Clients with a registered account at HYCM can trade in cryptocurrencies without owning a digital wallet and physical cryptocurrency assets. HYCM provide CFD contracts for trading Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum against the US Dollar with up to 1:10 leverage. Significantly, cryptocurrency underlying prices are typically very volatile, giving traders the potential to make huge profits by taking short or long positions.
HYCM Trading Account Types
Clients can choose from three types of trading account at HYMC, selecting a base currency, USD or EUR. The HYMC Micro, Standard and VIP accounts each require a specified minimum opening balance. Traders do not pay fees or commissions on trades. Instead, HYMC gets income from the fixed spreads between Bid and Ask prices of the underlying assets.
HYMC Micro Account Features
To set up a Micro account at HYMC minimum deposit of $100 is required. This very basic account gives traders access to only 50 tradeable products on the MT4 trading platform with wide fixed spreads starting at 2.0 pips. Significantly, traders don’t get access to trading signals, which can be a distinct disadvantage. Nevertheless, clients are offered leverage up to 200:1 and the use of the proprietary HYMC mobile trading app to get access to the trading platform on the go.
HYMC Standard Account
To register a Standard account with HYMC requires a minimum deposit of $1,000. Traders get access to all 120 underlying assets on the MT4 trading platform with up to 200:1 leverage. Importantly, trading signals are available, and the spreads start from 1.8 pips, slightly narrower than with the Micro account. What’s more, clients have access to the mobile trading platform through the free HYMC proprietary app.
HYMC VIP Account
To open a HYMC VIP account requires an initial deposit of at least $10,000. The only extra benefit that we could see for depositing such a large opening balance is that fixed spreads start from 1.5 pips. Otherwise, traders have access to 120 tradeable assets and trading signals on the MT4 platform, as with the Standard account. Moreover, maximum leverage does not exceed 200:1.
HYCM Islamic Account
Islamic accounts are available for each of the live trading account types at HYMC. Clients need to contact customer support to make a request and discuss the adaptation of the chosen trading account to an Islamic account. The adaption is made in the account software by the technical team, making it swap free and without interest payments in any form.