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HYCM Broker Review

FX Scouts By Jeffrey Cammack Updated: September 12, 2019
Average Score
3 / 5
Min. Deposit USD 100
Max. Leverage 200:1
Min. Spread 0.2 pips
Regulators CySEC,FCA,DFSA
Regulator Origin CySEC FCA DFSA
Broker Type Market Maker

Summary

HYCM has over 40 years of experience in Forex trading, FCA regulation, and delivers a comprehensive market education suite to all traders.  With attractive fixed spreads that are due to drop even further in the coming months, the best software options for trading and attractive bonuses, this broker is one to consider. 

HYCM offers its clients an opportunity to trade on more than 100 financial instruments including a number of currency pairs, precious metals, commodities, stocks and many CFDs on indices. In addition, HYCM is also regulated by CySEC, SFC and DFSA as well as having Henyep Capital Markets as the parent company - an outstanding capital markets trading organization.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses
Beginner Friendly Standard
About our review process

Trading Conditions

Minimum Deposit USD 100
Base currencies USD, EUR, GBP, AUD
Number of FX Pairs 38
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD
GBP / USD 0.8
USD / JPY 0.6

Company Details

Company name Henyep Capital Markets (UK) Limited
Founded 1977
Website Visit Website
Type Market Maker
Regulators CySEC,FCA,DFSA
Office locations Hong Kong,UK,Cyprus

Deposit & Withdrawal Methods

Supported Platforms for HYCM

HYCM Broker Detailed Review

Is HYCM Safe?

HYCM is regulated by various highly regarded institutions. In the United Kingdom, HYCM is registered and regulated by FCA, DFSA in Dubai, and SFC in Hong Kong. It is also regulated by CySEC.

HYCM has its offices in almost all major cities across three continents including Kuwait and Dubai. HYCM is registered in the United Arab Emirates, Hong Kong, Cyprus, and London and complies with all regulatory bodies in every jurisdiction in which they operate.

HYCM is a Market Maker which may present some conflict of interests between the broker and its customers.

Account Types

HYCM offers its customers three types of trading account, and an optional Islamic account (swap-free) is available for all 3 account types.  As soon as you have signed up for your account, please contact your account manager, and they will convert the account to swap-free.  Note:  Exotic currencies and cryptos are not included as swap-free cannot be guaranteed.

HYCM For Beginners

HYCM offers education to all clients free of charge on its website – there are both videos and reading material available. The topics are geared towards helping both beginner and advanced traders. The topics covered include Managing Risks, Tips for Traders, Trading Tools and a good introduction to Capital Markets.

HYCM Trading Platforms

HYCM provides two trading platforms – MetaTrader4 and the in-house Prime Trader which is a web-based trading platform. Prime Trader has been praised for the user-friendliness of the interface. It offers advanced charts, integrated multiple pricing and a complete system to manage your online account.  MT4, which is normally the preferred platform by many traders, is available and compatible with desktops and a mobile version.  The mobile version is good for those traders using mobile gadgets to carry out their trades or those who have limited time to trade on their desktop.

Deposits & Withdrawals

Payment methods accepted at HYCM include Mastercard, Visa, Skrill, Webmoney and Wire Transfer.

Conclusion

The fact that HYCM is part of a larger internationally accredited group, with more than 40 years of experience, gives this broker a vote of confidence amongst its customers and any potential clients.  The only concern with this broker is that it employs the Market Money model which may present some conflict of interests between the broker and its customers.

Most retail CFD accounts lose money. Your capital is at risk.

Compare Brokers

Overall Rating 3/5 4/5 3/5
Minimum Deposit USD 100 USD 100 USD 200
Regulation
CySEC CySEC
FCA FCA
DFSA DFSA
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
CySEC CySEC
FCA FCA
ASIC ASIC
Broker Type Market Maker Market Maker Market Maker
Read Full Review Read Full Review
Trading Conditions 4 / 5 4 / 5 3 / 5
Trading Platforms 3 / 5 3.5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker 74% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider 76% of retail investor accounts lose money when trading CFDs with this provider
Leverage 200:1 400:1 400:1
Spread 0.2 pips 0.7 pips 2.0 pips
Hedging
Scalping
Account Types
  • Standard
  • Standard
  • Standard
Trading Platforms MetaTrader4, WebTrader MetaTrader4, WebTrader etoro
Funding Methods Bank Transfer, Visa, Mastercard, Skrill, Neteller, WebMoney POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer Visa, Mastercard, Neteller, Unionpay
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Overall Rating 3 / 5 4 / 5 4 / 5
Min. Deposit USD 100 USD 100 USD 200
Regulation
CySEC CySEC
FCA FCA
DFSA DFSA
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
CySEC CySEC
FCA FCA
ASIC ASIC
Broker Type Market Maker Market Maker Market Maker
Read Full Review Read Full Review Read Full Review
Trading Conditions 4 / 5 4 / 5 3 / 5
Trading Platforms 3 / 5 3.5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 74% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider 76% of retail investor accounts lose money when trading CFDs with this provider
Leverage 200:1 400:1 400:1
Spread 0.2 pips 0.7 pips 2.0 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed Yes Yes No
Platforms MetaTrader4, WebTrader MetaTrader4, WebTrader etoro
Funding Bank Transfer, Visa, Mastercard, Skrill, Neteller, WebMoney POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer Visa, Mastercard, Neteller, Unionpay

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Most retail CFD accounts lose money. Your capital is at risk.