Review of HYCM
HYCM offers fast execution on trades, tight spreads, and account types for nearly every experience level and trading style. In this review, find out everything you need to know before using HYCM, including its security features, services, fees and payment methods.
Pros & Cons
What can I do with HYCM?
You can trade a range of markets, such as forex, stocks, indices, and commodities with average execution times under 12 milliseconds, and tight spreads. There are also multiple account types to choose from, including Islamic accounts, variable, and raw spreads depending on your trading style and market acumen.
HYCM markets, assets, and options
What assets and products can you trade on HYCM?
What leverage trading options are there?
HYCM offers variable leverage, starting from 1:5 on stocks all the way up to 1:500 for forex CFDs.
Please keep in mind that leveraged trading carries extra risk and should only be used with caution after you have gained some trading experience.
|Product (CFDs)||Maximum leverage||Margin|
What are the spreads?
HYCM provides fixed, variable, and raw spread accounts, which start from as low as 0.20 pips per trade. This compares favourably and is lower than many other CFD brokers.
|Product||Average spread||Fixed or variable?|
Fees, limits, and payment options on HYCM
What are the deposit and withdrawal fees, limits, and speeds?
HYCM offers a wide array of payment options, the best part of which is the fact that it does not charge any deposit or withdrawal fees. Here are the top ones:
Up to 1 hour
1 working day
Up to 1 hour
1 working day
Up to 1 hour
1 working day
Up to 1 hour
1 working day
How much are HYCM’s fees and commissions?
Most HYCM’s account types only charge a fixed or variable spread per trade, but its Raw account charges a spread of 0.2 pips + $4 per round. This is comparable to other CFD brokers, which offer similar spreads and fees.
|Fee type||Fee amount||Commission|
|Forex||None||1.8 pip spread|
|Inactivity||£10.00 per month after 90 days of inactivity||–|
HYCM trade sizes and limits
HYCM offers low minimum trades sizes starting from 0.01 lots, which is recognised as the smallest CFD trade size one can execute.
|Product||Minimum trade||Maximum trade|
HYCM trading platform
What devices can I use HYCM on?
HYCM offers the popular MetaTrader 4 and 5 trading platforms, which are available to download either onto your desktop or iOS/Android mobile device.
- iOS Mobile Devices
- Android Mobile Devices
Can I use HYCM in my country?
HYCM is available worldwide in over 190 countries and territories, including in the United Kingdom, Spain, Germany, and France among many others. Select your country from the list below to see if it is available to you.
Is HYCM available in my language?
HYCM supports a dozen languages on its website, from English to French, German, and Spanish. Select your language from the list below.
How easy is it to use HYCM?
HYCM offers the leading MetaTrader 4 and 5 trading platforms, which although is somewhat outdated in its look and feel, still offers world-class trading platform technology.
In addition to the easy installation and familiar dashboard and navigation, HYCM’s MetaTrader platform offers plenty of tools and features to give you complete control over your trading experience.
HYCM is rich in features, tools, as well as trading options. Here a few of the broker’s top features:
Compatibility with Trading Bots, Expert Advisors
Since HYCM makes use of the MetaTrader 4 and 5 platform, its flexible trading systems are compatible with automated trading applications such as multi-strategy trading bots and a range of expert trading advisors to suit almost any style.
Forex Knowledgebase, Workshops, and Seminars
HYCM’s education section is something to be envied (and copied) by other brokers. As it offers a range of cutting-edge tools, from video tutorials, beginner’s courses, and ebooks among others. All designed to increase your knowledge and develop your trading skills.
Range of Markets
Choose among multiple account types which all enable you to trade CFD markets ranging from, forex, stocks, indices, and commodities at low spreads, which start at 0.20 pips.
Security and regulation
Is HYCM safe?
HYCM strives to meet the strict security standards of international financial and banking institutions.
By segregating accounts and ensuring that all connections and communication between clients and their servers are encrypted and secured with dynamically generated 128-bit keys.
Am I and my funds protected?
HYCM client funds are insured by the Financial Services Compensation Scheme (FSCS) up to £85,000.00 and the Investors Compensation Fund (ICF) up to €20,000.00.
Is HYCM regulated?
Yes, HYCM is regulated by several recognised financial authorities around the world, including:
- U.K’s Financial Conduct Authority (FCA)
- Cyprus’ Securities & Exchange Commission (CySEC)
- Cayman Islands Monetary Authority (CIMA)
- Dubai Financial Services Authority (DFSA)
Do I have to verify my account with HYCM?
HYCM’s account opening process is fairly streamlined and you can get your account verified within one business day after uploading a copy of a valid picture ID and a secondary piece with your residential address on it.
HYCM’s education section is expansive, with a complete knowledge base full of instructional trading material, a webinars and workshops sub-section, which includes master classes, and a live trading seminar page. It literally gives you practical knowledge to further your trading goals, which is the exception rather than the norm in the industry.
Tools and charting
HYCM offers the desktop and mobile based MetaTrader 4 and 5 trading platforms. These financial market standard platforms enable traders to access over 100 instruments across 4 asset classes, perform advanced technical analysis, and take advantage of trading bots and expert advisor trading strategies across a range of styles.
HYCM’s support team is available via live chat 24/5 and you can also call their support line between 9:00 – 18.00 (GMT) Monday-Friday. Alternatively, you can also email support with your inquiry anytime.
HYCM has been providing forex trading services since 1977. For such a seasoned, experienced, award-winning broker, it provides almost all of the bells and whistles that one might expect. Such as, top notch safety and security as an insured and regulated broker with multiple financial authorities, fast, fee-free deposits and withdrawals, and a market-leading trading platform in MetaTrader 4 and 5.
HYCM also gives you thorough educational resources, with a comprehensive knowledgebase of tutorials, instructional videos, courses, and an online trading classroom filled with webinars and workshops to expand your knowledge and give you practical exercises to build your skills.
Based on what we currently know about HYCM, we’re left scratching our heads about anything negative to say about the broker. The only thing that comes to mind is a negligible inactivity fee that comes into effect only after 90 days, which is standard for the industry. Next time you are trading CFDs, give HYCM a try as we don’t think you will be disappointed.
How to open an account with HYCM
- Enter your first, last name, email, phone number and click “Next”
- Complete your registration by uploading copies of two valid pieces of ID, selecting your country of residence and choosing an account type
- Deposit funds and start trading!
HYCM is owned by the Henyep Capital Markets Group, which is the holding company owning the assets of HYCM’s authorized and regulated operating subsidiaries.
HYCM makes money by charging fixed, variable, and raw spreads, as well as a $4 per round trading fee on Raw account types.
Depending on the country of your residence, you might be asked to pay taxes on any profits you earn through HYCM. Check your local tax regulations to determine what applies to you.
Yes, HYCM is a CFD broker offering over 100 CFD instruments across 4 asset classes, including forex, stocks, indices, and commodities.
Simply log into your HYCM MetaTrader dashboard, select the instrument or forex pair you would like to sell from your open trades, adjust the trade parameters (quantity, type of sell order) and click the “Sell” button.
If you wish to delete your HYCM account, simply get in touch with customer support via email and they will guide you through the process.
To place a short order, right-click on your chosen currency in the Market Watch window and select New Order. Input the quantity of your order and click on Sell by Market.
Simply click the Login link at the top of the homepage, click on “Restore Password” and input your email, where a link will be sent to reset your password.
No, Paypal is not currently supported as a payment method.
All of your open trades are processed in real-time and will be visible in your trade history.
In the event that HYCM ceases operations altogether, it is insured by the Financial Services Compensation Scheme (FSCS) up to £85,000.00 and the Investors Compensation Fund (ICF) up to €20,000.00. So your funds are protected to a degree.
Yes, you can view your entire trade history once logged into the exchange by scrolling to the Trade History tab at the bottom of your trading dashboard.
No, currently you can only make fiat debit/credit card and bank transfer deposits.
Yes, HYCM offers a 10% Credit Bonus on every deposit you make over $100. The maximum bonus awarded under this promotion is US$5,000. However, this offer is only applicable to clients of HYCM Limited, regulated by the Cayman Islands Monetary Authority.