HYCM Review
HYCM is an award-winning, multi-regulated broker with over 40 years of expertise, offering a diverse choice of assets to traders worldwide with fast trade execution and low trading costs with MT4 and MT5 trading platforms.
HYCM is well established in the forex broker 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 regulated by 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 MetaTrader platforms from MetaQuotes for convenient access to trade online with very good conditions including tight spreads, low commissions, and rapid execution speeds.
For beginners and those of you who like detailed market analysis, 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 to spot opportunities and make informed decisions. In addition, demo accounts and Islamic accounts also make HYCM worth taking a closer look at.
Let’s highlight the advantages and disadvantages of HYCM.
HYCM has the expertise of over 40 years in providing trading services, and the broker is under strict regulations of FCA and CySEC amongst others. In addition, the broker offers over 300 trading instruments with tight spreads and fast executions over the powerful yet easy to use 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 of just $20 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 charges an inactivity fee if you do not trade for a certain period of time. 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 great, 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.
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. I think there should be enough financial instruments for most retail traders although HYCM does not offer other asset classes such as bonds and options. If you are looking for more choice, then IG have a huge selection of more than 18,000 instruments for you to choose from.
HYCM Instruments Summary
| Instruments | HYCM |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | ✓ |
| CFDs | ✓ |
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. These are some of the lowest commission fees that you will find, putting HYCM up there with RoboForex in terms of low fees. The broker offers three types of accounts which can cater for different types of trading strategy.
- 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. If you plan on taking a break from trading and would rather avoid an inactivity fee, then Trade Nation do not charge any.
HYCM provides you with the user-friendly MetaTrader platforms, which are considered the industry standards in the online brokerage sector. These platforms are available at the majority of CFD brokers making them one of the most popular options. MetaTrader platforms have grown to become the go-to platform for beginners whilst they still pack a big enough punch for professional traders.
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. This platform provides traders of all skill levels with several options, including comprehensive technical analysis, customizable trading methods, automated trading with expert advisors, as well as robust mobile trading applications.
With a huge range of built-in indicators and trading templates for technical chart analysis, MT4 can 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 very similar to MT4 but includes some additional 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 chart periods compared to 9 in MT4, 6 types of pending orders, and an integrated basic economic calendar, among other features that establish it as one of the best trading platforms available today.
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. This is helpful if you do not have the time or math skills to frequently perform such calculations.
HYCM Platforms Summary
| Platform | HYCM |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | x |
| Proprietary | ✓ |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | ✓ |
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 they 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. You can also use the news calendar that is built-in the MT5 platform which might be more convenient.
Trading Central
The superb Trading Central 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. This are excellent for automatically scanning your favourite instruments for trading signals according to your own bespoke conditions. The software can send you an alert so you do not need to be sat at your desk sifting through charts all day long. Trading Central third-party plugins for MetaTrader platforms can be loaded to improve technical analysis and give market forecasts and commentary. Other competitors providing Trading Central include Libertex.
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 | ✓ |
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 | ✓ | ✓ |
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.
HYCM provides customer support 24/5 with live chat, phone, and email. If you are looking for a broker that is available around the clock including weekends, Fortrade provide 24/7 support.
HYCM has a good range of trading product and services for traders of all experience levels. There is a reasonable range of financial instruments covering various asset classes although not quite up there with top brokers such as Swissquote who provide thousands. That being said, HYCM have some of the lowest fees I have seen from any broker. You can trade with minimal hassle on easy to use platforms for all of your devices. There are some excellent resources for market analysis, including the brilliant Trading Central tool. Beginners have plenty of educational content to get their teeth stuck into whereas free demo trading accounts are also available. You will find different types of accounts that you can choose from depending on your trading strategy and there are plenty of funding options. Overall, I think HYCM are a solid choice for anyone who is looking to trade in a regulated environment with a well-established broker.
