HYCM Review – Is HYCM a good forex broker?

HYCM Review – Is HYCM a good forex broker?

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This is a review of CFDs & forex broker HCYM (formerly HY Markets), authorised and regulated by FCA in UK. Below you may find detailed information on HYCM’s trading conditions, deposit & withdrawal methods, security of funds, trading platforms, etc.

Trading Accounts

Account typeMinimum depositMinimum trade sizeMaximum leverageSpreads
Mini$1000.011:5001.8 pips on EUR/USD
Standard$1 0000.011:3001.5 pips on EUR/USD
VIP$10 0000.011:3001.5 pips on EUR/USD

This broker offers three basic account types: Mini, Standard and VIP. The Mini account, intended for newbies, offers less products for trade and also, signals trading is not available.  Leverage on all account types is dynamic, changing according to size of open positions, and the spreads are fixed.

Clients of HYCM who don’t want to earn interest for religious reasons may opt for Islamic accounts, which are swap-free.

The Company

HYCM (formerly HY Markets) is the trading name of Henyep Capital Markets UK Ltd., a division of the Henyep Group, a global conglomerate with various business activities spanning 3 continents and 20 countries world-wide.

Set up 35 years ago, the Henyep Group operates out of its offices in London, Dubai, Hong Kong, Kuwait and Cyprus and is regulated by the relevant authorities in those countries.

HYCM is a retail forex broker that offers trading in a number of currency pairs, various CFDs on indices, commodities, stocks and precious metals, available on two trading platforms. The company also offers binaries trading service through its HY Options brand.

Security of Funds

HYCM reliable

As we have already mentioned, HYCM is operated by Henyep Capital Markets UK Ltd., a London-based company authorised and regulated by the UK Financial Conduct Authority (FCA).

UK’s financial watchdog is famous for applying strict requirements to brokerage firms. Licensed companies are required to comply with certain rules and procedures covering client funds, order execution, minimum capital requirement, regular report filing, etc. UK-based brokers are obliged to hold at least €730 000 in order to prove their financial stability.

In relation to security of clients` funds, we would also like mention that FCA-regulated companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person, in case the company goes bankrupt.

Trading Conditions

Minimum Initial Deposit

Traders are required to deposit just $100 in order to open an account with HYCM, which is a comparatively low minimum initial amount. In comparison, FxPro require as much as $500 from their clients to start with, while others, such as CMC Markets, do not require any initial deposit.

Average Spreads & Commissions

HYCM is a fixed-spread forex broker, and like most of them, charges no commissions. Fixed spreads are generally wider than variable ones, but offer traders a predictable trading environment and protects them from wild spread swings which usually happen.

In fact, the spreads offered by HYCM are quite competitive, amounting to 1.8 pips on EUR/USD and even less on Standard & VIP accounts. On average, fixed spreads amount to 2 – 3 pips. In comparison, Plus500 offers fixed spread amounting to 2 pips on the EUR/USD and also charges no commission fees.

Leverage

Leverage rates with this broker vary, depending on the financial instrument traded and the size of open positions.

The maximum leverage levels with HYCM reach 1:500, which is considered a high ratio, however many other FCA-regulated brokers provide such: FxPro, for instance, also offers leverage up to 1:500.

Nonetheless, be advised that higher leverage involves higher risk, not only the probability of multiplied profits earned on a small deposit. It is a double-sided coin.

Trading Platforms

HYCM offers two trading platforms: its in-house web-based PrimeTrader and the renown MetaTrader 4.

PrimeTrader is a new multi-asset web platform with user-friendly interface and provides integrated multiple pricing, advanced charts and complete online account management. Guaranteed Stop/Loss are available.

The MT4 is also supported by this broker, desktop, and mobile versions being offered. This platform is preferred by most traders, because it allows clients to fully automate their trades by Expert Advisors (EA) and let the program do all the work. What is more, it offers a number of technical indicators and advanced charting package.

What is more, HYCM has partnered with Pro Daily which brings investors cutting edge trading signals.

Promotions

HYCM is a generous broker, offering 25% bonus on each deposit, as well as a Refer-a-friend scheme. Depending on the amount of the initial deposit of the referred client, the referrer can get up to $250.

What is more, the broker offers a rebate program, available tohigh volume traders:

HYCM Rebates

Methods of Payment

HYCM`s clients are able to make deposits and withdrawals via credit/debit cards (Visa or Mastercard), wire transfer, and WebMoney.

The trade accounts allow base currencies in USD and EUR. Deposits are also accepted in KWD, SAR and AED and will be converted to USD for trading.

Conclusion

Being part of a large international group with more than 30 years of experience in the industry, HYCM is a reliable and well-regulated broker, offering reasonable conditions for trading in currency pairs and a variety of CFDs. To sum things up, here are the advantages and drawbacks with regards to HYCM:

Pros                                                                                                       Cons

Strong regulation                                                                             Fixed spreads only

Competitive fixed spreads

Comparatively low minimum initial deposit

MT4 available

Bonuses available

Rich Snippet Data
Review Date
Reviewed Broker
HYCM
Broker Rating
31star1star1stargraygray
HYCM Review – Is HYCM a good forex broker?

This is a review of CFDs & forex broker HCYM (formerly HY Markets), authorised and regulated by FCA in UK. Below you

Regulation & Safety 8.5
Spreads & Commission (cost of trading) 7
Leverage 8
Minimum initial deposit 7.5
Overall 7.7
Summary
Being part of a large international group with more than 30 years of experience in the industry, HYCM is a reliable and well-regulated broker, offering reasonable conditions for trading in currency pairs and a variety of CFDs.
7.7
Detailed review of forex broker HCYM
User Rating : 3.3 (2 votes)

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48 Comments

  1. thanks for pros and cons. good article. ive tried to work with this company but then changed to another because of my friends told it was better. i compared their pros and hycm is winning. though fixed spreads… but ill cope with it. write back when i try

  2. Am from Ethiopia, I want to be financially secure. I have no Visa or Mastercard what can I do to deposit snd start trading?

    1. As far as I’m concerned, skrill works perfectly fine in Ethiopia. You can try this payment service to fund the account. Well done you take care of funds security and choose to work with a regulated broker!

  3. I’ve noticed broker has got an affiliate program. Isn’t it a worning sign that is hinting this is yet another pnzi scheme? Regulations look nice, but I can’t bring together these two facts: nice regulations and their affiliate program. Aren’t they controvercial to each other?

    1. It is ok. Virtually all forex brokers have affiliate programs.

    2. So where do you see the controversy? Affiliate program is yet another marketing strategy that numerous online companies use to attract new customers. Some traders, who actively communicate with their colleagues can also apply and at the same time trade with HYCM and get some money for bringing new customers in. In this case affiliate payment will be a sign of company’s gratitude for loyalty and positive feedback.

  4. Good broker! The only thing I didn’t like – too much paperwok before you can start trading. But I guess its ok for a regulated brokerage. MetaTrader platform, nice spreads, very few requotes. Good job! Keep it up!

    1. It seems to me that the fact that a broker creates a fixed contract with you and requires confirmation of the client’s identity is exactly the format that a normal broker should have. Know paperwork can get broing sometimes, but its inevitable if you want to work with a legit broker.

  5. I like the approach they have to their partners and definitely recommend HY affiliates to those who want to try working with some company from finance niche. I worked on many asffiliate programs before, and here I am very pleased with the excellent support of a personal manager who helped me go through the specifics of trading science/art. Payouts are regular, so I am totally pleased with the partnership!

  6. For me HYCM was an obvious choice. I was working in near-trading industry, so I good know about trading and have my own opinion about each brokerage, so it was no question which one to choose when I decided to come trading. Of course, you can with random broker, but there’s no guaranties and you always are unsure of the future. HYCM is not like this, as brokerage has experience since 70’s, a lot of awards and is featured on popular and reputable media. In this case, you always know that brokerage is valuable and it’s really important, as brokerage always act properly.

  7. Who tried withdrawing with the bank wire. How long does it normally take to get completed? The website says up to 7 days :-/

    1. I withdrew the money only once, the money came in two days, although I can say that with the withdrawal of funds to the card terms are about the same – 1-2 days.

  8. People say it is hard to find a reliable brokerage. Yeap, the problem exists and working on hy affiliates program I found out that people really appreciate the chance to work with a regulated company with a long history of operations. I think brokerages have pretty similar trading conditions, so these can’t be used as a competitive advantage. Working sine 1970s – can, as well as brokerage licenses for world-wide legal operation 😉

  9. What about withdrawal of funds, is there a fast processing of the request?

    1. I think the internal processing is rather fast. When I use Skrill, the payment arrives the same day. But if you speak of wire transfers, this will really depend on the bank. It normally takes 2-3 days to be completed.

  10. I will speak briefly, HYCM has got a standard terminal, but thanks to this you will be able to understand all the details more quickly and get used to it. In addition, there are a lot of assets and a set of diverse indicators that allow you to apply different approaches to trading…

  11. The company has got highly competitive spreads considering its a regulated broker. Different account types allow making this fact even more beneficial as you can adjust trading costs to match trading system. They have also got a nice customer support, which I personally appreciate. Would be great if they had an affiliate program, cuz this is smth I can recommend fellow traders. Have they got one?

    1. They have affiliate program, one of the best in the industry, as on my own. You can check it out on HYCM website. In short – there’s three main programms – CPA, Revenue share, Lot rebate. However, that will be long to explain everything there – better to get info directly from their website.

  12. Have to warn you, the broker does not work on the US territory. Doesn’t mean it’s awful, cuz its got all the other regulations including british authorities and cyprus commission. Spreads are fascinating so worth working with.

  13. The team working on IB partnership program is professional and helpful. The multi-level marketing rebate tiers are rather fascinating.

  14. Broker with 4 regulations, I have no mind why it has so many, but that’s build strong positive attitude toward brokerage, so you realize that this company is those one, you can rely on.

  15. Orfeo Pellegrino

    So far so good! I’ve been using demo for about 3 weeks so far and I guess it’s time to move further. Currently, I’m trying to understand what type of account will fit me better. I am not too excited about floating spreads as I can’t predict what time of the day I will be trading and I don’t want to be in a situation when I’m counting on 0.5 pip spread but it turns out to be 3-4 pips. At the same time I’ve heard fixed spreads are not that favorable overall. Please advise, what would be the most favorable account type for daytrading? No overnight positions planned.

  16. What’s the comission for leverage?

    1. As far as I know, there’s no commission at all.
      There are only Raw accounts, but there are only $4 per trading session, and spreads from 0.2 pips. So I can’t call it a commission.

  17. I’ve been trading with HYCM for 5 years and during this time I’ve accumulated a lot of experience, which I now want to share with everyone who plans to trade with this broker. For starters, you must understand that choosing a broker is entirely your concern and your responsibility. A good broker can help you make money, and a bad broker can simply steal your money. I can even say that half the success depends on choosing a broker. Now let’s talk about HYCM.
    1. Is this broker reliable? Yes. HYCM is regulated by the respected and popular but fairly liberal CySEC and licensed by the demanding and even more respected FcA. Besides, the broker has been working since 1977, it can also be a proof of the broker’s reliability.
    2. How good are the HYCM reviews? The company has most positive reviews, you can check it out yourself. This review also confirms that the broker is good.
    3. The broker has a good support team. I had a problem with my bank card being blocked, but the broker had already sent a bank transfer. If you don’t know – the broker had to wait 30 banking days to get a refund, but they made an extra shipment, so I didn’t wait 30 days.
    That’s my opinion, of course, but I’m sure it’s the right one.

  18. HYCm is my second brokerage, I’m trading it for 3 years and I can say that’s one of the best brokers you can choose to trade with. My first brokerage was unregulated, so I simply haven’t got my money back. HYCM, on contra, has 5 regulations, including the UK regulation (FCA), so this brokerage is 100% safe to trade with.

  19. What do you say about the mobile application of this brokerage company?
    Is it really as good as they say it is?

    1. Yes, it`s cool. There are useful notifications about hot news or expert opinions, which can influence on markets in HYCM app. It`s fast to make withdrawals in it. The Economic Calendar is great. You can see what to expect today, tomorrow, this week and even next week. It is very convenience when you are creating your trading plan.

  20. Ive heard that HYCM provides a wide range of accounts types. How many are there really and how diverse are they? Because it sometimes happens that the accounts are different, but the trading conditions are the same.

    1. HYCM didn’t make such an mistake, and all 3 of its account types are quite diverse. The broker has Fixed, Classic and Raw accounts with different trading conditions. Now I will describe each account in a bit more detail))
      -Fixed account have trading conditions: minimum deposit $100, minimum trade 0.01 lot, spreads from 1.8 pips, no commission, no trading through expert advisors.
      -For Classic account: floating spreads from 1.2 pips, minimum deposit of $100, minimum trade of 0.01 lot, it is possible to trade through expert advisors.
      At Raw account: the minimum deposit of $200, the minimum trade 0.01 lot, spreads from 0.2 pips + commission $4 per round.
      In fact, sometimes it is so hard to choose an account type that a brokerage has a special test. This is a test of 5 questions, which should help a trader to choose the most favorable type of account for him.

  21. I liked the way in the article they wrote about broker’s trading conditions. Because this information is sometimes difficult to find, and it sometimes differs on different sites. But here it is described in detail, by paragraphs. And not everywhere you can find the information about the deposit bonus from HYCM, and not many traders actually know about them.
    When I opened an account with a brokerage myself, I didn’t know about its bonuses either. But I found this information in some hycm reviews and was very happy)) Because not all brokers provide bonuses for their clients. Personally, I think that bonuses are beneficial for everyone – for traders (because they get them) and for brokers (so they get new clients and make the old ones happy).
    Of course, I didn’t immediately get used to my trading account, but in the end, I really liked trading with HYCM, it’s quite an adequate brokerage. For now I have been trading with it for half a year, but I will definitely continue working with it.

  22. Is there any negative balance protection feature offered by HYCM?

    1. Today, this is a common feature that is in demand. And I will certainly advise you to try it to secure your capital.

  23. There are normal conditions, no surprises.
    And there is a fairly high, but not dangerous leverage. And also handy forex calculators – give it a try.

  24. Why HYCM consists of a lot of companies?

    1. For forty years of existence, HYCM (initially, Henyep) has undergone a series of expansions and rebrands. The company often bought companies and made them its own branches. For example, FTSL Financial Trading Solutions became HYCM Europe Ltd and so on.

  25. Dankert Wilhelmsen

    HYCM: fixed, classical and raw accounts
    As I know, the broker doesn’t offer the account illustrated in this particular article. It shows that people should critically approach any information in the network, including hycm reviews.
    This review states that HYCM offers three major types of trading accounts: Mini, Standard, and VIP with minimum deposits, respectively, $100, $1,000, and $10,000. That’s not true. If you visit the official portal of this broker, you will see that the company offers three accounts but they have nothing in common with the illustrated ones in this review.
    Spreads are wrong too. On the site, you can learn that a Fixed account offers fixed spreads (1,8), a Classical account offers variable spreads (1,2), and those who opt for a Raw account can count on the lowest spreads (0.2).

  26. It’s one of the most detailed HYCM reviews. But it’s a little unclear from the article about PrimeTrader. This platform really has all the chances to become a breakthrough in the field of trading. But it hasn’t been fully launched yet, as far as I know. In any case, it’s not in my Account. Only MT4 and MT5 are available for trading.
    I checked it with support. A manager confirmed that PrimeTrader is not available for trading yet.
    In general, I have perfect impressions of the company, like many other authors of HYCM reviews. There is a speedy website, Personal Account, mobile app. There are quite a lot of assets in MT4 and MT5 terminals. I have no shortage of opportunities to trade.
    Spreads in the company are quite competitive. Even on a fixed type of account, they are excellent. I preferred it because I often trade during periods of low liquidity.
    The support team is very responsive and of high quality. While I was writing this review, I got all the information I needed from it. It means a lot to me. I think this is because sometimes you cannot get through to a broker when you need something. I have no problem with that in HYCM. That is an advantage of the company.
    So, I don’t have any difficulties with the broker. But I would like to test the PrimeTrader platform sooner.

  27. What bonuses do you offer?

    1. The broker doesn’t give bonuses

  28. Even at the stage when you just study hycm reviews, you realize that this is exactly the classic forex broker, which provides opportunities for education of traders and for independent work. I mean “classic” format in the sense that there is no passive work methods and all traders trade here purely independently, analyzing the market and opening orders from their personal accounts. And probably for some people this may be a reason to refuse cooperation with this company, but any professional trader would tell you that this is exactly what you need to develop in this direction.
    In addition, hycm reviews can’t convey the fact that the trading platforms work really well here and you can really work in a format without substantial slippage and without any delays. But you understand this already at the stage of active work and it definitely becomes a pleasant surprise.

  29. Andrew Poupandopulas

    How should I choose an optimal trading account for me?

    1. To choose the best trading account in HYCM, you should take a test on the company’s page. It contains all the questions you should ask yourself before you start trading. So try it, and it will be easier for you to choose.

  30. For me, it is essential what kind of reviews there are about the broker. That’s why I checked hycm reviews very carefully. I liked what they contained. And in the work process, I identified a few more points that traders should pay attention to.
    1. Availability of valid licenses in the relevant field of activity. You can read in hycm reviews that the company has several licenses. It is a multi-regulated broker, which increases its reliability.
    2. A long period since the start of work, confirmed by publications on the network or customer feedback. Hardly anyone can compare with HYCM in this case. The company has been around for over 40 years. Usually, brokers seldom live to such an age.
    3. Absence of legal proceedings (information can be easily obtained from open sources). The reputation of HYCM is clear.
    4. Commissions and other unavoidable costs. In this company, you can choose any of the three types of accounts with different costs. On one, the spreads are fixed. They are higher than floating, but they protect you from possible expansion. And I’ve read a lot of hycm reviews about this fact. But the other account has floating spreads with no commission, and the third has minimal floating spreads with a small commission. To evaluate what suits you, you need to use several parameters given in the test on the broker’s website.

  31. When I started trading at hycm – I felt a kind of energy that I hadn’t experienced at all before. prevously I had to cope not only with the complexities of the market, but also with the constant restrictions or problems that the brokerage company created. It was only here that I saw that things could be completely different. HYCM is oriented at people who want to do trading and want to work in a safe environment, and the regulation here also allows you to control all the processes, so people can afford to learn new strategies, approaches, try different assets and still have some unreasonably high risks.

  32. Hello! I have been trading here for over three months. I recently lost my card and had to reissue it. Therefore, I want to clarify one question: What happens if my card has been lost or cancelled while depositing or withdrawing?

    1. All credit card deposits are instantaneous, and as such, your account will be funded regardless of the fact you lost or canceled your card after the deposit.
      However, if your card was lost or canceled during a withdrawal procedure, you will need to contact your bank to resolve this. HYCM will still process the withdrawal to your bank account unless the cancellation was made within 24 hours.
      If you have a couple of questions, I advise you to visit the HYCM brokerage company’s official website. There you will find any answer to your question.

  33. I personally joined this broker under the impression of reading some hycm reviews. I liked the very idea of registering with one of the oldest brokerage services ever. That’s really true because the company has been working in this sphere for more than 40 years. The reliability here corresponds to its rich experience, I don’t have any problems trading with this old-school brokerage service. I also timely receive the requested amounts on my credit card. So, I’m satisfied with this company.
    By the way, I have discovered several mistakes in this article. Minimum deposits specified here are wrong and a Mini account doesn’t exist. That’s a very outdated information. As of now, the broker offers three accounts. A Standard account and a Fixed one with a $100 deposit, and a Raw account with a twice bigger minimum depo.

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