HYCM Platforms | How HYCM Platforms Work

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.

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.

MT4 Platform

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.

HYCM Platforms | How HYCM Platforms Work

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.

HYCM Platforms | How HYCM Platforms Work

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.

HYCM Platforms | How HYCM Platforms Work

MT4 – Mobile Version – Notifications Settings

Portfolio and reports

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

HYCM Platforms | How HYCM Platforms Work

MT4 – Mobile Version – Portfolio

MT5 Platform

 

Pros

Cons

  • User-friendly UI
  • Support +20 languages
  • Have two-step verification method
  • Price alerts
  • Not suitable for beginner traders

MT5 is a free application for traders allowing them to perform technical analysis and trading operations in the Forex and exchange markets.

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.

HYCM Platforms | How HYCM Platforms Work

MT5 desktop version

HYCM Platforms | How HYCM Platforms Work

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.

HYCM Platforms | How HYCM Platforms Work

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.

3. 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.

 



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