HYCM Review

Author By Jeffrey Cammack Author Information Updated: October 28, 2020
Overall Rating
3.89 3.89 / 5
Rated #31 of 49 Recommended Brokers
Min. Deposit
USD 100
Max. Leverage
500:1
Min. Spread
0.2 pips
Regulators
Regulator Origin
Trading Desk Type
AlertMost retail CFD accounts lose money. Your capital is at risk.

Summary

HYCM is a large, well-regarded and long-established market maker with over 40 years experience in the Forex industry.

The fact that HYCM is part of a larger financial services group provides an additional level of security for its customers. Trading conditions are good and deposit and withdrawals are best in class. Educational material available is comprehensive and well-structured and the offering of both MetaTrader platforms broadens its appeal. Overall, HYCM is a quality broker for both new and experienced traders.

Reviews

Regulation
111104/ 5
Trading Conditions
1110.503.5/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
111104/ 5
Education & Research
1110.503.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses

Trading Conditions

Min. Deposit
USD 100
Base Currencies
Fx Pairs
38
Hedging Allowed
Yes
Scalping Allowed
Yes
Swap Free Accounts
Yes

Average Spreads

Euro/USD
GBP/USD
0.8
USD/JPY
0.6

Company Details

Company Name
Henyep Capital Markets (UK) Limited
Founded
1977
Type
Regulators
Office Locations
Hong Kong, United Kingdom, Cyprus

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.

Display Name
Min Deposit
Max Leverage
Min Spread
Commission
Brokers
Classic
USD 100
200:1
1.2
None
Account Details
Fixed
USD 100
200:1
1.8
None
Account Details
Islamic Fixed
USD 100
200:1
1.8
None
Account Details
Raw
USD 200
200:1
0.2
$4.00
Account Details

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.

HYCM-Spreads

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.

AlertMost retail CFD accounts lose money. Your capital is at risk.
  • Domingo Ratke says:

    Brokerage is GOB – Grand Old Brokerage, operates since 70’s. I like that company management moves forward the trand and offers everything that is new on the market – analytics, economic calendar, algorithms and EAs. There’s also calculators and market signals. What I like the most – there’s high-leveraged trading for those, who like it. Personally I don’t use it, but if you need – you’re welcome.

  • Mathew Hegmann says:

    Is this brokerage regulated all over the world?

    • Chris Cammack says:

      Hi Mathew, HYCM is regulated by the FCA in the UK and CySEC in Europe, two of the strongest regulators in the world. They are also regulated by the DFSA in Dubai and CIMA in the Cayman Islands. While these regulators are not as well-regarded as the FCA and CYSEC, they do allow HYCM to offer their products to residents of other nations without the trading restrictions required by the UK and Europe. Hope that helps.

      • Funk says:

        Thank you for your help!
        I love the fact that traders always help each other and give valuable advice and necessary information.

  • Dedric Hickle says:

    Can I copy-trade there?

  • Overall Rating
    Min. Deposit
    Regulation
    Trading Desk Type
    Trading Instruments
    Forex Pairs
    Crypto Pairs
    Pros
    Cons
    Regulation
    Trading Conditions
    Trading Platforms
    Deposit & Withdrawal
    Education & Research
    Assets Available
    Customer Service
    % Lose with this broker
    Leverage
    Spread
    Hedging
    Scalping
    Account Types
    Islamic Account
    Trading Platforms
    Funding Methods
    Trading Commission
    1110.503.89/ 5
    USD 100
    Market Maker
    Commodities, Cryptocurrencies, Forex, Equities
    38
    5
    • Well regulated
    • Wide range of assets
    • Good range of accounts
    • Fast and free withdrawals
    • Limited currency pairs
    111104/ 5
    1110.503.5/ 5
    111104/ 5
    111104/ 5
    1110.503.5/ 5
    11110.54.5/ 5
    111104/ 5
    74% of retail investor accounts lose money when trading CFDs with this provider
    500:1
    0.2 pips
    Yes
    Yes
    Classic, Fixed, Islamic Fixed, Raw
    Yes
    MT4
    Bank Transfer, Mastercard, Skrill, Neteller
    8 USD / lot - Raw Account
    1110.503.33/ 5
    AUD 50
    Market Maker
    Commodities, Cryptocurrencies, Forex, Equities
    47
    16
    • Well regulated
    • Good for beginners
    • Innovative trading tools
    • Limited education
    • Wide spreads
    11110.54.5/ 5
    110.5002.5/ 5
    111104/ 5
    110002/ 5
    10.50001.5/ 5
    111104/ 5
    111104/ 5
    62% of retail investor accounts lose money when trading CFDs with this provider
    400:1
    1.0 pips
    Yes
    Yes
    Professional, Standard
    Yes
    etoro
    Bank Transfer, Skrill, Paypal
    Fees Included in Spread
    1110.503.24/ 5
    AUD 500
    Market Maker
    Commodities, Forex, Equities, ETFs
    48
    0
    • Good range of accounts
    • Wide range of assets
    • Wide spreads
    • Limited education
    • Limited market analysis
    • High minimum deposit
    1110.503.5/ 5
    110002/ 5
    111104/ 5
    11110.54.5/ 5
    10.50001.5/ 5
    11110.54.5/ 5
    111003/ 5
    67.95% of retail investor accounts lose money when trading CFDs with this provider
    400:1
    3.0 pips
    Yes
    Yes
    Gold, Islamic, Mini, Platinum
    Yes
    MT4, Sirix
    Bank Transfer
    Fees Included in Spread
    Visit Broker
    AlertMost retail CFD accounts lose money. Your capital is at risk.

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