HYCM (ex HYMarkets) is amongst the top FX companies and currently has over four decades of industry experience. The broker is a member of the Henyep Group, a multinational financial holding firm from 1977 headquartered in London which operates in the fields of financial services, education, and properties.
They offer trading services and 100+ various financial instruments for trading forex, metals, energies minerals, indices and stocks. The broker has offices in cities around the globe – London, Limassol, Hong Kong and Dubai, and is regulated in each of those jurisdictions.
In reality, HYCM has a great reputation among traders and investors. The broker was named the best fx broker in both Europe and Dubai.
Is HYCM secure?
When selecting a broker it is important for clients to be certain that their brokers behave with integrity and are transparent. Apart from being one of the top financial services providers, HYCM is regulated and licensed by different authorizers.
Client Fund Protection
Due to the strict regulations from its authorizers and ensures that clients are protected because deposits are segregated from client money and cannot be used by the broker. The broker’s clients are also members of the FSCS Insurance Program. Therefore, in the event that HYCM is unable to provide financial services, consumers may seek compensation.
Platforms for Trading
HYCM provides specialized trading tools to its users. The broker uses the famous MT4 platform, as well as the MT5. HYCM also provided mobile apps for traders who choose to trade on the move, enabling them to trade at any time. The app offered for iOS and Android gadgets.
MetaTrader 4, an industry-leading software provider, is valued for many reasons, but primarily because of its robust features.
MT4 is perfect for beginners, as it provides security and around the clock care, automated trading capabilities, advanced technical analysis tools and indicators, streaming market news, personal VIP dealer services, EA’s etc.
HYCM offers 3 account types – Fixed, Classic and Raw Spread Accounts. The broker uses a fixed spread model with higher spreads, which means that there is no commission. There is are both variable and fixed spreads available.
You can select either a fixed spread or a floating spread base, as well as a raw spread with a fee. Fixed spreads are good for looking into for those who count on continuity even during unpredictable times. Islamic trading accounts are also open to traders who want to enter markets on the basis of Islamic principles.
Fees at HYCM
|Asset/ Pair||HYCM spread – Standard Account|
|Crude Oil WTI||6|
The overnight fee or the swap rate calculated by the overnight interest rate is a part of a long-opened position. The price varies from currency to currency – the buying order of EURUSD will be -3.25 percent, while the sale will add 1.25 percent.
There is an inactivity fee, which means that HYCM can charge $10 a month in the event that a trading account has zero activity for some period.
The leverage depends on the legislation and jurisdiction of the trading account. Leverage is up to 1:500, but this is only for Dubai accounts and those that comply with CIMA. The remainder and the bulk of the accounts come under the ESMA, which has recently reduced the leverage for fx instruments to a max of 1:30.
Deposits and Withdrawals
There are a number of ways to deposit and withdraw funds. Clients of HYCM can use Visa/MasterCard, Wire Bank Transfers and various electronic systems such as WebMoney, UnionPay, Neteller, Skrill, etc.
The size of the deposit varies depending on the account selected. But the options start from just $100, while the Raw spread account requires $200.
Another provision from HYCM is the rate for deposits and withdrawals – zero. In other words, you can handle expenses simply, by being sure you deposit in your account base currency to stop conversion.
The firm has a good and very credible reputation for providing professional services to traders and is highly regulated.