A thorough HYCM Forex Review for Forex Traders
Written by Demi Oye
In a world of forex brokers, no one reigns supreme.
Today’s piece is “A thorough HYCM Forex Review for Forex Traders”.
I will be covering all vital sections from platform features to pips and deposits.
HYCM is a large forex broker based in London.
HYCM are part of a larger conglomerate known as the Henyep group. The Henyep group provides a range of financial services to investors of all kinds. Brokers can trust HYCM’s 30 years’ experience and well-known credibility in the space.
HYCM are part of the global conglomerate Henyep Group which handle a wide range of financial services. Therefore, investors are guaranteed to be choosing a broker that has a strong pedigree within the industry thanks to their 30 years of experience.
Formerly known as HY markets, HYCM is a reputable leader in the forex market, providing access to a wide array of trading markets including but not limited to currencies, commodities. HYCM also makes their account opening process a lot simpler than most.
HYCM briefly entered the binary options markets, but since its merger in 2016, HYCM now concentrates on FX and CFD products.
HYCM FOREX REVIEW
- Trading Platform
Different brokers select their desired trading platforms depending on personal trading requirements and style.
HYCM offers two trading platforms for traders. It has its web-based PrimeTrader and the popular MetaTrader 4.
PrimeTrader serves as a multi-asset web platform with a systemic and user-friendly interface. PrimeTrader integrates advanced charts features and total online account management.
Investors who opt for HYCM as their preferred broker can also use MetaTrader4.
Metatrader 4 is known for its cutting-edge technology, user-friendly and colorful interface. Metatrader is a leading trading platform that allows users to explore and utilize advanced tools and charts for technical analysis. Live news and events from the market are also updated by the minute. HYCM also provides a variety of assets including currency pairs, CFDs, metals, shares, indices.
- Mobile Trading
Mobile trading has revolutionized the trading experience. As for the HYCM brokers, MetaTrader 4 mobile applications provide mobile trading on financial markets for iOS and Android operating systems.
The Meta 4 mobile application is as resourceful as the desktop version, providing a host of functions including interactive quote charts, trading orders and a range of analytical tools to help professional and novice investors take advantage of the market while on the go. The mobile applications also spur community and social interaction, allowing chats with other traders and push notifications features.
- Demo Account
The HYCM forex broker provides a free Demo Account for traders upon registration. A demo account provides a virtual trading scenario with the same set of valued tools, quotes and assets in a real trading marketplace. It is beneficial to seasoned and amateur traders when trying out new strategies, methods without the risk of losing real money.
- Minimum deposit
HYCM offers a relatively low starting deposit amount for traders to start trading on the platform. HYCM requires a minimum deposit amount of 100 dollars to open an account to start trading at HYCM.com. HYCM also offers an Islamic account with a range of services and features that are considered Halal. Clients of HYCM who don’t want to earn interest for Islamic reasons may opt for Islamic accounts, which are swap-free. The Minimum deposit for an Islamic account is 100 dollars. The minimum for a standard HYCM account is 1000 dollars and 1000 dollars for a HYCM VIP.
- Payment method
HYCM traders can make deposits and withdrawals via different payment methods and platforms. Visa and Mastercard Credit and debit cards, WebMoney, wire transfer, Skrill and are all acceptable means of payment. HYCM offers trading accounts with the euros and the dollar as the base currency. Deposits can also be made in currencies like the Australian dollars, the Saudi riyal (SAR), the Kuwaiti Dinar (KWD) which can all be converted to the U.S dollar(USD) for trading.
- Maximum Leverage
Leverages are a thing of choice and discretion, but investors can use leverages when trading for the possibility of higher profits.
HYCM’s maximum leverage level is 1:200, which is not a little too small or a tad too outrageous. Compared to other brokers, it can be termed as a conservative leverage level. However, it is essential to point out that other brokers offer upwards of 1:200. XM offers 1:888 and investors with a high-risk appetite might not find 1:200 impressive enough. But before we plunge into the chances of gaining humongous profits from high leverage ratios, it is important to point out that leverage is a double-faced game. Higher leverage levels carry a higher level of risk as it helps amass multiplied profits on a smaller deposit.
- Spreads and commission
Spreads and commissions are a crucial criterion for every trader looking to have a burgeoning trading career. HYCM offers two types of spreads: Fixed and Variable. Fixed spreads are usually wider than the variable spreads and provide a trader stability in a more predictable market situation, thus protecting them from wild spread spikes which generally occur when there is a big news or major event.
HYCM offers competitive spreads and they do a great job in ensuring it stays competitive. Fixed spreads amount to 1.8 pips on the EUR/USD pair, while other brokers offer fixed spread at 2 – 3 pips in the spread.
HYCM classic account traders can opt for the variable spreads as they are also competitive.
- Regulation and license
HYCM is regulated by the Securities & Futures Commission (SFC of Hong Kong), by the Cyprus Securities and Exchanges Commission (CySEC), the Dubai International Financial Centre (DIFC), Financial Conduct Authority (FCA of the UK).
The European arm of HYCM operates under the strict regulatory guidelines of the CySEC and the FCA through the Markets in Financial Instruments Derivatives (MiFID) issued by the European Union.
HYCM is also authorized by the European Economic Area (EEA) agreement to accept traders from the EU regions, subject to local laws and legislation.
HYCM also protects traders through the Investor Compensation Fund (ICF of Cyprus) and the Financial Services Compensation Scheme (FSCS of the UK). The ICF guarantees reimbursement of up to €20,000 if a broker is rendered insolvent without clearing its clients’ debt obligations, while the FSCS offers up to £50,000 in compensation for qualified investors.
- Customer service
The HYCM customer support team is highly responsive. Traders can contact the customer support team from 23:00 GMT on Sundays to 21:00 GMT on Fridays. Traders can reach out by writing or calling the helpline. The customer support team also uses a convenient 24 hours live chart facility from Monday to Friday.
Several email addresses are provided on the website to aid the expediting and resolution process.
- Benefits of Trading with HYCM
- HYCM has been an active market participant since the late 1970s
- Traders can open a Forex trader’s account for as low as $100.
- Wonderful customer service support through live chat, email, and phone support.
- Functional and responsive mobile apps, along with MT4 support.
- HYCM is regulated by strong EU regulators and has a strong presence in Europe and Asia.
- Relatively low leverage level
- HYCM does not offer ECN/DMA accounts, which can lead to higher spreads.
- Clients have to request for a demo account and are provided access after they have passed through a verification process.
This concludes our thorough HYCM Forex Review for Forex Traders.
What more do you need to know?
HYCM caters to more than 170 different countries around the world and has acquired several corporations to expand and solidify its presence in the markets.
Being part of a larger international group with over 30 years’ experience in the industry makes a strong argument for HYCM in the forex broker’s space.
HYCM is a reputable and highly regulated broker with a wealth of expertise and client trust.
A host of other features like educational resources, product offerings and many more makes HYCM an excellent choice for professional and novice investors alike.