In the ever-evolving world of financial markets, HYCM stands as a prominent and reliable figure, offering traders across the globe an exceptional platform for Forex and CFD trading. Our comprehensive 2023 review is your compass into the world of HYCM, shedding light on crucial aspects such as the registration process, minimum deposit requirements, spreads, and their enticing deposit bonus. Dive into the details and discover why registering for an HYCM account should be your next move.
Overview of HYCM:
When it comes to Forex and CFD trading, HYCM is a name synonymous with excellence. It is a part of the Henyep Capital Markets Holdings Group, with offices in the UK, Hong Kong, Kuwait, the Cayman Islands, Dubai, and Cyprus. The HYCM name is associated with several companies, each meticulously regulated:
1. HYCM Ltd - Regulated by the Cayman Islands Monetary Authority (CIMA)
2. Henyep Capital Markets (UK) Limited - Regulated by the Financial Conduct Authority (FCA)
3. HYCM (Europe) Ltd - Authorized by the Cyprus Securities and Exchange Commission (CySEC)
4. Henyep Capital Markets (DIFC) Limited - Authorized by the Dubai Financial Services Authority (DFSA)
HYCM extends its services to traders from over 140 countries, including Malaysia, Singapore, India, Indonesia, Kuwait, and Australia. However, please note that HYCM does not accept clients from the USA or Canada. To cater to a diverse clientele, their official website is accessible in 14 different languages, including Farsi.
MetaTrader 4 (MT4):
HYCM's offering is not just extensive but user-friendly, starting with the renowned MetaTrader 4 (MT4). This industry-leading platform is a favorite among investors of all experience levels. With MT4, you can expect:
- One-click trading directly from the chart.
- Interactive charts featuring 30 technical indicators and nine different timeframes.
- Three execution modes, two market order types, and four pending orders.
- Comprehensive tracking of all orders and open positions available in the terminal interface.
HYCM has taken it a step further by collaborating with Trading Central, providing valuable financial analytics right on the MT4 platform. Clients can conveniently install Trading Central indicators, allowing them to closely monitor market movements and make informed decisions.
MetaTrader 5 (MT5):
For those looking for more power, MetaTrader 5 (MT5) is the solution. Building upon the success of MT4, MT5 brings advanced technical analysis and additional features, including:
- Two order account modes.
- Three chart types to cater to your preferences.
- Six types of pending orders and a whopping 21 timeframes.
- Over 80 technical indicators and a variety of graphical objects.
What's more, users can enhance their trading strategies with Expert Advisors (EAs) on both MT4 and MT5. EAs enable automated trading 24/5, eliminating the need for third-party bridges, and are effortlessly installed. It's worth noting that scalping is not permitted with this broker.
The flexibility of HYCM's platform is further exemplified with WebTrader. Both MT4 and MT5 are accessible via this browser-based solution, eliminating the need for software downloads. WebTrader is compatible with all operating systems, ensuring that traders can access their accounts with ease.
Assets & Markets:
HYCM boasts an impressive array of asset classes, catering to various investment interests:
- Indices: With 28 global indices to choose from.
- Forex: Over 40 currency pairs available for trading.
- Stocks: Access to 11 major companies.
- Commodities: A selection of 14 commodities, including gold and oil.
- ETFs: Choose from 20 different ETFs, including popular options like SPDR, S&P 500, iShares Russell 2000 Index, and VelocityShares 3x Inverse Crude Oil ETN.
It's important to note that some currency pairs are exclusively available on the MT5 platform, and the NASDAQ index is not offered. Cryptocurrencies, apart from BTC/USD CFDs, are not part of the HYCM offering.
Spreads, Commissions, and More:
The competitive spirit of HYCM extends to its spreads, which vary depending on the account type. For instance, the EUR/USD spread is as follows:
- Fixed Account: 1.5 pips.
- Classic Account: 1.2 pips.
- Raw Account: 0.1 pips, with a $4 commission per round on forex trades and select commodities.
Additionally, HYCM offers swap-free Islamic accounts that do not incur overnight interest charges for the first 14 days an open position is held. After this initial period, each contract is subject to a $5 nightly fee. Inactivity fees of $10 per month apply to accounts that remain dormant for 90 days.
Leverage ratios vary based on the regulatory jurisdiction. For instance, with Henyep Capital Markets (UK) Ltd and HYCM (Europe) Ltd:
- ETFs, Stocks, and BTC CFDs offer a 1:5 leverage.
- Major Forex pairs provide a 1:30 leverage.
- Commodities (Natgas, soft, and oil), as well as Indices, have a leverage of 1:10.
- Forex minors, exotics, metals, and indices (US cash and futures) offer a 1:20 leverage.
However, HYCM Ltd (CIMA) offers a more flexible leverage structure, with ratios set at 2%, 1%, or 0.5%.
While HYCM doesn't have its own branded app, clients can enjoy the full power of both MT4 and MT5 on mobile devices. These apps are available for iPhone and Android and provide essential features such as interactive quote charts, a full set of trading orders, order history tracking, a chat function, and push notifications. Stay connected, monitor the markets, and execute trades with ease on the go.
Deposits and Withdrawals:
To commence your trading journey, you can make your first-time deposit with a minimum of $100 (or $20 for regular deposits). HYCM offers a variety of fee-free deposit options, including bank wire, Visa, Neteller, and Skrill. Processing times vary, with bank wire taking 1-7 days (minimum $250), and Visa, Neteller, and Skrill processing within 1 hour (minimum $20). It's important to note that PayPal is not an accepted payment method with this broker.
The withdrawal process mirrors the deposit options, with the exception of bank wire withdrawals, which have a minimum of $300 and a processing time of 1-5 days. Additionally, Skrill or Neteller withdrawals over $5,000 incur a 1% fee.
HYCM extends a welcoming hand to new traders with a demo account. This account comes pre-funded with $50,000 in virtual currency and remains active for 14 days. It utilizes the MT4 platform and can be opened in either USD or EUR currencies. Should you decide to take the leap into real trading, upgrading is a simple and hassle-free process.
Bonuses and Promotions:
As an HYCM Limited client, you'll enjoy a 10% credit bonus on deposits over $100, up to $5,000. However, due to regulatory requirements, welcome or no-deposit bonus schemes are not available in certain jurisdictions.
Regulation and Licensing:
HYCM proudly stands tall with strong regulation from four prominent financial authorities: the Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA), the Cayman Islands Monetary Authority (CIMA), and the Cyprus Securities and Exchange Commission (CySEC). With this robust regulatory framework, clients can find solace in the assurance of negative balance protection, ensuring that losses cannot exceed the initial deposit.
To further empower traders, HYCM offers an array of additional features:
- Market News: Stay informed with a daily technical snapshot, economic calendar, and forex calculators.
- Training and Education: Explore a comprehensive training department with forex education, webinars, and workshops.
- Seasonax Partnership: HYCM collaborates with Seasonax to provide clients with intelligent seasonal pattern analytics. This intuitive tool uses powerful algorithms to scan the markets, identifying trading opportunities across FX, stocks, indices, and commodities. For traders pressed for time, this feature becomes an invaluable asset, helping them make well-informed trading decisions.
Types of Account:
When it comes to live accounts, HYCM offers three distinct choices for both MT4 and MT5 platforms:
- Fixed Account: Enjoy fixed spreads starting from 1.5 pips, with a minimum deposit of $100.
- Classic Account: Embrace variable spreads from 1.2 pips, with the same $100 minimum deposit.
- Raw Account: Experience spreads from just 0.2 pips, along with a $4 commission each way. The minimum deposit for this account is $200.
Regardless of the account type, EAs and Islamic accounts are available, and the minimum trade volume is set at 0.01. Unfortunately, HYCM does not currently offer an ECN account solution.
While the HYCM website is accessible 24/7, the trading hours are subject to market conditions. For example, most Forex pairs can be traded from 22:01 to 20:00 (GMT), Sunday through Friday.
HYCM's commitment to providing top-tier services extends to their customer support. Clients can quickly access assistance through the website, live chat, Telegram (@henyep), or by calling +442088167812. The support staff is known for their prompt responses and in-depth knowledge of the products and platforms offered. You can also connect with HYCM on Facebook and LinkedIn to stay updated.
Security and Safety
Pros and Cons
- Oversight from strong regulators, including the FCA.
- Support for the MT4 and MT5 platforms and mobile apps.
- Abundance of free analytical tools, especially Seasonax for pattern analysis.
- Competitive pricing, including very tight spreads on the Raw account.
- Fee-free payments with swift withdrawal processing.
- Limited variety of assets, with a handful of stocks and only one cryptocurrency.
- High commission of $4 each way on the Raw account.
- Monthly inactivity fee.
In summary, HYCM is not just a Forex and CFD broker; it's a gateway to financial success. With multi-body regulation, extensive platform options, competitive spreads, and an enticing deposit bonus scheme, HYCM offers a world of possibilities. While it may have a few limitations, such as a limited range of assets and a high commission on the Raw account, the overall experience is tailored for traders looking for a reliable and regulated partner in their trading journey. With its rave reviews and comprehensive features, HYCM is poised to be your key to successful trading.
HYCM Broker Details
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