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.
Olymp Trade is a Forex Binary Broker offering Forex Trading services via Mobile and Web trading platforms. Regarding orders execution model, Olymp Trade is a b-book broker (market maker). Olymp Trade offers trading of currencies, indices, shares and commodities - binary options only. Olymp Trade is regulated by the FinaCom (Hong Kong).
|#||Broker's Features||HYCM Availability||OLYMP TRADE 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 compare HYCM vs Olymp Trade.
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, while Olymp Trade offers Cryptocurrency-currencies, Currencies, Commodities, Indice.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. HYCM is Market Maker, ECN, STP, while Olymp Trade is Broker.
Minimum Deposit Requirement: To compare these two FX brokers, 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, while Olymp Trade has a Minimum Deposit Requirement of 10.
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, while Olymp Trade regulated by IFC. 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.
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, while Olymp Trade offers dollar, euro, ruble, Brazilian real, Thai baht, Ch account currencies.
Languages Available: Next lets have a look at each broker's different Language options. HYCM offers English, Chinese, Russian, Arabic, Indian, while Olymp Trade offers English, Thai, Indonesian, Portuguese, Spanish, Tu Customer Support Languages.
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, while Olymp Trade offers Credit/Debit Cards, QIWI, Skrill, Webmoney, Bitcoin, Yand payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, HYCM makes MT4 available to clients, while Olymp Trade offers Olymp Trade platform.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, HYCM is more reliable based on our criteria above. HYCM has a wider range of instruments to trade giving you the flexibility to get access and exposure to a wide range of markets. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. HYCM broker is regulated in more major hubs. Only HYCM Offers the MetaTrader Platform. MetaTrader platform is a comprehensive trading platform that is often touted as being the best for forex trading. A popular, versatile and unique tool. HYCM offers a wider range of platforms making it easier for the traders to choose one that matches their needs most. 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. Only HYCM provides training and education resources which is extremely critical to beginner traders who may not be familiar with most of what goes on in the Forex markets.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.