HYCM Broker Review

Henyep Markets, also known as the HYCM, is a global CFD and forex broker. HYCM’s parent company is Henyep, which was established in 1977.

This company is regulated by a few financial authorities globally. These include the UK Financial Services Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

HYCM offers competitive ECN spreads as low as 0.2 pips and has an average execution time of 12 milliseconds.

If you want to open up an account with the HYCM, we recommend going through this review first.

You can find our transparent HYCM review below. Broker reviews are updated frequently!

We value your feedback: Rate this broker by leaving a comment and rating below this review.

HYCM Regulation

The Financial Conduct Authority (FCA) regulates Henyep Capital Markets (UK) Limited, its UK subsidiary.

The company’s European division operates under the Cyprus Securities and Exchange Commission (CySEC).

Cayman Islands Monetary Authority (CIMA) and the Dubai Financial Services Authority (DFSA) also regulate HYCM Ltd. Along with this, the broker is also registered in Saint Vincent and the Grenadines.

Reliability

The FCA and CySEC regulate the broker company. The Financial Services Compensation Scheme (FSCS) allows and protects deposits up to £85,000, and the Investor Compensation Fund (CIF) gives the deposit protection up to €20,000. So, it is safe to say that it is a pretty reliable company.

HYCM Tradeable products

When working with the HYCM, the forex traders have reasonable exposure with 69 currency pairs, enhanced through 64 cryptocurrency pairs, including identical base crypto assets with different fiat quote currencies and 17 commodities.

The equity traders have access to just 61 blue-chip names, while 28 index CFDs and 20 ETFs complete the asset selection. Due to such factors, this could be a less beneficial choice for the traders, but the ultimate decision is not ours.

HYCM Account types

There are mainly three account types available at HYCM: Fixed, Classic, and Raw Spread Accounts.

Although HYCM offers a commission-free fixed spread account, the broker also disables automated trading. On the other hand, a variable spread account is also a commission-free option, and it allows the use of automated trading solutions.

The deposit requirement at HYCM is $100, which goes up to $200 for the raw spread account. The starting spreads commence from 0.2 pips for a commission of $4 per round lot.

If you are a client at HYCM, you can also open up a swap-free or Islamic account. Swap-free accounts have an administrative fee instead of the overnight option. That is if you can hold your leverage overnight.

The company also offers a demo account funded with $50,000 in virtual cash, which remains active for 14 days. This type of account uses the MT4 platform and can be opened in USD or EUR currencies. It is easy to upgrade to a real-money version after the 14-day waiting period is over.

HYCM require a minimum deposit of $100 when opening any HYCM trading account.

Average Standard Account Spreads on Majors

• EUR/USD: 1.8
• GBP/USD: 2.5
• USD/JPY: 2.3
• AUD/USD: 2.5

Opening an account

Opening an account at HYCM is pretty quick and simple. The client interface is very user friendly. Online registration takes only 5-10 minutes. In addition, the company will verify the account within one business day. To open an account with HYCM, you have to do the following steps:

• Click on the open account button.
• Provide the required personal details, like your name, email address, phone number, date of birth and physical address.
• Select your desired trading platform, account type and account currency. Bear in mind that you can also open additional accounts later. So, for example, you can have a MetaTrader 4 account both in USD and EUR. In addition, you can make transfers between accounts opened in the same currency.
• Provide additional personal data and answer a few questions on your financial status and trading experience.
• Verify your ID. You can upload a passport, national ID, or driver’s license for authentication. Utility bills and bank statements are accepted for residency verification. If you want to use a debit or credit card, you will have to verify those as well.

Once you have an HYCM profile, you can open up multiple accounts with different account base currencies. For example, as a client, you can have both a EUR and USD account for MetaTrader 4 at the same time. To move funds between accounts that have the same currency is free and instant.

Account currency

There are six base currencies for opening an account with HYCM. They are:

GBP, USD, EUR, RUB, CAD, and AED.

Unfortunately, as a South African, you cannot open an account in ZAR.

Trading platform

HYCM does not have a self-developed trading platform. It provides MetaTrader 4 and MetaTrader 5.

As a client, you can start using the MetaTrader 4 platform with HYCM in multiple formats, which also includes an online web platform through a downloadable application for Windows PC’s and Apple Macintosh computers. Furthermore, HYCM MetaTrader 4 is compatible with the latest macOS Mojave. In addition, HYCM allows traders to trade on mobile devices through Android and IOS devices.

The MetaTrader 5 at HYCM is a powerful and multi-functional platform that features advanced technical analysis, fundamental analysis, flexible trading systems and compatibility with automated trading applications (trading robots, Expert Advisors).

MT5 offers other services, such as timeframes of different kinds, including 21 timeframes, six types of pending orders, and an integrated fundamental economic calendar.

You can also download the HYCM MetaTrader 5 application for Android/iOS on your smartphone or tablet and trade using forex strategies anytime and anywhere in the world.

HYCM Commissions and fees

Both types of accounts are commission-free options, but the spreads are excessive. The fixed version consists of a minimum fixed spread of 1.8 pip. While the latter of a minimum variable spread of 1.2 pips.

The raw account type gives the traders a minimum cost of 0.2 pips for a commission of $4 per round lot.

Most of the time, the company does not offer any withdrawal fees either, but for that to happen, there must be two exceptions:

• The withdrawals that are less than $300 via bank transfer carry a handling fee of $30.
• The withdrawals of more than $5,000 via Skrill or Neteller are subject to a 1% processing fee.

Although a lot less convenient, there is a $10 inactivity fee charged each month after 90 days if there seems to be no activity on the account.

Leverage

The leverage depends on which regulation and jurisdiction the trading account is most compatible with. It means that the rules and regulations fall under the laws depending on many factors such as your residence, various leverage levels and trading conditions. This includes:

• Maximum leverage of 1:500 for Dubai and CIMA accounts
• Maximum leverage of 1:30 for the UK and European traders

High leverage in this case, which goes up to 1:500, opens the path to the smaller retail traders, as a relatively small initial deposit will cover margins. But this level is only allowed for Dubai accounts and those that comply with CIMA (Cayman Islands).

Most HYCM accounts will fall under European ESMA regulation, which recently limited leverage to a maximum of 1:30 for forex instruments.

Deposits and Withdrawals

The broker company offers its clients free and fast deposit and withdrawal options, including traditional banking methods such as bank transfer and credit cards. WebMoney, Neteller, and Skrill are also suitable options.

The processing times take up to an hour. In addition, the minimum amount is $20 for deposits and withdrawals, while bank wires are an exception.

Education and Research

HYCM publishes its in-house research published under the news category of the company’s site.

Market analysis is also acceptable and offers the clients a well-explained trading setup. Sourced market commentary is also available. In addition, a newsletter, in partnership with Trading Central, gives trading ideas to the company.

At the company, webinars and seminars are scheduled regularly. The registered users can access past webinars as well. The presenter, Giles Coghan, is a suitable candidate as he also possesses good knowledge of the subjects. However, contrary to this, we think these videos should feature tags or be organized into categories for better searchability.

Under the education section of HYCM’s website, a MetaTrader video guide and general educational videos for beginners are also available.

Customer Service

Clients can contact HYCM through cellphones and email. The live chat option as the company is usually available between 5 am GMT until 6 pm GMT on weekdays. If the employees are offline, the clients can leave a message. As a client, you can also use Telegram, Skype, Viber, WhatsApp etc., to communicate.

Bonuses and Promotions

HYCM does not offer any bonuses or promotions but is subject to change. Common promotions are bonuses commonly up to 10%.

Special features

HYCM’s Autochartist, which connects with the MT4 trading platform, adds value to manual traders. It is a chart recognition tool that scans for trade opportunities and sends notifications.

The brokerage has teamed up with Seasonax to offer clients a brilliant seasonal pattern analytics service.

With an intuitive dashboard, the tool uses powerful algorithms to scan the markets and identify trading opportunities across FX, stocks, indices and commodities.

For users tight on time, the feature can help traders find market opportunities and make more informed trading decisions.

HYCM South Africa

If you are a South African client, you will be glad to know that you can open an account with HYCM. But, it does not allow you to open an account in ZAR.

Affiliate program

HYCM offers an affiliate program, introducing broker program, and White label partner program.

As a multi-regulated broker that has experience in the industry, you can benefit from the company’s plus points.

Our verdict

HYCM is a forex and a CFD regulated broker monitored by many authorities, including the top-tier FCA.

The upside is that this broker has relatively lower fees. In addition, the education section is more informative and enjoyable than what most brokers offer, especially their webinars. Account opening is subtle, and there are also lots of free deposit and also withdrawal options.

On the other hand, the product portfolio at HYCM is limited as the broker only offers forex and CFDs. Furthermore, according to our review, the MetaTrader platforms that the broker uses have an outdated design. In addition, HYCM charges an inactivity fee of $10 per month after only 90 days of inactivity.

However, given its excellent educational course, the new clients might want to consider receiving access to it in the raw spread account, which allows a minimum deposit of $200.

Bottom line

The HYCM brokerage company has a strong and very reliable reputation in the financial market. The time timed broker offers professional services to the traders while highly regulated and regarded by traders.

Along with the strong positions, small retail traders can find their way to open a live trading account with a minimal deposit of only $100.

We value your feedback: Rate this broker by leaving a comment and rating below this review.

Broker FAQ

Thinking of Trading with HYCM?

What is the HYCM minimum deposit?

The minimum deposit from opening an account with HYCM is $100.

How do I deposit/withdraw from the HYCM account?

You can deposit/withdraw funds through debit or credit card, bank wire transfer PayPal, Skrill, Neteller, and Webmoney.

Is HYCM spreads high?

IG Markets has higher spreads compared to other brokers.

What is the maximum leverage at HYCM?

Leverage differs from the entity you are trading in. For example, if you deal with the Dubai or Caymen Islands commodity, your maximum leverage is 1:500. On the other side, if you are trading with the FCA entity, then the maximum leverage is 1:30.

Does HYCM use MetaTrader?

Yes, MetaTrader 4 anad MetaTrader 5.

Is HYCM available in South Africa?

Yes, HYCM is available for South African traders.

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