HYCM Mobile Trading – Crash Course
Mobile trading has taken the Forex industry by the storm and it comes to no surprise that a lot of brokers are creating apps that allow users to conduct operations and transactions through mobile devices. HYCM is one of such brokers, who has been on the market for quite some time. The operator offers diverse services, a mobile trading platform, and a wide range of trading instruments to users. At the same time, the broker is fully regulated and in compliance with modern standards and requirements.
HYCM has managed to stay ahead of its competitors with unique innovations. The mobile app will not leave anyone disappointed. Here you can access various features and carry the world of FX in your pocket. The app is available on both Android and iOS devices. By going to the store, you will see it immediately. Let’s see more specifics and characteristics of the app below.
What Does HYCM Mobile App Look Like?
With constant development and efficiency HYCM, a mobile app is a perfect tool for both beginner and veteran traders. The app is nicely designed and immediately after downloading you will notice that the developers paid a lot of attention to the visual side and user experience. The chosen colors are exactly the ones that create a favorable trading environment. The design is minimalistic; you won’t really discover sections that are not useful. The dashboard looks nice, depositing and withdrawing money is possible and you can receive personalized alerts too.
We should point out that inside the app there are almost no bugs. For smooth performance and maximum experience, it is advised to have the version updated to the latest version. If you are using mobile data make sure to connect the network to 4G to avoid lagging.
HYCM Mobile Trading Features
HYCM mobile app has a lot of features that traders can use during trading. First of all, you can take full control over your account, check balance and leverage, deposit and withdraw funds. At the same time, by setting up personalized alerts you won’t miss market movements and will receive notifications about certain events. The economic calendar inside the app is also helpful for planning trades.
Verification is easier on the mobile app. Updating bank details, personal information, and password is also possible. Another important feature is the possibility to contact customer support directly from the app.
Depending on the trading instrument and regulated body leverage might vary on HYCM broker. There is a concept of dynamic leverage that is offered on the website. Basically, it is available on the MT4 platform and the maximum rate is up to 1:500 on major and minor Forex. However other instruments have lower leverage. For example, the cryptocurrency only has 1:5. As for futures, indices, stocks, commodities you will see different rates as well. It should be pointed out that as the volume of the chosen instrument increases the maximum leverage offered automatically decreases. Margin recalculation is triggered every ten lots.
If a client has open positions in multiple instruments the leverage will be calculated separately.
Spread is known as the difference between Bid and Ask price. Spreads are commission fees that brokers charge, in essence. On the HYCM broker’s website, there is a separate page where you can check the spreads and find out more information about them. In General, it should be noted that for example in Forex spreads start from 0.2 pips. Spreads can also differ depending on the account type. There are Fixed and Classic spreads too. In many ways, it is better to choose a particular asset and only after that check the spread range.
Pros & Cons of HYCM Mobile App
While talking about mobile trading and its advantages over traditional trading, we can mention a lot of pros but at the same time, it is possible to detect some cons. Nothing is only sunshine and rainbows and every tool or platform comes with certain disadvantages. Let’s have a look at each of them below.
Starting with the pros of the app, there are plenty of them. First of all, it is designed in a way that will make your trading experience even better. Furthermore, you can access different graphs, check orders, market movements, and receive alerts when there is an important event happening. Let’s look at these advantages.
The app has built-in customer support, where you can directly contact the team with different methods of communication – WhatsApp, Messenger, Viber, Telegram. Having customer support embedded in your app is a great feature. Not all apps can boast of having this possibility.
Complete Control Over the Account
What makes mobile trading on HYCM impressive, is that you have full control over your account. It is possible to check leverage and balance. Depositing or withdrawing funds is possible at any moment. Even if you do not have an account, it is feasible to sign up instantly and try out the demo version.
Updating personal information, banking details, changing passwords – everything is united inside the app. In addition, you can complete verification from your profile page and unlike many other apps, HYCM is advanced, because clients can set 2-step verification on their mobile devices.
Within the app, customers are able to set personalized alerts and receive notifications in order to monitor market movements. When your preferred CFD instrument reaches the pre-selected price point, you will be noted with an alert. Those who are involved in trading will find this feature really useful in the long term.
Alongside certain advantages that we have mentioned above, there are several cons that we can point out. There are not too many of them. The first thing is the absence of support on Windows Phones. The small screen size of your mobile phones can also be a problem.
Not Supporting Windows Phones
As of now, Windows phones are not supported. While the majority of customers have Android and iOS devices, there are also people who actively use Windows phones. HYCM does not have support for Windows phones but in the future, the broker might think of adding it to the supported devices list.
Small Screen Problem
If you are using a phone that has a small screen, most likely you will find yourself in a difficult situation, because the app is primarily oriented towards newer devices. Of course, you can still download the app and install it, but you will not get the maximum experience.
FAQ on HYCM Mobile
Does HYCM have an app?
Yes, HYCM Forex broker has an app that can either be downloaded from the App Store or Google Play Store. The official title of the app is HYCM – Forex Trading Wallet. Generally, it is downloaded in a few minutes and installed automatically on devices. You can also visit the website and check the link there.
Does HYCM mobile consume a lot of data?
There is no single answer to this question. Depending on what you are doing inside the app, the consumption could be different. For example, if you are regularly opening and closing trades then it will take a lot of data. The 4G network takes a lot of data from your phone. If you are simply scrolling and checking settings, then everything is vice versa.