HYCM Review

HYCM is a global online trading brokerage that prides themselves as being a leading Forex and CFDs trading broker. The brokerage has over 40 years of experience in the financial markets and has won multiple awards for their services.

HYCM review
Overall

Introduction

HYCM is a very well-established online trading brokerage who has been providing reputable trading services to clients all around the world since 1977. The brokerage has collected numerous awards over the years and is the broker of choice for traders across the globe.

HYCM is owned and operated by Henyep Capital Markets Group and is based out of the UK with their headquarters located at 3rd Floor, 28 Throgmorton Street, London EC2N 2AN, United Kingdom. HYCM also has head offices located in Cyprus, Dubai, Kuwait, and Hong Kong to better serve their international customer base.

Though HYCM is a highly reputable and sought after online trading brokerage, how do you know if they are right for you? After all, choosing the best broker for your needs is one of the most important decisions a trader can make. Therefore, we have conducted an in-depth HYCM Broker Review so that you can decide whether or not to trade with HYCM.

Overall Rating

Products & Fees
4.5
Security
5
Tools
4.5
Desktop Experience
5
Mobile Experience
5
Banking
4.5
Customer Support
5
Education
5

Pros

  • Excellent Trading Platform

    The trading platform provided by HYCM is very advanced and highly sought after by trader around the world.

  • Highly Secure & Reputable

    HYCM has an impeccable reputation of over 40 years of experience.

  • Favorable Trading Conditions

    Traders benefit from a variety of account types with different trading conditions suited to their individual needs.

Cons

  • No Demo Account

    Traders can not test out the HYCM trading platform without depositing real money.

  • No Bonuses or Promotions

    Traders do not benefit from depositing bonuses or promotional offers.

Our 40 year heritage in the financial markets has positioned us as one of the most trusted and transparent brokers in the Forex industry serving both institutional and retail clients across the globe.

Commissions & Fees

The fees and commissions imposed on HYCM traders are very reasonable and even considered to be competitive with the industry standards. HYCM offers traders the ability to choose between different fee structures offered through three different trading accounts. See the fee structures for the different account types below.

Fixed Account

  • Fixed spreads from 1.8 pips
  • Zero commission trading

Classic Account

  • Variable spreads from 1.2 pips
  • Zero commission trading

Raw Account

  • Raw spreads from 0.2 pips
  • $4.00 commission per round
Commissions & Fees
Stock
Forex Spreads
CFDs
Metals
Cryptocurrency
 
HYCM
Spreads vary
Spreads from 0.2 pips
Spreads from 4 pips
Spreads from 30 pips
Spreads at 70 pips
HighLow
N/A
N/A
N/A
N/A
N/A
Binomo
N/A
N/A
N/A
N/A
N/A
IronFX
Spreads from 0.3 pips, commissions of 0.10%
From 0.5 pips
N/A
Spreads from 0.04 pips
Spreads from 100 pips
PaxForex
Spreads from 5 pips
Spreads from 0.4 pips
Spreads from 5 pips
Spreads from 50 pips
Spreads from 95 pips
Interactive Brokers
$0.005
0.20 basis points
N/A
0.15 basis points
$5 per contract

Platform & Tools

HYCM provides their traders with the one and only MetaTrader 4 (MT4) trading platform. This platform is the most popular trading platform in the world and for good reason. The user interface is intuitively designed to accommodate the needs of all types and experience levels of traders. The MT4 platform by HYCM features advanced technical analysis tools, flexible trading systems, automated trading with Expert Advisors (EAs), market moving news feeds, watch lists, push alerts, and economic calendar, and so much more. An additional feature unique to the HYCM MT4 trading platform is the integration of technical analysis by Trading Central. All in all, traders will not be disappointed with the MT4 trading platform provided by HYCM.

Platform & Tools
Desktop Platform (Windows)
Desktop Platform (MacOS)
Web Platform
MT4
MT5
Research & Analysis
Social trading
Education
Demo account
 
HYCM
HighLow
Binomo
IronFX
PaxForex
Interactive Brokers

Mobile App

The HYCM MT4 trading platform is available for free download from the Apple App Store and the Google Play Store for iOS and Android mobile devices including smart phones and tablets. Traders can manage their portfolio by opening and closing positions, conducting technical analysis, and more while on the go. The platform is fully optimized for mobile devices and provides a seamless trading experience.

Account Types

HYCM offers a trading account for every trader no matter their trading style or experience level. See the accounts and their parameters overviewed below.

Fixed Account

  • Minimum initial deposit of $100
  • EA available: No
  • Minimum trading volume: 0.01
  • Fixed spreads and no commissions

Classic Account

  • Minimum initial deposit of $100
  • EA available: No
  • Minimum trading volume: 0.01
  • Variable spreads and no commissions

Raw Account

  • Minimum initial deposit of $200
  • EA available: Yes
  • Minimum trading volume: 0.01
  • Raw spreads + commissions

Deposits & Withdrawals

HYCM traders benefit from a wide selection of deposit and withdrawal methods available to them. All deposit and withdrawal methods are free of charge with the exception of withdrawals under $300, a fee applies to withdrawals under $300.

See below, the available deposit and withdrawal methods and their associated transfer times. The transfer times are the same for deposits as they are for withdrawals.

  • Bank Wire Transfer (1 – 7 business days)
  • Visa, MasterCard (up to 1 hour)
  • WebMoney (up to 1 hour)
  • Neteller (up to 1 hour)
  • Skrill (up to 1 hour)
Deposits & Withdrawals
Minimum deposit
Withdrawal Time
Withdrawal Fee
HYCM
$100
1 - 7 business days
Free
HighLow
$10
1 - 3 business days
2% fee on all withdrawals
Binomo
$5.00
Within 3 business days
Free
IronFX
$100
1 - 5 business days
Free
PaxForex
$10
Within 1 business day
Varies
Interactive Brokers
$0
3-5 days
$0

Customer Support

The level of customer care and support provided by HYCM is phenomenal. Support representatives are available 24 hours a day, 5 days a week and customers can contact them via telephone, email, and live chat. The support reps are always very quick to respond and friendly and informative with responses. Additional methods of support include an extensive FAQ page, an education knowledge base, and educational webinars. All in all, the customer support by HYCM is very good.

Security & Fairness

HYCM is a highly reputable online trading brokerage that takes the security of their brokerage and protection of their clients very seriously. HYCM has a strong 40 year operational history of offering trustworthy and transparent trading services and is highly regulated. For instance, HYCM is licensed and regulated by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Cayman Islands Monetary Authority (CIMA). These regulatory authorities ensure that HYCM operates in a secure, fair, and transparent manner. Also, HYCM is a member of the Financial Services Compensation Scheme (FSCS) and the Investors Compensation Fund (ICF). These memberships are set in place to protect and insure traders from the loss of funds due to fraudulent activity or broker insolvency. Therefore, traders can rest assured their funds will always be safe when investing and trading with HYCM.

 In addition to the regulatory guidance and memberships from these authorities, HYCM implements various security measures to further protect their client’s personal information and funds. Client funds are held in secure and segregated tier 1 bank accounts and all transmitted data is fully encrypted with advanced SSL (Secure Socket Layer) encryption technology. Therefore, not only are client funds protected, but their personal information is protected as well. Overall, the HYCM online trading brokerage is one of the most secure, fair, and transparent trading brokers around.