HYCM Review |
|
| 📅 Year founded |
1977 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
London, United Kingdom |
| 🌍 Country of regulation |
United Kingdom / United Arab Emirates / Cyprus / Cayman Islands |
| ✅ Regulators |
FCA / DFSA / CySec / CIMA |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$20 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / HYCM Trader |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Metals / Commodities / Stocks and Indices / Cryptocurrencies |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Cards / Bank Wire Transfer / Neteller / Skrill / Cryptocurrencies / PM / AstroPay / WebMoney / PayTrust / Fasapay / ZOTAPAY / LIPI |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Welcome Bonus / Deposit Bonus / Referral Bonus |
| 💰 Account Currencies |
USD / EUR / GBP / AED / JPY |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
PAMM / MAM / ECN |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
After 12 consecutive months |
| 💰 Withdrawal fee |
On withdrawals under $300 USD |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
500:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Zero on Fixed and Classic / $0-5 USD on Raw |
| 💰 Spreads |
From 0.1 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
67 + |
| 🔢 Number of clients |
Unknown |
| 🥇 Instruments Offered |
1 000 + |
| 📙 Education |
Market Basics / Trading Tips |
WHAT IS HYCM?
HYCM, also known as Henyep Capital Markets, is a global leader in online trading, offering access to a wide range of financial markets.
With a rich history dating back over 40 years, HYCM has established itself as a trusted name in the financial industry, providing clients with the opportunity to trade forex, metals, commodities, stocks, indices and cryptocurrencies.
INTRODUCTION
HYCM stands out in the competitive forex market for its robust regulatory framework, extensive market access and dedication to client service and support.
It combines advanced technological platforms with a user-friendly interface, making it suitable for both beginners and experienced traders.
HYCM’s commitment to transparency and customer satisfaction is evident through its regulatory compliance and tailored trading services.
PROS & CONS
PROS:
- Regulated by multiple authorities which ensures a high level of security and compliance.
- Diverse trading instruments offering a wide range of markets.
- Multiple trading platforms including MetaTrader4, MetaTrader5 and HYCM Trader.
- An award winning broker who has received recognition in industry awards.
- Low spreads and competitive fees.
CONS
- Limited product portfolio in some regions due to regulatory bodies.
- Withdrawal fees may be applicable in some cases.
TRADING INSTRUMENTS
HYCM provides access to a broad spectrum of trading instruments including forex pairs, metals like gold and silver, commodities, stocks, indices and cryptocurrencies.
This diversity allows traders to spread their investments and manage risk more effectively.
Below, we delve deeper into these instruments and the specific benefits HYCM provides to its clients through its offerings.
Forex
Forex, or foreign exchange, is a cornerstone of HYCM’s offerings, with a wide selection of currency pairs available including major, minor and exotic pairs. Forex trading with HYCM comes with the benefit of tight spreads and leverage up to 500:1, allowing traders to maximise their trading potential. HYCM also provides access to advanced charting tools and real-time price quotes, which are crucial for making informed trading decisions in the fast-paced forex market.
Metals
Trading metals such as gold and silver, is popular among traders looking to hedge against inflation or currency devaluation. HYCM offers competitive spreads on metal trading and the option to trade both spot metals and metal futures. This variety provides traders with flexibility in terms of exposure and contract terms. Metals trading with HYCM is also supported by expert analysis and market insights, helping traders navigate the complexities of the commodities market.
Commodities
Beyond metals, HYCM provides access to a range of other commodities including oil, gas and agricultural products like coffee and sugar. Commodities trading can serve as a portfolio diversifier and a hedge against inflation. HYCM offers both spot and futures trading in commodities, enabling traders to speculate on price movements or hedge their existing positions. The broker provides leverage, detailed market reports and analysis to support commodities trading.
Stocks and Indices
HYCM offers direct access to global stock markets and a variety of indices, allowing traders to speculate on the price movements of individual companies or entire sectors. Trading stocks and indices through HYCM comes with the advantage of leveraging up to 20:1 for stocks and up to 200:1 for indices, depending on the jurisdiction and account type. Traders can benefit from dividend payments on certain shares and use indices to gain exposure to a broad market segment with a single trade. HYCM’s trading platforms offer advanced tools for technical analysis, enabling traders to execute strategies based on market trends and performance indicators.
Cryptocurrencies
In some jurisdictions, HYCM offers trading on a selection of the most popular cryptocurrencies including Bitcoin, Ethereum, Litecoin and Ripple. Cryptocurrency trading with HYCM is characterised by competitive spreads and the security of trading with a regulated broker. Cryptocurrencies offer the potential for significant price movements, providing opportunities for high returns. However, they also come with higher volatility and risk. HYCM equips traders with the necessary tools and information to navigate the cryptocurrency markets effectively.
TRADING PLATFORMS
Traders at HYCM can choose between the popular MetaTrader4 (MT4) and MetaTrader5 (MT5) platforms. Both platforms are known for their reliability, advanced charting tools and automated trading capabilities.
HYCM also offers mobile trading solutions, enabling traders to manage their accounts and trade on the go, via their own proprietary HYCM Trader.
MT4
MT4 has long been the standard in the forex and CFD trading community, renowned for its reliability, ease of use and comprehensive analytical tools. It is suitable for traders of all levels, from beginners to advanced professionals.
Some key features and benefits include:
- MT4’s intuitive interface allows traders to easily navigate the platform, manage their trades and analyse the markets.
- Provides a vast array of charting options, including customisable charts, over 50 analytical tools and 9 timeframes, enabling traders to conduct thorough market analysis.
- Through the use of Expert Advisors (EAs), traders can automate their trading strategies, allowing the platform to execute trades on their behalf based on predefined criteria.
- MT4 supports all types of trade execution modes and orders, including market orders, limit orders and stop orders, giving traders complete control over their trading activities.
- Offers a high level of security with data encryption and secure login, protecting traders’ information and financial transactions.
- Available on desktop (Windows and Mac), mobile (Android and iOS) and through a web browser, ensuring traders can access their accounts and trade from anywhere at any time.
MT5
MT5 is the successor to MT4, offering enhanced features, additional trading instruments and improved functionality. It caters to traders looking for advanced trading operations and technical analysis in markets beyond forex, including stocks and commodities.
Some key features and benefits include:
- MT5 provides access to a wider range of financial markets, including stocks, forex and commodities, all from a single platform.
- Features more than 80 technical indicators and analytical tools, along with 21 timeframes for even more detailed price analysis.
- Integrated directly into the platform, the economic calendar helps traders keep track of major financial events and indicators that can affect market movements.
- Offers insight into market depth, displaying bids and offers for financial instruments at different prices.
- For those using automated trading strategies, MT5’s strategy tester allows for back testing with real tick data, visual strategy testing and optimisation capabilities.
- The built-in development environment for EAs and custom indicators uses MQL5, which is more powerful and allows for the development of more complex tools and strategies.
The choice between MT4 and MT5 ultimately depends on the trader’s specific needs, market focus and trading style. HYCM’s provision of both platforms ensures that all traders, regardless of their preferences or level of experience, have access to industry-leading tools and resources to support their trading journey.
HYCM Trader
The HYCM Trader App is specifically developed to offer a seamless mobile trading experience. It’s available for both Android and iOS devices, ensuring wide accessibility. The app is designed with the modern trader in mind, offering a range of functionalities that cater to both novice and experienced traders.
Some key features and benefits include:
- The app features a clean, intuitive interface that simplifies navigation and trading operations, making it easy for traders to monitor the markets, view their positions and execute trades quickly and efficiently.
- Traders have access to live market quotes and can easily monitor fluctuations in real time, enabling informed decision-making.
- Includes a range of analytical tools, charts and indicators that allow traders to perform detailed market analysis directly from their mobile device.
- Supports all types of trading orders and execution modes available on the desktop platforms, ensuring traders can apply their strategies without limitations.
- Users can easily manage their accounts, view their trading history and access their balance and equity information. The app also supports deposit and withdrawal functions, providing a complete trading and account management solution on the move.
- The app can send push notifications regarding market events, price alerts and account updates, keeping traders informed at all times.
ACCOUNT TYPES
HYCM caters to a diverse clientele by offering a variety of account types, each designed to meet different trading needs and preferences.
These account types differ in terms of spreads, leverage, minimum deposit requirements and commission structures, allowing traders to choose the one that best fits their trading strategy and experience level.
Fixed Account
The Fixed Account is ideal for traders who prefer stability and predictability in their trading costs.
It features fixed spreads, which do not fluctuate during news releases or market volatility, providing a more controlled trading environment.
Key features include:
- Fixed spreads starting from 1.5 pips, allowing traders to calculate trading costs more accurately ahead of time.
- Leverage of up to 500:1 is available, depending on the trader’s jurisdiction and the instrument being traded.
- Minimum deposit of only $20 USD required.
- No commission on trades, with all trading costs included in the spread.
- Access to a wide range of trading instruments, including forex, metals, commodities and indices.
- Unfortunately the use of EAs are not allowed on this account.
Classic Account
The Classic Account is suited for traders who prefer trading without commissions and want to benefit from variable spreads. This account type offers more flexibility in response to changing market conditions.
Key features include:
- Variable spreads starting from 1.2 pips. Spreads fluctuate based on market liquidity and volatility, potentially offering lower costs during high liquidity times.
- Offers leverage of up to 500:1, providing the opportunity to increase potential returns.
- Similar to the Fixed Account, it is designed to be accessible with a relatively low minimum deposit requirement of $20 USD.
- No trading commissions, making it easier to manage trading costs.
- Provides access to all the trading instruments available at HYCM, including forex, metals, stocks, indices and commodities.
Raw Spread Account
The Raw Spread Account is tailored for advanced traders who seek the lowest possible spreads and are comfortable with commission-based trading. This account type is especially popular among scalpers and high-volume traders.
Key features include:
- Offers spreads starting from 0.1 pips, providing highly competitive pricing.
- Charges a commission on trades, which is typically low and transparent, providing a cost-effective solution for traders who trade frequently or with high volumes.
- Leverage of up to 500:1 is available, enabling traders to maximise their trading potential with higher leverage.
- Minimum deposit of only $20 USD required.
- Access to a broad range of trading instruments, with the same extensive selection as the other account types.
Additional Considerations
- Demo Accounts: HYCM offers demo accounts for each account type, allowing traders to practice their strategies and get familiar with the platform without any risk.
- Islamic Accounts: For traders who require accounts that comply with Islamic finance principles, HYCM provides swap-free options for each account type.
- Support and Resources: Regardless of the account type chosen, all HYCM clients have access to a range of educational resources, research tools, and customer support to enhance their trading experience.
HOW TO OPEN AN ACCOUNT
Opening an account with HYCM is a straightforward process. Prospective traders need to complete an online application form, providing personal and financial information and then submit verification documents, such as a government-issued ID and proof of address.
The process is designed to be quick and efficient, with the aim of getting traders to the market as soon as possible.
DEMO ACCOUNT
HYCM offers a demo account, which is an excellent way for beginners to familiarise themselves with the trading platform and for experienced traders to test their strategies without any risk.
The demo account simulates real market conditions and comes pre-loaded with virtual funds.
SOCIAL TRADING AND COPY TRADING
Social and copy trading platforms allow traders to follow, copy and interact with the trading activities of peers and successful traders.
This approach enables less experienced traders to learn from the strategies and decisions of more seasoned market participants, while also offering an avenue for experienced traders to earn additional income by sharing their trades.
- Ideal for beginners or those who do not have the time to analyse the markets themselves, as it simplifies the trading process by allowing them to benefit from the expertise of others.
- Provides a practical learning experience by allowing traders to observe how experienced traders make decisions and manage their trades in real-time.
- By copying multiple traders who employ different strategies across various instruments, users can diversify their portfolios, potentially reducing risk.
- Traders have full control over their copy trading settings, including the ability to start or stop copying, change the amount allocated to different traders and manually override copied trades if desired.
COMMISSIONS AND FEES
HYCM’s fee structure is competitive and transparent. The broker profits mainly from spreads and in the Raw Account type, commissions on trades.
While trading costs are generally low, it’s important for traders to be aware of potential withdrawal and inactivity fees.
HYCM’s fee structure is designed to be competitive and transparent, ensuring traders understand the costs associated with their trading activities. Let’s delve into the details of the commissions and fees charged by HYCM across various trading activities and account types.
As was seen under the Account Types section, commissions are already built into the spread on the Fixed and Classic Accounts, meaning no extra commissions are charged on top thereof.
Commissions are payable on the Raw Account, however at $5USD per round turn lot, this is very affordable considering their low spreads offered.
It is also important to note that swap fees are applicable for positions held open overnight, as with any broker in the industry, unless the Islamic account is selected.
HYCM’s fee structure is aligned with industry standards, offering competitive and transparent pricing to accommodate the needs of different traders.
By providing a mix of account types and fee structures, HYCM caters to a broad spectrum of trading styles, from casual traders to active day traders and professional investors.
Understanding these fees and how they apply to trading activities is crucial for effective money management and strategy planning in the forex and CFD markets.
LEVERAGE
Leverage at HYCM varies by instrument and the trader’s jurisdiction, allowing traders to potentially increase their exposure with a smaller initial investment.
However, it’s crucial to understand the risks associated with high leverage, as it can amplify both profits and losses. Leverage of up to 500:1 is available across all account types.
WITHDRAWALS AND DEPOSITS
HYCM offers multiple deposit and withdrawal options, all explored in the table above. The broker strives to process withdrawals quickly, typically within one business day, although the time it takes for funds to appear in a trader’s account can vary depending on the payment method.
Withdrawal Fees
HYCM may charge fees for withdrawals, depending on the payment method and the amount being withdrawn. While some methods might be free, others could incur a charge, which HYCM aims to keep reasonable and competitive.
Inactivity Fees
An inactivity fee is applied to accounts that have not engaged in trading activity for a specified period, typically 12 months or more. This fee is charged monthly and is intended to encourage active account management.
Deposit Fees
HYCM generally does not charge any fees for deposits, making it easier for traders to fund their accounts without incurring additional costs.
CUSTOMER SERVICE
HYCM prides itself on its customer service, offering support through live chat, email and telephone. The broker’s customer service team is knowledgeable and responsive, ready to assist with any queries or issues traders may encounter.
SAFETY AND SECURITY
The safety of client funds and personal information is a top priority for HYCM. The broker employs stringent security measures, including SSL encryption and segregated accounts, to protect its clients. Being regulated by reputable authorities further adds a layer of security and trust.
HYCM is regulated by multiple financial authorities, each with its stringent criteria and oversight mechanisms. These regulators ensure that HYCM complies with international financial standards, including client fund protection, financial reporting and operational conduct.
The regulatory bodies overseeing HYCM include:
- Financial Conduct Authority (FCA) in the United Kingdom: The FCA is one of the most respected regulatory bodies in the financial world, known for its strict regulations and oversight of financial services firms. HYCM’s compliance with FCA regulations ensures high levels of client fund security, market conduct and operational integrity within the UK.
- Cyprus Securities and Exchange Commission (CySEC) in Cyprus: CySEC regulates HYCM under the EU framework, offering traders within the EU the benefit of regulatory protections such as the Investor Compensation Fund (ICF), which provides compensation to clients in the event of the broker’s failure.
- Dubai Financial Services Authority (DFSA) in the Dubai International Financial Centre (DIFC), United Arab Emirates: The DFSA provides a regulatory environment of international standards within the Middle East, overseeing the operations of financial institutions within the DIFC. HYCM’s regulation by the DFSA underscores its commitment to maintaining high standards of financial practices and client security in the region.
- Cayman Islands Monetary Authority (CIMA): CIMA regulates international financial services provided within and from the Cayman Islands, focusing on compliance, anti-money laundering (AML) practices, and the safeguarding of client assets.
PROMOTIONS
HYCM occasionally offers promotions and bonuses to both new and existing clients. Currently, these include a deposit bonus where trader can receive up to 100% of their deposit as funds in their trading account, when opening a new account.
Additionally, when referring a friend, traders can receive cash awards of up to $200 USD while their friend receives up to $180 USD as a deposit bonus.
RESEARCH
HYCM provides its clients with a range of research tools and resources, including market analysis, economic calendars and trading signals.
These resources are designed to help traders make informed decisions and stay ahead of market trends. Additionally, there are a multitude of research tools available on the MetaTrader platforms as well.
EDUCATION
The broker offers a comprehensive education section featuring articles, tutorials, webinars and seminars. HYCM’s educational resources cater to traders of all levels, from beginners to advanced traders, covering various aspects of trading and market analysis.
All these educational tools can be found on the broker’s website under the “Blog” tab.
GLOBAL AWARDS
HYCM has received numerous awards over the years, recognising its excellence in customer service, trading technology and overall broker performance. These accolades reflect the broker’s commitment to providing high-quality services to its clients.
Below are some of the recent awards they have won:
- Best Forex Broker Asia (2021) – InvestinGlobal.
- Best Mobile Trading App (2020) – World Finance.
- Best Forex Broker UAE (2020) – Global Banking & Finance Review.
- Best Forex Broker (2019) – Global Brand Awards.
- Best Forex Trading Platform in Middle East (2019) – Global Forex Awards.
- Best Forex Broker Middle East (2018) – World Finance.
SAFE OR SCAM?
HYCM’s long-standing reputation, coupled with regulation by reputable financial authorities, strongly suggests that it is a safe and legitimate broker. The company’s transparent operations and commitment to client protection further reinforce this view.
As they are regulated by the FCA in the UK, HYCM is required to adhere to the Financial Services Compensation Scheme (FSCS), meaning client funds are protected up to a value of GBP 85 000 in the event something goes wrong with the broker.
Additionally, client funds are kept segregated from the broker’s funds meaning your funds will never be used for the broker’s operational expenditures.
CONCLUSION
HYCM is a well-established broker that offers a wide range of trading instruments, advanced trading platforms and a variety of account types to cater to different trader needs.
Its commitment to education, customer service and regulatory compliance makes it a strong choice for traders looking for a reliable and supportive trading environment.
In addition to this, HYCM offers low spreads at very competitive cost, ensuring that trader’s fees are kept to a minimum while accessing a superb trading environment.
After conducting the above review on HYCM, the team at Brokersuggest.com can confidently say that HYCM is a fantastic broker and would be a great choice to be any trader’s future trading partner.
