HYCM Review and Tutorial 2021
 |
|
 United States not accepted.Go to the Brokers List for alternatives |
|
| 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 |
|
| Bonus | 10% deposit bonus up to $5,000 |
| Instruments | Forex, CFDs, Commodities, Shares, Indices |
| Demo Account | Yes |
| Min. Deposit | $100 |
| Pay Methods | MoneyGram, Neteller, Skrill, Visa, Webmoney, Wire Transfer |
| Min. Trade | 0.01 lots |
| Regulated By | FCA, DFSA, CIMA, CySEC |
| MetaTrader 4 | Yes |
| MetaTrader 5 | Yes |
| cTrader | No |
| ECN Account | No |
| DMA Account | No |
| Mobile Apps | Yes |
| Auto Trading | Yes |
| Social Trading | No |
| Copy Trading | Yes |
| Trade Signals | No |
| Islamic Account | Yes |
| CFD | |
|---|---|
| Trade on a range of leveraged CFD products at HYCM. | |
| FTSE Spread | Not offered |
| GBPUSD Spread | From 0.8 |
| Oil Spread | From 3.0 |
| Stocks Spread | Variable |
| Leverage | 1:30 (UK & Europe), 1:500 (Global) |
| Forex | |
Trade on the FX market with flexible leverage and dynamic market spreads. | |
| GBPUSD Spread | From 0.8 |
| EURUSD Spread | From 0.2 |
| EURGBP Spread | From 1.2 |
| Assets | 69 |
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:
- Henyep Capital Markets (UK) Limited, regulated by the Financial Conduct Authority (FCA)
- HYCM (Europe) Ltd, authorised by the Cyprus Securities and Exchange Commission (CySEC)
- Henyep Capital Markets (DIFC) Limited, authorised by the Dubai Financial Services Authority (DFSA)
- HYCM Ltd, regulated under the Cayman Islands Monetary Authority (CIMA)
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:
- 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 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
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.
Markets
HYCM offers several asset classes for trading:
- Forex – almost 70 currency pairs
- Stocks – 10 major companies
- Indices – 28 global indices
- Commodities – 17 including gold and oil
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
- Forex majors and minors – 1:500 dynamic
- Forex exotics, indices (US cash and futures), metals – 1:100
- Indices (others cash), indices (EU, JK, HK futures), commodities (soft) – 1:50
- Indices (India and China futures) – 1:33
- Commodities (Natgas) – 1:67
- Commodities (oil), stocks (US) – 1:20
- Stocks (France, Germany, Spain) – 1:10
Henyep Capital Markets (UK) Ltd and HYCM (Europe) Ltd
- Forex majors – 1:30
- Forex minors and exotics, metals, indices (US cash and futures) – 1:20
- Indices (others cash and futures), commodities (Natgas, soft and oil) – 1:10
- Stocks – 1:5
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:
- Interactive quote charts
- Full set of trading orders
- Tracking of order history
- Chat function and push notifications
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, 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 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.
HYCM Accounts
Traders can open one of three account types with either MT4 or MT5:
- Fixed – fixed spreads from 1.8 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.
Pros
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
Cons
- No cryptocurrency trading
- Monthly inactivity fee
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:
- Contact number – +442088167812
- Telegram – @henyep
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.
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. | ||
HYCM vs Other Brokers
- HYCM vs Finq.com
- XTB vs HYCM
- HYCM vs Alpho
- HYCM vs AETOS
- HYCM vs Admiral Markets
- StormGain vs HYCM
- HYCM vs HFTrading
- HYCM vs LiteForex Investments
- HYCM vs IC Markets
- AAAFx vs HYCM
- MultiBank FX vs HYCM
- Interactive Brokers vs HYCM
- InstaForex vs HYCM
- eToro vs HYCM
- Webull vs HYCM
- GCI vs HYCM
- HYCM vs Just2Trade
- HYCM vs Noble Trading
- HYCM vs LegacyFX
- HYCM vs Nadex
- HYCM vs Infinox
- Hantec Markets vs HYCM
- HYCM vs BDSwiss
- RoboForex vs HYCM
- PrimeXBT vs HYCM
- HYCM vs Saxo Bank
- IQ Option vs HYCM
- HYCM vs Alpari
- HYCM vs Hirose
- IG Group vs HYCM
- Plus500 vs HYCM