade Forex and CFDs on MT4 and MT5.
- Low fees and rates that are competitive
- Good service for customers
- Great tools for teaching
