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HYCM Review – Deposit, withdrawal, regulation and trading conditions
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Spreads|
|Fixed||$100||0.01||1:200||1.8 pips, fixed|
|Classic||$100||0.01||1:200||from 1.2 pips|
|Raw||$200||0.01||1:200||from 0.2 pips + $4 /lot|
This broker offers a choice of two trading platforms and 3 account types. They all offer competitive spreads, leverage up to 1:200, and the opportunity to trade in micro lots.
Besides, clients of HYCM who don’t want to earn interest for religious reasons may opt for Islamic accounts, which are swap-free.
|Henyep Capital Markets (UK) Limited||UK||FCA|
|HYCM (Europe) Ltd.||Cyprus||CySEC|
|Henyep Securities Limited||Hong Kong||SFC|
HYCM (formerly HY Markets) is a large forex broker offering trading more than 100 financial instruments: wide range of currency pairs, various CFDs on indices, commodities, stocks and precious metals, available on MT4 and its proprietary web platform. The company also offers binaries trading service through its HY Options brand.
HYCM is part of the Henyep Group, a global conglomerate with various business activities spanning 3 continents and 20 countries world-wide.
Set up 35 years ago, the Henyep Group is a global conglomerate with various business activities spanning 3 continents and 20 countries world-wide. It operates out of its offices in London, Dubai, Hong Kong, Kuwait and Cyprus.
Security of Funds
HYCM is operated by Henyep Capital Markets UK Ltd., a London-based company authorised and regulated by the UK Financial Conduct Authority (FCA). Besides, it has a Cypriot unit, regulated by the CySEC, and a subsidiary based in Hong Kong, that is duly licensed by the local regulator – the SFC.
UK’s financial watchdog is famous for applying strict requirements to brokerage firms. Licensed companies are required to comply with certain rules and procedures covering client funds, order execution, minimum capital requirement, regular report filing, etc. UK-based brokers are obliged to hold at least €730 000 in order to prove their financial stability. The same minimum capital requirement applies to Cypriot brokerages.
In relation to security of clients` funds, we would also like mention that FCA-regulated companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person, in case the company goes bankrupt. In Cyprus, the coverage is up to $20 000 per investor.
Minimum Initial Deposit
Traders are required to deposit just $100 in order to open an account with HYCM, which is an average minimum initial amount. However, other EU brokerages require less – XM, for example, which also holds licenses from both CySEC & FCA, demands $5.
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Average Spreads & Commissions
HYCM offers both fixed and variable. Fixed spreads are generally wider than variable ones, but offer traders a more predictable trading environment and protects them from wild spread swings which usually happen during news releases.
In fact, the spreads offered by HYCM are quite competitive. Fixed ones amount to 1.8 pips on EUR/USD while most fixed-spread brokers offer 2 – 3 pips in spread. Variable spreads on the Classic accounts are also competitive, but the trading costs on Raw account types are the lowest and the most attractive.
The maximum leverage levels with HYCM reach 1:200, which is a reasonable ratio. However, many other brokers provide similar or higher levels: XM, for instance, offers leverage up to 1:888.
Nonetheless, keep in mind that leverage is a double-sided coin: higher leverage involves higher risk, not only the probability of multiplied profits earned on a small deposit.
HYCM offers several trading platforms: its in-house web-based PrimeTrader, as well as the renown MetaTrader 4 and its successor, the MetaTrader5.
PrimeTrader is a new multi-asset web platform with user-friendly interface and provides integrated multiple pricing, advanced charts and complete online account management. Guaranteed Stop/Loss are available.
The MT4 is also supported by this broker, desktop, and mobile versions being offered. This platform is preferred by most traders, because it allows clients to fully automate their trades by Expert Advisors (EA) and let the program do all the work. What is more, it offers a number of technical indicators and advanced charting package.
The MetaTrader5 has kept most of the features and functionalities of its predecessor, and also allows trading in exchange-traded stocks, which is considered one of its main advantages over the MT4. Besides, both oth MT4 and MT5 allow trading signals, but HYCM has partnered with Pro Daily which brings investors cutting-edge signals trading service.
HYCM offers a welcome on-deposit bonus of 10% (up to $5000) to all live account holders with deposits of at least $500. For every $1,000 bonus awarded, clients will be required to trade 30 standard lots within 60 days. The broker also offers a Refer-a-friend scheme. Depending on the amount of the initial deposit of the referred client, the referrer can get up to $250.
Methods of Payment
HYCM`s clients are able to make deposits and withdrawals via credit/debit cards (Visa or Mastercard), wire transfer, Skrill and WebMoney.
HYCM oп¬Ђers trade accounts with base currencies in USD and EUR. Deposits are also accepted in KWD, SAR and AED and will be converted to USD for trading.
Being part of a large international group with more than 30 years of experience in the industry, HYCM is a reliable broker with strong regulation. To sum things up, here are the advantages and drawbacks with regards to HYCM:
|Strong regulation||No significant disadvantages|
|Competitive fixed spreads|
|Reasonable leverag elevels|
- HY Markets Gives Traders a Chance to Get Rebates of $3 per Lot Nov 20 2020 13:30:28
- HY Markets Offers Clients to Win Cash and Trip to the Maldives Nov 18 2020 14:42:51
- HY Markets Offers Exclusive Forex Treatment to VIP Clients Aug 29 2020 14:29:53
- HY Markets Attract Forex Traders with 20% Bonus on Deposits Aug 13 2020 13:17:18
- HY Markets Introduces Professional Forex Trading Account and Platform Jul 01 2020 10:12:18
- HY Markets Launches Its 2020 Live Competition: Over $70,000 in Prizes May 07 2020 11:57:04
- HY Markets Opens Branch in Australia and Gives Away Exclusive Prizes Jan 02 2020 12:19:40
- $30,000 in Prizes in HY Markets Trading Championsip Oct 31 2020 10:47:54
- HY Markets announces Trading Championship 2020 with $30,000 prize pool Oct 02 2020 13:35:39
- HY Markets and FX Street announce the winner of the Trader of the Year Jan 10 2020 22:00:00
- HY Markets – a UK Forex Broker Jan 05 2020 22:00:00
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
HY Markets is headquartered in London and is authorized and regulated by the Financial Conduct Authority of the United Kingdom. The Group has over 30 years of operational history and we are the trading platform of choice for investors seeking fast and direct access to the world’s capital markets.
This long-standing expertise and commitment to technology and customer service, has enabled us to develop multiple trading platforms to meet our clients’ needs. Trade via the industry leading MT4 download platform, our acclaimed web-based HY Webtrader, or our mobile platforms for the iPhone, iPad and Android devices. Our complete trading experience is supported by our professional dedicated customer service team who caters to your individual needs and experience levels.
HY Markets is a market leader in providing retail and institutional investors with access to foreign exchange and other capital markets. With HY Markets you can trade forex, metals such as gold and silver, energy products such as US oil and natural gas, commodities, indices as well as stocks, all from a single integrated account.
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