HYCM Forex Broker Review

  • Attractive fixed spreads
  • Easy process of opening accounts
  • Live customer services available
  • Comprehensive market education suite
  • Been around since 1977
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HYCM, initially known as Henyep Markets, is a UK based forex broker which has more than 40 years of experience.  HYCM offers its clients an opportunity to trade on more than 100 financial instruments. The instruments include a number of currency pairs, precious metals, commodities, stocks and many CFDs on indices. HYCM is fully regulated by the United Kingdom’s distinguished Financial Conduct Authority (FCA), CySEC, SFC and DFSA. It is also worth noting that HYCM is a branch of the larger Henyep Capital Markets, an outstanding capital markets trading company.

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

Account Types Available for Traders

What we feel is important to mention before we go any further is that HYCM provides two very important trading platforms – the renowned Meat Trader 4 and the in-house Prime Trader which is a web-based trading platform. The Prime Trader has been praised for its user-friendliness thanks to its interface. It offers advanced charts, integrated multiple pricing and a complete system to manage your online account.

The MT4, which is normally preferred by many traders, is available and compatible with desktops and a mobile version is as well available for those traders using mobile gadgets to carry out their trades.

On the other hand, HYCM offers its customers three types of trading account.

  • Micro account: The minimum deposit in this account is $100 and comes with a list of 50 tradable products. The maximum leverage is 1:500 and minimum fixed spread is 1.8 pip.
  • Standard account: This account offers a minimum deposit of $1,000 and has a list of 120 tradable products. The leverage in this account is 1:300 while the minimum fixed spread is 1.5 pip.
  • VIP account: The VIP account at HYCM offers clients a minimum deposit option of $10,000 and maximum leverage of 1:300. A trader will have a list of 120 tradable products at their disposal. The minimum fixed spread in this type of account is 1.5 pip.

Broker Type

HYCM is a Market Money model broker. This model may present some conflict of interests between the broker and its customers

Pros and Cons of Trading with HYCM

HYCM pros

  • HYCM is FCA regulated and other respected bodies
  • MT4 is available for traders
  • Attractive fixed spreads
  • HYCM is also known to give its customers bonuses
  • Easy process of opening accounts
  • Live customer services available
  • Comprehensive market education suite

HYCM cons

  • There is no ECN environment in HYCM
  • MM model

Regulatory/Reputation Background

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 the famous CySEC.

In terms of reputation background, HYCM has been in existence and actively involved in the forex market circles for the last 40 years, a period in which they have certainly won the hearts of many traders.

Other Highlights

HYCM offers education to its clients on its website by means of videos and textual lessons as well. The topics are generated and 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.

The 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 existence gives this broker a vote of confidence amongst its customers and any potential clients. Therefore, it is qualified to conclude that HYCM is, in no doubt, a reliable broker. 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.