WikiFX Review: HYCM—Why does this broker catch many traders’ attention recently

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of HYCM based on the facts.

What is WikiFX？

To explore whether HYCM is a scammer or not, we evaluated this broker from different aspects, such as regulatory status, exposure, etc.

Table of Contents

1. Evaluate the reliability based on its general information and regulatory status.

A. General Information of Admiral Markets

B. Regulatory Status

2. The feedback from Twitter

3. Exposure related to Admiral Markets on WikiFX

4. Special survey about Admiral Markets from WikiFX

A. Scoring Criteria

B. Field Investigation

C.WikiFX Alert

5. Conclusion

1. Evaluate the reliability based on its general information and regulatory status

To understand this broker better, we explore HYCM by analyzing three main perspectives:

A. General Info of HYCM

B. Regulatory Status

A. General Info of HYCM

HYCM general info has been shown below:

About HYCM

Spreads & Commissions

The minimum spread for the Fixed Micro account is 2.0 pips EUR/USD, for the Fixed Standard account 1.8 pips EUR/USD, for the Floating Pro account 1.4 pips, and the Floating Pro account 0.2 pips.

Trading Platform Applied

HYCM offers its users the popular MT4 and MT5 trading platforms, which support both mobile and web versions. The MT4 is currently the most popular forex trading platform along with the MT5 on the market. With a user-friendly interface, powerful charting tools, and a large number of custom indicators, MT4 is available for automated trading and EA trading, helping traders of all levels to develop different trading strategies and help traders to get ahead in the financial markets.

Deposit & Withdrawal

HYCM supports deposit and withdrawal methods by debit card (minimum deposit of USD 700), VISA/MASTERCARD credit card (minimum deposit of USD 700), and bank transfer (minimum deposit of USD 700), all without deposit fees. Debit card withdrawals with a minimum amount of $20 are subject to a $30 processing fee and take 3 to 5 business days to process. Credit card withdrawals are subject to a minimum amount of $20, a $0 or $30 processing fee, and a processing time of 3 to 5 business days. The minimum withdrawal amount is $300 by bank transfer, with a $0 or $30 processing fee and a processing time of 7 to 10 business days.

Account Types

This broker provides clients with MT4 micro accounts, MT4 special accounts, and MT4 standard accounts.

B. Regulatory Status

What is a Legitimate License？

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.

• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.

• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.

• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate license of HYCM

HYCM is a regulated broker. HYCM is regulated by FCA with license number: 186171 and CySEC with 259/14.

(source: WikiFX)

2. The feedback from Twitter

• HYCM has an official Twitter account. As of June 24, 2022, it has about 24,000 followers.

• Many traders praise HYCM on Twitter.

2. Exposure related to HYCM on WikiFX

As of 23rd June 2022, WikiFX has ceceived some complaints from the traders. below are some case that we found. please note that potantial risks when you decide to invest in this broker.

3. Special survey about HYCM from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Admiral Markets has been given by WikiFX a decent rating of 8.25/10.

(source: WikiFX)

Based on the above, we can see that this broker has an all-round excellent performance.

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

• WikiFX did make an on-site survey on HYCM in September 2020 and successfully found their office.

  C. WikiFX Alert

  

5. Conclusion:

It is no doubt that HYCM is a solid regular broker with a great reputation in the forex market. It is over 20 years of experience contributes to its unshakable status in the forex industry. However, due to the recent complaints, we advise you to be careful before you make a decision. After all, there are a lot of good alternatives in the market. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link(https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers that you are curious about.