HYCM Review 2020

5.0

By 1 User Reviews

Regulated By:CIMA, CySEC, DFSA, FCA

Foundation Year:1977

Headquarters:"18 King William Street London, EC4N 7BP United Kingdom"

Min Deposit:$100

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High Risk Investment Warning: 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.

Jitan Solanki

Last updated: Feb 23, 2020

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HYCM is a Forex and CFD broker authorised and regulated by the UK Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC), offering 3 core trading accounts called Fixed, Classic and Raw to trade on more than 100+ trading instruments across Forex, Stocks, Indices, Commodities and Cryptocurrency CFDs on the MetaTrader 4 and MetaTrader 5 trading platform.

HYCM is a Forex and CFD broker which is authorised and regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), with over 40+ years experience. The company is part of the Henyep Capital Markets Group which is an international conglomerate with businesses in financial services, property, education and charity.

The broker offers 3 core trading accounts called Fixed, Classic and Raw. Both the Fixed and Classic offer commission-free trading with competitive spreads to trade on 100+ instruments covering Forex, Stocks, Indices, Commodities and Cryptocurrency CFDs. They also offer Islamic swap-free trading accounts and demo trading accounts.*

Users can trade on the MetaTrader 4 and MetaTrader 5 trading platform for desktop, web and mobile trading applications. HYCM also offers a range of trader research and education tools which include live seminars anmd workshops and article-based and video-based market analysis and education.

*Users can access more instruments, such as 150+ Stock CFDs on accounts opened under a different regulator.

Pros:	Cons:
FCA and CySEC regulated. Commission-free trading accounts available. Raw spread trading accounts available. Can trade on MetaTrader 4 and MetaTrader 5.	Only 20 Stock CFDs to trade on (more available on accounts opened under entity that falls under a different regulator).

General Information

Official Site:https://www.hycm.com/en

Demo:Open Demo Account

Regulated By:CIMA, CySEC, DFSA, FCA

Foundation Year:1977

Headquarters:"18 King William Street London, EC4N 7BP United Kingdom"

Min Deposit:$100

Max Leverage:1:500

Publicly Traded:No

Deposit Options:Credit Card, Moneybookers, Neteller, PayPal, Skrill, Webmoney, Wire Transfer

Withdrawal Options:Credit Card, Moneybookers, Neteller, PayPal, Skrill, Webmoney, Wire Transfer

Tradable Assets:Currencies, Commodities, Indices, Stocks, Crypto, Futures

Trading Platforms:MT4, MT5

Commission on Trades:No

Fixed spreads:Yes

Trading Desk Type:Market Maker

OS Compatibility:Desktop platform (Windows), Desktop platform (Mac), Web platform

Mobile trading:Android, iOS

Accepts Us Clients:No

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HYCM Video Review

Investor Protection & Regulations

HYCM is authorised and regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). As such, the broker offers negative balance protection.

HYCM is authorised and regulated by the UK Financial Conduct Authority under the name Henyep Capital Markets (UK) Limited, as confirmed on the FCA register below:

The broker is also regulated by the Cyprus Securities and Exchange Commission (CySEC), as shown below:

As such, the broker has to adhere to the high standards set by these European regulators and offers negative balance protection policy to its clients. Within the Henyep Capital Markets Group, the company holds other licences as shown below:

Tradable Products

HYCM offers users the ability to trade on more than 100+ instruments covering Forex, Stocks, Commodities, Indices and Cryptocurrency CFDs.

HYCM offers users the ability to trade on more than 100+ instruments covering 60+ Forex pairs, 10 Stocks, 17 Commodities, 28 Indices and 14 Cryptocurrency CFDs.*

*Users can access more instruments, such as 150+ Stock CFDs on accounts opened under a different regulator

Below is a list of just some of the available markets for trading:

Forex	Indices	Commodities
EURUSD	US 500	Sugar
GBPJPY	Germany 30	Palladium
AUDCAD	Japan 225	Gold
AUDSEK	Shares	Cryptocurrencies
CHFNOK	Alibaba	BTC.USD
NZDCHF	Facebook	BAB.USD
USDINR	Twitter	NEO.USD

*Details regarding the available assets are taken from the HYCM website and trading platform and are correct at the time of this review.

Trading costs such as spreads, commissions and overnight funding (swap) rates vary depending on the instrument being traded and the account type opened.

Account Opening

HYCM provides users with a choice of 3 different trading accounts called Fixed, Classic and Raw. The broker also offers a free demo trading account and Islamic swap-free accounts.

HYCM provides access to 3 core trading accounts called Fixed, Classic and Raw, as shown below. They also offer free demo trading accounts and Islamic swap-free accounts.

Both the Fixed and Classic accounts allow for commission-free trading with a minimum deposit of $100. The Raw account is commission-based but with spreads starting from just 0.2 pips but with a minimum deposit of $200.

A live trading account can be opened by clicking the ‘Open Live Account’ button on the broker’s website. This will then redirect you to a registration page, as shown below:

Once this has been filled in, users are then redirected to a page asking for additional information in the form of birth date and address, as shown below:

After filling this in, users are then asked what trading platform you would like and account type and base currency, as shown below:

After this has been filled out, users are asked a few more bits of information and asked to read and sign their terms and conditions. Once this is complete, users are redirected to the My HYCM client portal area, as shown below:

In this area, users can open trading accounts, deposit and withdraw funds, access different trading tools and research. Users can also verify their identity and address by clicking the ‘Verify Now’ button but before uploading documents users will need to fill out more details regarding their trading experience, employment and income details.

Deposit & Withdrawals options

HYCM offers a wide variety of deposit and withdrawal methods which include bank wire transfer, debit and credit cards, Neteller, Skrill and WebMoney.

HYCM offers a wide variety of deposit and withdrawal methods which include credit and debit cards bank wire transfer and a variety of e-wallets such as Neteller, Trustly and WebMoney. Processing times and fees vary but can be found on the broker’s website as shown below.

Deposits are fee-free and can be processed in up to an hour in some cases, as shown below:

Withdrawals can also be processed in just an hour and are mostly fee-free but subject to minimum amounts, as shown below:

Web & Desktop Trading Platforms

HYCM offers users the ability to trade on the globally recognised MetaTrader 4 and MetaTrader 5 trading platform for Windows desktop and Web.

HYCM offers users the ability to trade on the MetaTrader 4 and MetaTrader 5 trading platform for Windows Desktop and Web. The platforms and web links can be found once logged into the My HYCM client portal area, as shown below:

HYCM MetaTrader 4

Users can trade on the globally-recognised MetaTrader 4 for Windows which comes with several benefits and advantages, such as the ability to:

Access 80+ technical indicators
Perform one-click trading functions
Trade on multiple asset classes
Automate strategies using Expert Advisors

HYCM MetaTrader 5

Users can trade on the globally-recognised MetaTrader 5 for Windows which comes with several benefits and advantages, such as the ability to:

View 21 different timeframes
Trade on multiple asset classes
Use hedging orders
Trade via one-click trading

HYCM MetaTrader Web Trader

Users can also trade on the globally-recognised MetaTrader Web Trader for both MT4 and MT5 which comes with several benefits and advantages, such as the ability to:

Access 9 different timeframes
Trade from any browser and operating system
View 38 technical indicators

Below is a screenshot of the MetaTrader 4 Web Trader platform:

The HYCM MetaTrader platform will be covered in more detail in the video review.

Mobile Trading Platforms

HYCM allows users to trade on the MetaTrader 4 and MetaTrader 5 mobile trading app for Android and iOS operating systems.

HYCM MetaTrader 4 mobile trading app

HYCM allows users to trade on the MetaTrader 4 mobile trading app for Android and iOS operating systems. The app can be downloaded from the My HYCM client portal, from the broker’s website or from the Apple App Store or Google PlayStore.

HYCM MetaTrader 5 mobile trading app

The HYCM MetaTrader 5 mobile trading app comes with several benefits and features, as highlighted below:

View 9 different timeframes
Access 6 types of pending orders
Perform one-click trading actions
View an integrated economic calendar

Trading Features

HYCM provides users with the ability to download Trading Central indicators for free to view their strategies, research and price targets directly in the MetaTrader platform.

HYCM provides users with the ability to download Trading Central indicators for free for both MetaTrader 4 and MetaTrader 5. This means users can view Trading Central’s technical analysis, research and forecast directly in the MetaTrader platform.

The HYCM Trading Central indicator can be downloaded directly from the broker’s website where they also provide detailed download instructions, as shown below:

Commissions & Spreads

Trading costs with HYCM vary depending on the market being traded and the account type opened. The Fixed and Classic accounts offer commission-free trading, whereas the Raw account offers commission-based trading with raw spreads.

Trading costs with HYCM vary depending on the market being traded and the account type opened. The Fixed and Classic accounts offer commission-free trading, whereas the Raw account offers commission-based trading with raw spreads.

Spreads and swaps also vary depending on the market being traded and the type of account opened but more details can be found on the broker’s website, as shown below:

HYCM Forex Trading

HYCM Stocks Trading

HYCM Indices Trading

HYCM Cryptocurrency Trading

HYCM Commodity Trading

Bonus & Promotions

In accordance with regulatory requirements, the broker does not offer any bonus or promotional schemes at present.

Due to regulatory restrictions the European Securities and Markets Authority (ESMA) has imposed on financial services providers in Europe, brokers are no longer permitted to offer any kind of bonus- or promotional schemes. As such, HYCM does not offer bonuses or promotions.

Customer Support

HYCM offers 24/5 support via Live Chat, Telephone and Email in multiple languages. The FAQ section in the Help Centre lists comprehensive answers and solutions to the most common queries.

Traders can contact HYCM 24/5 on weekdays via Live Chat, Telephone, Email and various instant messaging services. Client support is available in multiple languages such as English, Arabic, Spanish, Russian, Chinese, Portuguese, Italian and Lithuanian.

Upon visiting the website, the user is welcomed with a Live Chat message from one of the representatives. As the transcript below shows, any questions were answered within seconds and the agent was helpful and polite.

Clients who prefer to speak to a representative can contact the broker by Telephone. The Telephone help desk is available 24/5.

It is also possible to interact with HYCM through Whatsapp, Skype, Viber, Telegram Instant messaging services and Facebook Chat. HYCM is active on the main Social Media Channels, providing yet another way for clients to connect to the broker.

When clicking on the ‘Help Centre’ icon on the top of the main page, the user is redirected to the ‘Knowledge bank’ with a dedicated FAQ page. In the Frequently Asked Questions section, the most common questions are listed and categorized per the theme. A search bar allows users to browse any queries relating to their topic of interest.

Contact Information:

Address: 18 King William Street, London, EC4N 7BP, United Kingdom
Email: support@hycm.com
Phone: +44 – 208 – 816 – 7812
Social Media:

Research

HYCM provides useful trader research tools such as an Economic Calendar, Trading Calculator and a Newsfeed. The broker provides access to daily Market Commentary reports and analysis in video format.

HYCM provides several useful trader’s tools such as an Economic Calendar, a Trading Calculator and a Newsfeed.

In the Market Outlook section, traders can access a news feed, daily updated information about the top 10 assets that have moved most and market commentary reports from Trading Central’s trading desk.

Users can access Daily Market News videos, where HYCM in-house analyst discusses current market events for the Russian Market. Content is updated daily and available in English, Russian, Chinese and Arabic.

The broker further hosts a weekly Live Market Outlook webinar every Monday, where the Chief Currency Analyst discusses the week ahead and shares live analysis.

Trader Education

HYCM provides a range of Trader Education tools such as E-books, videos, webinars and workshops, covering a wide range of different topics.

The ‘Education’ section on the website features a range of tutorials and informational videos categorised by themes, making it easy for traders to access the material relating to their topic of interest.

The videos cover essential subjects ranging from technical analysis to trader psychology and capital management and practical topics such as MetaTrader tutorials and the application of trading strategies.

The broker also caters to clients who prefer a more interactive learning experience, hosting live webinars multiple times a week. Recordings of previous webinars are available on-demand, upon registration.

HYCM has different offices worldwide and on occasion, hosts live seminars in certain regions. Clients can find information on upcoming events and register online.

Trading Experience

HYCM provides a simple and transparent trading offering suitable for both beginner and advanced traders. Users can access commission-free trading on a good selection of markets, as well as advanced trader tools such as Trading Central indicators for the MetaTrader trading platform.

From our observations, HYCM provides a simple and transparent trading offering suitable for both beginner and advanced traders. Users have access to 3 core types of trading accounts called Fixed, Classic and Raw. The first two offer commission-free trading and the Raw account offers commission-based trading but at lower spreads.

Users can trade on the MetaTrader 4 and MetaTrader 5 trading platform for Windows, Web, Android and iOS applications. The broker provides additional indicators from Trading Central, as well as a good range of research and trader education tools.

FAQ

Is HYCM regulated?

Yes, by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Where is HYCM based?

HYCM is based at 18 King William Street, London, EC4N 7BP, United Kingdom.

How does HYCM make money?

HYCM makes money mainly through spreads and swaps on certain tradable asset classes and commissions on certain trading accounts.

How do I deposit in HYCM account?

Funds can be deposited into a trading account via debit or credit card, bank wire transfer, Neteller, Skrill or WebMoney.

What is the min. deposit for HYCM ?

The minimum deposit for HYCM is 100 USD.

How do I withdraw money from HYCM ?

Withdrawals can be made from HYCM via debit or credit card, bank wire transfer, Neteller or Skrill from the My HYCM client portal area.

What is the max leverage in HYCM ?

The maximum leverage offered by HYCM is 1:30 for retail clients, in line with ESMA regulations.

How do I open an account with HYCM ?

An account can be opened at the click of a button on the HYCM website and can be done in just a few steps.

Does HYCM use MetaTrader?

Yes, MetaTrader 4 and MetaTrader 5.

Conclusion

HYCM is a Forex and CFD broker authorised and regulated by the UK Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC), offering 3 core trading accounts called Fixed, Classic and Raw to trade on more than 100+ trading instruments across Forex, Stocks, Indices, Commodities and Cryptocurrency CFDs on the MetaTrader 4 and MetaTrader 5 trading platform.

HYCM is a Forex and CFD broker which is authorised and regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), with over 40+ years experience. The company is part of the Henyep Capital Markets Group which is an international conglomerate with businesses in financial services, property, education and charity.

The broker offers 3 core trading accounts called Fixed, Classic and Raw. Both the Fixed and Classic offer commission-free trading with competitive spreads to trade on 100+ instruments covering Forex, Stocks, Indices, Commodities and Cryptocurrency CFDs. They also offer Islamic swap-free trading accounts and demo trading accounts.

Users can trade on the MetaTrader 4 and MetaTrader 5 trading platform for desktop, web and mobile trading applications. HYCM also offers a range of trader research and education tools which include live seminars and workshops and article-based and video-based market analysis and education.

FCA and CySEC regulated.
Commission-free trading available.
MetaTrader 4 and MetaTrader 5 for Windows, Web, Android and iOS.
Free access to Trading Central indicators.

Official Site >

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DEMO ACCOUNT

High Risk Investment Warning: 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.

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Official Site >

OPEN ACCOUNT

DEMO ACCOUNT

High Risk Investment Warning: 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.

HYCM Review 2020

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