HYCM Review 2024
Website: www.hycm.com
Min. Deposit: US$ 20
Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5, HYCM Trader
Regulation: FCA, CySEC, DFSA, CIMA, SVG FSA
Headquarters: UK
Founded: 1977
Regulatory Licenses:
- HYCM Capital Markets (UK) Limited - authorized by FCA (UK) registration no. 186171
- HYCM (Europe) Ltd - authorized by CySEC (Cyprus) registration no. 259/14
- HYCM Capital Markets (DIFC) Limited - authorized by DFSA (Dubai) registration no. F000048
- HYCM Ltd - authorized by CIMA (Cayman Islands) registration no. 1442313
- HYCM Limited - Regulated by SVG FSA (Saint Vincent and The Grenadines) with registration number 25228
Updated on May 21, 2024
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Our comprehensive review process involves a detailed analysis of the broker's services, trading conditions, regulatory compliance, customer service, and overall reliability. We compare HYCM against a wide spectrum of over 1000 brokers, assessing everything from their trading platforms to the security of funds. Our aim is to provide a thorough and unbiased review to help traders make informed decisions.
HYCM, a leading figure in the Forex brokerage industry, boasts over four decades of market presence. It operates under the umbrella of the Henyep Group, a global conglomerate with a focus on financial services, education, and property since 1977, headquartered in London, UK. The broker stands out for its stringent regulatory adherence across its international offices in London, Limassol, Hong Kong, and Dubai. HYCM's commitment to providing advanced trading instruments and exceptional support is noteworthy, solidifying its reputation as a trusted partner for traders.
What Type of Broker is HYCM? ▲
HYCM positions itself as a global CFD and Forex broker, giving traders access to a diverse portfolio of over 300 trading instruments. The broker is recognized for its favorable trading conditions, offering superior liquidity, as well as competitive spreads and fees, catering to the needs of both novice and experienced traders.
Pros
HYCM boasts a longstanding operational history and stringent regulatory compliance.
The broker facilitates an easy account opening process, diverse account types, and low trading costs.
It supports various deposit and withdrawal methods.
Trading is enabled via the renowned MT4 and MT5 platforms, alongside HYCM's proprietary app.
Cons
Offerings may vary by entity.
Lack of 24/7 customer support.
HYCM is deemed a reputable broker, offering secure and highly favorable trading conditions. It is designed to cater to the diverse needs of traders globally, with low initial deposit requirements and some of the industry's lowest spreads. After rigorous evaluation and comparison with over 1000 brokers, HYCM's overall ranking stands at 4.5 out of 5.
HYCM has established a professional trading environment, earning high regard within the trading community. Its long history and vast client base across the globe are testaments to its respected brand identity among traders and investors, further validated by numerous international awards.
HYCM is not a scam. Our findings reveal that it operates as part of a globally recognized company with a solid track record, regulated by top-tier authorities including the FCA, CySEC, and DFSA. This makes HYCM a low-risk, secure broker choice for traders.
HYCM, headquartered in London under Henyep Capital Markets, is duly regulated by the FCA among other regulatory bodies in Dubai and Cyprus. This assures traders of legal security and favorable conditions for cooperation. HYCM's adherence to regulatory standards underscores its legitimacy, scoring a Trust Score of 4.6 out of 5 for its reputable service and top-tier licenses.
HYCM's strict regulatory framework assures client protection, with funds kept in segregated accounts, separate from the company's finances. Clients are also covered by the FSCS compensation scheme, applicable to specific entities. Although regulatory conditions and audit rules may vary by entity, HYCM's commitment to client security remains steadfast.
Based on our in-depth analysis, the leverage offered by HYCM varies significantly depending on the regulatory jurisdiction that the account adheres to. This variation means that traders from different regions are subject to distinct rules and leverage limits due to the specific laws governing each jurisdiction.
The United Kingdom and European traders are limited to a maximum leverage of 1:30. On the other hand, smaller retail traders have the opportunity to use high leverage up to 1:500, allowing them to trade larger positions with a relatively small initial deposit.
Additionally, Japanese traders can access an exceptionally high leverage of up to 1:1000. However, the majority of HYCM accounts will be subject to the European ESMA regulation, which has recently imposed a cap on leverage at 1:30 for Forex instruments.
Our research indicates that HYCM offers three main types of accounts: Fixed, Classic, and Raw Spread Accounts. The Fixed account utilizes a fixed spread model, offering slightly higher spreads but without commission charges on trades. The Classic account provides variable spreads, while the Raw Spread account features interbank spreads starting from 0 pips and includes a commission per trade.
Opening an HYCM Live Account is straightforward. Prospective clients can initiate the process by clicking on the "Open an Account" icon on the HYCM homepage, entering the required personal information, verifying their identity through document upload, and completing an electronic quiz to confirm their trading experience. Upon account activation and funding, traders can commence trading.
HYCM's fees are contingent upon the selected account type and trading style. It is crucial to consider the overnight fee or swap rate, which varies by currency. For instance, a buy order for EUR/USD incurs a fee of -3.25%, while selling adds 1.25% respectively. An inactivity fee of $10 per month is applied if an account shows no trading activity over a certain period.
The overall fees of HYCM are deemed good, with an average rating of 4.4 out of 5, following our comparative analysis with over 1000 other brokers. While fees may differ across different entities, our findings indicate that HYCM's pricing structure is competitive.
Spreads
Our findings reveal that HYCM's spread offerings depend on the account type. Fixed accounts experience higher but stable spreads. Classic Accounts benefit from variable spreads that adjust according to market volatility. The Raw Spread account, preferred by professional traders, incorporates trading fees into a commission of $4 per round. Additionally, Islamic trading accounts are available without adjustments.
The overall rating for HYCM's spreads stands at 4.25 out of 5, positioning them as competitive when compared to the industry average. Forex spreads are notably lower, and spreads for other financial instruments are equally attractive.
HYCM specializes in a broad spectrum of trading services, providing access to over 300 financial instruments. These include Forex, precious metals such as gold and silver, energy commodities like oil and gas, as well as indices, and stocks. Moreover, HYCM is continuously expanding its offerings to include a diverse range of Cryptocurrencies.
The selection of trading instruments at HYCM received a score of 4.45 out of 5. This high rating reflects the extensive range of trading options available, covering Forex, Metals, Indices, Cryptocurrencies, and more, making it a top 12 choice for traders seeking variety in their trading portfolio.
After thorough examination, it's evident that there are numerous avenues for both depositing into and withdrawing funds from trading accounts. HYCM adopts an equitable approach to financial transactions, though conditions and means may differ based on the specific HYCM entity involved. HYCM's funding methods received a commendable score of 4.3 out of 5. The initial deposit requirement is competitive within the industry, and fees are minimal or non-existent, further benefiting from a variety of account-based currencies. However, it's important to note that available deposit options may vary by entity.
Pros
Offers a wide range of payment methods
No fees for deposits and withdrawals
Competitive minimum deposit requirements
Cons
Deposit options may vary according to the regulatory entity
As a premier provider of financial services, HYCM furnishes its traders with sophisticated trading platforms. The broker has opted for the widely acclaimed MetaTrader 4 platform as its primary offering, but traders also have the option to switch to the newer MetaTrader 5 version. When compared to over 1000 other brokers, HYCM's platform was awarded an impressive 4.6 out of 5. It stands out in the industry with a broad assortment including MT4 and MT5, tailored for professional trading, complemented by solid research and outstanding tools.
Pros
Access to industryleading platforms MT4 and MT5
Suitable for both beginners and professional traders
Comprehensive trading tools and automated trading features
Cons
Limited tools available through the Web Version
HYCM ensures comprehensive support for any queries through its 24-hour customer service, accessible in numerous languages and available through various service desks worldwide. Customer support is operational on business days and is easily reachable through Live Chat, international phone lines, email, and more. Based on our evaluations, HYCM's customer support is rated highly at 4.4 out of 5. The team provides quick, knowledgeable responses and is easily contacted during working days.
Pros
Responsive and knowledgeable support team
Multiple languages and global access
Various contact methods including Live Chat and email
Cons
Service available only on working days
In the course of our investigation, we discovered that HYCM offers webinars and seminars across different locales. These opportunities enable traders to understand market sentiment better, analyze market movements, and benefit from live Q&A sessions. HYCM's educational offerings are rated at 4.1 out of 5. The broker facilitates access to valuable webinars and seminars, empowering traders to enhance their knowledge and make informed decisions in the marketplace.
Pros
Access to informative webinars and seminars
Opportunities for live interaction and Q&A
Cons
Educational materials might not cover all topics of interest for advanced traders
Wrapping up our analysis of HYCM, it's clear that the broker stands as a strong and highly credible entity within the financial marketplace. This well-established broker offers professional services to its traders and is highly regulated, earning a reputation of reliability among traders. Small retail traders are encouraged to initiate a live trading account with a minimal deposit requirement. Beginners, in particular, will find HYCM welcoming, backed by a dedicated customer support team and comprehensive educational materials.
Based on our comprehensive review and insights from financial experts, HYCM is highly recommended for:
Beginners looking to navigate the forex and CFD market
Advanced traders seeking robust trading platforms like MT4/MT5
Individuals interested in a variety of trading strategies
Traders aiming for low fees and competitive spreads
Those prioritizing high-quality customer support
Traders seeking excellent educational resources
