HYCM Review

HYCM a MULTI-REGULATED broker, providing trading services since 1977*

0
9993
Screenshot of www.hycm.com
All trading involves risk. Only risk capital you're prepared to lose.

With 40 years of experience in the high powered and extensive forex market, HYCM has stood tall offering a premium trading experience to users. A review of HYCM shows they were among the Henyep group who began operations with an exchange platform for gold and silver in the late 90’s in Hong Kong. Formerly known as HY, HYCM (Henyep Capital Markets) continues to make large strides in the market by offering investors mediums to trade products that ranged from forex to other forms of investments. HYCM acts as your riskless Principal; i.e. a Market Maker.

*HYCM was founded in the year 1977 in 18 King William Street London, EC4N 7BP, United Kingdom and even though they are not a public listed company, they have an outstanding set of regulation for their various companies; overseen by tier-1 regulatory bodies the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), Dubai Financial Services Authority (DFSA) as well as the Cayman Islands Monetary Authority (CIMA).

HYCM logo showing full name.

Review HYCM Entities and Regulation

  • Henyep Capital Markets (UK) Limited is authorized 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).

Though a reputable platform for both retail and commercial CFD traders, HYCM do restrict their CFD trading from some regions and countries which include; Afghanistan, Belgium, Japan and also the United States because of local restrictions and regulations.

HYCM Products

HYCM is offering two MetaQuotes trading platforms: MT4 and MT5. These are the industry standard, and considered as the prime tool for traders, enabling you to trade currencies, stocks, indices commodities and cryptocurrencies as well with over 300 instruments, ensuring efficient and smooth trading. A quick breakdown of the products offered on HYCM are;

  1. Forex 
  2. Metals  
  3. Indices 
  4. Oil and Gas (CFDS)
    • US Oil Future 
    • Spot Oil 
    • Brent 
    • Natural Gas 
  5. Soft Commodities (CFDS) 
    • US Cocoa 
    • US Coffee 
    • US Sugar 
    • US Cotton.
  6. Stocks 
    • Alibaba 
    • Apple 
    • Amazon.com 
    • Facebook 
    • Google 
    • Jd.com 
    • Microsoft 
    • Tesla Motors 
    • Twitter 
    • Vipshop Holdings 
  7. Cryptocurrencies (CFDs) 
    • Bitcoin/USD 
    • Litecoin/USD 
    • Ethereum/USD 
    • Ripple/USD 
    • Bitcoin Cash/USD

Trade MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for all the forex currency pairs – with about 69 currency pairs that you can trade. HYCM is offering a competitive spread from 0.2 pips and a maximum leverage of 1:200 but these factors can be influenced by the account type that you chose to trade with on HYCMs platform, remembering that for European clients, 1:30 is as good as it gets unless you are a Professional trader. 

HYCM Accounts and Commission

Apart from the Demo account, there are three Live account types on HYCM which cover range of options that different traders and investors may consider suitable for them. They also offer negative balance protection for all the accounts which is including: 

  • Fixed Spread
    • The fixed account types allows traders to trade from 1.8 pips and offers a minimum deposit of $100 with 0.01 minimum trade volume and no commissions. Fixed spread means your cost (the spread) never changes, whereas a variable spread can widen during news announcements or volatility etc.
  • Classic Account
    • Without commission, the minimum deposit for the classic account is also $100 but this time with 1.2 pips and a minimum trade volume of 0.01. Variable spreads (can widen).
  • Raw
    • Raw accounts comes with a special EA feature and starts with a minimum deposit of $200. But it offers commissions of $4 for every round. The spread is however even more competitive and tighter compared the other account types starting from 0.2 pips. 

So for this best HYCM review, if you are an individual, a VIP or Corporate client, you should be able to find an account that is suitable for your trading style. 

HYCM Account Deposits 

Deposits and withdrawals made from the various accounts can be seen below in this HYCM review – and includes; 

  • Visa
  • MasterCard
  • WireTransfer
  • WebMoney
  • Neteller

Not so many funding methods, especially considering the age of the broker. Be advised that wire or bank transfers may take up to 1-5 business days before showing in your accounts. Good news now – all these methods of deposit do not incur any charge from HYCM. With a clean design, HYCM users can deposit funds by choosing which deposit options available through the platform.

Withdrawals

The same easy process for deposits into HYCM applies to withdrawal methods. Withdrawals always go back to the source you used to fund your account. If there is difficulty returning the profits of your trades back to the original source – it happens from time to time – they will transfer them to your bank account as identified by you. This is why your bank account name has to conform with the name you use for your HYCM trading account.

Depending on the method of withdrawal, HYCM has minimum and permissible limits for when you want to withdraw; credit, debit cards, eWallets run a $20 minimum withdrawal while the minimum for wire transfers to a bank account is $250. Any wire transfer less than $250 on your account attracts a $30 fee. You have been warned!

Best HYCM Special Features 

HYCM offers a state of the art Prime Trader that offers opportunity for multi-asset trading. They also have the  MetaTrader4 platforms for mobile and web. The mobile trader allows for trading on the go wherever you have access to the internet. The features of the MT4 are simple, easy to use and straightforward both for new and experienced traders. 

HYCM also has a section allocated to educational materials on the website. They give access to learning and acclimatizing with tools for trading on the platform. Even the educational page is arranged and sub-divided for easier navigation (trading tools, Beginners’ courses, tutorials, trading strategies, e-books) are all available for your trading.

HYCM Bonuses and Promotions

Being regulated within EU, HYCM is unable to offer any bonuses for sign ups or even promotions – due to the Markets in Financial Instruments Directive (MiFID) affecting all other EU brokers. However, for clients outside the EU, there is a credit bonus applicable for only HYCM Ltd that is for deposits made over $100 to a maximum of $5000. Nice. Learn more about HYCM bonuses here.

HYCM Reputation and Awards.

This HYCM review cannot close without talking about the multiple awards of the HYCM group. From 1977 when they started as a silver and gold exchange society to 1981 when they established their 25th office overseas the list of awards and recognition is immense! 

Check out the recent history…

  • In 2011, 
    • They won the best broker in middle east awards by the international business times.
    • Best global broker by Forex Awards.
  • In 2012,
    • The were the best FX mini Account Provider, an award by the world Finance. 
    • Best customer service provider was awarded to them by Forex Awards again.
    • Best global broker by Forex Award
    • Best FX broker in Northern Europe Award from Word Finance 
  • In 2013, 
    • Best Mobile Trading Platform by World Finance
    • Best Broker Middle East by World finance 
  • In 2014, 
    • Best retail Trading Platform by Fx Report
    • Best Broker Eastern Asia by same FX report
    • Best Global Profession Trading Platform by forex awards
    • Best Forex broker in Europe by Forex Awards
  • In 2015, 
    • Best Broker Northern Europe by FX report 
    • Best broker Southern Europe by FX report 
    • Best Retail Platform by FX report 
  • In 2017, 
    • Best mobile Trading Platform by World Finance.
    • Best FX Broker Middle East by World Finance
    • Best Forex UAE by Global Banking Finance Review
    • Best Trading Platform Dubai by Global Brands Magazine.
    • Best Forex Broker Europe by FXDailyInfo
  • In 2018, 
    • Best forex Broker Europe by FXDaily Info
    • Best forex Broker Middle east by World Finance
  • In 2019, 
    • Best forex Trading Platform in Middle East by 2019
    • Global Forex Awards
    • Best Forex Broker by brand Awards.