HYCM Forex Broker Review



Legal Company Name Henyep Capital Markets (UK) Limited
Website https://www.hycm.com/en
Year Founded 1977
Offices Locations UK, Hong Kong, Cyprus
Regulators FCA No.18671, CuSEC No.259/14
Broker Type ECN/STP
Minimum Deposit $100
Maximum Leverage 200:1
Minimum Spread 1.5 pips
Deposit & Withdrawal Bank wire, Visa/Mastercard, Skrill , WebMoney, Neteller
Currency Pairs 47
Trading Platform MetaTrader 4
Web-based Platforms Yes
Mobile Apps Yes
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.

HYCM 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.

  • Micro account: With a minimum deposit of $100, this account and comes with a list of 50 tradable products. The maximum leverage is 1:500 and minimum fixed spread is 2 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 1.8 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.

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.

Banking Options:

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

Company & Regulation

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 United Arab Emirates, Hong Kong, Cyprus, and London. This broker also complies with all regulatory bodies in every jurisdiction in which they operate in.

Educational Material

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.

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.

How HYCM Compares To Other Brokers

HYCM Vs. HotForex

  HYCM HotForex
Funding Bank wire, Visa/Mastercard, Skrill , WebMoney, Neteller Bank wire, Visa/Mastercard, Skrill, Neteller and many more
Regulated FCA No.18671, CuSEC No.259/14 FSCA No.46632
Broker Type ECN/STP ECN/STP
Currency Pairs 47 51
Minimum Spread 1.5 pips 0.0 pips
Minimum Deposit $100 $5
Max Leverage 200:1 1000:1
Expert Review Read review Read review
Visit Website Visit HYCM Visit HotForex

HYCM Vs. Etoro

  HYCM Etoro
Funding Bank wire, Visa/Mastercard, Skrill , WebMoney, Neteller Bank wire, Visa/Mastercard, Skrill , Neteller, PayPal
Regulated FCA No.18671, CuSEC No.259/14 UK FCA Registration No.583263 EU CySEC License No. 109/10
Broker Type ECN/STP Market Maker
Currency Pairs 47 47
Minimum Spread 1.5 pips 2.0 pips
Minimum Deposit $100 $200
Max Leverage 200:1 400:1
Expert Review Read review Read review
Visit Website Visit HYCM Visit Etoro

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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