HYCM Review and Tutorial 2021

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HYCM Facts & Figures

Trade on the financial markets with low cost, leveraged products at HYCM.

Awards
• Best Forex Broker 2019 - Global Brands Magazine
• Best Forex Broker Middle East 2018 - World Finance Forex Awards
• Best Mobile Trading Platform 2017 - World Finance Forex Awards
• Best Broker Northern Europe 2015 - FX Report Awards
• Best Global Broker 2012 - Mena Forex Awards
• Best FX Mini Account Provider 2012 - World Finance Foreign Exchange Awards
Bonus10% deposit bonus up to $5,000
InstrumentsForex, CFDs, Commodities, Shares, Indices
Demo AccountYes
Min. Deposit$100
Pay MethodsMoneyGram, Neteller, Skrill, Visa, Webmoney, Wire Transfer
Min. Trade0.01 lots
Regulated ByFCA, DFSA, CIMA, CySEC
MetaTrader 4Yes
MetaTrader 5Yes
cTraderNo
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsYes
Auto TradingYes
Social TradingNo
Copy TradingYes
Trade SignalsNo
Islamic AccountYes
CFD
Trade on a range of leveraged CFD products at HYCM.
FTSE SpreadNot offered
GBPUSD SpreadFrom 0.8
Oil SpreadFrom 3.0
Stocks SpreadVariable
Leverage1:30 (UK & Europe), 1:500 (Global)
Forex

Trade on the FX market with flexible leverage and dynamic market spreads.

GBPUSD SpreadFrom 0.8
EURUSD SpreadFrom 0.2
EURGBP SpreadFrom 1.2
Assets69
Risk Warning – Your capital is at risk

HYCM is an international forex and CFD broker with industry-leading platform integration. Our review covers the essentials of trading with HYCM, including the login process, minimum deposit requirements, spreads, and their deposit bonus offering.

HYCM Headlines

The HYCM brand is part of the Henyep Capital Markets holdings group and has UK, Hong Kong, Dubai, and Cyprus office locations. The following companies operate under the HYCM name:

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 should 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:

HYCM MetaTrader 4 trading platform
HYCM MetaTrader 4

HYCM has 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.

Recommended Alternatives To HYCM

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NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.

MetaTrader 5

Clients can also opt to use MetaTrader 5 (MT5), an update to the MT4 platform with powerful technical analysis and additional functionality:

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.

HYCM MetaTrader 5 Trading platform
HYCM MetaTrader 5

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.

Markets

HYCM offers several asset classes for trading:

Potential HYCM clients should be aware that some currency pairs are only available on the MT5 platform, and that the NASDAQ index is not provided at present. Cryptocurrencies are also not offered.

Fees & Charges

Spreads vary with account type and are broadly competitive. For example, EURUSD is offered at 1.8, 1.4, and 0.2 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 are in line 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 at $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:

HYCM Ltd

Henyep Capital Markets (UK) Ltd and HYCM (Europe) Ltd

For Henyep Capital Markets (DIFC) Limited customers, a margin of 5-20% is required depending on the asset.

Mobile Apps

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 attributes:

HYCM mobile trading app
HYCM mobile trading

Deposits & Withdrawals

Traders can begin investing with a minimum deposit of $100 and payments are fee-free. The broker accepts deposits via bank wire (1-7 days processing, minimum $250), plus Visa, WebMoney, 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 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. The account uses the MT4 platform and can be opened in USD or EUR currencies. It’s easy to upgrade to a real-money account after the 14 days.

HYCM Bonuses

HYCM Limited clients enjoy a 10% credit bonus on every deposit over $100, up to $5,000. The broker cannot offer welcome or no deposit bonus schemes in other jurisdictions due to regulatory requirements.

Regulation Review

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 of HYCM are generally very positive, and the broker is often equated to large brokers such as IG, FXCM, FXTMPepperstone, 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 education 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.

Seasonax trading pattern analytics tool
Seasonax trading pattern analytics tool

HYCM Accounts

Traders can open one of three account types with either MT4 or MT5:

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.

Pros

Trading with HYCM has several benefits:

Cons

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 website, live chat or through:

Support staff are quick to respond to queries and knowledgable about the products and platforms offered. The broker is also active on Facebook and LinkedIn.

Security

HYCM has a thorough privacy policy in place which safeguards any personal information disclosed to the company. The MT4 and MT5 platforms are both secure with encryption protocols and additional security protocols 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, Canada, United Kingdom, South Africa, Singapore, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use HYCM from Afghanistan, Belgium, Japan, United States, Hong Kong.

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.

  1. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  2. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  3. Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
  4. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
  5. ZuluTrade – Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets

FAQ

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 four 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.

Trade on the financial markets with low cost, leveraged products at HYCM.

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