HYCM Review I Is HYCM Legit or Scam Broker

HYCM is a regulated global forex and CFD broker offering retail and institutional traders, access to 120 financial instruments across forex and other capital markets including CFDs in metals, cryptocurrencies, stocks, energy, commodities and indices. HYCM offers live trading accounts from $100 and access to the world’s favourite forex trading platform, the MetaTrader4, and the proprietary HYCM mobile trading platform. Traders at HYCM benefit from detailed daily market information and educational material covering many aspects of forex and CFD trading.

HYCM Minimum Deposit

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.

HYCM Forex Broker

Traders at HYCM are given access to the award-winning, MetaTrader4 forex platform, regarded by most traders as the industry standard for forex trading. The MT4 software needs to be downloaded to desktop or Mac directly from the HYCM interface. Moreover, comprehensive video tutorials about the MT4, are available in the HYCM education section. Notably, the MT4 is reliable, secure and easy to use, incorporating support in multiple languages. Importantly, it’s packed with a huge selection of tools facilitating forex trading, including technical indicators and charts for detailed analysis. We saw that the HYCM MT4 platform also offers automated copy trading, based on payable, signals from ‘top’ traders using the MT4 platform. For investors interested in automated trading, the HYCM MT4 platform can be used with trading robots (Expert Advisors) imported to the platform from third parties.

HYCM Mobile Trading Platform

Traders with registered accounts at HYCM can manage their accounts and trading portfolios, on the cutting edge HYCM mobile platform. Importantly, the mobile platform lets traders view their trading history as well as live charts, and execute trades instantly in currencies, stocks, indices and commodities. We saw that the free HYCM Mobile app is available in the App Store and Google Play Store, for Android and iOS powered mobile devices.

HYCM Education

Traders at HYCM can conveniently rely on 24-hour live support, five days a week over the live chat function on the interface. Alternatively, clients can contact customer service over the telephone, at the London based headquarters of HYCM, Monday to Friday, between 5 am and 6 pm GMT. Phone support is also available from the HYCM operational offices in Limassol, Cyprus, Monday to Friday between 7 am and 4 pm GMT. We saw that written enquiries can be addressed to several Email addresses listed on the HYCM Contact page, depending on the type of enquiry. Nevertheless, we found that the FAQs page on the HYCM website very comprehensive, providing clear explanations about most aspects of trading at HYCM.

Traders at HYCM have free access to a broad range of educational material covering forex and CFD trading. Moreover, the video tutorials and E-books are designed to meet the learning requirements of traders at all levels of experience. Importantly, traders can follow a video tutorial explaining how to set up the MT4 platform and come ‘to grips’ with the main features on the platform. A ‘Beginner’s’ course prepares clients new to online forex trading, with information about basic forex terms, order types and winning tactics. However, experienced traders are well served, with multiple tutorials on advanced trading strategies and advanced technical analysis.

Henyep Capital Markets Reviews

HYCM is the trading name of Henyep Capital Markets (UK) Ltd and HYCM (Europe) Ltd, both subsidiaries of the long established, Henyep Capital Markets Group. The subsidiaries have headquarters in London and operational offices in Cyprus, whilst the global headquarters are located in Hong Kong. We saw that the UK registered company is regulated by the Financial Conduct Authority with license number 186171. The European company is regulated in Cyprus by the Cyprus Securities and Exchange Commission with the license number 259/14. Notably, under the rules set out by the regulatory authorities, investors in Cyprus investment firms are entitled to compensation up to €20,000 if a company fails. Similarly, Investors in the UK are covered by the Financial Services Compensation Scheme for up to £50,000.

Is HYCM Legit Or Scam

Traders can open HYCM trading accounts with base currencies in USD or EUR. However, clients can also make deposits in AED, RMB, SAR or KWD and the currencies are subsequently converted to USD base currency accounts by HYCM. To fund accounts, HYCM supports Visa and Mastercard, Skrill, Neteller, Webmoney, wire transfer and local payment methods indicated at the time of registering an account. We were pleased to see that deposits to HYCM are not charged handling fees by the broker and the processing of deposits is done instantly (except wire transfers that can take between 1 and 5 working days). Withdrawal requests take up to 7 days to process but they are not charged withdrawal fees by HYCM. However, if clients choose to withdraw less than $300 by wire transfer, they are charged a $30 handling fee.

Importantly, regulatory requirements in the financial services industry, make it necessary for customers to comply with the HYCM ‘know-your-customer’ policy. Within 7 days of registering an account, clients must provide a copy of a passport or national ID card as well as proof of address through a bank statement or utility bill (not older than 3 months).

We hope that our review answered the question is HYCM legit or scam for you.