HYCM is a regulated cfd and forex broker having its head offices in several parts of the world like London, the UK, Cyprus, and Hong Kong. It provides traders an extensive suite of instruments (asset classes) to trade that includes forex pairs, stocks, indices cfd, cryptocurrencies cfd, and ETFs. HYCM offers a variety of trading accounts including Fixed, Classic, and Raw to match every trading style and all levels of experience. This HYCM review has been made keeping in mind the needs of beginner cfd traders so that after going through this review they can understand everything about how the broker works if there is any risk associated with cfd trading with this provider, what are its advantages and disadvantages, regulations, provision to create a demo account, types of accounts offered, etc. However, clients should do their own research regarding regulation before selecting online brokers like this. Our in-depth HYCM review covers everything you will need to know, whether you are new to trading or you are looking to add more trading instruments and charting tools to your repertoire.
|Product offered||Trading Platform, Forex Broker, Stocks, Cryptos|
|Minimum Initial Deposit||$100|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Trading fees||Depends on Account Types|
|Withdrawal fee||Depends on Payment Methods|
|Supported currencies||USD, EUR, GBP, RUB, AED, & CAD|
|Customer Support||24/5 Support, Email, Phone, Live Chat, & Help Center|
What Is HYCM?
HYCM broker or formerly the HY Markets (Henyep Markets) is a well-known forex and CFD broker that started its journey in 1977 as a Gold Dealer in Hong Kong (Henyep Gold Dealers) and joined the Hong Kong Gold and Silver Exchange Society. The Henyep Group is an international financial holding company having its headquarters in London and operating in real estate, education, and financial services. In 1988, Henyep Investment UK was licensed by the UK’s Financial Conduct Authority (FCA). Then in the year 2000, Henyep Investments company focussed on creating a CFD trading platform on energy and commodities and subsequently became a founding member of Hotrade, a leading online stock trading platform, despite the associated risk factors.
In 2007, Henyep Investment (UK) finally launched its online wing as HYCM. In 2014 HYCM Ltd (Europe) got its license to operate as an online trading platform (cfd and forex broker) from CySec (Cyprus Securities and Exchange Commission). In 2016, Henyep consolidated all its segregated capital markets investment brands which gave birth to the multi-platform online website called HYCM.com. In 2018, HYCM Forex broker got its license from CIMA that added an extra layer of credibility to the platform thereby reducing the risk of hacking clients’ accounts.
The Henyep Group is quite an active group globally and focuses largely on Europe, Asia, and the Middle East. At present, it is one of the leading forex brokers in the market having experience levels of more than 40 years providing an extensive suite of tradable instruments. In this HYCM review, the features of the broker, benefits that it offers to its clients, risk factors associated with CFD trading, various pros and cons, variety of accounts, etc are described in detail. Read the facts you must know in this HYCM review before you open an account for online trading. We’ll review HYCM for its products and services. We’ll also discuss the app, mobile trading, and the platform’s features in this HYCM review.
Features of HYCM
HYCM has established itself as one of the leading providers of online CFD (Contract for Difference) and FX (Forex) trading services. As per the HYCM reviews, it offers the following core features to its clients:-
As for its regulation, HYCM is a fully licensed cfd broker, regulated under 4 apex organizations (2 tier one and 2 tier two regulators) namely UK’s FCA (Financial Conduct Authority), CySec (Cyprus Securities and Exchange Commission), CIMA (Cayman Islands Monetary Authority) and DFSA (Dubai Financial Services Authority). These regulatory authorities reduce the risk factors associated with CFDs trades to a manifold.
HYCM is a part of the Henyep Capital Markets Group, which is an international business conglomerate catering to important sectors like financial services, education, property, and charity.
Over 40 Years of Experience
When it comes to choosing the most reliable online broker, what counts most is the total years of experience that the platform has served in terms of services rendered and its regulation. As per the broker review, it ranks among the top-rated online platforms having experience of more than 40 years; it was established in 1977. With such a long track record of providing its global clientele base with reliable and trustworthy cfd trading experience, HYCM offers traders everything they need to execute an overall informed cfd trading decision in a relatively risk-free environment (owing to its regulation).
Negative Balance Protection
Negative balance protection is one of the unique features that the HYCM clients get to exercise with which the platform ensures that no retail investor accounts lose money when trading CFDs. Cryptocurrency CFDs are complex instruments and thus they are associated with a very high risk of losing money. Negative balance protection prevents customers from stopping cfd trading before their accounts hit a negative balance and they are saved from the high risk of losing money.
The fact that HYCM offers a very competitive pricing policy attracts users from all over the world despite the associated risk factors. No unnecessary fee like the inactivity fee is charged from clients. The trading fees and spreads are very much in line with the industry standards.
HYCM has been awarded a huge collection of awards for the excellent risk-free services that the platform has been providing its clients since its inception. Some of the top accreditations and awards in the platform’s credit include the “Global Banking & Finance Review’s Best Forex Broker, UAE 2017”, and the “World Finance’s Best Mobile Trading Platform, 2017”. Moreover, HYCM has been successfully recognized as an industry leader globally that has helped the platform to evolve as an online broker for traders all across the globe.
Services Offered by HYCM
As per the HYCM reviews, it has a wide range of products which includes stocks, indices, commodities, ETFs, forex pairs, and cryptocurrencies. Except for trading forex (foreign exchange), all the other products traded are structured as CFDs. Also, the availability of these products depends on the country of residence of the clients and the accounts they are holding, like, cryptocurrency CFDs are only available to HYCM Ltd clients residing in the Cayman Islands.
Unlike other brokers, HYCM clients can access stocks of some of the leading brands of the world with margins starting from just 5% and leverage levels up to 1:20. Some of the popular shares available to trade are Alibaba, Apple, Amazon, Facebook, Google, Microsoft, Twitter, Tesla Motors, Vipshop Holdings, etc.
HYCM clients can gain access to over 15 top global equity markets with a maximum HYCM leverage up to 1:200. Some of the top indices available to trade includes US 500 Index CFDs, UK 100 Index CFDs, Germany 30 Index CFDs, France 40 Index CFDs, Euro 50 Index CFDs, Italy 40 Index CFDs etc.
HYCM clients can speculate on the price of certain commodities even without owning those physical assets on which the contracts are based. The maximum HYCM leverage is up to 1:133. The commodities CFDs are:-
- US Oil
- Brent Oil
- Natural Gas
Unlike most other brokers, HYCM clients can seamlessly trade exchange-traded funds with the broker with a maximum leverage of 1:20. The ETFs available to trade at HYCM include Energy Select Sector SPDR, SPDR Health Care, SPDR Gold, SPDR Financial, SPDR S&P 500, etc.
HYCM offers an extensive list of currency pairs available to trade with spreads starting from 0.2 pips and maximum HYCM leverage up to 1:500.
HYCM clients can Capitalise on the performance of leading base currencies like Bitcoin, Litecoin, and Ethereum without purchasing them physically. The maximum leverage offered is up to 1:20 on all major cryptocurrencies.
Is HYCM Regulated?
HYCM is the subsidiary company of the main holding company named Henyep Capital Markets Group. HYCM also has several wings that operate under the Henyep Capital Markets Group in different jurisdictions and thus are regulated by the apex organizations of that particular jurisdiction.
The different subsidiary HCYM brokers are regulated as under:-
Henyep Capital Markets (United Kingdom) Limited
Henyep Capital Markets (UK) Limited is a regulated forex broker UK under the FCA (Financial Conduct Authority)
HYCM (Europe) Ltd
HYCM (Europe) Ltd is regulated under the CySec (Cyprus Securities and Exchange Commission).
HYCM Ltd is regulated under the CIMA (Cayman Islands Monetary Authority).
Henyep Capital Markets (DIFC) Limited
Henyep Capital Markets (DIFC) Limited is regulated by the DFSA or the Dubai Financial Services Authority.
Additionally, HYCM (Europe) is individually regulated under the regulatory agencies of the following EU (European Union) member states:-
- In Germany, the company is regulated under the Federal Financial Supervisory Authority (BaFin).
- In France the company is regulated under the Autorité de Contrôle Prudentiel (ACP).
- In Spain the company is regulated under the Comisión Nacional del Mercado de Valores (CNMV).
- In Poland, the company is regulated under the Polish Financial Supervision Authority (KNF).
- In Sweden, the company is regulated under the Finansinspektionen (FI).
- In Italy the company is regulated under the Commissione Nazionale per le Società e la Borsa (CONSOB).
- In the United Kingdom, the company is regulated under the Financial Conduct Authority (FCA).
- In Hungary, the company is regulated under the Magyar Nemzeti Bank (MNB).
HYCM Review: Pros and Cons
|Regulated broker with 40 years of experience in online CFDs and trading forex and other products.||Limited products are available in some of the low-tiered accounts.|
|Traders can create a free HYCM demo account along with MT4 and MT5 platforms.||Does not support cryptocurrency trading in all countries.|
|Useful educational materials are available along with webinars and workshops.|
|Helpful customer support service is available via live chat, email, and phone.|
|Competitive pricing available, no inactivity fee charged.|
HYCM Account Opening Process
According to the HYCM Review, the accounts opening process at HYCM is very simple. All that the traders need to do is visit the official website of HYCM and click on the red “Open an Account” icon on the top right-hand corner of the page. This will direct the traders to a page with a registration form that has some mandatory fields like full name, email address, and phone number. Later at the bottom of the page, traders can find a dropdown menu with the supported language options given, that the traders need to choose according to their preferences. After filling in all this information, traders need to go to the next page by clicking on the blue “Next” button at the bottom of the page. On the next page, traders need to fill in some more details like their country of residence, date of birth, and full address and click on the “Next” button again.
On the third page traders are required to choose their preferred platform (MetaTrader 4 or MetaTrader 5), type of accounts (Fixed, Classic or Raw), account currency, and leverage. After this, traders are required to set a password for future HYCM login. Traders are sometimes also asked to answer a few questions about their financial status and background, after which they are required to verify their account and deposit money or funds into them.
Traders can also create a demo account and they will be given virtual cash of $50,000 that remains active for a maximum of 14 days. The HYCM demo account uses the MT4 platform that can be opened in either USD or EUR currencies. The demo account has all the specifications of a live HYCM account and allows traders to learn the trade tactics before actually using real money. Thus, a demo account ensures that no retail investor accounts lose money when trading CFDs with this provider.
HYCM Account Verification
For account verification, traders should upload the following documents to HYCM within 7 days of account creation:-
- Copy of a passport or any other national ID card.
- Proof of address like a bank account statement, or a utility bill not more than 3 months old.
- In case traders intend to deposit money by credit card, the broker requires a photocopy of the front of that specified credit card.
- Traders can also submit all these documents by fax, email, or mobile device upload.
Types of HYCM Accounts
HYCM offers 3 types of accounts to match the level of experience and style of every trader executing trade on the HYCM platform; whether a novice trader, a corporate trader, or a professional trader, HYCM has a solution for all. Traders can find the following types of accounts on HYCM:-
HYCM fixed spread account requires a minimum deposit of 100 USD. Fixed Spread Accounts are an appropriate choice for UAE retail clients who prefer to trade smaller volumes. The fixed spreads account model is characterized by a slightly higher spread (1.8 pips), which means that there are commissions charged on trades. However, though HYCM offers a commission-free fixed spread account to traders, the automated trading feature is disabled in the Fixed account which is again a drawback. Fixed accounts do not provide any EAs (economic advisors) to traders.
The Classic spread trading accounts offer variable spreads to traders whose minimum value is around 1.2 pips. To create a Classic account, the HYCM minimum deposit required is 100 USD and the minimum trade volume should be 0.01. In contrast to the fixed account type, automated trading solutions are enabled in the case of the Classic account type. Classic accounts provide clients with a dedicated EA.
Raw spreads start from 0.2 pips with an additional 4 USD per round. The HYCM minimum deposit required to create a Raw Spread account is a little higher as compared to the other two account types, it is 200 USD. The minimum trade volume is however the same as in the other 2 accounts, that is 0.01. EAs are provided to raw account holders.
An Islamic account is available for all the three spread account types, but the VIP or the Corporate spread accounts are available only for the high-frequency asset managers. However, the trading conditions for each of these spread account types vary according to the various jurisdiction rules. However, clients should do their own quality research before selecting any type of spread accounts.
HYCM Trading Platforms
Unlike other brokers, HYCM offers both the industry-standard MT4 and MT5 trading platforms to traders for trading CFDs and Forex (FX). Both the platforms can be easily downloaded and installed from the broker’s website. Products like forex and CFD trading need careful implementation of trading strategies so that no retail investor accounts lose money when trading CFDs with this provider. In this HYCM review, the important features of both the trading platforms are discussed in detail to help traders understand how the platforms work and how they can be utilized to increase the chances of earning money while trading with this provider.
The MetaTrader 4 or MT4 platform allows the HYCM users to trade 6 asset classes that include stocks, currencies, indices, commodities, ETFs and cryptocurrencies, and over 300 instruments on single trading with HYCM account. It is the most popular electronic broker with cutting-edge technology and the latest financial market standard that provides immense opportunities to users of all experience and skill levels. The broker hosts unique features like advanced technical analysis, robust platforms, Expert Advisors (EAs), flexible trading systems as well as a robust mobile trading application. MT4 does not allow two EAs to be attached to the same chart although you can run more than a hundred EAs on the same trading terminal.
Logging in to the HYCM MT4 (Metatrader 4) platform is very simple and fast. Once the users are on the overview page, they are directed to the download link where there are onscreen instructions available on how to set up the MT4 window. After the download and the installation process are completed, and users agree to the standard disclosures, they can instantly access the mt4 or the MetaTrader 4 icon on their desktop.
As per various user reviews, users can open a live account on the MetaTrader 4 platform by filling up a registration form with their full name, phone number, and a valid email address. There are no third-party bridges and the platform is open to trade 24 hours all 5 days a week. HYCM has partnered with Trading Central, the industry’s leading independent multi-asset technical research provider, offering users direct access to its financial analytics service via the MT4 platform.
There are 3 main panels on the platform that help users for easy execution of CFD and forex (FX) trades:-
Chart and Ticket Window
The chart and ticket window is a large panel in the middle portion of the screen that displays the various technical indicators, historical prices, and charting tools that are used to create different price charts. There are a total of four charts that can be customized and configured with unique technical analysis tools and indicators on both platforms. With these charts, clients can look into different time frames or instruments simultaneously. Moreover, the panel also has a robust built-in ticket feature that enables users to click on their preferred price and send a buy or sell order instantly.
Market Watch Panel
The Market Watch panel is also an important panel that displays the symbols and live prices of popular instruments that are traded on HYCM. HYCM traders can right-click on any part of the panel to access useful data points like high and low prices, tick charts, and depth of market.
Terminal Window Panel
The Terminal Window panel shows the details of the trader’s pending, active, and closed trades. In this panel, users can configure alerts and other system notifications. There is a help section menu on top of the MT4 screen containing important documentation, guides, and video tutorials on how to use the MT4 platform.
In this Customizable Chart Panel, users can easily access their open orders by right-clicking on any of their preferred charts. Moreover, they can also change the perspective, timeframes, and the various colors of a chart, organize the charts in various formats like a cascade, vertical or horizontal format. This feature also helps users to open multiple charts simultaneously.
MT4 Mobile Trading Application
Users can also take the advantage of the MT4 mobile trading platform that lets them trade on the go. The mobile application can be downloaded from Apple Store or Google Play Store. With the mobile trading app, a user can open, close, and manage his trading position on the go by exercising complete control over his account from his mobile phone. The MT4 mobile app also allows users to execute trade transactions, monitor their account status, and track their trade history. Moreover, the app allows users to access various quote charts, top analytical tools, and trade orders. Push notifications are also available on the mt5 mobile app and users can also chat with other fellow users on the trading platform.
MetaTrader 5 is an advanced version of the MetaTrader 4 trading platform comprising multi-functional and multi-asset trading features along with flexible systems, advanced technical and fundamental analysis. The broker is also compatible with automated trading applications like trading robots and EAs (Expert Advisors). MT5 offers additional trading services like 21 timeframes, 6 pending order types, and a fully integrated economic calendar. The Economic Calendar is one of the most helpful features available on the MetaTrader5 platform. It helps users to keep a close track of events that impact the financial market. Like the entire MT5 platform, the Economic Calendar is also compatible with automated trading applications like EAs (Expert Advisors) and Trading Central. Moreover, the advanced technical analysis options consist of unlimited charts, and a total of 38 technical indicators, and 44 analytical objects.
MT5 Mobile Trading Platform
The MT5 mobile application enables users to open, close, and manage various trading positions with a single click on their devices. The MetaTrader 5 app supports both hedging and netting. The MT5 mobile app also features Market Depth analysis along with professional technical analysis through a wide range of analytical indicators.
HYCM offers various tools to the users that help them to do a proper market analysis, calculate vital forex data, observe the price trends and also keep themselves updated with the trending market news. It also keeps them aware of various other brokerage services available in various markets and trading opportunities in other countries of the world.
The following calculators are available to users:-
Calculates the pips/lot.
Converts currency pairs.
Calculates the margin requirements per trade.
The economic calendar keeps track of all the latest forex (FX) related news and information.
HYCM Range of Markets
HYCM offers a range of asset classes to clients that include stocks, indices, commodities, cryptocurrency CFDs, and ETFs.
According to the broker reviews, it offers different leverage ratios to its clients depending on their jurisdictions:-
- FX exotics, indices (US cash and futures), metals – 1:100
- FX majors and minors – 1:500
- Indices (India or China futures) – 1:33
- Indices (others cash), indices (EU, HK, JK futures) and commodities (soft) – 1:50
- Commodities (oil) and US stocks – 1:20
- Commodities (Natural gas) – 1:67
- Stocks (France, Spain, and Germany) – 1:10
HYCM (Europe) Ltd and Henyep Capital Markets (UK) Ltd and
- Forex majors – 1:30
- Forex minors, exotics, metals, indices (US futures and cash) – 1:20
- Stocks – 1:5
- Indices ( cash and futures), commodities (Natural gas) – 1:10
- Henyep Capital Markets (DIFC) Limited users can trade at a margin of 5-20% depending on their preferred assets.
HYCM Broker Fees
Research shows that HYCM charges very low CFD and forex trading fees; in most cases, there are no deposit trading fees or withdrawal fees charged from the clients, except in certain cases where a certain amount of withdrawal fees apply. For bank wire transfers under $300, a withdrawal fee of $30 is charged from the retail forex traders. Then again, a 1% withdrawal fee is charged for withdrawals made via Neteller and Skrill over $5,000. No deposit fee is charged for withdrawals made via other methods.
The trading fee on a broker is generally dependent on the account types selected by the clients and the underlying trading instruments traded on the platform, where the trading fee, spread, and commission vary. Click here to know more about its fee structure.
The Fixed and Classic account types offer commission-free trading, but according to various research reports, the spreads are excessive. The Fixed account provides minimum fixed spreads of 1.8 pips whereas the Classic account offers a minimum (variable) spread of 1.2 pips. On the contrary, the Raw account offers a rather competitive price structure (spreads) with a minimum spread cost of 0.2 pips together with a commission of 4 USD per round lot (round). Therefore, clients with relatively stable trading styles should consider creating a Fixed spread account and clients trying out various trading styles should go for the Classic account.
The broker obtains the client’s data from reputable third-party sources, who again obtain the spreads data from the exchange feeds. The company then reserves the right to increase or decrease the spreads depending on the market conditions on very short notice (or sometimes without any prior notice).
Corporate actions like index, dividends, mergers impact equity, ETF trading, and cryptocurrency CFDs are easily accessible on the platform, but no detailed information can be found on the broker’s website on how this market maker (HYCM) processes them. Investors who prefer to close their position at a specified price may select wider HYCM spreads.
Swap rates on various overnight positions and a monthly inactivity fee of $10 may apply, which according to many HYCM reviews (user reviews) are a bit annoying to customers. Moreover, a currency conversion cost also applies irrespective of a ‘Buy Long” or a “Sell Short” order type. Overnight interests are only applicable for rolling contracts and the overnight fee depends on a variety of factors like trade size, current interest rates, and open trade price.
Deposit & Withdrawal Options
Here is a quick summary of the deposit and withdrawal options that can be exercised by the HYCM traders:-
Depending on the country of residence, investors can deposit money into their retail investor accounts using any of the following payment methods:-
- Wire Transfer.
- Visa or MasterCard.
- E-wallets like- Neteller, Skrill, WebMoney, China UnionPay, and Interac.
The minimum initial deposit required to start trading on the platform is 100 USD. After that, the minimum deposit starts at $20 via Visa or Master cards or the various supported e-Wallets. Deposits made via cards and e-wallets are processed almost instantly and thus are completed within one hour. Whereas, on the other hand, the HYCM minimum deposit that should be made (in case the traders want to deposit money by wire transfer) is $250, and unlike the instant payment options like cards and e-wallets, payments made via wire transfer may take up to 7 working days to process.
Making a deposit on HYCM is simple and straightforward. A customer can deposit money into his account by just clicking on the “Banking and Deposit Funds” tab on the main client portal of their preferred account type that they want to use. Then, he can select his preferred deposit method, fill in the required information, and then finally click on the “Submit“ button and the money will be credited in his preferred account type. There are also various deposit bonuses available on HYCM.
The broker transfers back the money to the original source that the clients used to fund their retail investor accounts. Otherwise, if clients prefer to withdraw their money via wire transfers, the money will be directly credited only into their bank accounts.
Unlike a fixed minimum deposit amount, there are no withdrawal minimums as such set by the broker and the minimum limits depend on the methods of withdrawals opted by the users.
For Visa or Mastercards or E-Wallets
The minimum withdrawal amount is $20 for which a 1% fee is charged if the withdrawals are made via Skrill and Neteller over $5,000.
For Wire Transfers
A withdrawal fee of $30 is charged for withdrawing amounts under $300.
Investors can look into the banking section of the broker’s website for detailed information like deposits and withdrawals, bank officers’ names, etc. In some cases, HYCM might ask for the credit card details of traders for further processing of their withdrawal requests and to avoid forex scammers.
Most of the withdrawal requests on the HYCM platform generally take one business day to be approved but sometimes it might also take between 3 and 7 business days for the funds to reflect in the trader’s account depending on the bank’s stringent security checks.
Resources Offered by HYCM
HYCM offers an extensive range of quality trading tools (like trading central) to educate clients on how they can develop their trading skills and boost their knowledge and insight into the financial markets. Clients can find the following resources on the broker’s website:
Trading tools offered to traders on the broker website includes various forex trading calculators, a Trading Central, updated and trading news of the financial market, economic calendar, and other detailed courses on various important topics like Capital Management, Trading Psychology, basic and advanced technical analysis, market analysis, global trading, etc.
The forex education section on the broker’s website also includes tutorials to educate and support the clients on how to set up and install the MetaTrader platforms and use the important features like time frames, new charts, Market Watch Window, and other properties like changing the default language, etc. The tutorials also educate traders on how to use the various types of orders (opening, modifying, and closing the orders), how to use the Stop Order, how to change the profit display (to earn more money), how to set up the Terminal Window and view the account history, alerts, trading signals, reports, and other additional options. The tutorials also throw light on some of the important configuration properties patterns, display definitions, helplines, adding indicators to graphs, and editing and deleting them.
Separate ebooks are available on the HYCM broker’s website (Trading Central)each for forex, commodities, futures, stocks, and cryptocurrency CFDs to educate clients about everything like important terms and concepts, advantages and disadvantages of trading these instruments, and traders’ behavior and psychology when trading these instruments.
As the name implies this section is mainly focused on educating the beginner traders who have just entered the forex trading market. The beginner courses include a Forex glossary with all the important terms and their meanings that the traders come across very often when trading CFDs and forex. Moreover, the courses also include some winning tactics and quality strategies that the traders can follow and increase their chances of earning money. According to users, who share their research, opinion, feedback, and reviews regularly, the educational courses on the website are very beneficial and thus have kept up the track record for years.
Webinars and Workshops
HYCM arranges for regular webinars and workshops for its clients to help them prepare for the various market movements, understand the market sentiment, and thus benefit from the live Q&A sessions. To participate in the various webinars arranged by the broker, the interested clients need to fill up a webinar registration form with their full name, email address, and phone number.
Apart from the various workshops and webinars held on the broker website, the clients can also participate in the live events and venue-based seminars in the same way; by filling up a registration form for the preferred seminars.
HYCM Mobile App
Since HYCM is a MetaTrader(only) broker, it features both the standard Android and iOS versions of the MT4 and the MT5 trading apps. However, the HYCM app individually only allows the registered traders to access the client portal; unlike other brokers (brokerage companies), HYCM does not support any proprietary trading app as such. Therefore, unlike other MetaTrader-only forex brokers that support their own proprietary app, the HYCM app only provides the standard MetaTrader app which is quite a disadvantage when compared to its competitors.
HYCM Security Measures
HYCM implements hi-tech security measures to ensure the safety and protection of its clients’ money and data. Moreover, all the client information is encrypted with VeriSign-issued 128-bit SSL certificates. Unlike other cfd brokers, all connections between HYCM’s servers and its clients are secured and encrypted in accordance with the relevant banking standards.
Being regulated under the FCA (Financial Conduct Authority) and CySec (Cyprus Securities and Exchange Commission) also confers some extra advantages to clients in terms of security; the CySec provides clients with a fund called the Investor Compensation Fund that compensates the clients with €20,000 in case HYCM fails.
Likewise, the Financial Conduct Authority (FCA) of the United Kingdom, offers a cover called the FSCS or the Financial Services Compensation Scheme that offers them a cover of up to £85,000 in case HYCM fails.
HYCM Customer Service
There is a dedicated HYCM customer support center available in multiple languages (12 languages) on the broker platform that is active all throughout the day (24 hours), 5 days a week. Retail traders can contact the HYCM customer support team by email, phone, fax, or live chat. The availability of customer service in multiple languages makes it easier for clients settled in different countries across the world to access the platform and the ease of availability makes it one of the best FX brokers in the market.
HYCM Review: Conclusion
According to the various HYCM reviews and research available, the broker appears to be a legit one. It offers a reliable platform to traders all across the world to trade forex and CFD brokers with industry-leading technology integration, assume smooth trading with HYCM and higher trade execution speed. This HYCM review covers all the essentials of trading with a broker, including the HYCM login process, customer support, regulation, asset options, spreads and margins offered, bonuses, minimum deposit requirements, deposit and withdrawal methods, and bonus offerings. Customers share their research reviews regularly on HYCM that show that they are quite impressed with the forex broker.
To conclude this HYCM review, one piece of investment advice to traders is that they should do their own quality research regarding its regulation before selecting any online trading platform (cfd broker) like confirming the regulation procedures, etc.
How Do I Withdraw from HYCM?
Withdrawing the available funds from the HYCM is pretty simple and straightforward. There are many options available to traders to withdraw money from their respective accounts like a bank transfer (wire transfer), e-wallets like Neteller, Skrill, etc, and via credit cards like MasterCard and Visa. The amount that can be withdrawn as well as the processing time required depends on the methods of payments selected by the clients. Ewallet transfers are the fastest and are processed almost instantly, as soon as the withdrawal requests are put in by the clients. On the other hand, a wire transfer through the most reliable mode of transfer takes the longest time that depends on the underlying security policies of the respective banks.
Where Is HYCM Located?
HYCM has its wings in several jurisdictions like London, the United Kingdom, Cyprus, and Hong Kong.
Is HYCM an ECN?
HYCM sometimes specifies high minimum deposit requirements that are typically the essential criteria to create an ECN account at any competing online forex brokers, thus qualifying HYCM to be an ECN. Besides, much like other ECN brokers, HYCM also provides an attractive HYCM bonus of 25% (as a deposit bonus) for deposits made over $5000.
Is HYCM Regulated in Canada?
HYCM is regulated by two of the main regulators of the Forex market namely, the FCA (Financial Conduct Authority) and the CySec (Cyprus Securities and Exchange Commission), besides CIMA (Cayman Islands Monetary Authority) and DFSA (Dubai Financial Services Authority)and IBC 2018 regulations.