HYCM Full Review

HYCM Full Review

HYCM Full Review
ISIN: Country: United Kingdom Category: FOREX
  • Pros Regulated by FCA, negative balance protection, over 40 years of trading experience, over 300 trading instruments, forex and CFD trading, bot trading, fast account opening process, islamic account option, low fees and commissions, no deposit and withdrawal fees, various deposit and withdrawal options, available on MT4 and MT5, good research tools, and good educational materials.
  • Cons Does not provide its financial statements, not listed on stock exchange, no options and futures trading, minimum deposit of $100, inactivity fee, outdated MT4 charting tool, and no 24/7 customer support.

Our Rating

The overall rating is based on review by our experts

5
  • Safety 5 / 10
  • Offering of Investments 5 / 10
  • Account Opening 5 / 10
  • Fees and Commissions 5 / 10
  • Deposit and Withdrawal 5 / 10
  • Platforms and Languages 5 / 10
  • Research Tools 5 / 10
  • Customer Service 5 / 10
  • Education 5 / 10
  • FAQs 5 / 10

HYCM, or Henyep Capital Markets is one of the oldest brokers out there with over 40 years of trading experience. HYCM is a forex and CFD broker with over 300 instruments and spreads starting from 0.2 pips. Its headquarters are in London, UK. and regulated by top-tier financial authorities like FCA, the Financial Conduct Authority and CySEC, the Cyprus Securities and Exchange Commissions. One of the biggest advantages of HYCM is that it has no deposit and withdrawal fees.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

HYCM Full Review - Key Statistics

Safety

Pros

Cons

  • Regulated by FCA, CySEC, CIMA DIFC
  • Negative balance protection
  • Client protection amount
  • Over 40 years of experience
  • Does not provide its financial statement in public
  • Not listed on stock exchange

Is HYCM regulated?

The HYCM broker is regulated by many financial authorities like:

  • FCA: the Financial Conduct Authority in the UK
  • CySEC: the Cyprus Securities and Exchange Commissions
  • CIMA: Cayman Islands Monetary Authority
  • DIFC: Dubai Financial Services Authority

Is HYCM a scam?

HYCM safety is divided into 2 parts, the safety of the broker itself and the safety of the client.

Broker safety

HYCM is a regulated broker from top-tier financial authorities like the FCA and CySEC. It has also over 40 years of trading experience since its foundation. HYCM survived from several financial disasters since its foundation in 1977.

Client protection

HYCM has client protection amounts to protect its clients if anything goes wrong. Those amounts are considered as compensations for unusual activities and to manage risks.

HYCM has also a negative balance protection if you lose more money than what’s in your trading account.

HYCM Legal Entities Table

Country

Protection amount

Regulator

Broker's Legal Entity

UK

£85,000

FCA

Henyep Capital Markets (UK) Limited

EU and EEA

€20,000

CySEC

HYCM (Europe) Ltd

Other countries

No protection

Registered in St. Vincent & the Grenadines

HYCM Limited

 

Offering of Investments

Pros

Cons

  • Over 300 trading instruments
  • Forex and CFD trading
  • Stocks, ETFs, commodities, and cryptocurrency trading
  • Expert Advisors (bot trading)
  • No options, futures, bonds, or mutual funds trading

HYCM has over 300 trading instruments in different categories like forex, CFDs, cryptos, ETFs, and commodities. On the other hand there are no options, futures, bonds, or mutual funds trading at HYCM.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

HYCM Offering of Investments

 

HYCM

Currency Pairs

Over 40

Indices

28

Metals

No

Commodities

16

Bonds

No

Real stocks

149

ETFs

19

Cryptocurrencies

19

Notes:

  • HYCM allows EAs (Expert Advisors) which are robots that automatically place trades on behalf of you.
  • Please note that some of the trading options may depend on your account type and / or your country of residence according to the governmental rules.

Account Opening

Pros

Cons

  • Fast account opening process
  • Fully digital
  • Islamic account option
  • Minimum deposit of $100

Countries available

HYCM is available in all countries except countries like the US, North Korea, and Japan.

See all HYCM unavailable countries.

Account types

HYCM provides 3 main account types which are:

  • Fixed
  • Classic
  • Raw

Each one of the three has its features and specifications as the following table shows below.

HYCM - Account comparison

 

Fixed

Classic

Raw

Demo Account

Yes

Yes

Yes

Spread

From 1.8 pips

From 1.2 pips

From 0.2 pips

Commissions

No Commissions

No Commissions

Yes

($4 per round)

Min deposit

$100

$100

$200

Base Currencies

EURO, USD, GBP, AED, RUB

EURO, USD, GBP, AED, RUB

EURO, USD, GBP, AED, RUB

Islamic account option

Yes

Yes

Yes

Dormancy Fees

US $10.00

US $10.00

US $10.00

HYCM also provides a demo account with 0 fees if you want to experience the trading platform with no risk.

You can also use the tool provided by HYCM broker that helps you find the most suitable account type for you by answering some trading questions about your trading habits.

VIP Account

In addition to the previous account types, HYCM also provides a VIP account that has additional features like:

  • Dedicated Account Manager
  • Comprehensive Market Analytics
  • Better Spreads (For Fixed Accounts)

Min deposit

The minimum deposit is based on the account type you have as the following:

  • Fixed Account: $100
  • Classic Account: $100
  • Raw Account: $200

How to open an account

You can open an HYCM account in minutes either from its website or the HYCM Mobile application. To open an account, follow these steps:

  1. Enter your email address as well as your phone number.
  2. Enter your name and select the country of residence.
  3. Provide your street name, city, and postal code.
  4. Select the trading platform you want to use (MT4 or MT5).
  5. Select the account type and the base currency then create a password for your account.
  6. Provide proof of your identity and the country of residence.
  7. Fund your account and start trading.

HYCM - Account opening

Notes:

The process of account verification takes from 1 to 2 business days to be done.

Fees and Commissions

Pros

Cons

  • Low forex fees
  • Low commissions
  • No deposit and withdrawal fees
  • Inactivity fees

Commissions

Fixed and classic accounts have no additional commissions and they are only charged with spreads for all products.

For the Raw account, it’s charged with spreads + a commission of ($4 per round) when trading forex only. Other products like ETFs, CFDs, stocks, cryptos, and commodities have no commissions.

Commissions by Account Type

 

Fixed

Classic

Raw

Forex

No Commissions

No Commissions

($4 per round)

Indices

No Commission

ETFs

Commodities

Stocks

Cryptocurrencies

Trading Fees

Please note that trading fees differ from an account to another. So, please check this section to get all the information you need.

Forex fees

The minimum spreads for trading AUDCAD is:

  • Fixed: 5.8 pips per lot
  • Classic: 4.2 pips per lot
  • Raw: 2.6 pips per lot + $4 commissions per round

Shares

The minimum spreads for trading Apple share is:

  • Fixed: 19 pips per lot
  • Classic: 15 pips per lot
  • Raw: 15 pips per lot

Index fees

The minimum spreads for trading US 500 is:

  • Fixed: 0.6 pips per lot
  • Classic: 0.5 pips per lot
  • Raw: 0.45 pips per lot

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

ETFs

The minimum spread for trading SPDR S&P 500 is 10 pips per lot for all account types.

Commodity

The minimum spreads for trading COFFEE CFD is:

  • Fixed: 30 pips per lot
  • Classic: 25 pips per lot
  • Raw: 25 pips per lot

Cryptocurrencies

The minimum spreads for trading BTCUSD is:

  • Fixed: 150 pips per lot
  • Classic: 135 pips per lot
  • Raw: 135 pips per lot

Non-trading fees

  • Account fee: $0
  • Deposit fee: $0
  • Withdrawal fees: $0

(you can check the full withdrawal fees in withdrawal fees section)

  • Inactivity fee: USD $10.00 each month after 1 year of inactivity

Deposit and Withdrawal

Pros

Cons

  • Various base currencies
  • Various deposit and withdrawal options
  • No deposit or withdrawal fees
  • None

Account Currencies

The HYCM account has 6 account currency options like:

  • USD
  • EUR
  • GBP
  • RUB
  • AED
  • CAD

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

1. Options

HYCM supports depositing using different methods such that:

  • Visa/ Mastercard
  • Skrill
  • Bank Transfer
  • WebMoney

HYCM deposit methods

 

HYCM

Credit cards

Yes

Bank Transfers

Yes

Electronic wallet

Yes

2. Fees and Time

The following table shows fees and processing time of each deposit method at HYCM.

HYCM - Deposit Methods and Fees

Method

Accepted Currencies

Transfer Time

Fees

Bank Wire

USD, EUR, GBP, AED

1 to 7 working days

$0

Visa/ Mastercard

USD, EUR, GBP, RUB, AED, CAD

Up to 1 hour

$0

WebMoney

USD, EUR

Up to 1 hour

$0

Netteler

USD, EUR

Up to 1 hour

$0

Skrill

USD, EUR

Up to 1 hour

$0

Please note that HYCM does not charge on deposits, however there might be charges from the banks that are then deducted from the amount that you will receive.

Withdrawal

1. Options

HYCM supports withdrawal using the same methods as deposit which are:

  • Visa/ Mastercard
  • Skrill
  • Bank Transfer
  • WebMoney

2. Fees and Time

HYCM Withdrawal Options and Fees

Method

Minimum Withdrawal Amount ($)

Accepted Currencies

Transfer Time

Fees

Bank Wire

US $300

USD, EUR, GBP, AED

1 to 5 working days

$0

Visa/ Mastercard

US $20

USD, EUR, GBP, RUB, AED, CAD

Up to 1 hour

$0

WebMoney

US $20

USD, EUR

Up to 1 hour

$0

Netteler

US $20

USD, EUR

Up to 1 hour

$0

Skrill

US $20

USD, EUR

Up to 1 hour

$0

Notes:

  • Days are for indicative purposes and HYCM shall not be held liable for any delay of processing if such delays are out of our control.
  • HYCM does not charge on withdrawals above US $300 using bank transfers, however there might be charges from the banks that are then deducted from the amount that you will receive.
  • Please note withdrawals over $5,000 to Skrill or Neteller are subject to a 1% processing fee.

Platforms and Languages

HYCM works on two main platforms the MetaTrader 4 and MetaTrader 5. Each one of them has its own specifications and features. In this section, we will discuss each one of them in detail.

MetaTrader 4

Pros

Cons

  • Available on Windows / Mac / Web / Android / IOS
  • Order confirmation
  • Customizable charts
  • Available in a number of languages
  • Easy to use
  • Ability to social trade
  • Good searching functions
  • Notifications and price alerts on Desktop and Mobile versions
  • Lacks two-step verification
  • Old desktop design
  • No price alerts in web version

Languages

MetaTrader 4 is available in a number of languages like:

MT4 Languages

Arabic

Bulgarian

Chinese

Croatian

Czech

Danish

Dutch

English

Estonian

Finnish

French

German

Greek

Hebrew

Hindi

Hungarian

Indonesian

Italian

Japanese

Korean

Latvian

Lithuanian

Malay

Mongolian

Persian

Polish

Portuguese

Romanian

Russian

Serbian

Slovak

Slovenian

Spanish

Swedish

Tajik

Thai

Traditional Chinese

Turkish

Ukrainian

Uzbek

Vietnamese

 

User interface (UI)

MT4 has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside.

MT4 - Mobile Version - UI

Login and Security

Unfortunately, the MT4 does not provide a two-step verification method for

logging in, and it does only support a one-step login.

Searching

Searching using the MT4 platform has two different options:

  • You can search by categories and find assets.
  • You can also type the name of the asset and search for it manually.

MT4 - Mobile Platform - Search

Placing orders

MT4 has a simple order types which are:

  1. Market
  2. Limit
  3. Stop
  4. Trailing stop

In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC).

There’s also an order confirmation feature in MT4.

Notifications and alerts

Unfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.

MT4 - Mobile Version - Notifications Settings

Portfolio and reports

Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.

MT4 - Mobile Version - Portfolio

MetaTrader 5

Pros

Cons

  • User-friendly UI
  • Support +20 languages
  • Have two-step verification method
  • Price alerts

Not suitable for beginner traders

Languages

MT5 supports over 20 languages including English, French, Spanish, Italian, Japanese, and Chinese.

User interface (UI)

MT5 was launched in June, 2010. It has about 1 million users worldwide. It also has a good interface which is similar to MT4 with the main functionalities available. MT5 is more suitable for advanced traders.

MT5 desktop version

MT5 - Mobile Version

Security

MT4 encrypts your trading data with all of your information from cyber attacks as well as not revealing your IP address while trading using the platform.

From a login perspective, MT4 has a two-step verification method as well to protect your account from hacks.

Research

MT5 offers financial and forex news from international agencies and provides a daily broadcast of dozens of newsletters from global events. MT5 also provides you with powerful and clear searching tools.

MT5 search

Placing orders

MT5 has the same order types as the MT4 platform which are:

  • Market
  • Limit
  • Stop
  • Trailing stop

In addition to these 5 order types, the MetaTrader 5 platform has two more order options which are:

  • Buy stop limit
  • Sell stop limit

Like the MT4, MT5 has ‘stop loss’ and ‘take profit’ options while trading as well.

Notifications and alerts

MT5 has instant notifications and alerts in its system to never miss an opportunity in the market.

Reports

The MT5 platform carries news reports from international news agencies and also sports an economic calendar.

Research Tools

Pros

Cons

  • Trading ideas
  • Charting and newsfeed
  • Calculators
  • Economic calendar
  • Outdated charting tool

Sources

The research tools of HYCM can be found in the client portal of HYCM website, or from the MT4 trading platform.

Trading ideas

HYCM provides a good trading ideas tool to give you more opportunities with the latest movements in the financial industry.

HYCM - Research - Trading Ideas

Charting

HYCM provides a charting tool through the MT4 platform that can be customized according needs with over 30 indicators. The negative part is that the charting tool is outdated and needs to look more user-friendly.

HYCM - Research - MT4 Charting

Newsfeed

HYCM has a good tool that shows the latest news in the market to keep you updated with the latest information.

HYCM - Research - Newsfeed

Other tools

There are some other tools provided by the HYCM broker which are:

  • Economic Calendar

This tool helps you track the important upcoming events in the financial industry in case you want to prepare yourself for them.

HYCM - Research - Economic Calendar

  • Calculators

If you struggle calculating trading money by yourself, this tool will help you with 3 main calculators that makes it easier for you to think of other important things. Those calculators are pip calculator, currency converter, and margin calculator.

HYCM - Research - Calculators

Customer Service

Pros

Cons

  • Live chat
  • Phone call support
  • Email support
  • No 24/7 support

Options

HYCM supports different customer service channels like:

  • Live chat
  • Phone call
  • Email support

Languages

The languages available for customer service are many with the support of major languages like English, Arabic, and Spanish.

HYCM - Languages

Education

Pros

Cons

  • Demo account
  • Seminars and webinars
  • Tutorials and workshops
  • Videos and Ebooks
  • Glossaries and strategies for trading
  • None

HYCM provides a lot of helpful educational materials that help you start trading and know more about it. Those materials are:

  • Seminars
  • Webinars
  • Workshops
  • Videos
  • Tutorials
  • Ebooks
  • Glossaries
  • Strategies

 

In addition to the above educational materials, HYCM Provides a demo account that you can use in trading with %0 risk.

FAQs

    1. How long does it take to verify my account?
  • It takes about 1 to 2 business days to verify your HYCM account.
    1. Can I open more than one trading account?
  • As many as you wish. HYCM does not limit its clients from having more than one account.
    1. Does HYCM allow bot trading?
  • Yes, HYCM allows the use of EAs (Expert Advisors).
    1. Does HYCM give a bonus?
  • Yes, as you will get a %10 bonus on every deposit you made up to $5,000.
    1. Does HYCM allow hedging?
  • Yes. HYCM permits hedging on its trading platform
    1. Where is my money held?
  • Funds Kept In Tier-1 Banks.
    1. Does HYCM have a swap-free option in my account?
  • Yes, it has.
    1. Can I transfer money between two HYCM accounts?
  • Yes. Yes. HYCM permits transferring money between two trading accounts on its trading platform
    1. How do I login using the MT4 mobile platform?
  • Steps:

1. Go to ‘Settings’

2. Click on 'Manage Accounts' or 'Settings'

3. Then click on the small plus sign or select 'New Account'

4. Then select 'Log in to an existing account'

5. Search for the broker name

6. Select the server your account was set up on

7. Enter your login credentials and password

8. Click on 'Sign In'

    1. When will my demo account expire?
  • It will not expire as you can use it along with your live account.
    1. When trading forex, will you lose more than your initial deposit?
  • MetaTrader 4 platform is set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
    1. Can I login to more than one account from the same computer?
  • Yes, you can do such a thing by using the MT4 Multi Terminal.
    1. Can I login to the same account through different devices?
  • Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
    1. Does HYCM accept payments from third parties?
  • No. Payments should be under your name.

HYCM Full Review - Reviews

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HYCM Full Review - Review Conclusion

  • Pros: negative balance protection, islamic account option, no deposit or withdrawal fees
  • Cons: not listed on stock exchange, $100 minimum deposit, inactivity fee
  • Best for: Beginners
  • Regulated by: FCA, CySEC, CIMA, DIFC
  • Headquarters: London, UK
  • Foundation year: 1977
  • Min Deposit : $100
  • Deposit and withdrawal methods:credit/ debit card, electronic wallet, bank transfer
  • Deposit and withdrawal fees: $0
  • Base currencies: USD, EUR, GBP, AED, CAD
  • Offering of investments: forex CFDs, stocks, ETFs, commodities, crypto

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