Read this HYCM broker review before opening your account. Is this a Scam or Reliable Forex Broker? Find out more with AtoZ Markets Forex broker review of HYCM.
HYCM is an online retail broker that earned several awards from global bodies. Traders can trade forex, stocks, commodities, indices and cryptocurrencies through this broker.
We have carried out an extensive review of this company and found it legit and recommendable. This broker is famous for experience and customer support, along with some other unique trading features. Therefore, they provide a great variety of markets and products.
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HYCM has 40 years of experience in the forex industry. It was established in 1977. It already has a long track record and outstanding trading experience for its global customers. It provides the clients everything required in making calculations in trading decisions.
The mother company of HYCM is the Henyep Capital Markets Group, which is a globally recognized company in investments in property, financial services, and education. HYCM is regulated by some internationally recognized financial regulators, including CySEC and FCA. It operates its business in the United Kingdom, Hong Kong, Dubai, and Cyprus. Customers are getting a better service from them, which makes their background robust and reliable.
HYCM has gained a lot of recognition and awards for its outstanding service. Of the two recent awards are the Best Forex Broker award (UAE 2017) provided by the Global Banking and Finance Review and Best Mobile Trading Platform (2017) awarded from the World Finance. Later on, HYCM also wins the Best Forex Broker 2018 (World Finance). HYCM worked as an industry leader and it helps the company to remain on the top list among the global forex brokers.
HYCM is a Multi-awarded broker and backed by the experienced forex trading platforms that are in operation for more than 30 years. Many award-giving bodies have recognized HYCM for being the Best Forex Broker and having the Best Trading Platform.
HYCM provides easy access to the forex market anytime and anywhere through its web-based trading platform. Moreover, it has industry-leading MetaTrader 4 and HY MT4 Mobile platforms. Additionally, they have Prime Trader, which is a brand new multi-asset, flagship platform.
MetaTrader 4 & MetaTrader 5
MetaTrader 4 is a leading, world-renowned trading platform. It has live market news, advanced charting and analytical tools such built-in economic calendar, expert advisors, and trading central analysis support with 24/7 customer help. Traders can enjoy more than 40 free indicators with compatibility with thousands of free and paid indicators. Many advanced charting tools make the MetaTrader 4 Handy and user-friendly. Moreover, both MetaTrader 4 & MetaTrader 5 is available in Windows, Mac, IOS, and android. MetaTrader 5 has some more advanced charting tools that help the trader to analyze more perfectly.
HYCM offers 3 types of accounts - Fixed, Classic, Raw. Premium accounts are for the VIP Personal Dealer Service that provides a cutting-edge service to access all markets.
The Fixed Account is ideal for traders who are new to the industry. It requires a minimum deposit of $100 only. For Classic account, a deposit of at least $100 is needed and that is suitable for traders experienced traders. HYCM provides its clients in the UK and EEA up to 1:30 leverage as per ESMA regulations. Other clients can enjoy leverage up to 1:200 while trading with HYCM.
Traders can trade the top 5 cryptocurrencies through this broker, including the Bitcoin, Litecoin, Ethereum, and Ripple. It provides 1:20 maximum leverage for crypto trading.
Customers only need a minimum deposit of $100 to start trading with HYCM without any charge. However, if the withdrawal amount is less than $300, the customer has to pay $30 as a transaction fee. This only applies to Bank Wires. All other withdrawal method charges are covered by HYCM.
Moreover, in its forex account, they charge 4$ commissions with a floating spread from 0.2 pips. However, the classic and Fixed accounts don't have any commission.
The customer support of HYCM is available for 24/5 via email, webchat and telephone calls in their London-based phone numbers.
HYCM is headquartered in London, UK. Henyep Investment (UK) Ltd got its license from the UK’s FCA in 1998. Later on, going with the growth of technology in 2007, Henyep Investment (UK) Ltd launched the HY Markets online trading platform. Moreover, HYCM works as a division of Henyep Capital Markets that has an operational history of 30 years in foreign exchange and CFD's on commodities, metals, indices, and treasuries. In 2015, HYCM got the CySEC regulation that was a milestone for the company to operate its business in Europe.
Moreover, HYCM Ltd is also regulated under the CIMA and Dubai Financial Services Authority (DFSA).
HYCM has been around for decades and its performance doesn’t seem like it is going away soon. If you are very cautious about where to invest your funds, you should choose HYCM as it is reliable in terms of regulation and funds safety.