HYCM Review

HYCM is a well respected forex broker that is a subsidiary of Henyep Group, a global financial services firm that was established in 1977. The parent company, Henyep has business activities across 3 continents and over 20 countries worldwide.

HYCM offers over 100 financial trading instruments including currency pairs, CFDs on stock indices, precious metals, and commodities. The firm is headquartered in London, and has many other offices in major financial centers including Dubai and Hong Kong.

Regulation

HYCM is regulated and authorized by various government agencies. This includes United Kingdom’s Financial Conduct Authority (FCA), and European Union’s Cyprus Securities and Exchange Commission (CySEC). In addition, the MiFID derivate authorizes HYCM to offer its products and services across the European Union. Along with theses oversight bodies, HYCM also has licenses from the SFC in Hong Kong, and the DFSA in Dubai.

Safety

Safety of funds should always be a primary concern for account holders. HYCM’s parent company Henyep Group is well-established and has a long history dating back over 35 years. As a highly regulated broker, HYCM guarantees the safety of its client accounts by keeping customer funds in segregated accounts at well known banks.

Both the FCA and CySEC have strict compliance rules that require its member firms to abide by certain procedures to ensure maximum protection and safety of account holders. One requirement for example placed on member firms by both the FCA and  CySEC is that the member firm must hold at a minimum €730,000 to prove its financial stability.

Additionally, FCA regulated companies fall under the protection of the Financial Services Compensation Schedule (FSCS), which guarantees citizens upto £50,000 in case the member firm is unable to meet its obligations. A similar type of protection is afforded by CySEC thru its Investors Compensation Fund, which covers account holders unto €20,000 in the event of insolvency by the member firm.

Trading Platforms

HYCM provides direct access to the capital markets whether you are at your trading desk or on the go. HYCM offers several types of platform for traders. These include the following – MetaTrader 4, MetaTrader 4 WebTrader, Prime Trader, HYCM MobileTrader, and HY Pro Trader.

MetaTrader 4 – This is the well known, leading forex trading platform in the industry. You get access to advanced charting features, dozens of technical indicators, market news, systematic trading via Expert Advisors and more.

MetaTrader WebTrader – WebTrader offers all the features available in the downloadable MT4 version, but is accessible directly from your web browser. This is a welcome edition for traders that need to routinely access the trading platform from places outside their trading desk.

PrimeTrader – This is HYCM’s proprietary trading platform that features multiple product offerings, advanced charting features, and guaranteed Stop loss. It is equipped with a full account management panel and multiple real time pricing views.

HYCM Mobile Trader – Available for iOS and Android devices, traders can trade and manage their account directly from their smartphones.

Trading Instruments

HYCM  provides its traders with a diverse product offering that includes more than 100 financial instruments. Traders can choose to trade various asset classes including forex, precious metals, energies, commodities, Stock Indices, and CFDs.

Account Types

There are three primary account types at HYCM classified as a Micro Account, a Standard Account, and a VIP account. The Micro Account requires a minimum deposit of $ 100, while the Standard Account requires a minimum deposit of $ 1000, and the VIP Account requires a minimum deposit of $ 10,000.

Below is a breakdown of each account type at HYCM:

Micro Account 

  • Minimum Deposit – $ 100
  • Trading Instruments – 50
  • Max. Leverage – 200:1
  • Min Trade Size – .01 lots
  • Min Fixed Spread – 1.8 pips
  • Trading Signals – No

Standard Account 

  • Minimum Deposit – $ 1000
  • Trading Instruments – 120
  • Max. Leverage – 200:1
  • Min Trade Size – .01 lots
  • Min Fixed Spread – 1.5 pips
  • Trading Signals – Yes

VIP Account 

  • Minimum Deposit – $ 10000
  • Trading Instruments – 120
  • Max. Leverage – 200:1
  • Min Trade Size – .01 lots
  • Min Fixed Spread – 1.5 pips
  • Trading Signals – Yes

**The VIP account offers a high level of personalized service and customized solutions.

Learn more about opening an account with HYCM – Go Here

Commissions and Spreads

There are no commissions charged on trades at HYCM. Instead the broker uses a fixed spread model as their form of compensation. The dealing spread varies based on the type of account chosen. Fixed spreads start at 1.8 pips for the Micro account and Standard account. The VIP account has narrower spreads starting at 1.5 pips, but the initial deposit is much higher with the VIP account compared to the other two account types.

Generally fixed spreads tend to be higher than variable spreads, but for those that prefer a more standardized dealing spread which they can rely on even during volatile news periods, HYCM’s fixed spread model may be worth considering.

Customer Support

HYCM provides client support 24 hours a day, 5 days a week via phone, fax, email, and live chat. Support is available in many different languages outside of English including Arabic, Russian, Chinese, Hindi, and more. HYCM strives to provide high quality personalized customer service for all its account holders.

Bonus and Promotions

HYCM offers a welcome bonus to new clients for signing up with them. This is a deposit bonus of 25% upto $ 5000. Also new eligible clients will get access to Trading Central, which is an award winning technical analysis provider. The broker also has a Refer a Friend program where the referrer can receive upto $ 250 under the program.

Click Here for more details on HYCM’s Bonus and Promotions. 

Mobile Trading

Mobile Trading is made available to traders at HYCM via the Metatrader based mobile apps. Traders can trade on the go and access the platform from their Android or Apple tablet or smartphone. Many of the feature available on the desktop version such as charting, market analysis tools, and trade execution capability can be performed with the HYCM MT4 mobile app.

Automated Trading

As a MetaTrader based broker, HYCM offers automated trading solutions via the MT4 Expert Advisor feature. Traders can create, backtest, and automate their trading strategies within the MT4 environment.

Deposits and Withdrawals

There are a multitude of ways to fund your trading account. You can make a deposit using a major credit card, bank wire transfer, and e-wallets such as Skrill, WebMoney, and Unionpay.  In addition clients can deposit using several different currencies including USD, Euro, KWD, AED, SAR, and RMB.

Withdrawals will be processed using the same payment method as the deposit. HYCM does not charge any withdrawal fees except for bank wire transfers, which are accessed a fee of $ 30 in cases where the withdrawal amount is less than $ 300.

Unique Features

HYCM has a reputation for excellence and its parent company Henyep Group has been in operation since 1977. They are a very reliable, time timed broker offering professional services to the forex trader.  For those who are seeking a signing bonus, HYCM offers a generous 25% Deposit Bonus upto $ 5000, and access to Trading Central which is a premier technical analysis provider.

Pros and Cons

Pros – Reasons to trade with HYCM

  • FCA Regulated Broker
  • Parent Company is 40 years old
  • Commission Free Trading
  • Generous Bonus Program
  • Multiple Trading Instruments
  • Multi Lingual Customer Support

Cons – Some downsides with HYCM

  • Demo Account Not Available
  • Limited Info on Website

FAQs

Is HYCM a regulated broker?

Yes, HYCM is regulated by UK’s FCA, EU’s CySEC, DFSA in Dubai, SFC in Hong Kong and others.

How safe is HYCM?

Traders at HYCM can rest assured that their funds are held safely in segregated accounts at Tier 1 banks. FCA and CySEC protects consumers under their compensation funds in the event of default.

What trading platforms does HYCM offer?

HYCM offers the full suite of Metatrader platforms which include MT4 for Desktop, Web, and Mobile. HYCM also has their own proprietary platform called PrimeTrader.

What Trading Instruments are available at HYCM?

You can trade over 100 different financial instruments at HYCM including currencies, stock indices, precious metals, energies, and commodities.

What is the Commission / Spread structure at HYCM?

HYCM offers fixed spreads. There is no commission on any accounts. Fixed spreads start at 1.5 pips on Micro and Standard Accounts and 1.5 pips on VIP accounts.

How many account types does HYCM have?

There are 3 primary account types – the Micro account, the Standard account, the VIP account. The minimum deposit is $ 100 on the Micro Account, $ 1000 for the Standard account and $ 10000 on the VIP account.

How is customer support at HYCM ?

Customer support is available 24/5 via phone, live chat and email. HYCM offers support in multiple different languages.

What bonus does HYCM offer?

HYCM offers a welcome bonus to new clients. This is a deposit bonus of 25% up to $ 5000.

Does HYCM offer Mobile trading?

Yes, Mobile trading is available via the Metatrader apps.

What options are there for Automated trading at HYCM?

Automated trading is available thru the MT4 platform.

What are some unique features at HYCM?

HYCM has a 25% Deposit Bonus up to $ 5000. They also provide access to a Trading Signals service and to Trading Central which is a premier technical analysis service provider.

What’s the minimum deposit to open a Live account at HYCM?

The minimum deposit to open a Live account is $ 100.

What is HYCM’s max leverage?

Max leverage at HYCM is 200:1