HYCM vs 24Option Broker Comparison
Are you trying to figure out which is a better broker, HYCM or 24Option? After rigorously testing both brokers and putting each through our accurate and extensive reviewing process, we have concluded that HYCM is the better of the two. HYCM offers 300+ instruments, licenses from FCA, CySec, CIMA, and fair trading fees.
In the tables below, you can compare the features of HYCM and 24Option side by side, to work out which suits your trading needs best. You can also carry on reading to find out why our experts ranked HYCM higher than 24Option.
Does HYCM or 24Option have lower trading costs and fees?
To compare the costs of trading at different brokers, our experts analyze both trading-specific fees, such as spreads, and non-trading fees, such as inactivity charges and payment costs.
To give an overall view of how cheap or expensive HYCM and 24Option are, we first considered the common fees on Standard Accounts. At HYCM the average spread for the EUR/USD currency pair is 1.8 pips, whilst at 24Option the spread is 1.1.
This shows that 24Option is the better option for low-cost forex trading.
When it comes to non-trading fees, HYCM charges for inactivity. 24Option charges for inactivity, withdrawal. With this in mind, HYCM has lower non-trading fees.
When our experts analyzed the specific costs of both brokers, we found that HYCM is the better option.
*Based on Standard account type.
Which broker is safer, HYCM or 24Option?
In order to decide how safe our top-rated brokers are, our experts look at a number of factors. This includes what licenses the broker holds and how reputable those licenses are. We also consider the history of the broker, as a long-standing broker is often more reliable and trustworthy than a newer one.
HYCM is regulated by FCA, CySec, CIMA and offers client protection. 24Option is regulated by IFSC and offers client protection.
Considering these two factors, and the general reputation and history of both brokers, we believe that HYCM is the safer broker.
How many trading instruments are available at HYCM and 24Option?
HYCM provides traders with 300+ instruments. This includes 69 currency pairs, 14 cryptocurrencies, and 70 stocks and shares. With HYCM, you can also trade CFDs.
In comparison, 24Option boasts 300 tradable instruments. 24Option offers 30 currency pairs, 36 cryptocurrencies, and 199 stocks and shares. 24Option also allows CFD trading.
As 24Option has 300 and HYCM has 300+, a difference of 0, this shows that 24Option offers more opportunities to diversify your trading portfolio.
Which broker offers the best trading platform, HYCM or 24Option?
When our experts review a broker, they open their own accounts and place trades via the broker’s trading platform. This allows them to fully evaluate the quality of the platform, how easy it is to use and what features it offers.
HYCM provides you with the ability to trade via 3 trading platforms, and 24Option has 2 trading platforms. Both brokers also offer research and trading tools, however 24Option has more.
Overall, our experts agree that HYCM boasts the better trading platform offering.
Which is better for beginners, HYCM or 24Option?
To decide how well-suited a broker is for beginner traders, our experts look at what educational materials are available, how accessible the minimum deposit limits are, the range of account types and whether or not you can practice trading with a demo account first.
Considering this, our reviews show that 24Option is the better broker for beginner traders as it offers a larger range of educational tools and materials. 24Option also has a minimum deposit of 250$ and offers a demo account.