HYCM | Review | CFD Trading Platform Review

Our Review

 

HYCM Review

 

What is HYCM?

10 points summary

How Protected are you with HYCM broker?

Awards

Is HYCM a Scam or Safe?

Account

Trading Instruments

Trading Platforms

Trading Fees

Deposit and Withdrawal Options

Education

Customer Support

Conclusion

 

 

What is HYCM Broker?

HYCM is a part of the Henyep Group. Founded in 1977, the trading service company has expanded its business to various countries and claims to be completely transparent with its operations. It is heavily regulated by several regulation entities such as the Financial Conduct Authority (FCA) in the UK, Cyprus Securities and Exchange Commission (CySec) in Europe, Caymans Island Monitory Authority (CIMA), and Dubai Financial Services Authority (DFSA) in Dubai. 

It has been a part of the trading world for almost 40 years; it offers smooth trading conditions and excellent customer support service in 14 different languages. Moreover, the company provides the popular MetaTrader platforms and various assets to trade from. 

 

Pros	Cons
Regulated by multiple authorities	24/7 support not available.
MetaTrader platforms available.
40 years of experience.

 

10 Points Summary

Headquarters	London, UK
Regulation	FSC, DFSA, CySec, FCA, CIMA
Platforms	MT4, MT5
Instruments	Forex, indices, metals, commodities, stocks.
EUR/USD Spread	1.2 pips
Demo Account	Yes
Minimum deposit	100$
Base currencies	Multiple currencies supported.
Education	Yes
Customer Support	24/7

How Protected Are You with HYCM?

Does the trading world fascinate you? If yes, I am sure you must be on a hunt for the perfect broker to help you start. Now, the question that arises is, are you aware of the first and foremost thing that your broker must offer? If the answer to the question is protection, then you are on the right path. 

HYCM claims to be absolutely transparent with its operational methods and is regulated by various regulatory authorities with strict laws. It has kept an excellent record for the past 40 years and managed to satisfy all of its traders with the services it provides. Therefore, HYCM offers the highest standard of protection to traders and is a safe choice. 

 

Pros	Cons
Regulated by various regulatory authorities	None.
Reputable reputation in the market.

 

Awards:

An award is given to appreciate the quality of service that a company offers. It is possible that the reader may find a review biased, but no one will ever question the credibility of an award. HYCM has won the following awards: 

Best Global Broker 2012

Best Mobile Trading Platform 2017

Best FX Mini Account Provider 2012

Best Forex Broker 2021

These are some of the many awards won by HYCM. 

Is HYCM a scam or safe?

The thought of being scammed is scary. Isn’t it? 

You must have heard several stories over the year about how someone got scammed online. But, did you know that you play a really huge role in being scammed? You must ask, How? Well, by not doing enough research about the broker. 

HYCM is regulated by FCA, CIMA, DFSA, and CySec; this ensures that the broker is under strict regulations and can be fined if they break any laws. It has built a remarkable reputation over 40 years which speaks volumes about its credibility. 

All in all, HYCM is not a scam at all and can be trusted. 

Account:

HYCM offers four account types — Fixed, Classic, Raw, and VIP account. It has been kind enough to offer a demo account and an Islamic account for its Muslim traders. 

FIXED ACCOUNT: This type of account requires a minimum deposit of $100. The trading is commission-free and has a fixed spread of 1.8 pips. Moreover, the minimum trade volume is 0.01, and the option of an Islamic account is available.

CLASSIC ACCOUNT: The classic account is very similar to the fixed account in terms of the minimum deposit amount and the trade volume, except that variable spreads are offered to start from 1.2 pips. 

RAW ACCOUNT: The minimum deposit amount required in this type of account is $200, which is slightly higher than the fixed and classic account. The minimum trade volume is set at 0.01, and a commission of $4 is charged per round. 

VIP ACCOUNT: HYCM offers a VIP account that gives access to tight spreads and market analysis with an additional personal account manager for professional and experienced traders. 

DEMO ACCOUNT: A demo account is a perfect opportunity for potential and beginner traders to try their luck and put their knowledge to test in a risk-free environment. This serves as a safe space to gain experience. 

 

 

Pros	Cons
Demo account available.	Spreads vary depending upon the account type.
Islamic account available.
Four types of accounts available.

 

Trading Instruments:

It offers a vast variety of trading instruments to its traders. The instruments are:

Cryptocurrencies

Commodities

Indices

Stocks

ETFs

Forex

 

Pros	Cons
Wide range of trading instruments.	None.
Variable spreads on Forex.

 

 

Trading Platforms:

HYCM offers popular MetaTrader platforms that are known as the best in the trading world. They offer numerous features that provide a smooth trading environment and technical features, such as different analysis and economic calendars. 

The platforms are available on desktop and as a mobile version as well for both Android and iOS. 

 

Pros	Cons
MetaTrader platforms available.	None.
More than 300 instruments.

 

 

Trading Fees:

The trading fee varies depending upon the type of account, as the raw account offers the lowest spread is 0.2pips, whereas a fixed spread of 1.8 pips if offered by the fixed account. Similarly, the commission also depends on the account type.

No deposit and withdrawal fee is charged. 

 

Pros	Cons
No deposit and withdrawal fee	Spread depends upon the account type.
Initial deposit is low.

 

 

Deposit & Withdrawal Options:

Deposits can be a hassle if the options are limited. However, that is not the case with HYCM. It offers various options for depositing, which makes the process easy. The options are: 

Bank Wire Transfer: The minimum amount deposited by this method is $200 and takes 3–7 business days.

Skrill/Neteller/Credit & Debit card/WebMoney: The minimum amount deposited by these methods is $20, and the process is instant. 

All deposits are free of charge.

Often, a broker may provide fewer options for withdrawals which makes the process troublesome. HYCM offers the same withdrawals options as deposits, all withdrawals are free of charge, and the process is instant. 

Education:

HYCM provides a wide range of educational resources for its traders. Everything is available on their website and can be accessed by anyone. 

The educational resources include five different segments such as:

Trading tools: This segment covers a vast range of topics, mainly capital management, market analysis, the fundamentals of trading psychology, and basic & advanced technical analysis. 

Tutorials: Different tutorials are provided on MetaTrader, typoes of orders, and properties. 

Trading Strategies: Numerous videos are available that give detailed insight into different strategies. 

EBooks: The popular broker also provides EBooks as an educational resource. 

Beginner’s course: Selective courses are present on the basics of forex, tactics, and glossary. 

Moreover, a detailed section is present on Forex, Indices, and Commodities.

Customer Support:

To make a trader put their trust in you and keep trading with you for as long as possible, excellent customer support service is vital. If a broker cannot fulfill the needs and assist in problems, the trader may jump onto a new broker. 

With 40 years of experience, HYCM knows the importance of customer support service. The team works 24 hours, five days a week, to solve whatever problem may occur. It is extremely easy to contact the team as multiple sources are provided, such as live chat, phone, and email. Additionally, to provide traders with utmost comfort, the customer support service is available in various languages. 

 

Pros	Cons
Multiple languages supported.	24/7 unavailable.
Various sources to contact the team.

 

 

Conclusion:

HYCM is a brilliant choice for trading as it strives to provide a smooth trading environment and excellent customer support service. It provides a variety of trading instruments combined with the most popular trading platform. 

All in all, HYCM can be your best friend in the world of trading. Get started now! 

Frequently Asked Questions (FAQs)

Is HYCM regulated?

Yes, HYCM is regulated by FCA, DFSA, CIMA and CySec. 

How much is the minimum deposit amount?

The minimum deposit account that is required is 100$

Is there an option of a demo account?

Yes, a demo account is offered by HYCM

Is there any deposit or withdrawal fee? 

No, all deposits and withdrawals are free of charge. 

Which platform does HYCM offer?

HYCM offers the popular MT4 and MT5 platforms.