Complete HYCM Review 2022 - Benefits and Drawbacks Revealed

HYCM is a registered CFD and FX broker with offices in London, the UK, Cyprus, and Hong Kong. It allows traders to trade FX pairs, stocks, indices, cryptocurrencies, and ETFs. HYCM provides Fixed, Classic, and Raw trading accounts to suit all trading styles and levels of expertise. This HYCM review was written for new CFD traders to help them understand how the broker operates, the risks involved in CFD trading with this provider, the rules, the ability to open a demo account, the kinds of accounts provided, etc. However, consumers should examine regulations before using such internet brokers. Our in-depth HYCM review includes all you need to know, and if you're new to trading or seeking to expand your trading toolset.

HYCM Overview

Who are HYCM？

Henyep Markets (previously HY Markets) is a well-known FX and CFD broker that began in 1977 as a Hong Kong gold dealer and joined the Hong Kong Gold and Silver Exchange Society. The Henyep Group is a multinational financial holding corporation based in London. The Financial Conduct Authority licensed Henyep Investment UK in 1988. (FCA). Despite the risks, Henyep Investments focused on developing a CFD trading platform for energy and commodities in 2000 and became a founding member of Hotrade, a renowned online stock trading platform.

In 2007, Henyep Investment (UK) established HYCM. CySec granted HYCM Ltd (Europe) an online trading platform (CFD and FX broker) license in 2014. (Cyprus Securities and Exchange Commission). In 2016, Henyep integrated all its segregated capital markets investing brands, giving rise to HYCM.com. In 2018, HYCM Forex broker received a CIMA license, which increased the platform's trustworthiness and reduced the chance of account hacking.

The Henyep Group is a multinational organization with an emphasis on Europe, Asia, and the Middle East. It is now one of the market's major forex brokers, with over 40 years of expertise and a wide range of trading products. This HYCM review covers the broker's features, customer advantages, risk considerations involved with CFD trading, pros and downsides, and account types. Before you register an account with HYCM, read this HYCM review. We'll evaluate HYCM's goods and services. This HYCM review will also cover the app, mobile trading, and platform features.

HYCM Features

HYCM is one of the major online CFD (Contract for Difference) and FX (Forex) trading providers. Customers may expect the following main features from HYCM:

Regulated Broker

According to the FCA (Financial Conduct Authority), CySec (Cyprus Securities and Exchange Commission), CIMA (Cayman Islands Monetary Authority), and the DFSA (Dubai Financial Services Authority), HYCM is fully regulated (Dubai Financial Services Authority). These agencies limit the risk factors involved with CFD transactions.

Solid Background

As part of the Henyep Capital Markets Group, HYCM provides services to the financial, education, property, and charitable sectors.

40+ Years of Expertise

When it comes to picking the most trusted online broker, experience and regulation are key factors. The broker review says it is one of the best online platforms with over 40 years of expertise. HYCM provides traders with everything they need to make an educated CFD trading choice in a reasonably risk-free environment (owing to its regulation).

Balancing the Negative

Negative balance protection is one of HYCM's unique features that assures no retail investor account loses money while trading CFDs. Cryptocurrency CFDs are complicated products that carry a significant risk of loss. Negative balance protection stops consumers from exiting CFD trading before their accounts become negative, reducing the chance of loss.

Low Costs

HYCM's low price approach draws people from all around the globe, despite the inherent risks. Clients are not charged an inactivity fee. Trading costs and spreads are by industry norms.

Awards

HYCM has received several accolades for the superior risk-free services it has provided its customers since its beginning. Among the platform's top accolades are “Global Banking & Finance Review's Best Forex Broker, UAE 2017” and “World Finance's Best Mobile Trading Platform, 2017”. HYCM has also been acknowledged as a global industry leader, which has helped the platform expand as an online broker for traders worldwide.

HYCM's Services

According to HYCM reviews, it offers equities, indices, commodities, ETFs, FX pairings, and cryptocurrencies. Except for currency, all other items traded are CFDs. Cryptocurrency CFDs are only accessible to HYCM Ltd customers living in the Cayman Islands.

Stocks

Unlike other brokers, HYCM customers may trade stocks of world-renowned companies with margins as low as 5% and leverage up to 1:20. Alibaba, Apple, Amazon, Facebook, Google, Microsoft, Twitter, Tesla Motors, Vipshop Holdings, etc.

Indices

HYCM customers may trade in over 15 global stock markets with up to 1:200 leverage. Some of the major indices accessible to trade are the US 500 Index, UK 100 Index, Germany 30, France 40, Euro 50, Italy 40, and so on.

Commodities

Clients of HYCM may speculate on the price of commodities without holding the underlying assets. Leverage up to 1:133 using HYCM. Commodity CFDs are:

• US Crude

• Brent Oil

• Natural Gas

• Cocoa

• Coffee

• Sugar

• Cotton

• Gold

• Silver

• Palladium

• Platinum

ETFs

Unlike most other brokers, HYCM customers may trade ETFs with a maximum leverage of 1:20. HYCM offers ETFs such as Energy Select Sector SPDR, SPDR Health Care, SPDR Gold, SPDR Financial, and SPDR S&P 500.

Forex

Forex trading at HYCM is easy with spreads beginning at 0.2 pips and maximum leverage up to 1:500.

Cryptocurrencies

HYCM customers may profit from the rise of popular digital currencies like Bitcoin, Litecoin, and Ethereum without owning them. All major cryptocurrencies have a maximum leverage of 1:20.

Regulated HYCM？

HYCM is a division of Henyep Capital Markets Group. Each of the Henyep Capital Markets Group's wings is governed by the apex organizations in each country.

The HCYM subsidiary brokers are regulated as follows:

Henyep Capital Markets (UK) Ltd

Henyep Capital Markets (UK) Limited is an FCA-approved forex broker (Financial Conduct Authority)

HYCM (EU)

HYCM (Europe) Ltd is CySec regulated (Cyprus Securities and Exchange Commission).

HYCM

HYCM Ltd is governed by CIMA (Cayman Islands Monetary Authority).

Henyep (DIFC) Limited

The Dubai Financial Services Authority regulates Henyep Capital Markets (DIFC) Limited.

HYCM (Europe) is also controlled by the regulatory authorities of the following EU member states:

• In Germany, the corporation is supervised by the BFS (BaFin).

• The French regulator is the Autorité de Contrôle Prudentiel (ACP).

• The corporation is governed by the Spanish National Securities Commission (CNMV).

• The Polish Financial Supervision Authority regulates the corporation (KNF).

• Finansinspektionen regulates the corporation in Sweden (FI).

• The Commissione Nazionale per le Società e la Borsa regulates it in Italy (CONSOB).

• The Financial Conduct Authority regulates the corporation in the UK (FCA).

• Magyar Nemzeti Bank regulates the corporation in Hungary (MNB).

HYCM Pros and Cons

Opening an HYCM Account

HYCM Review says the account opening procedure is straightforward. Traders only need to visit the HYCM official website and click on the red “Open an Account” button in the upper right-hand corner. This will take them to a website with a registration form that requires their complete name, email, and phone number. Traders may choose their preferred language from a dropdown menu at the bottom of the page. Traders may go to the next page by clicking the blue “Next” button at the bottom of the page. On the following screen, traders must provide their country of residence, date of birth, and complete address before clicking “Next”.

Account currency, account currency type (Fixed, Classic, or Raw), and leverage are all selected on the third page. Traders must then create a password for future HYCM logins. Traders are occasionally asked questions about their financial condition and history before being requested to verify their accounts and deposit monies.

Traders may also open a test account with $50,000 virtual currency that lasts for 14 days. The HYCM demo account is available in USD or EUR. With the demo account, traders may practice trading without risking real money. In this way, a demo account assures no retail investor loses money while trading CFDs.

Verify HYCM Account

Within 7 days after account creation, traders should submit the following papers to HYCM:

• A passport or other national ID card copy

• Proof of address such as a bank statement or a recent electricity bill.

• For credit card deposits, the broker demands a photocopy of the face of the card.

• Traders may also fax, email, or upload papers from their phones.

HYCM Account Types

HYCM provides three kinds of accounts to suit any trader's expertise and style: beginner, corporate, and professional. HYCM offers traders the following account types:-

Fixed-Price

It demands a minimum deposit of 100 USD. Fixed Spread Accounts suit UAE retail consumers that trade in lesser amounts. The fixed spreads account type has a little greater spread (1.8 pips), meaning trading fees are levied. Although HYCM provides a commission-free fixed spread account, the automatic trading option is disabled, which is another disadvantage. Fixed accounts do not provide traders EAs (economic advisors).

Account Type

Classic spread trading accounts allow traders flexible spreads starting at 1.2 pips. The minimum deposit for a Classic account is $100 and the minimum trading volume is $0.01. Unlike fixed accounts, Classic accounts provide automated trading solutions. For classic accounts, an EA is assigned.

Raw Data

Raw spreads start at 0.2 pips with an extra 4 USD every round. The minimum deposit for a Raw Spread account is 200 USD, which is greater than the other two account types. The minimum trading volume is 0.01 like in the other two accounts. Raw account holders get EAs.

All three spread account categories have Islamic accounts, although the VIP and Corporate spread accounts are exclusively accessible to high-frequency asset managers. The trading criteria for each of these spread account types vary by jurisdiction. Clients should do their homework before choosing any form of spread account.

Platforms HYCM

HYCM provides traders with the industry-standard MT4 and MT5 trading platforms for trading CFDs and Forex (FX). The broker's website has both platforms available for download. Forex and CFD trading need meticulous execution of trading methods to ensure that no retail investor accounts lose money. In this HYCM review, we go through the key features of both trading platforms, so traders may better understand how they function and how to use them to make more money trading with this provider.

MetaTrader 4 (MT4)

HYCM customers may trade over 300 items in 6 asset groups (stocks, currencies, indices, commodities, ETFs, and cryptocurrencies) using the MetaTrader 4 platform. There are several advantages to using the most popular electronic broker with cutting-edge technology and the current financial industry standard. Some of its standout features include extensive technical analysis, strong trading algorithms, Expert Advisors (EAs), and a robust mobile trading app. MT4 does not allow two EAs on the same chart, despite running over a hundred EAs on the same trading terminal.

HYCM MT4 (Metatrader 4) platform login is quick and easy. On the overview page, visitors are led to the download link, where they may read onscreen instructions for setting up the MT4 window. After the download and installation, customers may immediately access the mt4 or MetaTrader 4 icon on their desktop.

Users may start a live account on MetaTrader 4 by registering with their complete name, phone number, and valid email address. There are no third-party gateways and the platform is available 24/7. In collaboration with Trading Central, HYCM now offers customers direct access to Trading Central's financial analytics service through the MT4 platform.

The software has three primary panels that allow customers to execute CFD and forex transactions easily:

Ticket and Chart

The chart and ticket window is a huge panel in the center of the screen that shows technical indicators, historical prices, and charting tools. On both platforms, four charts can be customized with unique technical analysis tools and indicators. These charts allow customers to see many periods or instruments at once. The panel also features a powerful built-in ticket function that allows users to rapidly purchase or sell a stock by just clicking on it.

Market Monitor

The Market Watch panel shows the symbols and live prices of prominent instruments traded on HYCM. HYCM traders may right-click anywhere on the panel to obtain data including high and low prices, tick charts, and market depth.

Terminal Panel

Trades pending, active, and closed are shown in the Terminal Window panel. Users may set alarms and other system notifications here. The MT4 platform has a help section located at the top of the screen with crucial documents, instructions, and video lessons.

Adaptable Chart

To view open orders, just right-click on any of the charts in the Customizable Chart Panel. They may also adjust the viewpoint, timelines, and colors of a chart, and arrange them in a cascading, vertical, or horizontal arrangement. Opening multiple charts concurrently are also possible.

MT4 Mobile Trading

Users may now use the MT4 mobile trading platform to trade on the go. The mobile app is available on Apple and Google Play. Using the mobile trading software, a user may initiate, cancel, and manage trade positions while on the road. The MT4 mobile app also enables users to conduct trades, monitor account activity, and review trades. Users may also access quotation charts, leading analytical tools, and trading orders. The mt5 mobile app also provides push alerts and allows users to interact with other traders.

MetaTrader 5 (MT5)

MetaTrader 5 is a multi-functional and multi-asset trading platform with customizable systems, and excellent technical and fundamental analysis. The broker accepts trading robots and EAs (Expert Advisors). MT5 has 21 periods, 6 pending order types, and an integrated economic calendar. The Economic Calendar is a very useful tool on MetaTrader5. It keeps users abreast of market-moving developments. The Economic Calendar is compatible with EAs (Expert Advisors) and Trading Central, as is the full MT5 platform. There are also infinite charts, 38 technical indicators, and 44 analytical objects in the advanced technical analysis.

MT5 Trading App

This program allows users to initiate, terminate and manage trading positions with a single click. Histograms are included in MetaTrader 5. Technical analysis is provided via a broad variety of analytical indicators in the MT5 mobile app.

HYCM Instruments

HYCM provides customers with tools to do market research, compute FX data, track price patterns, and stay up with market news. It also informs customers of different brokerage services and trading possibilities in other marketplaces.

Calculator

Users may use the following calculators:

Pip Calculater

Calculates the pips/lot

Currency Converter

Changing currencies.

Margin Calculator

Calculates margin per deal.

Economic Calendar

The economic calendar maintains track of all recent currency (FX) news.

HYCM Markets

HYCM provides customers with equities, indices, commodities, cryptocurrency CFDs, and ETFs.

HYCM Leverage

Depending on the client's jurisdiction, it provides several leverage ratios.

HYCM Ltd

Metals, indices (US cash and futures), and exotics – 1:500 FX majors and minors (India or China futures) (Cash) Indices (EU, Hong Kong, Japan), and Commodities (soft) 1:50

(oil) and (natural gas) – 1:20 and (France, Spain, and Germany) – 1:10

Henyep Capital Markets (UK) Ltd and (Europe) Ltd

• Forex Majors – 1:30

• Forex minors, exotics, metals, indices (US futures and cash) – 1:20

• Stocks – 1:5 Indices (cash and futures)

• commodities (natural gas) – 1:10

• Users of Henyep Capital Markets (DIFC)

• Limited may trade with a 5-20% margin.

HYCM Commissions

Studies reveal that HYCM charges relatively cheap CFD and FX trading costs, with certain exceptions where a small withdrawal fee may apply. Retail forex traders pay a $30 withdrawal fee for bank wire transactions under $300. Withdrawals made using Neteller or Skrill above $5,000 are charged a 1% fee. Other withdrawal options incur no deposit fees.

The trading fee, spread, and commission on a broker vary depending on the account type chosen by the customer and the underlying trading products transacted on the platform. To learn more about its fees, go here.

Spreads

The Fixed and Classic accounts are commission-free, but the spreads are exorbitant, according to studies. The Fixed account has 1.8 pips minimum fixed spreads whereas the Classic account has 1.2 pips minimum variable spreads. But the Raw account provides a reasonable pricing structure (spreads) with a minimum of 0.2 pip and a 4 USD fee for each round lot (round). Clients with a consistent trading pattern should open a Fixed spread account, whereas those with varying trading habits should open a Classic account.

Data on clients come from reliable third parties, who get disseminated data through exchange feeds. The business maintains the right to adjust the spreads based on market circumstances at any moment (or sometimes without any prior notice).

Index, dividends, and mergers affect stock, ETF trading, and cryptocurrency CFDs, but there is no clear information on the broker's website on how this market maker (HYCM) handles them. HYCM spreads are greater for investors who want to close at a certain price.

Non-Trading Fee

There may be overnight swap rates and a $10 monthly inactivity charge, which many HYCM reviews (user reviews) say is a little bothersome. Moreover, a currency conversion fee applies to all orders, whether Buy Long or Sell Short. Overnight fees are only applicable to rolling contracts and are based on transaction size, current interest rates, and open trade price.

Deposit and Withdrawal Options

Traders at HYCM have the following deposit and withdrawal options:-

Deposit Options

Depending on where they live, investors may fund their retail investor accounts using the following methods:-

• WeTransfer

• Credit card.

• PayPal, WebMoney, China UnionPay, and Interac.

The site requires a 100 USD initial deposit to begin trading. Then you may deposit using Visa, Mastercard, or one of the approved e-Wallets. Card and e-wallet deposits are handled very instantaneously and are finalized in an hour. Unlike immediate payment alternatives like cards and e-wallets, wire transfers might take up to 7 working days to complete.

HYCM deposit is easy. A consumer may deposit funds into their account by simply clicking on the “Banking and Deposit Funds” page on their desired account type's main client interface. Once he has chosen his preferred deposit method, fill in the appropriate information, and clicked “Submit,” the funds will be credited to his chosen account type. HYCM also offers deposit incentives.

Withdrawal Options

The broker returns the funds to the source from which they were received. If customers opt to withdraw through wire transfer, the funds will be credited immediately to their bank accounts.

Unlike deposit minimums, withdrawal minimums are determined by the user and are dependent on the withdrawal method selected.

Visa, MasterCard, and E-Wallets

Withdrawals under $5,000 using Skrill or Neteller incur a 1% fee.

Money Transfers

Withdrawals under $300 are subject to a $30 fee.

Investors may get full information on deposits and withdrawals, bank officials, and more on the broker's website. HYCM may seek credit card information from traders to process withdrawal requests and prevent forex scams.

Refunds take between 3 and 7 business days to appear in the trader's account due to the bank's strict security procedures.

HYCM Conclusion:

HYCM looks to be a legitimate broker according to numerous HYCM evaluations. With industry-leading technological integration, traders can expect seamless trading with HYCM and faster trade execution speed. An overview of HYCM's features and services is provided below. Customers often post research evaluations on HYCM expressing their satisfaction with the forex broker.

To sum up this HYCM review, traders should do their homework on the regulation of any online trading platform (CFD broker) before choosing one.

FAQs

How Do I Leave HYCM？

Withdrawing monies from the HYCM is straightforward. Traders may withdraw funds from their accounts by bank transfer, e-wallets like Neteller and Skrill, or credit cards like MasterCard and Visa. The amount that may be withdrawn and the processing time necessary is determined by the customers' payment options. Clients' withdrawal requests are completed nearly promptly through e-wallet transactions. However, a wire transfer takes the longest time, depending on the banks' security regulations.

Where Is HYCM？

HYCM has wings in London, the UK, Cyprus, and Hong Kong.

Is it an ECN？

HYCM occasionally sets high minimum deposit requirements, which are required to open an ECN account with any rival online forex broker. Moreover, HYCM, like other ECN brokers, offers a 25% deposit bonus for deposits above $5000.

Is HYCM Regulated in Canada？

HYCM is governed by the FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), CIMA (Cayman Islands Monetary Authority), DFSA (Dubai Financial Services Authority), and IBC 2018.