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

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

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.

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

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.

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

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

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

2. Fees and Time

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

HYCM - Deposit Methods and Fees

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

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.

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

Languages

MetaTrader 4 is available in a number of languages like:

MT4 Languages

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

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.

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

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

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.

• 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.