HYCM Review – Is HYCM a good forex broker?

HYCM Review – Is HYCM a good forex broker?


IG USForex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


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 type Minimum deposit Minimum trade size Maximum leverage Spreads
Mini $100 0.01 1:500 1.8 pips on EUR/USD
Standard $1 000 0.01 1:300 1.5 pips on EUR/USD
VIP $10 000 0.01 1:300 1.5 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 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.


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.


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
Broker Rating
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
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.
Detailed review of forex broker HCYM
User Rating : 3.3 (2 votes)

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  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. Darrick Emmerich

      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. Shyam Chamling

      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. Rafael Douglas

    What’s the comission for leverage?

    1. Baylee Goldner

      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.

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