Make Sure That You Read This HYCM Review Before Investing Your Money
The Forex market is filled with dishonest FX brokers and other market players that are intent on prying you away from your hard-earned money. Some brokers also stipulate bogus trading conditions and false promises with the sole intention of tricking unsuspecting users. HYCM Forex broker, on the contrary, is a reliable and genuine company that only deals in fair and honest trading services that serve in the best interest of their clients. HYCM (Henyep Capital Markets) is owned and operated by Henyep Group; a Hong Kong-based financial company that has more than 35 years of experience in different financial markets across the world. HYCM was formerly known as HYMarkets, which traces its roots back to London way back in 1977.
HYCM is regulated by the FCA and the CySEC through its European offices located in London and Cyprus. Therefore, HYCM has covered the entire European Forex market by being licensed directly under the European MiFID derivative and the European Central Bank. European traders are offered numerous levels of protection against brokers and financial companies through a strict set of regulatory guidelines, which are complemented by investor protection funds that compensate traders if a broker is rendered insolvent. In the UK, investors are protected by the Financial Services Compensation Scheme (FSCS), while in Cyprus, investors protection is offered by the Investor Compensation Fund (ICF).
HYCM also has international offices in the Middle East and Asia, with its main headquarters located in Hong Kong. HYCM has managed to attract different kinds of investors, both retail and institutional, which is evident from the broker’s high concentration of wealthy clientele from the oil-rich nations of the Middle East. Henyep does not limit its market exposure to FX trading and its allied products; instead, Henyep also concentrates on other forms of markets and investments that have enabled the group to become a Global Conglomerate of businesses that possesses billions of dollars as its operating capital.
- Website: www.hycm.com
- Support: + 44-208-816-7812
- Leverage: 400:1
- Min. Deposit: 100 USD
- Spreads: from 1.5 pips
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Advantages
- 40+ years of Experience
- Live charts for all products
- Multiple Award Wins
- Live customer support
Disadvantages
- Fixed spreads only
- No ECN environment
- Market Maker model
What Will Be My Overall Experience With HYCM Forex Trading?
HYCM gives its clients an opportunity to trade the FX markets with just $100, which grants access to the most basic HYCM trading account that offers Micro trading conditions. The Micro account has several trading restrictions when compared to other HYCM accounts, but this account is perfect for smaller retail traders that wish to sample the HYCM’s brokerage services. The Micro account has 50 financial assets that can be traded using micro lots starting from 0.01 lots per order; however, this account also has the highest HYCM spreads that start from 2 pips. The second type of account is the Standard account, which offers slightly better trading conditions such as lower spreads of 1.8 pips and access to 120 different financial assets. The Standard account also receives free trading signals, which can prove to be an advantage for beginner traders that do not have the sufficient experience to tackle the markets alone. For larger traders, HYCM offers the VIP account option for a minimum deposit of $10,000, which reduces the spreads to 1.5 pips and a host of other account features such as dedicated account manager, preferential treatment, and personalized services. All accounts have a maximum HYCM leverage of 1:400, which is also accompanied by an Islamic account option that eliminates SWAP for Islamic traders.
HYCM is a market maker broker that matches orders internally. The company does seem to have enough FX volumes to match their traders’ orders internally without connecting to a liquidity provider, but we are still apprehensive about trading with a broker that does not offer Direct Market Access for its clients. The broker stipulates high minimum deposit requirements that typically qualify for an ECN account at other competing brokers. We would have understood their strategy if the broker had offered smaller accounts with less stringent trading conditions, but it is clear that the company is targeting wealthy clients with their VIP account offerings.
HYCM makes up for its account shortcomings by offering excellent customer service for all of its clients. The broker also provides an attractive HYCM bonus for deposits that offers 25% as deposit bonus for a maximum bonus of $5000. Traders must deposit at least $500 for a bonus, but the trading conditions are too steep for an average trader. Clients must trade 30 standard lots per $1000 bonus within 60 days of receiving the bonus in order to satisfy the broker’s terms and conditions; therefore it is safe to avoid bonuses while trading Forex with HYCM. Nevertheless, HYCM does not deviate from its regulatory norms while providing services to its clients, which should ensure a good amount of trust among traders.
HYCM Trading Platforms & Demo Account Options
HYCM has only recently launched its brand new trading platform known as the PrimeTrader, which is a feature-rich alternative to the MT4 terminal. MT4 is offered as the standard HYCM platform for all clients, but traders can choose the PrimeTrader if they want to enjoy a few innovative and branded features that HYCM has developed for its flagship trading interface. Although traders might sample the PrimeTrader for its novelty feature, most professional traders will usually stick with the MT4 terminal for all trading needs. The MT4 supports all functionalities such as EA support, advanced charting capabilities, and an extensive database of programs and other MQL4 support services that have contributed to the popularity of the MT4 terminal.
If you are looking to trade on the HYCM mobile app, the broker offers mobile support for both MT4 and the PrimeTrader, which are available for download on the Google Play and iTunes stores. Due to the immaculate support for the MT4 on Windows, Mac, iOS, and Android operating systems, most users will not face any difficulties while using the HYCM apps for mobile and desktop trading. The PrimeTrader might have a few teething issues, especially due to the individual nature of the platform, which may diminish your trading experience slightly. Nevertheless, HYCM is quick to respond to any customer issues and have them rectified in a professional manner.
If you are not too sure about the broker’s services, you can always open an HYCM demo account to get familiar with the broker’s different trading products. A demo account is a good option for potential clients to test the effectiveness of the account packages and the reliability of the trading platforms, which should give a fair idea about how they perform in the real world. Demo trading is one of the most underused luxuries in FX trading that can bridge the gap between an amateur and professional trading experience.
HYCM offers numerous resources and informational materials for their clients along with market commentary, trading signals, and live updates. HYCM’s continuous market updates should provide a wealth of information for all traders, regardless of their trading proficiency or market knowledge. HYCM has strict regulations that make them answerable to some of the top regulators in the financial markets. Therefore, you should have a pretty satisfactory experience while dealing with HYCM, which is all that is required to trade successfully in the FX market.
| Broker | Bonus | More |
|---|---|---|
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N/A | |
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$30 Non-Deposit Bonus | |
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$50 | |
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$5000 | |
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$5000 |