HYCM is part of Henyep Markets, a company with more than 40 years of experience since it first opened in 1977. This review of HYCM forex broker finds that you can trade more than 300 instruments with spreads as low 0.2 pips and an average execution time under 12 milliseconds.
You can use HYCM to trade forex, stocks, cryptocurrencies, indices, commodities, and ETFs.
The group behind HYCM, Henyep Markets, has five offices in leading financial centers around the world and service in more than 140 countries.
With its regulation in multiple jurisdictions, you can easily trust HYCM to keep your funds safe and provide the services you expect while complying with all regulations.
Explore more of our HYCM review 2020 to learn even more about this trusted forex broker and then open an account.
- Trading with MT4 and MT5 supported
- Award-winning customer service
- Trade forex, cryptocurrencies, stocks, indices, ETFs, and commodities
- Regulated in several jurisdictions
- Withdrawals sometimes take several days
As mentioned, HYCM was founded in 1977, giving the company over 40 years of experience. HYCM strives to deliver super-efficient service, offering low-cost trading and fast execution via the use of cutting-edge technology.
Henyep Capital Markets Group has businesses in financial services as well as charity, education, and property. It has representation in Dubai, Cyprus, Hong Kong, and the United Kingdom with regulation by multiple administrative bodies.
The broker’s group has received 15 global excellence awards. HYCM itself has received more than 20 global awards, including best forex broker, best trading platform, and best customer service. Best forex broker honors have been both global and regional, with honors in the Middle East, Northern Europe, Southern Europe, Eastern Asia, Europe, and more. Honors for the best trading platform have been awarded to the HYCM for both its mobile and desktop platforms.
HYCM regulation and licensing
This HYCM forex broker review can confidently set traders minds at ease as this broker is highly regulated around the world, including the FCA, CySEC, CIMA, and DIFC.
The Financial Conduct Authority (FCA) authorizes and regulates Henyep Capital Markets (UK), with 186171 as the reference number.
The Cyprus Securities and Exchange Commission (CySEC) regulates and authorizes HYCM (Europe) Ltd with license number 259/14.
The Cayman Islands Monetary Authority regulates and authorizes HYCM Ltd with reference number 1442313.
The Dubai Financial Services Authority (DIFC) regulates and authorizes Henyep Capital Markets (DIFC) Limited with license number 00048.
Additionally, HYCM Limited is registered in Saint Vincent and the Grenadines as an International Business Company with registration number 25228 (IBC 2018).
As you review HYCM regulation, keep in mind that the broker does not offer services to residents in the United States of America, Hong Kong, Japan, Afghanistan, or Belgium, along with some other regions, due to legalities.
To keep client funds safe, HYCM complies with all the rules from the above regulatory bodies. This includes fully segregating client funds. If HYCM goes bankrupt, which is unlikely, client funds will never be used to pay creditors.
Opening an account with HYCM
A review of the HYCM forex broker account creation process revealed registration to be incredibly simple. It is all done online and should only take minutes to complete.
What is the minimum deposit at HYCM?
The minimum deposit to open an account and begin trading with HYCM is $100.
How to open an account at HYCM
The entire process of opening an account takes place online.
- Step 1: Click Open an Account in the top right corner of the website.
- Step 2: Enter your first name, last name, email address, and phone number.
- Step 3: Confirm your phone number and email address.
- Step 4: Provide the relevant documents within seven days of opening your account.
As part of the process of opening an account, you will need to provide HYCM with the following information:
- Personal information – Your full name, your full address, your birthday, a photo of you, your address, your phone number.
- Regulatory information – The above personal information and below documentation are part of the regulatory Know Your Customer requirements.
- Documentation – You will need to provide a copy of your National ID card or passport. You will also need proof of your address via a utility bill or bank statement from the past three months. If you make your initial deposit via a credit or debit card, you will also need to provide a photocopy of the front of the card.
All the relevant documents can easily be uploaded via the client portal. If there are problems with this, you can also email the documents, including your account number and username.
Our HYCM broker review outlines three account types from HYCM. Each offers a unique trading environment to meet the differing requirements of its clients.
Fixed accounts have a minimum deposit of $100, no commissions, fixed spreads from 1.8 pips, minimum trade volume of 0.01 and do not support Expert Advisors.
Classic accounts have the same minimum deposit and minimum trade size. There are no commissions and variable spreads go from 1.2 pips. Expert Advisors are supported.
Raw accounts have minimum deposits of $200 and have raw spreads from 0.2 pips plus commissions of $4 per round. They have the same minimum trade volume and support Expert Advisors.
VIP accounts are also available with dedicated account managers, better spreads, and comprehensive market analytics.
Fixed, classic, raw, and VIP accounts are all available as Islamic accounts. These accounts are both interest and swap-free, but some additional fees may apply depending on trading instruments.
HYCM also offers free demo trading accounts. These function just like real accounts and let you use the MT4 platform with USD or EUR as your base currency. You can trade $50,000 of virtual money for 14 days. Demo accounts from HYCM are unlimited with the ability to fund them at any time. The demo account lets you practice trading, or test out your strategies, or the HYCM product and offering before committing real funds.
HYCM trading costs
Below you will find a table with a detailed review of HYCM forex broker’s trading costs. HYCM is fully transparent and provides a thorough breakdown of all fees and commissions associated with their services.
Trading Fees* Type of Fee Cost Minimum Order Size (lots per trade) 0.01 Average Spread USDEUR (pips) 1.4 (Classic Account; 0.2 on Raw Accounts) Commission (%) None ($4 per round on Raw Accounts Commission on Islamic Accounts (%) None ($4 per round on Raw Accounts) Non-Trading Fees Type of Fee Yes or No Inactivity Fees Yes Deposit Fees No Withdrawal Fees No (If over $300)
*Based on standard account type.
The trading fees as outlined in this HYCM review 2020 depend on your account type. There are no commissions for Fixed and Classic accounts. Spreads for these accounts are around the industry average.
Raw accounts have tight spreads that are among the best you will find, but there are commissions. The $4 commission per round is on the lower side of the industry average.
As expected, HYCM provides a detailed list of the overnight and rollover rates. Additionally, HYCM has created an interest calculator for its clients. The broker is also transparent about the calculation method, outlining in the HYCM FAQ section that swaps are calculated as follows: the interest rate (percent) x contract value (daily close price times contract size) / 360 to get the overnight finance fee.
As is the industry standard, the HYCM online forex broker does not charge for deposits. Keep in mind, however, that your bank may charge a fee. If it does, HYCM automatically deducts that fee from the deposited amount.
Most withdrawals from HYCM do not have fees, including those over $300. In those cases, your bank may charge a fee, these would be deducted from the amount that you receive into your external account. Although there are not normally fees for withdrawals to e-wallets, transactions over $5,000 made by Neteller or Skrill do have a 1 percent processing fee.
HYCM charges a $10 administrative fee for inactive accounts. This is charged every month until your account is active again. HYCM considers an account inactive if there is no activity for 90 days. If an inactive account has a $0 balance, it is considered dormant and HYCM may close it.
HYCM payment methods
This HYCM broker review finds that the variety of payment methods available on HYCM makes the broker accessible to a range of potential clients. There are no fees for deposits or withdrawals in most cases.
Bank wires usually take one to seven working days to process for deposits and one to five for withdrawals.
Deposits via Visa, MasterCard, WebMoney, Skrill, or Neteller take up to one hour to process, as do withdrawals via those methods.
As is expected, withdrawals from HYCM must returned to the same payment method as was used to make the deposit for legal reasons.
Payment processing is secure, regardless of the deposit method used. The payment processor varies by region, but all payment processors that HYCM uses are authorized by a regulatory body. Safecharge Limited, for example, is a wholly-owned subsidiary of SafeCharge International Group Limited and the Central Bank of Cyprus authorizes it as an Electronic Money Institution. That payment processor is a principal member of both Visa Europe and MasterCard Europe.
HYCM trading bonuses
HYCM does offer a trading bonus, depending on the branch of HYCM that you open an account with. The current bonus offering in this HYCM forex broker review applies to clients of HYCM Limited, the branch that the Cayman Islands Monetary Authority regulates. It does not apply to HYCM (Europe) Limited or Henyep Capital Markets (UK) Limited. The bonus comes in the form of a credit bonus of a set percentage on deposits.
Additionally, you can become an HYCM partner, which is a good option for those with forex trading experience or those with financial clients. There are three partnership programs available.
The Affiliate Program includes mobile-optimized trading tools, round-the-clock analytics access, and a dedicated affiliate manager. The Introducing Brokers program includes events support, customizable advertising and marketing tools, free market reviews, and multi-level marketing rebate tiers. The White Label Partners program includes own-branded trading platforms and website, full back-office support with reporting tools, and flexible compensation structures.
HYCM trading platforms
HYCM provides access to the best forex trading platforms, MetaTrader 4 and MetaTrader 5, which are considered the industry standards, although there is no web trader available. This HYCM review 2020 strongly commends the use of these popular and familiar platforms, as they are intuitive to use, and most traders will have experience using them. Additionally, the popularity of MT4 and MT5 means that there are numerous tutorials available online.
MetaTrader 4 allows for Expert Advisors for 24/5 trading with easy installation and no third-party bridges. It provides access to the full selection of more than 300 instruments across five asset classes. HYCM supports MT4 as a desktop download or a download for mobile devices, which is available for both Android and iOS. MT4 also includes technical analysis right on your live charts with support for Trading Central.
MetaTrader 5 also has support for technical analysis via Trading Central, but it features even more technical analysis tools. This platform provides access to 44 analytical objects, 38 technical indicators, unlimited charts, and 21 time frames. MT5 is also available as a download for desktop computers, Android, or iOS devices.
What is the execution policy at HYCM?
A review of the HYCM forex broker’s execution policy shows that it acts as a market maker for its dealing desk. The execution policy is clearly outlined in a downloadable PDF. HYCM refers to its execution policy as being an “execution-only” platform as the broker takes care of buying, selling, and subscribing for the underwriting securities by acting as an agent.
HYCM also uses “reasonable diligence” to execute transactions with the best execution for clients.
HYCM markets and products
Using the HYCM forex trading platform gives you access to forex, stocks, indices, cryptocurrencies, ETFs, and commodities.
HYCM Markets and Products Instrument Number Currency Pairs 69 Indices 28 Cryptocurrencies 14 Stocks 187 ETFs 20 Commodities 17
Compared to other brokers, this review of HYCM forex broker finds that it has a very nice selection of currency pairs, on the higher side of average. The maximum leverage for forex is 1:200 so margins can start at just 0.50 percent. The spreads are as low as 0.2 pips with Raw accounts. As an example of spreads, 0.2 pips apply to EURUSD, with Fixed accounts having minimum spreads of 1.8 and Classic at 1.4, also for benchmark EURUSD.
Trading indices on HYCM provides access to global equity markets, letting you trade the market movement. The maximum leverage is 1:200. As an example of spreads, the US 500 Index CFD has a minimum spread of 0.5, 0.2, and 0.2 for Fixed, Classic, and Raw Accounts, respectively.
Cryptocurrency CFDs are a high point in this HYCM broker review as they let clients trade these assets without owning the underlying asset. There is an impressive selection of cryptocurrencies available, with a total of 14 pairs, including 13 cryptocurrencies paired with USD in addition to BTCEUR. Spreads vary, with the minimums for BTCUSD at 3500, 3210, and 3210 for Fixed, Classic, and Raw Accounts, respectively.
Trading stocks on HYCM is done via CFDs. This allows for leverage of up to 1:20, so the margins start at just 5 percent. The availability of stock CFDs lets traders access leading brands from around the world. As an example of spreads, look at Apple, which has minimum spreads of 23, 21, and 21, for Fixed, Classic, and Raw Accounts, respectively.
Clients can also trade Exchange Traded Funds with HYCM with leverage of up to 1:20. As an example of spreads, look at iShares Silver Trust which has minimum spreads of 8, 5, and 5 for Fixed, Classic, and Raw Accounts, respectively.
Trading commodities on HYCM also involves trading CFDs, allowing you to trade them without having to own the underlying asset. This type of commodity trading also allows for leverage, which can be up to 1:333. As an example of spreads, look at Spot Gold, which has a minimum spread of 40, 32, and 20 (with $5 commissions per round) for Fixed, Classic, and Raw Accounts, respectively.
HYCM does not offer copy trading. However, the platforms do support Expert Advisors to allow for some automation.
HYCM’s full website runs perfectly on your mobile device without a problem. It loads well and quickly and gives you access to the complete features available on the desktop version. Both trading platforms, MetaTrader 4 and MetaTrader 5 have downloadable applications for Android and iOS.
This mobile compatibility makes it easy to trade on the go with an HYCM account, which busy clients will appreciate.
As mentioned, both the MT4 and MT5 trading platforms supported by HYCM offer integrated technical analysis right on the charts, with dozens of indicators. This allows experienced traders to create trading strategies and conduct research with ease.
Additionally, our HYCM forex broker review panel has seen multiple research tools on the broker’s website. The Market Outlook page features an economic calendar, including times, titles, and countries in addition to figures for volume, consensus, previous, and actual impacts.
There are also convenient calculators on the HYCM web page, including for pips, currency conversions, and margins. Traders will also appreciate the News page on HYCM, which features relevant market updates in addition to expert analyses on the most popular assets available from the broker.
Education and training
In addition to the previously mentioned demo account, our HYCM forex broker review finds that traders of all skill levels will appreciate the various educational resources available. The Education section is vast, including videos, tutorials, ebooks, and overviews of strategies. There are articles and guides for all skill levels, with topics such as market analysis, trading psychology, basic and advanced technical analysis, and a glossary.
There are also tutorials on how to use their trading platforms, which help prevent beginners from potentially feeling overwhelmed. You will also find guides on various strategies, perfect for beginners or advanced traders who need a refresher.
To supplement the always-available online educational content from HYCM, our HYCM review 2020 encourages traders to attend one of the broker’s workshops or webinars. There are weekly forex webinars that feature live market analysis and look at the week ahead. You can also view upcoming workshops or visit this page to view past webinars.
For those who prefer in-person education and training, HYCM also has seminars at venues around the world. For each seminar, you can view the time, date, title, and topic.
HYCM customer support
Our HYCM review team agrees from contacting this broker through both email and Live Chat that their customer service was responsive and helpful. The FAQ page is extensive with clear divisions by category that makes it easier to find answers to your questions.
The Live Chat is easily accessible at the top of the HYCM website or the bottom right corner in a floating button. HYCM also offers customer support email addresses and phone support. You can additionally connect with HYCM via Facebook, Twitter, or Google+.
FBS – Our verdict
After a thorough review of HYCM forex broker, it was revealed that this is a reputable site with regulation from multiple organizations, a nice selection of assets for trading, and reasonable spreads.
Sign up for an account with HYCM to have access to a fantastic selection of instruments, a top-notch choice of platforms, great customer support, and more.