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HYCM Forex Broker Review
Formerly known as HY Markets, HYCM is a Forex broker that has their base in London, in the UK. HYCM are licensed and are regulated by the FCA (the Financial Conduct Authority), the UK’s regulatory body for financial organisations, so traders who choose this broker can rest assured that they have selected one which is trustworthy and reputable. HYCM are part of the global conglomerate Henyep Group which handle a wide range of financial services. Therefore, investors are guaranteed to be choosing a broker that has a strong pedigree within the industry thanks to their 30 years of experience. HYCM is a market leader, providing access to a broad spectrum of trading markets including currencies, stocks and commodities, and thanks to their simple account opening process, educational resources and comprehensive product offerings, they are a good choice for investors of all kinds, from the novice to the professional. If you are looking for a broker to suit your needs, this HYCM broker review will give you the essential information that you need to make a final decision.
Trading Platforms and Assets Offered by HYCM
Those who choose HYCM as their preferred broker have a choice of different trading platforms to suit their requirements. One option is the popular and well known MetaTrader 4 software which is exceptionally user friendly, with a clear and visually appealing interface. This leading trading platform gives users a wealth of advantages including Expert Advisors for automated trades, advanced tools and charts for technical analysis, and live news from the financial markets to give up the minute information. HYCM offers a broad range of assets for trading including currency pairs and CFDs across numerous asset classes. This broker have more than 100 different assets to select from across the categories of oil, commodities, Forex, metals, shares and indices. Leverages are offered on currency pairs up to 200 depending on the currencies selected. HYCM have a partnership with Pro Daily which brings investors cutting edge trading signals, and traders who choose to use the MetaTrader interface can add on a variety of trading signals free of charge.
HYCM Account Types and Customer Services
HYCM offer three different account types to suit the needs of various traders. Their Micro account I suited to the requirements of beginners and has a low initial deposit amount of just $100. With 50 tradable products and leverages of up to 200. This account type offers minimum fixed spreads of 1.8. For those who are looking for better spreads and other features such as trading signals, the Standard account, with its minimum deposit of $1000, spread of 1.5, leverages of up to 200 and the full 120 tradable assets may be a better choice. Professionals will prefer the VIP account, which requires an initial $10,000 deposit. All accounts offer the option of mobile trading and Islamic accounts are available across all three account types. HYCM take customer service very seriously and have a range of ways by which their support team can be contacted. The customer support team are available from 23:00 GMT on Sundays to 21:00 GMT on Fridays. As well as being able to be contacted in writing, there is a telephone helpline and the convenient live chart facility is also available 24 hours a day from Monday to Friday. Five different email addresses are provided on the website so that it is possible to easily contact the correct department in order to address issues or answer queries.
Educational Resources and Banking Options Offered by HYCM
HYCM take educational resources seriously and offer a suite of ebooks and video tutorials on their easy to use website to assist beginner traders in taking their first steps into the financial markets. The comprehensive information given offers insights into all aspects of trading including market psychology, capital management and charting techniques. Even experienced traders can find information that may be of interest to them with articles covering advanced analysis. It couldn’t be easier for novices to access all of the essential guidance to gain a foothold in trading or for professionals to hone their skills and maximise their profits. HYCM offer a great choice of methods by which traders can place funds into their trading account. As well as traditional methods such as wire transfer, Visa and MasterCard, it is also possible to use UnionPay and WebMoney to deposit funds. Although bank transfers can take up to 5 days to appear in the trading account, all other methods are instantly processed for immediate trading. Numerous currencies are accepted including US Dollars and Euros as well as KWD, AED, RMB, SAR. Account funds can be withdrawn using the same method as the deposit and will be processed in under 5 days in the case of bank transfers, or under 7 days via credit card, WebMoney or UnionPay. No fees are charged on any withdrawal methods except wire transfer, which may incur a charge of $30 if the total sum withdrawn is under $300.
If you are looking for a reputable and trustworthy broker with whom to begin trading and invest your funds, HYCM is a good choice. As they are fully licensed and regulated, investors are guaranteed security of their financial and personal details, and the choice of user friendly trading platforms makes HYCM a sensible selection for both newcomers and experienced traders alike. A good range of customer service contact methods make HYCM accessible whenever assistance is required and their selection of banking methods make it easy to deposit and withdraw funds.
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