HYCM Review 2024

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Written By
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Written By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Fact Checked By
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
Updated

3.8 / 5
HYCM is #95 in our CFD broker rankings.
$20
HYCM Trader, MT4, MT5, TradingCentral
CFDs, Forex, Stocks, Indices, Commodities, ETFs
FCA, DFSA, CIMA, CySEC
USD, EUR, GBP, RUB, AED
Visa, Neteller, Wire Transfer, Skrill, Mastercard, Bitcoin Payments, Ethereum Payments

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

Pros

  • MT4 and MT5 integration ensures that active day traders can access a vast selection of technical charting tools
  • The low $20 minimum deposit is suitable for beginners, as well as the Fixed spread account with no commissions
  • The broker is overseen by trusted regulators, including the FCA

Cons

  • There's a high commission of $4 each way on the Raw account
  • Market coverage varies quite significantly between account types and platforms
  • Not the best overall range of assets, with just 200+ stocks

HYCM Review

HYCM is an international forex and CFD broker with industry-leading MT4 and MT5 platform integration. Our 2024 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.

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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

3.5 / 5

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.

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

3.8 / 5

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.

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.

Top 3 Alternatives to HYCM

Compare HYCM with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

HYCM Comparison Table

Compare HYCM With Similar Brokers
HYCM IG Interactive Brokers World Forex
Rating 3.8 4.4 4.3 4
Markets CFDs, Forex, Stocks, Indices, Commodities, ETFs CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $20 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators FCA, DFSA, CIMA, CySEC FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA SVGFSA
Bonus 10% deposit bonus up to $5,000 100% Deposit Bonus
Education No Yes Yes No
Platforms HYCM Trader, MT4, MT5, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:301:500 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 7 6 6 10
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
World Forex
Review

Compare Trading Instruments

Compare the markets and instruments offered by HYCM and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare HYCM Trading Instruments
HYCM IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper Yes Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures Yes Yes Yes No
Options No Yes Yes No
ETFs Yes Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

HYCM vs Other Brokers

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