HYCM Account Opening | How to Open HYCM Account

Pros

Cons

  • Fast account opening process
  • Fully digital
  • Islamic account option

Introduction

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.

Countries Available

HYCM accepts traders from all over the world. On the other hand, you can not open an HYCM account if you are resident in any country in the following table.

HYCM Restricted Countries

Afghanistan

Albania

Barbados

Belgium

Botswana

Cambodia

Canada

(British Columbia, Quebec, Saskatchewan)

France

Ghana

Hong Kong

Iceland

Iran

Iraq

Jamaica

Japan

Lao PDR

Mauritius

Mongolia

Myanmar

Nicaragua

North Korea

Pakistan

Panama

Sudan

Syria

The Bahamas

Turkey

Uganda

USA

Vanuatu

Yemen

Zimbabwe

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)

Notes:

  • In addition to the previous types, there’s an islamic account option for those who live in amuslim country.
  • There’s an option to join the HYCM affiliate partner program if you want as well.

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 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 | How to Open HYCM Account

HYCM – Account opening

Notes:

  • The process of account verification takes from 1 to 2 business days to be done.
  • Due also to the requirements of the regulatory bodies that supervise HYCM, it is necessary that in order to operate with your account you send them a proof that proves your identity and another proof that proves your current address :
  • Identity document : You must send a copy of your ID, your passport or driving license . It has to be an official document that clearly shows your identity and that it is valid (the document you send cannot be expired). You can scan any of these documents and send it in PDF, JPG, GIF, or take a photo with your mobile if it is more comfortable for you. In any case, the image must have good quality and be completely readable, otherwise it may give you problems to verify it.
  • Proof of address : This is to send a document that shows your current address . You will have to send a recent utility bill (not exceeding 3 months) for electricity, water, gas, landline or Internet (many brokers do not accept, for example, mobile phone bills). You can scan and send it in PDF, JPG, GIF, or take a photo with your mobile. Like the previous document, all the data must be legible and have sufficient quality.

Inactivity Fees

Accounts without any activity for ninety (90) consecutive days will be charged an administration (inactivity) fee of US $10.00 or the equivalent value in your Account base currency every month until any condition of the following happens:

  • Account activity resumes
  • The Account is closed by HYCM
  • HYCM receive your instruction to close your Account
  • Your account has a nil balance

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. 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. 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.


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