HYCM is well established in the forex trading brokerage industry. Henyep Capital Markets Limited, the parent company, was formed in 1977. HYCM’s headquarters have been established in the UK since 1998. HYCM is one of the few brokers with regulations of two top-tier regulatory bodies of CySEC, FCA, and HYCM is also licenced to provide financial services by CIMA and DFSA.
HYCM has a limited but diversified product portfolio of over 300 trading instruments. These trading instruments are from popular asset classes such as forex, stocks, indices, cryptocurrencies, commodities, and ETFs. HYCM provides the most renowned trading platforms from the MetaQuotes suite with tight spreads, low commissions, and rapid executions.
HYCM has a sophisticated education and research section full of useful educational content and research tools. Combined with the right psychology, these tools help traders make informed decisions. In addition, demo accounts and Islamic accounts also make HYCM worth taking a look at.
Let’s highlight the advantages and disadvantages of HYCM.
Pros and Cons
Key HYCM findings
HYCM has the expertise of over 40 years in providing trading services, and the broker is under strict regulations of FCA and CySEC. In addition, the broker offers over 300 trading instruments with tight spreads and fast executions over MT4 and MT5 trading platforms. A dedicated educational section, live webinars, and seminars show the broker’s commitment to educating its clients. In addition, the broker provides demo accounts for practice and a low minimum deposit to get started. And finally, to make transactions smooth and easy, HYCM does not charge any deposit and withdrawal fee from its clients.
On the other hand, HYCM has a minimum deposit requirement of $20. In addition, the broker charges an inactivity fee. Moreover, 300 trading instruments might get in the way of professional traders who want to keep an eye on thousands of symbols for trading opportunities. Providing MT4 and MT5 trading platforms is a good gesture, but it would be nice to see a proprietary trading platform. Finally, HYCM is not a listed company and does not publicly disclose its financial information.
Investment Products
What investments does HYCM offer?
HYCM has a nice product portfolio of over 300 financial products. The broker offers six popular asset classes: forex, stocks, commodities, indices, cryptocurrencies, and ETFs. The only lagging factor in this regard is the limited number of trading instruments. But, the broker compensates for this problem with cutting-edge technology and fast executions with low latency and no requotes.
On the other hand, HYCM does not offer other asset classes such as bonds and options.
HYCM Instruments Summary
| Instruments | HYCM |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Fees
What are the costs for investing with HYCM?
Commission and Spread Fees
Unfortunately, HYCM does not offer zero spread accounts. However, the broker provides very tight spreads starting from 0.1 Pips and low commissions starting from $4 per standard lot per round. HYCM offers three types of accounts.
- Fixed Spreads: Fixed spreads start from 1.5 pip with zero commissions
- (Classic) Variable Spreads: Variable spreads starting from 1.2 Pip with zero commissions
- Raw Spreads: Raw spreads starting from 0.1 Pip with a commission of $4 per round
| Fee | Fixed | Classic | Raw |
|---|---|---|---|
| Commission (per standard lot per side) | $0 | $0 | $2 |
| Spreads from | 1.5 | 1.2 | 0.1 |
Deposit and Withdrawal Fees
HYCM offers various payment methods but makes transactions easy for its clients by not charging any deposit or withdrawal fee. However, before processing a transaction, you might consult your service provider and check their transaction charges, if any.
Inactivity Fees
Accounts that have been inactive for 90 days will be charged an inactivity fee of US $10.00 or the equivalent amount in your Account base currency per month until activity begins.
Platforms and Tools
What platforms and tools does HYCM have?
HYCM provides MetaTrader platforms, which are industry standards in the online brokerage sector. These platforms are available at the majority of trading firms, making them one of the most popular options. MetaTrader platforms have grown to become the go-to platform for novice traders.
In addition, HYCM offers useful trading calculators for all users.
MetaTrader 4 (MT4)
Because of its cutting-edge technology, MetaTrader 4 (MT4) has become the most frequently used electronic trading platform and has been embraced as the financial industry standard. The platform provides traders of all skill levels with several options, including comprehensive technical analysis, customizable trading methods, and Expert Advisors, as well as mobile trading applications.
With a huge range of built-in indicators and trading templates for technical chart analysis, MT4 may be tailored to your specific needs. You may also design your own indicators, templates, and trading strategies. HYCM’s MT4 platform allows you to trade 100 different instruments.
The following are the primary characteristics of the MT4 trading platform:
- User-friendly interface
- Charts customisability
- 3 types of charts and 11 timeframes
- Technical indicators
- Graphical objects
- Market watch with live price quotes
- Expert advisors EAs
- Strategy tester
- MQL4 Editor
- MetaQUotes community
- Marketplace for buying and selling custom scripts, indicators, signals, and EAs
- Push notifications by SMS, email, and pop-ups
- Available on Desktop (Windows and Mac), WebTrader, and mobile (iOS and Android)
MetaTrader 5 (MT5)
HYCM also provides MetaTrader 5 (MT5), which is identical to MT4 but includes extra timeframes and features. In addition, MT5 includes roughly 300 trading instruments, compared to MT4’s 100. This might be because MT4 has a plethora of additional custom indicators and EAs available online. MT5 has 21 periods, 6 types of pending orders, and an integrated basic economic calendar, among other features.
Because of its cutting-edge technology and adaptability for traders of all skill levels, MetaTrader is the most extensively used electronic trading platform and has been embraced as the financial industry standard. MetaTrader 5 is a strong multi-functional, multi-asset platform that supports comprehensive technical and fundamental analysis, flexible trading systems, and automated trading applications (trading robots, Expert Advisors).
Trading Calculators
Clients of HYCM have access to a variety of simple trading calculators such as Pip Calculator, Currency Converter, and Margin Calculator that can aid in trade planning and administration.
HYCM Platforms Summary
| Platform | HYCM |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | x |
| Proprietary | ✓ |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | ✓ |
Research and Education
What resources does HYCM provide?
HYCM offers a wide range of free instructional resources for both rookie and expert traders. These training materials are intended to help you enhance your trading abilities and financial market understanding.
Forex Education
A wide range of topics is discussed, including the fundamentals of trading, trading psychology, chart analysis, and much more. Tutorials, videos, ebooks, trading methods, articles, and courses are available.
Trading Tools
The HYCM website has a number of tools that many traders may find useful. These trading tools can be an excellent supplement to those currently included in the trading platform. They have the potential to improve market analytical skills as well as overall trading efficiency.
Tutorials
This section contains the tutorials of MetaTrader trading platforms and their functionalities, installing indicators, and some basic chart patterns recognition.
Trading Strategies
HYCM provides tutorials and implementation guides of the following trading strategies in this section:
- Trend Signal Strategy
- Tunnel Strategy
- Fractal Strategy
- Fishing strip strategy
- Fishing strip strategy
- Zigzag Strategy
- Wave Tracker Strategy
- T-Chaser Strategy
- Fibo Trap Strategy
- Zoom In Strategy
- Semi-Automatic Strategies
EBooks
HYCM provides the following Ebooks free to all its users:
- Forex Ebook
- Advanced Ebook
- Commodities and Futures Ebook
- CFDs and Stocks Ebook
Beginners Course
HYCM offers a beginners course that contains educational content for the following purposes:
- The benefits of Forex trading, why Forex is one of the fastest-growing marketplaces, and why trading is quickly becoming a favourite among Stock Market investors
- Familiarization with the fundamentals of Forex, as well as many crucial trading phrases, as well as how to take the first step in trading
- Various sorts of orders and how to utilise the appropriate order type at the right time. The material in this lecture is part of the trading fundamentals that every trader should understand.
- Learn how to integrate all of the information and use our experienced traders’ winning techniques, as well as how to select the approach that works best for you.
- Improve your Forex knowledge by becoming acquainted with crucial trading and market terms in our comprehensive Forex glossary.
Seminars
Education is a strong tool for traders, which is why we value it at HYCM. HYCM’s educational seminars and workshops are designed to provide you with practical information and put you on the fast road to achieving your financial objectives.
Live Webinars
You can register and prepare for the forthcoming trading week with weekly webinar sessions, in which the experts look at the upcoming FX Week while analysing market moves. You will learn how to anticipate and engage with the market shifting events and significant risk occurrences.
Economic Calendar
The user-friendly economic calendar, which can be sorted by nation, category, impact, dates, and more, may help you keep track of market news events. Many analysts see the calendar as an essential component of basic analysis.
Trading Central
Trading Central’s award-winning analytical tools are available on HYCM’s platforms to help traders make trading choices. Alpha Generation, Risk Management, and Indicators Lab are among the tools available. Trading Central third-party plugins for MetaTrader platforms can be loaded to improve technical analysis and give market forecasts and commentary.
Market Analysis
The market forecast contains the most recent news, opinion, fundamental and technical analysis. It is constantly updated and goes into considerable depth, including graphic charts. This can help to generate prospective trading signals while also being valuable if you have an open position that you are monitoring.
HYCM Research and Education Summary
| Resources | HYCM |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | ✓ |
| Autochartist | x |
| Trading Central | ✓ |
| Economic Calendar | ✓ |
| Other | ✓ |
Deposit and Withdrawal
What are the HYCM funding options?
HYCM provides various payment options. Users can use bank (wire) transfers, Debit/Credit Cards, electronic payment services, and cryptocurrencies to deposit and withdraw their funds. With so many payment methods, the broker puts the cherry on top by not charging any transaction fee from its clients.
HYCM Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | ✓ | ✓ |
Regulation and Safety
Is HYCM regulated and safe?
HYCM is a well-established online trading broker with strict regulations worldwide. Following are the regulations of HYCM:
- Henyep Capital Markets (UK) Limited: the Financial Conduct Authority (FCA)
- HYCM (Europe) Ltd: the Cyprus Securities and Exchange Commission (CySEC)
- HYCM Ltd: the Cayman Islands Monetary Authority (CIMA)
- Henyep Capital Markets (DIFC) Limited: the Dubai Financial Services Authority (DFSA)
HYCM Regulation Summary
| Regulator | HYCM |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | ✓ |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | ✓ |
| CFTC (USA) | x |
| Other (CIMA, DFSA) | ✓ |
HYCM Safety
HYCM is also compliant with MiFID. The Markets in Financial Instruments Directive (MiFID) is a collection of strict EU legislation designed to assist in guaranteeing that financial markets are transparent and that investors are protected. HYCM prioritises the safety of customer finances, openness, and fairness. They’ve teamed with top-tier banks like Barclays and Eurobank to keep customer cash in segregated bank accounts that can’t be used for anything else.
On the other hand, the broker is not listed on any stock exchange and does not hold a banking licence. But more than 40 years of experience in the forex trading industry distinguished HYCM from its competitors.
Client Support
What client support is available with HYCM?
HYCM provides customer support 24/5 with live chat, phone, and email.
Conclusion
Final Thoughts
After knowing all the pros and cons of the broker, we conclude that HYCM is an award-winning worldwide online broker that has been providing financial services to clients for over 40 years and is strictly regulated by FCA and CySEC. They have over 300 tradeable instruments in a variety of marketplaces. Execution speeds and spreads are quite competitive, and multiple trading accounts are available to meet the demands of each trader. There are several finance options accessible, as well as customer service. Overall, HYCM is an option worth trying for traders who want to trade in a secure environment.
FAQs
