HYCM Forex Broker Review Introduction

HYCM is one of the long-standing brokers in the industry and is regulated in the UK since 1998. HYCM is a MetaTrader-only broker that comes with a competitive pricing offering. It offers over 200 financial instruments to traders of all skill levels.

Venture into the HYCM trading environment and know more about its trading capabilities as a seasoned broker by reading this detailed broker review.

HYCM Forex Broker Review Introduction

HYCM Background and Safety

Established in 1977, Henyep Capital Markets, known as the HYCM brand, has been in the brokerage industry in the past four decades providing financial instruments including stocks, forex, indices, commodities, cryptocurrencies, and ETFs. 

 Henyep Capital Markets Group consists of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Ltd, Henyep Capital Markets (DIFC) Limited, and HYCM Limited. Each company is registered under the governing financial body of its jurisdiction.

Being a veteran broker, HYCM processes an average of twenty-five thousand orders on a daily basis. Its forty years of experience has enabled the broker to widen its market access and offer a comprehensive range of tradable products and services. In its first year of inception, Henyep Gold Dealers joined the Hong Kong Gold and Silver Exchange Society. 

Four years after, it has established its 25th overseas site. In 2007, Henyep Investment (UK) Ltd launched the HY Markets online trading platform. Years after its successful online trading launch, other companies of the brand were established.

HYCM is also a celebrated brokerage institution, receiving a number of global recognitions and awards. To name a few, it won “The Best Forex Broker” in 2019 by the Global Brand Awards and “Best Forex Broker Europe” in 2018 by FXDailyInfo. 

Its rich heritage is cemented by its regulatory accolades in several jurisdictions. Its UK brand is regulated under the Financial Conduct Authority (FCA); its Europe site is regulated under the Cyprus Securities and Exchange Commission, HYCM Ltd is regulated under the Cayman Islands Monetary Authority; DIFC is regulated under the Dubai Financial Services Authority; and all other its incorporated entities are registered as International Business Company in Saint Vincent and the Grenadines.

A multi-regulated broker, HYCM is a safe broker despite not operating a bank and is not publicly traded.  

HYCM Features and Fees

Market Offerings

HYCM gives traders access to the following financial markets:

  • Forex (at least 69 currency pairs available)
  • CFDs (225 total offered)
  • Stocks
  • Indices
  • Cryptocurrencies (5 main cryptocurrencies available)
  • Commodities
  • ETFs

Account Types

HYCM offers three account types that feature varied trading conditions. These accounts include:

  • FIXED – this account has fixed spreads and starts from 1.8 pips and has no commission fees. $100 is the minimum deposit amount to open this account which has a minimum trade volume of 0.01 lot and can be converted into an Islamic account.
  • CLASSIC – this account has variable spreads starting from 1.2 pips. It also requires a $100 minimum deposit and has 0.01 lot as a minimum trade volume. What’s more is that aside from its flexibility to turn into an Islamic account, it also features the Expert Advisor functionality. No commission fees.
  • RAW – this account type features raw spreads starting from 0.2 pips but has +$4 per round commission. The initial deposit is set at $200 and the minimum trade volume is at 0.01 lot. An Islamic account is an option for this account as well as the Expert Advisors feature.
HYCM Forex Broker Review Introduction

Funding Methods

HYCM provides the most popular funding options for traders to deposit and withdraw. For both withdrawals and deposits, clients can choose from Bank Wire, Visa, WebMoney, Neteller, to Skrill. Note that these options have respective minimum deposit amounts, currency, and processing time. The common denominator among these options is that they have no transaction fees.

HYCM Trading Platforms and Tools

HYCM is exclusively into the MetaTrader technology and offers both the MT4 and MT5 platforms. Their platform offerings are not different from the standard MetaTrader platforms from other brokers in terms of special features and functionality. 

One salient feature of the broker as a trading tool is the Trading Central, which gives traders automated access to technical analysis. On HYCM’s official site, it has an economic calendar and streams daily market analysis videos.

HYCM also offers the mobile versions of the MetaTrader that are both available on iOS and Android devices. Henyep provides nothing beyond the basic MetaTrader experience to its traders.

Bottom Line

HYCM is an old folk in the forex trading industry with a good number of recognitions as a brokerage firm. The brand is regulated and is a fixture in the brokerage scene. However, the broker might not impress traders who are not into the MetaTrader platforms.