HYCM Review

Multi-Regulated Broker, in the investment industry since 1977.

Broker: HYCM

Leverage: 1:30

Regulation: FCA, CySEC, DFSA, CIMA, FSC

Min. Deposit: 100 US$

HQ: UK

Platforms: MT4, MT5

Found In: 1977

Website: hycm.com

HYCM Licences

  • Limited Henyep Capital Markets UK - authorized FCA UK, registration number. 186171

  • HYCM Europe Ltd - Authorized by CySEC, (Cyprus), registration number. 259/14

  • Henyep Capital Markets Limited (DIFC), authorized by DFSA, Dubai (Registration no. F000048)

  • HYCM Ltd - Authorized and regulated by the Cayman Islands Monetary Authority, registration number. 1442313

  • HYCM Limited - Authorized by FSC(SVG), registration number. 25228 (IBC 2018)

What is HYCM?

HYCM, formerly HYMarkets, is considered to be one of the top forex brokers and has more than 40 years experience in the market. The broker is part of the Henyep international financial holding company, which was established in 1977 and headquartered in London, UK. It operates in financial services, education, real estate, and financial services.

The main advantage of HYCM is the strict regulation that the broker adheres to in all its offices around the globe London Limassol, Hong Kong, Dubai and Hong Kong.

Overview

HYCM or Henyep Markets is a well-respected Broker with a long history, founded in 1977 in UK is a global CFD and forex broker, regulated by several financial authorities globally.

HYCM has a strong trading capability, offers a wide range of trading tools and provides dedicated support to its clients.

Pros

  • Fast and easy account opening

  • Many account types available

  • MT4 platform

  • Great educational content

Cons

  • Only forex and CFD products

  • Inactivity Fee

  • Withdrawal Fee

  • Not 24/7 support

Rating of the company overall

  • Reliability ⭐⭐⭐⭐

  • Platform ⭐⭐⭐⭐

  • Commissions ⭐⭐⭐⭐

  • Support ⭐⭐⭐⭐

  • Financial instruments ⭐⭐⭐⭐

RATING: 4.0


Awards

HYCM is a respected broker that maintains a professional trading atmosphere. It has many clients around the globe and is a consistent trading community of HYCM traders. HYCM is a well-respected trademark among investors and traders in the financial sector. This is further confirmed by international awards.

Is HYCM a scam or safe?

HYCM isn't a fraud. HYCM is part a large global company that has a solid track record of trust and is regulated by the FCA, CySEC, and DFSA. HYCM is therefore a low-risk and safe broker to trade Forex.

Is HYCM legal?

Henyep Capital Markets is the main office. It is based in London and is regulated by FCA. This ensures that customers have the right legal security and offers conditions for cooperation. Additional branches are also licensed from Dubai, Cyprus and other countries. This confirms the unwavering adherence to operational guidelines.

What can you do to be protected?

Simply put, strict regulations ensure customers are protected. Deposits are kept separate from company funds, are stored separately and are not accessible for personal or business use. Company clients can also participate in the FSCS compensation program for a specific entity.

Customers may be compensated if HYCM is unable to provide financial services due to certain circumstances. Note regulation can vary depending on the entity, as audit rules and conditions may differ.

Leverage

Depending on which jurisdiction and regulation your account is subject to, HYCM leverage can be achieved. Each jurisdiction is subject to specific rules and laws. Therefore, depending on where you live, different leverage levels and trading conditions may apply.

  • CIMA and Dubai accounts 1:500

  • 1:30 for UK and European traders

High leverage upto 1:500 opens the door to smaller retail traders. A small initial deposit will cover margins but this is only allowed for Dubai accounts or those who comply with CIMA (Cayman Islands).

Rest, and most HYCM accounts, will fall under European ESMA regulation, recently limited leverage to a maximum 1:30 for Forex instruments.

Types of accounts

There are three types of HYCM accounts Fixed Spread, Classic, and Raw Spread Accounts that can be used. These accounts represent different model accounts. HYCM offers a fixed spread model (also check fixed spread forex brokers). A spread that is slightly higher means that commissions are not charged for trades. The Classic account has variable spreads. Raw spread offers interbank spreads starting at 0 pips and a commission per trade. Trading conditions and accounts may differ depending on the jurisdiction.

Fees

HYCM fees can vary depending on the account type or trade you make. So check out which one suits your trading style. HYCM fixed spreads are worth looking into for traders who prefer stability, even in volatile news. Classic variable spreads can be used for a variety of trading styles and come with no additional commission.

Broker fees should also be considered. You can check for additional fees such as withdrawals or deposits, and non-trading fees.

Non-trad i fees

HYCM overnight fees or a swap rates determined by the overnight rate are involved in a long open position (check out best swap-free forex brokers). It doesn't matter if it's a buy / sell / short. Original fee varies by currency. EURUSD buy order will be equal to -3.25% and EURUSD sell order will be equal to 1.25%.

You should also consider the inactivity fee. HYCM will assess 10$ per month if your trading account is not in use for a specified time.

Spreads

HYCM Spread varies depending on account type. Fixed spread conditions offer a slightly lower spread, but more stability in all circumstances. Classic Accounts with variable spreads will have lower spreads, which can change according to market volatility. The Raw spread, which costs 4$ per round, is an option for professional traders.

There are also Islamic trading accounts that allow traders to trade with zero adjustments.

Instruments

HYCM specializes providing trading services. They offer over 100 financial instruments for trade with access forex, metals like gold and silver, and energy products such as oil and gas. HYCM is constantly expanding its portfolio of instruments, and now offers a wide range of Cryptocurrencies.

Deposits and Withdrawals

There are many ways to consolidate your trading account and to withdraw funds further. HYCM has a democratic policy for money transfers. However, the conditions and methods will vary depending on which HYCM entity you are dealing with.

Deposit Options

HYCM clients have the option to use regular bank cards or other popular payment methods.

  • Visa/MasterCard

  • Wire Bank Transfers

  • Various electronic system: WebMoney, UnionPay, Neteller, Skrill, etc.

  • Bitcoin

HYCM Minimum Deposit

HYCM Minimum deposit varies depending on the account chosen and starts at 100$. Raw spread account requires 200$ to start.

HYCM Minimum Deposit vs Other Brokers

Withdrawals

Another pleasant addition to HYCM is the 0$ fee for withdrawals and deposits. This allows you to manage your expenses easily, but make sure that you deposit in the base currency of your account to avoid conversion.

Trade Platforms

HYCM is a top financial services provider and offers advanced trading platforms to its traders. HYCM has always preferred the well-respected MetaTrader 4 platform and has kept it as its mainstay. However, you can always choose a newer version Metatrader5.

Web Platform

MetaTrader 4, an industry-leading program, is beloved for many reasons. But its most important features and ease-of-use are what make it a favorite. Web Platform is an excellent choice because it can be accessed via any browser and doesn't require any installation.

Web Version only has a small number of drawing tools, so you might have a gap. Desktop MT4 will give you a more thorough analysis.

Desktop Platform

Professional and day traders will still require a desktop platform that is a fully-featured version of MT4/MT5 which offers the maximum trading capabilities.

MT4 is suitable for beginners and includes security and 24-hour assistance, automated trade capable, integrated technical analysis tools, indicators, streaming market information, personal VIP dealer service, expert advisors and many other features.

Mobile Platform

HYCM also offers Mobile Application - HYCM Trader for traders who want to trade anywhere and anytime. HYCM Trader can be found on both Google Play as well as the App Store. All you need to do is search HYCM.

Customer Support

HYCM supports in all cases and questions through its established 24h Customer Service available on different languages. This is done via the service desks that cover global needs. Although it is only available during working hours, the customer service team can be reached via live chat, international phone lines, and email.

Education

Another great opportunity at HYCM is the education center. This provides all necessary knowledge to trade successfully. You will also find Trading Courses, Webinars, Seminars and Technical Analysis in different locations. Also, tutorials and MT4Videos are available for technical analysis and market analysis.

This is a great idea and highly recommended for beginners traders, especially since you can combine it with excellent education and research tools to have a great trading path.

Conclusion

HYCM brokerage has a solid and reliable reputation in financial markets. This broker is a reliable and trustworthy provider of professional services to traders. They are also highly regulated, respected by traders. A small deposit of $100 is all that's required to open a live trading accounts for retail traders. Newbies are welcome to the company. The company has a great customer support team, good education or research.