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HYCM Broker Review

FX Author By Jeffrey Cammack Author Information Updated: July 4, 2020
Overall Rating
4.09 4.09 / 5
Min. DepositUSD 100
Max. Leverage200:1
Min. Spread0.2 pips
Regulators CySEC,FCA,DFSA
Regulator Origin CySEC FCA DFSA
Trading Desk Type

Summary

HYCM's parent company has been involved in asset trading for over 40 years and its various subsidiaries are regulated by the FCA, CySec and the DFIC. Despite being a market-maker broker, HYCM still offers attractive trading conditions, with a market-execution account for those who prefer commission over wider spreads.  Support for both MT4 and MT5 is offered alongside a comprehensive market education suite that will be beneficial for all traders.

HYCM offers its clients an opportunity to trade on more than 300 financial instruments including a number of currency pairs, commodities, stocks and cryptocurrencies.

Reviews

Regulation 11111
Trading Conditions 1110.50
Trading Platforms 11110
Deposit & Withdrawal 11110
Education & Research 1110.50
Assets Available 11110.5
Customer Service 11110
Beginner Friendly Standard
Bonuses
Our Review Process

Trading Conditions

Minimum DepositUSD 100
Base currenciesUSD, EUR, GBP, AUD
Number of FX Pairs38
Hedging Allowed Yes
Scalping Yes
Islamic Account Yes

Average Spreads

EUR / USD
GBP / USD0.8
USD / JPY0.6

Company Details

Company nameHenyep Capital Markets (UK) Limited
Founded1977
Website www.hycm.com
Type Market Maker
Regulators CySEC,FCA,DFSA
Office locations Hong Kong, United Kingdom, Cyprus

Deposit & Withdrawal Methods

Supported Platforms for HYCM

Is HYCM Safe?

HYCM’s parent company, Henyep Group, has been in operation for more than 40 years, starting originally as a gold dealer in Hong Kong in 1977. The company branched out into property, capital markets, investments and Forex trading in the 1980s and launched an online trading platform in 2007.

A truly global broker, HYCM is regulated by various highly regarded institutions, including the FCA, CySec and the DFSA:

  • Henyep Capital Markets (UK) Limited is authorised and regulated under the Financial Conduct Authority with reference number 186171.
  • HYCM (Europe) Ltd is authorized and regulated under the Cyprus Securities and Exchange Commission under license number 259/14.
  • HYCM Ltd is authorized and regulated under the Cayman Islands Monetary Authority under reference number 1442313.
  • Henyep Capital Markets (DIFC) Limited is authorized and regulated by the Dubai Financial Services Authority with license number 000048.
  • HYCM Limited is an International Business Company registered in Saint Vincent and the Grenadines with registration number 25228 (IBC 2018).

HYCM has collected many awards over the years, including Best Mobile Trading Platform 2017 and Best Forex Broker Middle East 2018 (World Finance) and Best Forex Broker Europe 2018 (FXDailyInfo).

With the financial backing of its parent company, worldwide regulation and frequent industry recognition HYCM is regarding as a very safe option for traders.

HYCM Trading Conditions

HYCM is a market maker broker with a good selection of trading accounts at low entry prices. In addition to its two commission-free accounts, a raw account is available offering tighter spreads in exchange for commission. Overall, trading conditions are good, with maximum leverage of 200:1 on all accounts, and we like the range of choices available for traders.

Account Types

HYCM offers two commission-free accounts, the Classic Account and the Fixed Account. Both accounts require a minimum deposit of 100 USD, but the Classic Account has a variable spread while the Fixed Account (as per the name) has fixed spreads. Because of the nature of the Fixed Account, expert advisors are not available. Finally, the Raw Account offers spreads closer to market rates (from 0.2 pips) but charges 4 USD commission per round and requires a minimum deposit of 200 USD.  Max leverage on all accounts is 200:1.

VIP Accounts with dedicated account managers, a selection of free tools and tighter spreads are also available but will require a higher minimum deposit.

All accounts are available as Islamic (swap-free) accounts. 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.

Spreads and Commission

On the Fixed Account spreads start at 1.8 on the EUR/USD though generally, you will see spreads much wider than that, regularly into the high double-digits on the exotics. On the Classic Account, the spreads will vary depending on volatility, but you will often see spreads of 1.2-1.4 on major pairs.

Spreads on the Raw Account are obviously much tighter obviously – this being a market execution account – but commission of 4 USD per round is charged.

Spreads on (Fixed) VIP Accounts are advertised as being tighter but are not listed.

Deposits and Withdrawals

Payment methods accepted at HYCM include Mastercard, Visa, Skrill, Webmoney and Wire Transfer. Fortunately, both deposits and withdrawals are free, the only exception being Skrill and Neteller Withdrawals over 5000 USD, which are subject to a 1% charge. In other good news, all deposit and withdrawals (except bank wire) only take an hour to complete.

Considering the charges some brokers for making deposits and withdrawals, and the time they take to complete them, it is very refreshing to see HYCM looking after their customers’ interests so well.

HYCM For Beginners

HYCM hosts an excellent range of cutting-edge educational tools designed to develop trading skills and boost knowledge of the financial markets. All the material offered is free of charge on its website –both the videos and reading material available.

The topics are geared towards helping both beginner and advanced traders and cover Risk Management, Tips for Traders, Trading Tools, Strategies (both simple and advanced) and a good introduction to Capital Markets. A well-structured course for beginner traders is also available.

HYCM Trading Platforms

HYCM provides two trading platforms – MetaTrader4 and MetaTrader5.

MetaTrader 4 (MT4) is still the industry standard even though its successor, MetaTrader 5 (MT5), has been available for some time. The advantages of using MT4 are numerous but most centre around the community support and the number of users that the tool boasts. 

The primary difference between MT4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can trade not only Forex but also stocks, stock indices and precious metals. MT5 also has a built-in news feed and economic calendar, and trades can be made on a chart.

Mobile versions for both MT4 and MT5 are supported and are good choices for those traders using mobile devices to carry out their trades or those who have limited time to trade on their desktop.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the HYCM offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

HYCM Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money.  HYCM wants you to know: Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high degree of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent expert advice if necessary and speculate only with funds that you can afford to lose. Please think carefully whether such trading suits you, taking into consideration all the relevant circumstances as well as your personal resources. We do not recommend clients posting their entire account balance to meet margin requirements. Clients can minimise their level of exposure by requesting a change in leverage limit. For more information please refer to HYCM’s Risk Disclosure.

Conclusion

HYCM is a large, well-regarded and long-established market maker. The fact that HYCM is part of a larger financial services group, with more than 40 years of experience, gives this broker an advantage for its customers and potential clients. Trading conditions are decent without being spectacular and deposit and withdrawals are best in class. Educational material available is comprehensive and well-structured and the offering of both MetaTrader platforms is a real bonus. Overall, HYCM is a quality broker for both new and experienced traders.

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

  • Malik Dutt says:

    These guys are ok to work with. I’ve done 3 withdrawals already. Skrill gets processed within an hour approximately, but the bank wire takes a few days to be completed. Support managers are competent, which is a rare thing to observe in the industry. They helped me a lot with understanding what account type will fit me and my trading approach. Spreads could be tighter imo, but I guess this is something we all want to see among broker’s pros, but what we rarely get dealing with safe regulated brokers.

  • John Rashidi says:

    I’ll start with a serious flaw. You can’t choose the legal entity you want to trade with. A broker has several legal entities, which differ in what jurisdiction they are regulated by and the size of the leverage. You cannot choose the legal entity yourself, it depends on your jurisdiction of residence and it is unfair. I hope the company will fix that.
    Of course, there are advantages, too. First of all, the reliability of the broker and good trading conditions. Among top brokers, it’s rly good. IMO

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

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