HYCM are part of the global conglomerate Henyep Group which handle a wide range of financial services. Therefore, investors are guaranteed to be choosing a broker that has a strong pedigree within the industry thanks to their 30 years of experience.
|#||Broker's Features||HYCM Availability|
|#||Accepts US traders||❌|
|#||24 hour trading||❌|
|#||Trading by phone||❌|
|#||1st deposit bonus||❌|
|#||Forex contests competitions||❌|
|#||Interest charges on the balance||❌|
|#||24 hour support||✔|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review HYCM.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. HYCM offers Online Financial Trading and Investment Services Such as Currencies, indices, commodities, Stocks, Cryptocurrencycurrency.
Tradable Products: HYCM offers a broad range of assets for trading including currency pairs and CFDs across numerous asset classes. This broker have more than 100 different assets to select from across the categories of oil, commodities, Forex, metals, shares and indices. Leverages are offered on currency pairs up to 200 depending on the currencies selected.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. HYCM is Market Maker, ECN, STP.
Features: HYCM have a partnership with Pro Daily which brings investors cutting edge trading signals, and traders who choose to use the MetaTrader interface can add on a variety of trading signals free of charge.
HYCM allows you to execute a minimum trade of 0.02. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As HYCM offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. As a market maker, HYCM may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. HYCM recommended minimum capital is $100.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. HYCM is regulated by CySEC, FCA, MiFID, DFSA, SFC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: Formerly known as HY Markets, HYCM is a Forex broker that has their base in London, in the UK. HYCM are licensed and are regulated by the FCA (the Financial Conduct Authority), the UK’s regulatory body for financial organisations, so traders who choose this broker can rest assured that they have selected one which is trustworthy and reputable.
Account currencies: Next lets consider the Account currencies each broker offers. HYCM offers EUR, USD, GBP, AED, RUB, KWD different account currencies for each account types.
Account Openning: HYCM offer three different account types to suit the needs of various traders. Their Micro account I suited to the requirements of beginners and has a low initial deposit amount of just $100. With 50 tradable products and leverages of up to 200. This account type offers minimum fixed spreads of 1.8. For those who are looking for better spreads and other features such as trading signals, the Standard account, with its minimum deposit of $1000, spread of 1.5, leverages of up to 200 and the full 120 tradable assets may be a better choice. Professionals will prefer the VIP account, which requires an initial $10,000 deposit.
Languages Available: Next lets have a look at each broker's different Language options. HYCM offers English, Chinese, Russian, Arabic, Indian.
Payment methods: Next lets have a look at each broker's payment options. HYCM offers Credit/Debit Cards, PayPal, Bank Wire Transfer, WebMoney, Bitcoin different payment methods for each account types.
Deposit and withdrawal: HYCM offer a great choice of methods by which traders can place funds into their trading account. As well as traditional methods such as wire transfer, Visa and MasterCard, it is also possible to use UnionPay and WebMoney to deposit funds.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, HYCM makes MT4 available to clients.
Web & Desktop Trading Platforms: Those who choose HYCM as their preferred broker have a choice of different trading platforms to suit their requirements. One option is the popular and well known MetaTrader 4 software which is exceptionally user friendly, with a clear and visually appealing interface.
Mobile Trading Platforms:
HYCM take educational resources seriously and offer a suite of ebooks and video tutorials on their easy to use website to assist beginner traders in taking their first steps into the financial markets. The comprehensive information given offers insights into all aspects of trading including market psychology, capital management and charting techniques. Even experienced traders can find information that may be of interest to them with articles covering advanced analysis.
HYCM take customer service very seriously and have a range of ways by which their support team can be contacted. The customer support team are available from 23:00 GMT on Sundays to 21:00 GMT on Fridays. As well as being able to be contacted in writing, there is a telephone helpline and the convenient live chart facility is also available 24 hours a day from Monday to Friday.
If you are looking for a reputable and trustworthy broker with whom to begin trading and invest your funds, HYCM is a good choice. As they are fully licensed and regulated, investors are guaranteed security of their financial and personal details, and the choice of user friendly trading platforms makes HYCM a sensible selection for both newcomers and experienced traders alike.
While its storied history is impressive, when it comes to forex and CFDs trading in Europe and its surrounding countries, HYCM fails to impress.
HYCM brings over 40 years of operations and a lineup of global brands. Despite its respected history, the forex broker struggles to differentiate itself beyond a basic MetaTrader experience.