HYCM, formerly known as HYMarkets, has solidified its position as a leading Forex broker with over 40 years of experience in the market. This company is a member of the Henyep Group, a multinational financial holding company established in 1977, with its headquarters in London, UK. The group’s interests span across various sectors including financial services, education, and real estate.
Regulation and Security
One of the primary strengths of HYCM is its stringent regulatory framework. The company is headquartered in London and falls under the regulatory purview of the Financial Conduct Authority (FCA). This ensures the security of client financial investments. Additionally, HYCM’s branches are licensed in Dubai (DFSA), Cyprus (CySEC), the Cayman Islands (CIMA), and Saint Vincent and the Grenadines. Such rigorous regulation ensures customer protection, with client deposits kept separate from the company’s funds and not used for HYCM’s personal or commercial activities. Clients are also covered by the FSCS compensation scheme in the event of the company’s bankruptcy.
Account Types and Trading Platforms
HYCM offers three main types of trading accounts:
- Fixed Account: This is a commission-free account with fixed spreads starting from 1.8 pips.
- Classic Account: Another commission-free option, offering floating spreads starting from 1.2 pips.
- Raw Account: This account type comes with a commission of $4 per lot and a spread of 0.2 pips.
Additionally, Islamic trading accounts are available for traders who wish to adhere to Islamic principles in their trading activities.
For trading platforms, HYCM mainly utilizes the popular MetaTrader 4 (MT4) platform, with MetaTrader 5 (MT5) also available as an option. The broker also offers a mobile app, HYCM Mobile, compatible with Apple and Android devices, allowing traders to engage in trading activities anytime and anywhere.
Trading Instruments and Leverage
HYCM provides a vast array of trading instruments, including more than 300 financial assets like Forex currency pairs, metals, energy resources (oil and gas), commodities, indices, stocks, ETFs, and cryptocurrencies.
Leverage varies based on jurisdiction. For accounts opened in Dubai, the Cayman Islands, and Saint Vincent and the Grenadines, the leverage can go up to 1:500. For UK and European traders, the leverage is capped at 1:30.
Fees and Spreads
HYCM’s fee structure is competitive. The broker charges low CFD trading fees and no deposit or withdrawal fees in most cases. However, forex trading fees are average, and there is a notable inactivity fee of $10 each month after 90 days of inactivity.
Deposits and Withdrawals
HYCM supports various deposit methods including credit/debit cards, bank wire, Skrill, Neteller, and UnionPay. The minimum deposit varies according to the chosen account, starting from $20, with the Raw spread account requiring a $200 initial deposit. Withdrawals are generally fee-free, but it’s important to deposit in your account’s base currency to avoid conversion fees.
Customer Support and Additional Features
HYCM’s customer support is highly responsive and available in multiple languages through live chat, international phone lines, and email. The broker provides an array of additional features like daily market news, forex education, webinars, and workshops, as well as partnership with Seasonax for seasonal pattern analytics.
Overall, HYCM stands out for its strict regulation, a wide range of trading tools, and robust customer support. The availability of different account types caters to diverse trading needs, making it a suitable choice for both novice and experienced traders. However, the broker’s fee structure, particularly the inactivity fee, and average forex fees should be considered.
For more detailed information and user experiences, traders can explore further reviews and insights on websites like BrokerChooser, 55Brokers, Day Trading, and Forex Ratings.