HYCM

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Popularity top broker
Leverage 1:500
Minimum Deposit $100
Regulation ASIC, CySEC, FCA
Payment Methods Bank Wire, Visa/MasterCard, Skrill, Neteller
Trading Assets Forex, Commodities, Indices, Stocks, Cryptocurrencies
MT4
MT5
Spreads Low
Average cost: EUR/USD 1.2 pips
Demo Account
Islamic Account
MAM
PAMM
Copy Trading
ZuluTrade
Scalping Yes
Signals
EAs/Robots Available
Negative Balance Protection Yes
Deposit Fee
Withdrawal Fee
Inactivity Fee Yes, after 90 days
Year Established 1977
Address 3rd Floor, 28 Throgmorton Street, London EC2N 2AN, United Kingdom
Contact Information Email: [email protected], Phone: +44-20-3745-8920
Phone APP
Rating ★★★★☆ [4.5]
Website

Pros and Cons

Pros
  • Regulated by multiple top-tier authorities
  • Wide range of trading assets
  • Competitive spreads
  • Powerful trading platforms (MT4 and MT5)
Cons
  • High inactivity fee after 90 days
  • ZuluTrade not supported
  • Islamic account option could be more accessible
  • Limited to no promotions or bonuses
  • Customer service response times can be improved

Introduction

In the ever-evolving world of online trading, selecting the right broker is pivotal to a trader’s success.

HYCM, with its decades of experience, stands out as a broker that promises reliability, a wide range of trading instruments, and a commitment to user satisfaction.

This review delves deep into what the broker offers, evaluating its services, platform features, and overall trading environment.

Whether you’re a novice trader or a seasoned investor, understanding the nuances of what HYCM brings to the table is essential for making an informed decision.

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Company Overview

History and Background

HYCM, a division of the Henyep Group, has been in the financial services industry for over 40 years.

With a legacy that spans several decades, the company has grown into a global brand with offices in major financial centers, including London, Dubai, and Hong Kong.

The broker prides itself on offering a stable, secure, and comprehensive trading environment for its clients.

Global Reach and Impact

  • Offices: London, Dubai, Hong Kong, and others
  • Regulation: Multiple top-tier authorities including FCA, CySEC, and DFSA
  • Client Base: Serves clients from over 140 countries

Regulatory Compliance and Security

Licensing and Regulation

HYCM is regulated by countless authoritative bodies, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Dubai Financial Services Authority (DFSA).

These regulations ensure that the company adheres to strict financial standards, offering traders peace of mind regarding the safety of their funds.

Security Measures

  • Client Fund Segregation: Client funds are held in segregated accounts, ensuring they are not used for any other purpose.
  • Encryption Technologies: Utilizes state-of-the-art encryption to safeguard user data and transactions.
  • Negative Balance Protection: Offers negative balance protection to prevent clients from losing more than their account balance.

Regulatory Oversight

Regulatory Body

Country

Type of Regulation

FCA

United Kingdom

Full Regulation

CySEC

Cyprus

Full Regulation

DFSA

Dubai

Full Regulation

Trading Platforms

HYCM provides access to the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, catering to traders of all experience levels.

MetaTrader 4

  • User Experience: Renowned for its user-friendly interface and robust functionality.
  • Customization: Highly customizable with a wide array of charting tools and indicators.
  • Expert Advisors (EA): Supports automated trading through EAs.

MetaTrader 5

  • Enhanced Capabilities: Offers advanced financial trading functions, including more technical indicators and timeframes.
  • Multi-Asset Trading: Allows trading in forex, stocks, and futures from a single platform.
  • Improved Strategy Tester: For EAs with real tick data.

Platform Comparison

Feature

MT4

MT5

Instruments

Forex, CFDs

Forex, CFDs, Stocks, Futures

Charting Tools

30

38

Timeframes

9

21

EA Supported

Yes

Yes

Hedging

Allowed

Allowed

Account Types

HYCM offers various account types to cater to different trader needs, from beginners to professionals.

Types of Accounts

  • Fixed Account: Offers fixed spreads starting from 1.8 pips. Ideal for beginners.
  • Classic Account: Variable spreads starting from 1.2 pips without commissions.
  • Raw Account: Spreads from 0.2 pips with a commission of $4 per round.

Each account type comes with its set of benefits tailored to different trading styles and strategies.

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Trading Instruments

The broker offers a diverse range of trading instruments, allowing traders to diversify their portfolios and explore various markets.

The broker’s instrument offerings include:

  • Forex: Access to over 40 currency pairs, including major, minor, and exotic pairs.
  • Cryptocurrencies: Trade popular cryptocurrencies against the USD.
  • Stocks: Wide selection of stocks from leading global companies.
  • Indices: Trade on major global indices such as the S&P 500, FTSE 100, and DAX.
  • Commodities: Includes precious metals like gold and silver, as well as energy commodities like oil.

This variety ensures traders have ample opportunity to engage with the market in multiple ways.

Fees and Spreads

Understanding the fee structure is crucial when choosing a broker.

Their fee model is transparent, with the costs varying by account type:

  • Fixed Account: Higher spreads but no commission. Suitable for predictable trading costs.
  • Classic Account: Lower spreads with no commission. Favors active traders who prefer variable spreads.
  • Raw Account: Lowest spreads with a commission fee. Best for scalpers and high-volume traders.

Example Spreads

Instrument

Fixed Account Spread

Classic Account Spread

Raw Account Spread

EUR/USD

1.8 pips

1.2 pips

0.2 pips + commission

Gold

$0.40

$0.35

$0.30 + commission

Oil

$0.05

$0.04

$0.03 + commission

Deposits and Withdrawals

HYCM has streamlined its deposit and withdrawal processes, making it easy for traders to manage their funds.

Key points include:

  • Payment Methods: Credit/debit cards, bank wire transfers, and e-wallets such as Skrill and Neteller.
  • Minimum Deposit: $100, making it accessible to various traders.
  • Withdrawal Times: Processed within 1-5 business days, depending on the method.

Payment Options

Method

Deposit Time

Withdrawal Time

Fee

Credit Card

Instant

1-3 days

None

Bank Transfer

1-5 days

2-5 days

May apply

E-Wallets

Instant

Within 24 hours

None

Customer Support

The company places a strong emphasis on customer support:

  • Availability: 24/5 support through live chat, email, and phone.
  • Languages: Supports multiple languages to cater to its global clientele.
  • Quality: Knowledgeable and friendly support team.

Education and Resources

The broker offers a wealth of educational resources aimed at traders of all levels:

  • Trading Academy: Includes video tutorials, e-books, and webinars.
  • Demo Account: Ideal for beginners to practice trading strategies risk-free.
  • Market Analysis: Regularly updated market insights and analysis.

Mobile Trading Experience

HYCM’s mobile trading platforms allow traders to manage their accounts and place trades from anywhere:

  • MetaTrader 4 & 5 Mobile Apps: Full functionality of the desktop platforms on your mobile device.
  • Features: Real-time quotes, charting tools, and trading history.

Market Research and Analysis

HYCM provides comprehensive market research and analysis tools to help traders make informed decisions:

  • Daily Market Review: Insights into the latest market trends and events.
  • Economic Calendar: Keeps traders updated on important economic announcements.

Conclusion

HYCM stands out as a broker that combines years of industry experience with a comprehensive range of trading services.

With its robust regulatory framework, diverse trading instruments, and user-friendly platforms, it caters to the needs of both novice and experienced traders.

The broker’s commitment to transparency, customer support, and education further enhances its appeal.

Whether you’re looking to trade forex, stocks, or any other financial instrument, HYCM offers a reliable, secure, and dynamic trading environment designed to help you achieve your investment goals.

Visit website: www.hycm.com

User Reviews

“I’ve been trading with HYCM for over a year now, and I’m really impressed by their platform’s reliability and the variety of assets available. The spreads are quite competitive, which has made a significant difference in my trading outcomes. However, I wish their customer support was a bit more responsive, especially during peak trading hours.”
Emma Richardson
“As a beginner, I found HYCM’s educational resources incredibly helpful. The demo account helped me get a feel for the market without risking real money. My only gripe is the high inactivity fee, as I took a break and was surprised by the fee. Aside from that, it’s been a solid experience.”
Miguel Santos
“I appreciate their effort in providing a Halal trading option with their Islamic account. It’s hard to find brokers that accommodate different religious practices. Their platform is user-friendly, and executing trades is seamless. Would recommend!”
Aisha Khan
“I’ve used both the MT4 and MT5 platforms through HYCM and found the tools and indicators to be top-notch. The ability to use EAs has automated much of my trading strategy. The only downside is the absence of ZuluTrade for copy trading, which I was looking forward to.”
John Becker
“The mobile app keeps me trading on the go, and I haven’t encountered any issues with it. Their spread on major pairs like EUR/USD is quite low, making trading more cost-effective. A solid choice for traders looking for a reliable broker with good regulatory standing.”
Sophia Martinez

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Frequently Asked Questions (FAQ)

What is the minimum deposit?

The minimum deposit is $100, making it accessible for traders of all levels.

Does HYCM offer a demo account?

Yes, it offers a demo account for users to practice trading strategies without risking real money.

Is HYCM regulated?

It is regulated by multiple top-tier authorities including ASIC, CySEC, and FCA, ensuring a high level of security and trustworthiness.

Can I trade cryptocurrencies?

Yes, HYCM offers trading on a variety of cryptocurrencies alongside traditional assets like forex, commodities, and stocks.

What trading platforms does it offer?

HYCM provides access to both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, catering to a wide range of trading preferences.

Does the broker offer mobile trading?

Yes, HYCM offers a mobile trading app available for both iOS and Android devices, allowing traders to manage their accounts and trade on the go.

Are there any fees for depositing or withdrawing funds?

The company does not charge any fees for deposits or withdrawals, but it's important to check if your payment provider or bank may impose any charges.

Resources

Our experts

This article has been written, edited and reviewed by the following members of our team:

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Feng Zhou

Feng Zhou, a seasoned author and financial expert, boasts a diverse portfolio of articles recognized by prestigious publications such as Bloomberg, Global Asia, and BizLeaders. Graduating from the University of Hong Kong marked the inception of Mr. Zhou's journey into the financial sector. Initially delving into financial statement audits for both publicly traded and privately held clients, he honed his skills before furthering his education at Hong Kong Polytechnic University. During his tenure, Feng Zhou contributed significantly to the valuation of privately held businesses, engaged in forensic accounting, and provided litigation-related services. His professional trajectory also includes valuable experience at Nezu Asia Capital Management, a prominent hedge fund giant. Demonstrating entrepreneurial spirit, Feng Zhou founded a financial asset management company and frequently shares his expertise as a guest lecturer at various Chinese MBA programs. His prolific writing extends beyond traditional platforms, with articles featured in a range of industry events and publications, including FoxTrade, The MoneyShow, London Summit, and iFX EXPO. With a keen eye for market trends and a wealth of experience, Feng Zhou continues to be a prominent voice in the financial landscape.

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Sandro Pontedra

Sandro Pontedra is the mastermind behind the insightful financial analysis and educational content that FoxTrade readers have come to rely on. With a rich academic background from Università di Bologna and the University of Milan, Sandro has built a career that spans across private wealth management and financial analysis, culminating in his role as Chief Accounting Officer for a prominent firm. An avid trader with over a decade of experience in the markets, Sandro combines his hands-on trading knowledge with a keen analytical mind, offering FoxTrade readers a unique blend of practical advice and in-depth market insights. His work, recognized by major financial publications, reflects his passion for finance and commitment to demystifying complex financial concepts. Sandro is dedicated to empowering readers with the knowledge and tools needed to navigate the financial markets confidently. Whether you're a seasoned investor or new to trading, his articles provide valuable insights into investment strategies, market analysis, and the future of finance and technology.

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Stephane Dubois

Stephane Dubois stands at the forefront of financial analysis and industry expertise, driving innovation and insight across global markets. With a diverse academic background in International Relations and World Economy, coupled with practical experience spanning government projects and private sector endeavors across five continents, Stephane brings a wealth of knowledge and perspective to his role. As a senior editor at FoxTrade, Stephane oversees the publication of insightful content, ensuring that readers receive accurate and timely analysis to navigate the complexities of the financial world. His leadership and editorial guidance have been instrumental in shaping the platform into a trusted source of information for investors and traders alike. Beyond his editorial responsibilities, Stephane is revered as a leading analyst in the online broker industry. His insights have been instrumental in shaping strategies and decision-making for executives worldwide. Stephane's expertise isn't confined to the boardroom; he is also an esteemed business school professor, with an MBA from Columbia University and prior experience at Goldman Sachs. Stephane's impact extends beyond the confines of academia and corporate settings. He has spoken and moderated panels at prestigious events globally, earning citations from esteemed publications such as Finance Monthly, The Journal of Finance, and Financial Analysts Journal. His contributions to industry discussions cover a wide array of topics, from forex strategies to stock market catalysts, earning him recognition as a thought leader in the financial world.

Last update: June 17, 2024