HYCM Review 2023 – Trade with Best Forex and CFD Provider

 

HYCM, also known as Henyep Capital Markets, is a prominent name in the world of forex trading. With a rich history spanning over four decades, HYCM has established itself as a trusted and reliable broker in the forex industry.

HYCM offers a comprehensive range of trading services, catering to both novice and experienced traders. Whether you're looking to dip your toes into the forex market or seeking advanced trading tools, you will surely get your options with HYCM broker. With a diverse selection of trading instruments, including currencies, commodities, indices, and cryptocurrencies, HYCM ensures that traders have ample opportunities to explore and capitalize on market movements.

This HYCM review will explore more about its regulatory compliance, account types, user-friendly platforms, and educational resources.

HYCM Broker Overview

Owned by Henyep Group, HYCM is a well-established forex broker that offers a range of trading services to clients worldwide. Established in 1977, they have been doing this for a long time and are known for being honest and clear about how they work. They let people trade many different things like forex, stuff like gold and oil, and even digital money like Bitcoin. They have different trading platforms that people can use to trade and offer good prices and options to leverage. They have different types of accounts for different kinds of traders. HYCM also teaches people about trading and offers 24/5 customer service.

HYCM has won many awards since it started, like getting the prize for the Most Trusted Broker UAE in 2023 from International Business Magazine. It also got an award for being the Most Transparent Forex Broker in 2023 from Hercules Finance. In addition to these, HYCM gets several awards each year. Because of all these awards, HYCM is now known as a top company in its field, and lots of traders from all over the world like to use it.

To ensure transparency, HYCM broker has chosen two companies, Moore Stephens and BDO Ltd, to check and review their financial records every year. These auditing companies make sure everything is accurate and proper. BDO Ltd is a part of BDO International, which is one of the biggest groups of accountants in the world. This helps HYCM ensure that their financial information is reliable and trustworthy.

HYCM Review: Quick Summary

🏢 Headquarters	UK
📆 Established	1977
🗺️ Regulation	FCA, CySEC, DFSA and CIMA
🖥 Platforms	MetaTrader 4 and MetaTrader 5
📉 Instruments	BlackBull Markets MT4, BlackBull Markets MT5
💳 Minimum Deposit	$100
💰 Deposit Methods	Visa, Neteller, Skrill, Perfect Money, Bank Wire Transfer, Bitcoin
🎢 Maximum Leverage	Up to 1:500
☎ Customer Support	24/5

Facts About HYCM Broker

• 12ms Avg. execution time
• 23 Analytical objects
• 9 Timeframes
• 30 Technical indicators
• 20 Years of Group Excellence
• 20 Years UK regulated
• 15+ Global awards

HYCM Regulations and Licenses

HYCM follows rules made by important financial regulations from different parts of the world to make sure they are fair and honest. They have permission to do forex trading from different organizations that watch over how businesses work. In the UK, they are allowed by the Financial Conduct Authority, and they have a registration number (186171) that shows they are allowed.

In Cyprus, the Cyprus Securities and Exchange Commission gave a regulatory license to HYCM. HYCM has regulatory membership in the Cayman Islands from the Cayman Islands Monetary Authority, with the registration number (1442313).

HYCM is also allowed in Dubai by the Dubai Financial Services Authority. Finally, HYCM also got the regulations from Saint Vincent and the Grenadines with the number 25228 BC 2018. This means HYCM forex broker is watched by many important regulatory authorities in the world to make sure they are doing things the right way.

Additionally, HYCM broker follows a set of important rules called MiFID. These rules are made by the EU to make sure financial markets work well, stay strong, and are clear. It’s all about making things better for investors and keeping them safe. And HYCM makes sure to follow these rules so they’re providing service in the right way.

HYCM Review: HYCM Account Types

HYCM help its clients by giving them different kinds of accounts to choose from based on what they need. There are real accounts where you can actually trade with real money, and there are HYCM demo accounts where you can learn without using real money.

They even have special accounts for important clients like VIPs and companies that trade a lot. No matter which account you choose, you’ll get really good trading conditions. HYCM wants to make sure everyone has the best options for their trading journey.

HYCM broker mainly offers three types of accounts to retail traders, Fixed, Classic and Raw. Let’s explore the details of each account type.

Fixed Account

The Fixed Account is designed for traders who prefer stability and predictability in their trading costs. With 1.5 pips, spreads on this account type are fixed, meaning they remain constant regardless of market conditions. Also, keep in mind that fixed spread also means that they may be slightly wider compared to other account types during periods of high market volatility. Nevertheless, a Fixed account is suitable for traders who value transparency and want to know their trading costs upfront.

It is a no-commission account, and you will have to deposit a minimum of $100 to start the trading. While you can’t use an EA with Fixed Account, you can still trade easily. The smallest amount you can trade is 0.01, so you can start small. If you need an Islamic Account, this type is available too. It’s a good option if you want to know exactly how much you’ll be spending on trading and want an account that follows Islamic rules. Regardless of your minimum deposit amount, the minimum trade volume is 0.01.

Classic Account

If you are looking for variable spreads with HYCM broker, you may check out the Classic Account. It is a popular choice for traders looking for flexibility and value. With a minimum deposit of just $100, it’s easy to start trading. This account type comes with variable spreads starting from 1.2 pips, which means the trading cost might change a little depending on the market. However, the good thing about Classic Account is that there’s no extra commission fee to worry about.

Unlike the Fixed account, Classic Account comes with EA. Moreover, you can start trading with a small amount of 0.01 with Classic Account, making it accessible even for beginners. Additionally, if you need an Islamic Account, the Classic Account offers that option, too, following the rules of Islamic finance. It’s a flexible and well-rounded choice for traders who want options and features that suit their needs.

Raw Account

The Raw Account provided by HYCM is a solid option for traders seeking precise and straightforward trading conditions. To start this account, you’ll need a minimum deposit of $200. This account type offers raw spreads that begin from as low as 0.1 pips, but there’s a small commission fee of $4 for each round of trading. You can use EA with this account, which can make trading easier. You can start with a small trade size of 0.01, which is great for getting started.

Further, if you require an Islamic Account that follows the interest-free principles of Islamic finance, this option is available as well. Overall, the Fixed Account is a dependable choice for traders who want clear costs and features that match their trading preferences. Like all other HYCM accounts, Raw Account’s minimum trade volume is 0.01.

HYCM Review: Asset Classes

You can trade Forex, CFDs, Stocks, Indices, Cryptos, Commodities, and Stocks with HYCM.

Forex

HYCM offers you the opportunity to trade more than 40 different currency pairs from all over the world. You can choose from a big list of pairs, which means you’re trading the money of one country against another country’s money. You also have the choice to use more money for trading than you actually have – it can be up to 500 (1:500 leverage) times more. And the cost of trading, which is called spreads, can be really tiny, starting from just 0.1 pips. All of these things together make trading forex with HYCM broker a really good chance to do well.

CFD Stocks

With HYCM, you can become a part of well-known and important companies from different places in the world. You can trade the ups and downs in their value in the stock market. This is a way to get involved in the interesting world of stocks. You have the option to use up to 1:20 leverage in your trading. And you only need to have 5% of the total money you want to trade as a starting point. This makes trading stocks with HYCM a way to learn about the business world and how it works. Further, you can trade more the 300 CFD stocks with HYCM.

Indices

With HYCM broker, you can easily join the world’s major stock markets. HYCM offers 15 famous indices from different parts of the world that you can pick. This is a fantastic way to be part of the stock market’s excitement without needing to buy separate stocks. You also have the option to use up to 1:200 leverage for trading, which can add excitement to your regular trading. Trading indices with HYCM gives you an opportunity to learn about how markets move all around the world.

Crypto CFDs

HYCM gives you the chance to benefit from the success of big cryptocurrencies like Bitcoin, Ethereum, and Litecoin, even if you don’t buy them. You can trade based on how their prices go up and down. This is a way to be involved in the world of cryptocurrencies without having to own them. You’re allowed to use up to 1:20 leverage, and you can pick from 28 important cryptocurrencies to trade. This gives you the opportunity to understand the crypto market’s movement.

Commodities

You can trade commodities with HYCM broker even if you don’t own the actual things they represent. This means you can trade things like gold, oil, and other valuable resources without having to buy them in real life. Moreover, to give you extra benefits, HYCM offers 1:133 leverage for commodity trading. Through HYCM, you can be a part of the commodities market and learn about how the prices of these important resources go up and down, all without needing to actually own them.

 

HYCM Review: Deposits and Withdrawals

When you want to add money to your HYCM trading account or withdraw, it’s quite easy. They have a fair and equal way of handling money transactions, although the methods and rules might be a bit different depending on which transaction methods you are using. In general, they got a good score of 8.5 out of 10 for how they handle putting money in and taking it out.

It’s really cool that you can start with just $20 as your first deposit. Also, they don’t ask for extra money when you put funds in or withdraw, which is a big plus. You can quickly add money using different methods like Skrill, Neteller, and Credit Cards. HYCM also has different base currencies, including USD, EUR, GBP, RUB, AED, and CAD you can use for your account, which is useful for people from different countries. And if you want to withdraw money from your account, they usually proceed within one business day.

 

HYCM Broker Review: Deposit Options and Minimum Deposit

HYCM broker has different ways to add money to your trading account, and that’s really good. You can use credit or debit cards, bank transfers, Skrill, Neteller, Perfect Money, and more. Just remember, the options you have might be different depending on the specific location of HYCM you’re working with.

The smallest amount you need to start trading with HYCM changes depending on the type of account you want. For most accounts, you can begin with just $100, which is about what most people start with in this kind of thing. But if you’re looking at the Raw spread account, you’ll need to put in $200 to start.

HYCM Review: Withdrawals and No Fees

HYCM has a good rule for when you want to withdraw money out of your trading account. The good thing is they don’t ask you for any extra fees when you want to get your funds back. This is really helpful because you don’t have to think about paying more.

Just make sure to deposit and trade in the same currency as your account’s base currency. This way, you can avoid the need for currency conversion, which can sometimes lead to additional charges. With HYCM broker, you can manage your funds conveniently and efficiently.

HYCM Broker Review: Step-By-Step Withdrawal Guide

• Log in to your account.
• Click on the option that says “Withdraw Funds” in the menu.
• Type in the amount you want to take out.
• Choose how you want to get the money.
• Fill out the electronic request with the things they need.
• Double-check the information about your withdrawal and click “Submit”.
• You can also look at your Dashboard to see how your withdrawal is going.

HYCM Broker Review: Safety of Funds

Making sure the money of HYCM’s clients is safe is very important. They do this in a few ways. They keep the money of their clients separate from their own, and they put it in special accounts with really trustworthy banks like Tier-1 Banks. For clients that deal with the FCA, CySEC, and CIMA, this is how they handle things.

Also, if you’re a client of FCA or CySEC, you have some extra protection. There are two compensation funds called the Financial Services Compensation Scheme (FSCS) and the Investors Compensation Fund (ICF). These are like backup plans just in case HYCM can’t return your money for some reason. If that happens, these funds can help you out. The FSCS is for FCA clients, and the ICF is for CySEC clients.

HYCM Broker Review: Segregated Funds

HYCM believes in being open and fair when it comes to trading. They promise that the money of their clients is put in different bank accounts, separate from their own money.

They follow the rules set by organizations like FCA, CySEC, and CIMA. And to keep the money safe, they work with really big and reliable banks like Barclays Bank and Eurobank. These banks help by holding the money in special accounts just for HYCM’s clients. This way, everything stays secure and separate.

HYCM Trading Platforms

HYCM broker provides its service through MetaTrader 4 and MetaTrader 5 platforms. Here is the detail of these platforms.

HYCM MetaTrader 4

MetaTrader 4 (MT4) is a really popular forex trading platform that traders use for buying and selling foreign currencies and other asset classes in the financial market. This program is great for all kinds of traders, whether they’re just starting or already know a lot. It has cool features like advanced ways to look at data, different trading plans, and special tools called Expert Advisors. Plus, you can even use it on your phone to trade from anywhere.

You can trade easily even when you’re not at your computer. Just use your smartphone or tablet to open, control, and finish your trading deals.

All you have to do is get the MetaTrader 4 app for Android or iOS on your device. This way, you can trade currencies from anywhere, whether you’re at home or somewhere else in the world!

 

HYCM MetaTrader 5

MetaTrader 5 (MT5) is a super strong platform that can do lots of things. It’s not just for one type of trading assets; it works for trading different kinds of asset classes.

HYCM MT5 helps you understand and predict the market better with really smart ways of looking at data. You can also make your own trading plans and even use special tools like trading robots and Expert Advisors to help you trade automatically.

MT5 gives you even more options, like more ways to look at the time and different ways to order deals. It even has a tool that shows important economic events. All these things make it a really useful tool for trading.

Further, you can have all the cool features of MetaTrader with you wherever you go. With just your smartphone or tablet, you can open, handle, and finish your trading deals right from your hand.

You’ll be in charge of your trading account using your mobile phone. Just get the MetaTrader 5 app for Android or iOS on your device. Then, you can trade forex anytime and anywhere you are in the world!

 

Tools in HYCM

HYCM offers a range of tools to assist traders in their forex trading activities. Among these tools are the Pip Calculator, Currency Converter, and Margin Calculator.

Pip Calculator

The Pip Calculator is a helpful tool for people who trade in the forex market. It helps them figure out how much a tiny movement in the price of their chosen currencies is worth. This small movement is called a “pip,” which stands for “percentage in point.” It’s the smallest change in price that matters in forex trading.

With the Pip Calculator, traders can type in the kind of currencies they’re trading, the size of their trade, and the money they’re using in their accounts. Then, the calculator figures out how much one pip is worth in their account money. This is super important because it helps them manage how much risk they’re taking and understand possible gains or losses.

Currency Converter

This tool helps traders change one currency into another really fast. It’s handy when traders want to switch their account money to a different currency or figure out how much a trade is worth in another currency.

The Currency Converter is great because it uses the most recent exchange rates, which are like the prices of different currencies compared to each other. This way, the tool gives accurate answers for the conversions traders need to do.

Margin Calculator

The Margin Calculator comes in handy in leveraged trading. This tool helps traders figure out how much money they need to set aside for a specific trade, considering how much extra money they’re using and the size of the trade.

Here’s how it works: Traders put in the type of currencies they’re trading, how big their trade is, the extra money they’re using (leverage), and the money they have in their account. Then, the calculator tells them how much money they need to have in their account to make the trade. This is really useful because it helps traders make sure they have enough money to cover any possible losses and manage the risks they’re taking.

Economic Calendar

The HYCM Economic Calendar is a special tool for traders. It helps them know about important events related to money and the economy that might change the prices of things like currencies, stocks, and more. By knowing about these events, traders can make better choices when they trade and maybe even find chances to make money.

This tool shows a list of upcoming events, with details about when they’ll happen and what they’re about. It covers different economic things like decisions about interest rates, reports about jobs, inflation, and more. Traders can pick what kind of events they want to see and when they want to see them.

The HYCM Economic Calendar also tells traders what experts thought might happen and what actually did happen in the past. This helps traders see how the markets reacted before and learn from it. It’s easy to use, and traders can see it on HYCM’s website or trading platform. They can even set it up to tell them when certain events are coming up. This way, traders are always updated with the latest news and can react quickly to things that might affect the market.

 

Education: Webinars and Workshops

HYCM also offers a range of educational features to assist traders in enhancing their knowledge and skills in the financial markets. Here are some of the educational resources and features provided by HYCM.

Weekly Webinars

HYCM regularly conducts online webinars on various topics related to forex trading. In these online sessions, HYCM talks about what’s coming up in the world of trading, especially in the foreign exchange market. Further, they look at how the market is changing and shifting. You’ll learn about important events that could make the market move and how to handle risks in a smart way.

This is your chance to learn how to plan ahead for these events and feel confident when you’re trading. By joining, you’ll get useful information about how most traders are feeling and strategies for big market events, and you can even ask questions during the session and get answers right away. You can join the webinars to learn the important things you need to trade successfully.

Weekly Workshops

To enrich your forex knowledge, you can also join the weekly workshop at HYCM and learn from a real expert in trading named Giles Coghlan. He’ll show you how trading works in real-time, sharing all the smart things he knows. To make sure you get the most out of this learning, we believe in learning by doing. That’s why you’ll need a special practice account to follow along and try out what you’re learning.

During the workshop, you’ll watch someone really skilled like Giles make choices and explain how he does it, all as it’s happening. You’ll even get to do some practice exercises on your practice account, which will help you get better at trading and feel more sure about it. And even after the workshop, you’ll have a big guide about trading that you can use whenever you need help.

This workshop is a super cool chance to learn and get better at trading, all from an expert.

 

Customer Service

One of the key features of HYCM’s customer service is its availability 24 hours a day, 5 days a week. This means clients can get help from the customer support team any time from Monday to Friday, especially when trading is most active.

HYCM has different ways to help clients. They have a phone service and a live chat. With the phone service, clients can talk to a customer service person directly on the phone. This is great for questions that need quick answers or if there’s a big problem. The staff at HYCM is good at helping, and they’re fast too.

Besides the phone service, they also have a live chat on their website. This is when you type messages and talk in real-time with the customer service team right on the website. It’s really handy if you like to write or if your question isn’t super urgent. This way, you can get answers quickly and solve any worries you have.

Final Words

One of the key factors that set HYCM apart is its commitment to providing a secure and transparent trading environment. Upon abiding by the regulations from different regulatory bodies, they keep the trader’s money in segregated accounts, and their trades are done fairly.

Moreover, HYCM has a user-friendly trading platform that is accessible via desktop, web, and mobile devices. This allows traders to stay connected to the markets and manage their positions on the go, providing flexibility and convenience.

In addition to its robust trading infrastructure, HYCM offers a range of educational resources and tools to empower traders with knowledge and insights. From webinars and tutorials to market analysis and trading signals, HYCM equips its clients with the necessary tools to make important trading decisions.

Whether you’ve traded a lot before or are just starting, HYCM is a good choice. They really want their customers to be happy, and they’re super good at what they do. With their experience, following rules, easy-to-use platform, and learning tools, HYCM is a great place to start or continue your journey in forex trading.