HYCM Review 2022
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Trade on the financial markets with low cost, leveraged products at HYCM.
HYCM Offers A 10% Deposit Bonus For New Traders
HYCM is an international forex and CFD broker with industry-leading MT4 and MT5 platform integration. Our 2022 review covers the essentials of trading with HYCM, including the login process, minimum deposit requirements, spreads, and their deposit bonus offering. Find out whether to register for an account today.
HYCM Headlines
The HYCM brand is part of the Henyep Capital Markets Holdings Group and has UK, Hong Kong, Kuwait, Cayman Islands, Dubai, and Cyprus office locations. The following companies operate under the HYCM name:
- HYCM Ltd, licensed with the Cayman Islands Monetary Authority (CIMA)
- Henyep Capital Markets (UK) Limited, regulated by the Financial Conduct Authority (FCA)
- HYCM (Europe) Ltd, authorized by the Cyprus Securities and Exchange Commission (CySEC)
- Henyep Capital Markets (DIFC) Limited, authorized by the Dubai Financial Services Authority (DFSA)
The company provides its services to traders in over 140 countries, including Malaysia, Singapore, India, Indonesia, Kuwait, and Australia. This broker does not accept clients from the USA or Canada. The official website is available in 14 languages, including Farsi.
Trading Platform Review
Prospective traders need to complete registration on the HYCM website to receive login credentials, then sign-in on the client portal to access the financial markets.
MetaTrader 4
All branches offer MetaTrader 4 (MT4), an industry-leading platform suitable for investors of all experience levels. MT4 is available as a software download and has a breadth of useful features:
- One-click trading directly from the chart
- Interactive charts with 30 technical indicators and nine timeframes
- Three execution modes, two market order types, and four pending orders
- Tracking of all orders and open positions available in the terminal interface
HYCM has also collaborated with Trading Central to provide financial analytics on the MT4 platform. Clients can install the Trading Central indicators to monitor market movements and inform their execution strategy.
MetaTrader 5
Clients can also opt to use MetaTrader 5 (MT5), an update to the MT4 platform with powerful technical analysis and additional functionality:
- Two order account modes
- Three chart types to suit your preference
- Six types of pending orders and 21 timeframes
- Over 80 technical indicators and graphical objects
Users can also refine their execution strategies in MT4 and MT5 using Expert Advisors (EAs). This technology allows 24/5 automated trading without third-party bridges and is easy to install.
Clients should note that scalping is not permitted with this broker.
WebTrader
Both MT4 and MT5 are available on WebTrader. This browser-based solution allows clients to trade on the platform without a software download and is compatible with all operating systems.
Assets & Markets
HYCM offers several asset classes:
- Indices – 28 global indices
- Forex – 40+ currency pairs
- Stocks – 11 major companies
- Commodities – 14 including gold and oil
- ETFs – 20 different ETFs are available, including the most popular: SPDR, S&P 500, iShares Russell 2000 Index, and VelocityShares 3x Inverse Crude Oil ETN
Potential clients should be aware that some currency pairs are only available on the MT5 platform and that the NASDAQ index is not provided. Cryptocurrencies are also not offered with the exception of BTC/USD CFDs.
Spreads & Commissions
Spreads vary with account type and are broadly competitive. For example, EUR/USD is offered at 1.5, 1.2, and 0.1 pips on Fixed, Classic, and Raw accounts, respectively. Raw accounts have a $4 commission per round on forex trades and some commodities. Our broker review was pleased to see that fees align with the industry.
Swap-free / Islamic accounts are not charged interest overnight for the first 14 days a position is open. Thereafter each contract is charged $5 per night. HYCM also charges a $10 monthly inactivity fee on accounts that have been dormant for 90 days.
Leverage
Clients can access different leverage ratios depending on the regulation in their jurisdiction. For example, with Henyep Capital Markets (UK) Ltd and HYCM (Europe) Ltd:
- ETFs – 1:5
- Stocks – 1:5
- BTC CFDs – 1:5
- Forex majors – 1:30
- Commodities (Natgas, soft, and oil) – 1:10
- Indices (cash and futures) – 1:10 – 1:20
- Forex minors and exotics, metals, indices (US cash and futures) – 1:20
For Henyep Capital Markets (DIFC) Limited customers, a 5-20% margin is required depending on the asset. However, with HYCM Ltd (CIMA), this is set at 2%, 1%, or 0.5%.
Mobile App
HYCM does not offer an own-brand app but both MT4 and MT5 are available as mobile applications. These fully-featured apps for iPhone and Android are free to download and have useful features:
- Interactive quote charts
- Full set of trading orders
- Tracking of order history
- Chat function and push notifications
HYCM Deposits & Withdrawals
Traders can start investing with a minimum first-time deposit of $100 ($20 on regular deposits), and payments are fee-free. The broker accepts deposits via bank wire (1-7 days processing, minimum $250), plus Visa, Neteller, and Skrill (up to 1 hour processing, minimum $20). This broker does not accept PayPal.
The withdrawal process offers the same payment routes and processing times, except bank wire which is a minimum of $300 with 1-5 days in processing time. Note there is a 1% fee from Skrill or Neteller when withdrawing over $5,000.
Demo Account
HYCM offers a demo account funded with $50,000 in virtual cash, which remains active for 14 days. It uses the MT4 platform and can be opened in USD or EUR currencies. It is also easy to upgrade to a real-money account after the expiry.
Bonuses & Promotions
HYCM Limited clients enjoy a 10% credit bonus on every deposit over $100, up to $5,000. Due to regulatory requirements, the broker cannot offer welcome or no deposit bonus schemes in other jurisdictions.
Regulation & Licensing
The brand has strong regulation from four financial authorities: the Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA), the Cayman Islands Monetary Authority (CIMA), and the Cyprus Securities and Exchange Commission (CySEC). Clients with this broker enjoy negative balance protection, so losses cannot be greater than the original deposit.
Reviews and ratings are generally very positive, and the broker is often equated to large brokers such as IG, FXCM, FXTM, Pepperstone, and eToro in online comparisons.
Additional Features
The broker delivers a market news section on their website, including a daily technical snapshot, plus an economic calendar and forex calculators. HYCM also hosts an expansive training department with forex education, webinars, and workshops.
Additionally, the brokerage has teamed up with Seasonax to offer clients an intelligent seasonal pattern analytics service. With an intuitive dashboard, the tool uses powerful algorithms to scan the markets and identify trading opportunities across FX, stocks, indices, and commodities. For users tight on time, the feature can help traders find market opportunities and make more informed trading decisions.
Account Types
Traders can open one of three live accounts with either MT4 or MT5:
- Fixed – fixed spreads from 1.5 pips, $100 minimum deposit
- Classic – variable spreads from 1.2 pips, $100 minimum deposit
- Raw – spreads from 0.2 pips plus $4 commission each way, $200 minimum deposit
EAs and an Islamic option are available with all account types, and the minimum trade volume is 0.01. HYCM does not currently offer an ECN account solution.
Benefits
Trading with HYCM has several benefits:
- Copy-trading
- MT4 and MT5 integration
- Seasonax pattern analytics
- Good customer opinions online
- Wealth of educational resources
- Regulation from multiple financial bodies
- Straightforward investment management
- Fee-free payments with rapid withdrawal processing
Drawbacks
- Monthly inactivity fee
- No cryptocurrency trading except for BTC CFDs
Trading Hours
The HYCM website is available to clients 24/7, but trading hours depend on the market. For example, the majority of forex pairs can be traded from 22:01 – 20:00 (GMT), Sunday to Friday.
Customer Support
Clients can access support quickly through the website, live chat, or through:
- Telegram – @henyep
- Contact number – +442088167812
Support staff are quick to respond to queries and knowledgeable about the products and platforms offered. The broker is also active on Facebook and LinkedIn.
Security
HYCM has a thorough privacy policy that safeguards personal information disclosed to the company. The MT4 and MT5 platforms are also secured with encryption protocols and additional safety measures at the login stage.
HYCM Verdict
HYCM is a forex and CFD broker with multi-body regulation that offers MT4 and MT5 integration alongside competitive spreads and a deposit bonus scheme. This broker has account types to suit a range of clients, plus straightforward deposits and withdrawals for easy trading.
Accepted Countries
HYCM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, India, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use HYCM from Afghanistan, Albania, Bahamas, Barbados, Belgium, Botswana, Cambodia, Canada, France, Ghana, Hong Kong, Iraq, Jamaica, Japan, Laos, Mauritius, Myanmar, Nicaragua, , Sudan, Syria, Turkey, Uganda, United States, Vanuatu, Yemen, Zimbabwe.
Alternatives to HYCM
If you are looking for alternatives to HYCM we have compiled a list of the top 5 brokers that are similar to HYCM below. This list of brokers like HYCM is in order of similarity and only includes companies that accept traders from your location.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
FAQ
Is HYCM A Malaysia Scam?
No, HYCM is a legitimate broker that operates in Malaysia and is regulated by many institutions such as the UK Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Dubai Financial Services Authority (DFSA), and the Cayman Islands Monetary Authority (CIMA).
Can You Still Trade On HYCM?
Yes, most customers can use the platform. However, HYCM is not able to accept clients from the following countries: Afghanistan, Albania, The Bahamas, Barbados, Belgium, Botswana, Cambodia, Canada (British Columbia, Quebec, Saskatchewan), France, Ghana, Hong Kong, Iraq, Jamaica, Japan, Lao PDR, Mauritius, Myanmar, Nicaragua, North Korea, Panama, Sudan, Syria, Turkey, Uganda, USA, Vanuatu, Yemen, Zimbabwe.
Is HYCM A Legitimate Broker?
HYCM is a good broker and a genuine firm, not a scam. This broker attracts positive online reviews and clients can access customer support 24/5 for any issues.
Is HYCM Regulated?
The HYCM brand incorporates four companies regulated by different financial authorities. These authorities are the UK Financial Conduct Authority (FCA); the Dubai Financial Services Authority (DFSA); the Cayman Islands Monetary Authority (CIMA); and the Cyprus Securities and Exchange Commission (CySEC).
What Platforms Are Available At HYCM?
HYCM has MetaTrader 4 and MetaTrader 5 integration. These platforms are available to download, as browser-based solutions or as mobile apps.
Does HYCM Offer A Demo Account?
HYCM offers a demo account on the MT4 platform that is funded with $50,000 in virtual cash. Clients can open an account with USD or EUR currencies and can begin to invest at any time.
What Is The Minimum Deposit At HYCM?
The minimum deposit is $100, though traders can access tighter spreads with a deposit of $200. You can open an account from the broker’s homepage.
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