HYCM Pros & Cons | Get Information at a Glance

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.

In this article we’re addressing the main pros and cons of HYCM in each broker aspect.

HYCM

Pros

Cons

Safety

  • 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

Offering of Investments

  • 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

Account Opening

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

Fees and Commissions

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

Deposit & Withdrawal

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

Platforms and Languages

  • Available on MetaTrader 4 and MetaTrader 5 platforms
  • Available on Mac, Windows, Android, IOS, Desktop, Web
  • 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
  • Does not have a customizable platform
  • Does not have a two-step verification method
  • No price alerts in web version

Research Tools

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  • Outdated charting tool

Customer Service

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

Education

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

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.

If you want more information, please check out HYCM Full Review.

 



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