HYCM Review 2022 – Benefits and Drawbacks Uncovered

Before trading with a broker, it is critical to read the broker review. The HYCM review is available in full below. With over 40 years of business expertise, HYCM, formerly known as HYMarkets, is rightfully considered as one of the top FX brokers. HYCM is a subsidiary of the Henyep Group, a global financial holding company headquartered in the United Kingdom (London) that specializes in financial solutions, education, and property investment.

The broker's biggest advantage is the strict monitoring that it maintains in all of its branches throughout the world while conforming to regulatory agencies in each nation. The broker also maintains strong trading functionality, offering a diverse range of trading products and specialized services to its clients.

HYCM - Account Creation

Creating an account with HYCM is a straightforward and fast process with a user-friendly interface. It just takes 10 minutes to sign up. Accounts are typically authenticated in a single workday. Simply follow the steps below to create an account:

Click the open account button to create a new account.

Personal information such as name, email, contact information, birth date, and home address are all required.

From the drop-down options, choose your favorite trading platform (MT4 or MT5), account type (Fixed, Classic, or Raw), and currency. Please keep in mind that users may easily establish extra accounts afterwards. Users may have an MT4 account in both USD and EUR, for example. Users may transfer money between accounts that are set up in the same currency.

Additional personal information, as well as responses to various questions concerning the user's financial condition and trading experiences, are required.

Examine the identity and the place of residence. Users may submit a national ID card, passport, or driving license for verification. Utility bills and bank records are acceptable forms of verification of residency. If they wish to use a debit or credit card, users must additionally authenticate it.

HYCM Evaluation - Investment Prospects

Users may only trade FX and various CFDs (commodities, futures, & share CFDs).

HYCM's primary business is forex and CFD (contract for differences) trading.

Aside: CFDs are complex financial instruments with a high risk of rapid loss owing to leverage. 72 percent of typical investor accounts incur financial losses while trading CFDs with this firm. Users must consider if they understand how CFDs work and whether they can afford to lose all of their cash.

The broker has a better-than-average forex offering, but its stock CFD offering is restricted when compared to competitors. Stock CFDs include a number of prominent companies listed in the United Kingdom, the United States, Germany, and Spain. Certain stock CFDs and exotic Forex pairs are only available on the MT5 platform.

HYCM Evaluation – Trading Platforms

Web Trading

Meta Trader supplies the broker with an online trading platform. It's highly customizable, available in a number of languages, and includes an easy-to-understand pricing report. However, the platform lacks two-factor authentication and pricing alerts, and its design is outdated.

The broker doesn't have its own platform. It provides MT4 and MT5 third-party trading platforms. MetaTrader 4 is available in a large number of languages.

HYCM's online trading interface is very customisable. The size and position of the tabs may be modified instantly.

Nonetheless, the platform looks to be out of date, with numerous functionalities difficult to find.

Mobile

MT offers an excellent mobile trading platform to HYCM. It has an amazing search function and is simple to use. However, it does not have a secure login. As with the online platform, the broker offers MT4 and MT5 mobile platforms. MT4 is available on both iOS and Android platforms. Like the online platform, the mobile platform supports a broad variety of languages.

Account Types - HYCM Review

There are three kinds of accounts. Spreads may be fixed, classic, or raw. The broker provides a fixed spread strategy with a little greater spread, implying that the trades are not subject to commissions. On the Classic account, variable spreads are offered, although raw spreads are provided by interbank spreads beginning at 0 pips with a trading cost. However, depending on the nation, accounts and conditions may change.

Within their profile, users may create several accounts with different account base currencies. Users may, for example, have a Euro and a US Dollar account for MT4 at the same time. Transferring money between accounts that utilize the same currencies is free and simple.

Fees for HYCM Review

Fees will vary based on the account customers choose or swap, so determine which one is best for them. Constant spreads are a good alternative for those who want steadiness, especially in the face of volatile news, while traditional variable spreads are suited for a wide range of trading methods and are commission-free. It's also critical to consider broker fees, as well as other charges like deposit and withdrawal commissions, as well as non-trading fees.

Spreads

Fixed spread situations offer a somewhat higher spread while also providing consistency in all instances, depending on the kind of account. A Classic Account with variable spreads, on the other hand, will have lower spreads that change with market turbulence and conditions. Furthermore, since trading fees are included in the 4$ payment every round, Raw spread is a popular option among experienced traders. Traders may also open Islamic trading accounts that do not need any adjustments.

Instruction & Training

HYCM's learning center is a fantastic tool that provides all of the knowledge needed for profitable trading. Trading Lessons, Webinars, and Seminars are held on a regular basis in different locations, as well as Technical Analysis and Market Analysis with instructions, MetaTrader 4 Videos, and other relevant material.

This is amazing and highly recommended, especially for rookie traders, since when used in conjunction with powerful research and instructional resources, users have a better chance of having a successful trading career.

HYCM Evaluation – The Final Word

HYCM is an FX and CFD broker that is regulated by many regulatory organizations across the globe, including the FCA, a tier-1 regulator. The fact that HYCM offers cheaper costs is a plus. The educational component, especially the webinars, is more beneficial and fun than what other brokers provide. The account opening procedure is simple, and there are various options for free money transfers. However, the broker's product offering is limited, since HYCM only offers forex and CFDs. It makes use of outdated MT platforms. The broker charges a $10 monthly inactivity fee after only three months of inactivity. HYCM may be a suitable pick for folks who appreciate the MT platforms and seem to be interested about CFD and FX trading.