HYCM is one of the pioneers to introduce trading services in forex and CFDs. The broker is a part of Henye Group, established in 1977 and is based in the United Kingdom. With over 40 years of experience, the broker is well-known for its outclass trading services in forex, stocks, indices, metals, commodities, cryptocurrencies and CFDs. The broker offers competitive spreads and generous leverages to its clients. HYCM accepts clients from almost all parts of the world except certain jurisdictions such as Belgium, Afghanistan, Japan and the USA. Keeping the security of clients’ funds as its top priority, the broker holds clients investment in segregated bank accounts especially with investment grade – A banks. The broker offers three types of trading account such as Micro, Standard, and VIP to its clients. There are various deposit and withdrawal methods available at HYCM including payment through cards (debit/credit), wire transfers, e-wallets (Neteller, Skrill), fast bank transfers and other local payment methods.
The broker has multiple regulations in different parts of the world. It is regulated by Financial Conduct Authority – FCA under license number 186171 in the UK. In Cyprus, it has regulation from Cyprus Securities and Exchange Commission – CySEC under license number 259/14.
Account Types & Minimum Deposit
The broker offers three types of accounts mentioned below
Micro: It is the smallest account available at HYCM for clients having limited funds available. Clients need to deposit $100 only to get started with the micro account. Clients are offered to trade 50 assets with a minimum trade lot of 0.01. The broker offers fixed spread of 2.0 and a leverage of 1:200 in the account. Trading signals are also available for traders holding micro accounts.
Standard: It is the basic account available for all types of customers including novice and skilled traders. The minimum deposit that clients need to deposit in the account is $1000. Clients can trade around 120 tradable assets and can avail fixed spread of 1.8 pips. All other services in the standard account are the same as that of micro account with the only exception of mobile trading which is allowed for standard account holders.
VIP: As the name suggests, it is a special account reserved for VIP traders only. The minimum deposit amount required to open VIP account is $10,000. In addition to the services available in all other accounts, VIP traders are offered fixed spreads of as low as 1.5 pips.
Note: Considering the right of all stakeholders, the broker also offers a swap free Islamic account for Muslim traders.
The broker offers world’s most renowned trading platform MetaTrder4 to its clients. Clients can get it downloaded on their PC from the link available on the official website of the broker. Using MT4 traders can watch live charts for all assets and view their trading history. Account portfolio management is also an added feature of the platform. The supported version of the mobile trading platform is also available. Clients can download it via Google Play Store and App Store for their android and iOS-based mobile phones and tablets.
The broker also offers a demo account to its clients so they can learn how to trade and practice their trading skills without putting their real investment on a stake. Demo account can be used by all types of traders including novice, skilled and expert. Beginners can use the demo account to learn the basics of trading without having to worry about losing their money. On the other hand, skilled and expert traders can try new trading strategies without risking their money.
At first, you may think that the company doesn’t offer any demo account. But it does. All you need to do is to switch your live trading account to demo mode to avail the service.
HYCM pays special attention to the well-being of its clients by offering them educational sources to help them learn and grow. Clients can access free video library to watch MT4 Video tutorials. An e-books section is also available at HYCM’s official webpage. Clients can download e-books to learn and understand the basic of forex trading.
The broker tends to keep its clients up to date concerning the latest development in the forex world. Therefore, it has a tab “Markets” available on its homepage so users can access various resources as per their requirements. For example, the economic calendar is useful to know about the upcoming economic events, whereas news, daily commentary, and weekly reports aid in effective trading.
Deposit and Withdrawals
The broker offers hassle-free deposit and withdrawal methods to its clients including debit card, credit card, Skrill, Neteller, wire transfers, web money and other local payment methods. Clients can choose their preferred method and the broker makes sure to facilitate its clients via the same. The broker processes withdrawal request within 24 hours. However, the bank may take 3-4 working days to transfer funds into clients’ associated bank accounts.
To meet certain regulatory requirements and to follow anti-money laundering laws, the broker may sometimes ask its clients to provide the proof of their identification. Clients can use their national identity card, passport, utility bill or driving license for the same.
The broker provides excellent customer support to its clients round the clock. Clients can access the company using various methods including telephone, email and live web chat. Customers who prefer talking to the company’s representative over the telephone can dial + 44 - 208 - 816 - 7812. Email can also be sent for inquiries. Customers can also raise their concerns with the company using the live web chat interface.
After a careful review of HYCM, we hereby conclude that it is one of the best brokers available in the world. The broker offers an award-winning trading platform with competitive spreads and generous leverages. It provides an excellent customer support 24/5. The customer support staff at HYCM is very friendly and responsive. The broker also offers a wide range of deposit and withdrawal methods to its customers. Various educational resources and full time dedicated support are the services that make broker stand proud.