HYCM Review 2022

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

Current Promotions

HYCM Offers A 10% Deposit Bonus For New Traders

Awards
  • Best Forex Broker 2021-2022 - Spain, Middle East, Asia, Germany
  • Best Trading Platform App 2021 - Forex Expo
  • Best Mobile Trading App 2020 - World of Finance Forex Award
Bonus10% deposit bonus up to $5,000
InstrumentsForex, CFDs, Commodities, Shares, Indices, ETFs
Demo AccountYes
Min. Deposit$100
Payment Methods
Min. Trade0.01 lots
Regulated ByFCA, DFSA, CIMA, CySEC
MetaTrader 4Yes
MetaTrader 5Yes
cTraderNo
OmniTraderNo
AlgoTraderNo
TradingViewNo
Trading CentralYes
AutochartistNo
eSignalNo
STP AccountNo
ECN AccountNo
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsYes
Margin TradingYes
Margin RateVariable upon regulation and jurisdiction
Volatility IndexNo
Spot TradingYes
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionYes
VPS HostingNo
TournamentsNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingYes (EAs)
Social TradingNo
Copy TradingYes
Islamic AccountYes
Account Currencies
  • USD
  • EUR
  • GBP
  • RUB
  • AED
Stock Exchanges
  • Australian Securities Exchange
  • Hang Seng
CFD TradingTrade on a range of leveraged CFD products at HYCM.
CFD FTSE SpreadNot offered
CFD GBPUSD SpreadFrom 0.1 + $4 per round
CFD Oil SpreadFrom 2 pips
CFD Stocks SpreadVariable
CFD Leverage1:30 EU, 1:500 Global
Forex TradingTrade on the FX market with flexible leverage and dynamic market spreads.
Forex GBPUSD SpreadFrom 0.4 + $4 per round
Forex EURUSD SpreadFrom 0.1 + $4 per round
Forex EURGBP SpreadFrom 0.4 + $4 per round
Forex Assets40+
Crypto TradingTrade the BTC/USD with 1:5 leverage
Crypto SpreadVariable
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • BTC
Risk Warning – Your capital is at risk

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:

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:

HYCM MetaTrader 4 trading platform
MetaTrader 4

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:

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
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.

Assets & Markets

HYCM offers several asset classes:

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:

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:

HYCM mobile trading app
HYCM Mobile Trading

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, 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 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.

Seasonax trading pattern analytics tool
Seasonax Pattern Analytics Tool

Account Types

Traders can open one of three live accounts 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.

Benefits

Trading with HYCM has several benefits:

Drawbacks

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:

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.

  1. 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.
  2. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  3. 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.
  4. 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.
  5. 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.

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

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