|⚖️ Regulations||(FCA),(CySEC), (CIMA), (DFSA),|
|💰 Type of broker||STP|
|💰 Minimum Deposit||$200|
|💰 Maximum Leverage||1:500|
|📊 Type of platform||MetaTrader 4, MetaTrader 5, Web-based|
|💳 Deposit with credit card||Yes|
|👛 Depositing with wire transfer||Yes|
|🎮 Demo account provided||Yes|
|Open a FREE account||HYCM.com|
What is HYCM?
HYCM or formerly HYMarkets is rightfully considered one of the leaders among forex brokers and at the moment 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 which headquarters in London, UK operating in financial services, education, and real estate.
As the main pro of HYCM firm is a strict regulation that the broker has throughout its offices in major cities around the world London, Limassol (Cyprus), Hong Kong, and Dubai while complies with regulatory agencies in each jurisdiction. Besides HYCM maintain powerful trading capabilities, offering an advanced range of trading instruments and accompany its clients with dedicated support.
HYCM is considered average-risk and it’s is not publicly traded and does operate a bank. HYCM is authorized by two tier-1 regulators (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust). HYCM is authorized by the following tier-1 regulators: Securities Futures Commission (SFC) and Financial Conduct Authority (FCA).
|Globally recognized financial institution||No 24/7 support|
|Long history of operation and excellent reputation||Proposal vary according to the entity|
|Forex and CFDs trading|
|Sharp adherence to regulation in multiple jurisdiction|
|Great Forex trading education and research|
|Various account types|
Is HYCM legit?
The main office is Henyep Capital Markets, headquartered in London, and respectfully regulated by the FCA, which guarantees to its customers the appropriate legal security and provides convenient conditions for cooperation. Other, additional branches holding appropriate licenses from Dubai, Cyprus, etc. which confirms an unparalleled follow of the operational guidelines.
How are you protected?
Basically, strict regulation means customer 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.
Thus, 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 offers a commission-free fixed spread account but disables automated trading. The variable spread account, also commission-free, allows the use of automated trading solutions.
Unfortunately, the minimum spread of 1.2 pips in the variable spread account and 1.8 pips in the fixed version renders either an unacceptable choice. The deposit requirement is $200, raised to $400 for the raw spread account, where starting spreads commence from 0.2 pips for a commission of $4 per round lot. While the maximum leverage is 1:500, which is wholly dependent on the operating subsidiary. An Islamic account is available for all three options, while VIP and corporate accounts exist for high-frequency traders and asset managers.
HYCM offers a total of 259 tradeable markets. The available markets vary by account type and depend on the entity that houses your account across its global brands.
Product range by platform: HYCM’s range of markets is higher on its MT5 offering than on MT4. Also, HYCM’s Cyprus entity doesn’t offer cryptocurrency CFDs and has a narrower field of share CFDs.
Comparably, the broker provides over sixty cryptocurrency CFD pairs at its United Kingdom (UK) and its offshore entity in Saint Vincent & the Grenadines (SVG).
The following table summarizes the different investment products available to HYCM clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||69|
|CFDs – Total Offered||190|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
HYCM leverage actually, depending under which regulation and jurisdiction 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.
- 1:500 for Dubai and CIMA accounts
- 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, yet this level is allowed only for Dubai accounts and those that comply with CIMA (Cayman Islands).
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.
The Fixed and Classic accounts both offer commission-free trading, but spreads are excessive.
The former consists of a minimum fixed spread of 1.8 pips and the latter of a minimum variable spread of 1.2 pips.
The Raw account grants traders a competitive price structure with a minimum cost of 0.2 pips for a commission of $4 per round lot.
Corporate actions such as dividends and mergers impact equity, index, and ETF CFDs, but no detailed information exists on how this market maker processes them.
Swap rates on overnight positions apply, a currency conversion cost is applicable, and HYCM levies a $10 monthly inactivity fee.
Trading Fees of HYCM vs Similar Brokers
|Asset/ Pair||HYCM Fees||OctaFX Fees||AvaTrade Fees|
|EUR USD||1.2 pips||0.5 pips||1.3 pips|
|Crude Oil WTI||6 pips||2 pips||3 pips|
|Fee ranking||Low, Average||Low||High|
Research and Education
HYCM generates in-house research, published under “The News” category of the website.
The market analysis is great and offers traders a well-explained trading set-up. Sourced market commentary is also available, while a newsletter, in partnership with Trading Central, provides additional trading ideas.
Education is where this broker delivers, as a comprehensive Forex education knowledge base is available. The mix of written content, video tutorials, eBooks, and courses represent an excellent approach and mark the most valuable asset at HYCM.
Webinars, workshops, and seminars enhance the educational value.
HYCM support in any case and questioning through its established 24h customer service available on various languages and performed via the service desks covering global need.
Even though, customer service available on working days only it is quite responsive and reachable via Live Chat, International Phone lines, email, etc.
Deposits and Withdrawals
Bank wires, credit/debit cards, WebMoney, Neteller, and Skrill, are supported. Processing times may take up to one hour. The minimum amount is $20 for deposits and withdrawals, while bank wires are the exception. HYCM does not charge a fee for deposits or withdrawals, but third-party costs apply.
HYCM Deposit and Withdrawal Options are Satisfactory base on our years of experience with this broker.
How can I start trading with HYCM?
When opening a trading account with HYCM, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on HYCM trading platforms here.
HYCM is a well-regulated and trustworthy broker, owned by the Hong Kong-based Henyep Group, which has served traders since 1977.
MT4/MT5 trading platforms are available, the asset selection, aside from the Forex markets, is not completely sufficient compared to other brokers.
One area where HYCM shines is education, the primary asset of this broker. Given its excellent educational course, Beginners are most likely to benefit from this, with customer support team stands ready to help along with good education and research materials available for free.
Also, small retail traders can find their way to open a live trading account, as a very small deposit of only $100 allows so.
RISK WARNING: Your capital is at risk. Trade with caution, these products might not be suitable for everyone so make sure you understand the risks involved.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Some of the links in this webiste’s articles and comparison tables are affiliate links, which means we receive a commission should you open an active account. This does not increase the cost to you for using a broker and is how the site is funded and covers the costs of running this website.