What is HYCM?

HYCM is rightfully considered one of the Forex broker’s leaders and currently 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 with headquarters in London, UK, operating in financial services, education, and real estate.

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 maintains powerful trading capabilities, offering an advanced range of trading instruments and accompanying its clients with dedicated support.

Empower Your Trading Journey: HYCM Broker Review

✅ In the dynamic world of forex trading, finding a reliable and reputable broker is paramount to success. Enter HYCM, a leading brokerage renowned for its commitment to excellence, transparency, and innovation.

✅ With a history of over four decades, HYCM has solidified its position as a trusted partner for traders worldwide. Let’s delve deeper into what sets HYCM apart and why it’s the broker of choice for traders seeking to maximize their potential.

Regulation and Security

One of the primary concerns for any trader is the safety of their funds and the integrity of the trading environment. HYCM stands out in this regard, boasting a solid regulatory framework that instills confidence and trust. Regulated by esteemed authorities such as the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), HYCM adheres to stringent regulatory standards, ensuring the protection of client funds and fair trading practices.

  • 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

Diverse Range of Trading Instruments

✅ At HYCM, traders are spoilt for choice with diverse trading instruments spanning forex, commodities, indices, stocks, and cryptocurrencies. Whether you’re a seasoned forex trader or looking to diversify your portfolio, HYCM provides access to global markets, allowing you to capitalize on emerging opportunities and trends.

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.

Cutting-Edge Trading Platforms

Empowering traders with the right tools and technology is at the core of HYCM’s ethos. With access to the industry-leading MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, traders can execute trades with speed, precision, and reliability. Whether you prefer the intuitive interface of MT4 or the advanced features of MT5, HYCM ensures a seamless trading experience across desktop, web, and mobile devices. Also, it offers web trading and has its own app.

Educational Resources and Support

✅ Success in forex trading requires more than just access to markets; it demands knowledge, strategy, and discipline. HYCM understands this and goes the extra mile to support traders on their journey to success.

✅ From comprehensive educational resources and webinars to personalized support from seasoned professionals, HYCM equips traders with the tools and insights they need to thrive in the markets.

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. With HYCM you can use various options to deposit or withdraw funds. The broker enables trading through the MT4 and MT5 platforms, also, it offers its own App.

For the Cons, proposals vary according to the entity, and there is no 24/7 support.

AdvantagesDisadvantages
Globally recognized financial institutionNo 24/7 customer support
Sharp adherence to regulation in multiple jurisdictionProposal 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

Awards

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.

HYCM Review 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 PointsHYCM Weak Points
Multiply regulated broker with a strong establishmentRegulatory standards and protection vary based on the entity Regulated by top-tier authorities
Regulated by top-tier authoritiesOffshore 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.

HYCM Broker Review

Leverage

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.

  • 1:30 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.
  • In addition, the leverage offered to Japanese traders is as high as 1:1000.

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.

Account Types

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.

ProsCons
Fast digital account openingAccount 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
HYCM Review Accounts

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
HYCM Review Open an Account

Trading Instruments

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.
HYCM Review Trading iInstruments

HYCM Fees

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.

FeesHYCM FeesXM FeesAvaTrade FeesDeposit feeNoNoNoWithdrawal feeYesNoNoInactivity feeYesYesYesFee rankingLow, AverageAverageAverage

Spreads

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/ PairHYCM SpreadXM SpreadAvaTrade Spread
EUR USD Spread1.2 pips1.6 pips1.3 pips
Crude Oil WTI Spread6 pips5 pips3 pips
Gold Spread323540
BTC USD Spread50600.75%

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 AdvantageHYCM Disadvantage
$100 is a first deposit amountMethods 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

HYCMMost Other Brokers
Minimum Deposit$20$500
HYCM Review Deposits and Withdrawals

HYCM Withdrawals

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:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with necessary requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

Trading Platforms

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:
PlatformsHYCM PlatformsXM PlatformsFxPro Platforms
MT4YesYesYes
MT5YesYesYes
cTraderNoNoYes
Own PlatformYesYesYes
Mobile AppsYesYesYes

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.

Desktop Platform

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.

HYCM Review Trading Platform

Mobile Platform

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).

Customer Support

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:

ProsCons
Quick responsesNo 24/7 customer support
Relevant answers
Supporting numerous languages
Availability of Live Chat

HYCM Education

Based on our research, we found that HYCM provides Webinars and Seminars in various locations, enabling traders to obtain a grasp of the market sentiment, analyze market movements, and benefit from live Q&A sessions.

  • HYCM Education ranked with an overall rating of 8.2 out of 10 based on our research. The broker offers access to valuable webinars and seminars, allowing traders to enrich their knowledge and make well-informed decisions in the market.

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:

  • Beginners
  • 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

Conclusion

In conclusion, HYCM is more than just a brokerage; it’s a trusted partner committed to your success in the forex markets. With a solid regulatory framework, diverse trading instruments, cutting-edge trading platforms, educational resources, and exceptional customer service, HYCM empowers traders to unleash their full potential and achieve their financial goals. Whether you’re a novice trader taking your first steps in the forex world or an experienced professional seeking a reliable brokerage, HYCM is your gateway to success.

Join HYCM today and embark on a growth, opportunity, and prosperity journey in the forex markets.

Related Post