HYCM Review 2022

HYCM Video Review

Investor Protection & Regulations

HYCM is the brand name for multiple entities each authorised and regulated in their own jurisdictions:

• Henyep Capital Markets (UK) Limited – authorised and regulated by the UK Financial Conduct Authority (FCA) under Henyep Capital Markets (UK) Limited for www.hycm.co.uk.
• HYCM (Europe) Ltd – authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under HYCM (Europe) Ltd for www.hycm.eu.
• HYCM Ltd – authorised and regulated under the Cayman Islands Monetary Authority (CIMA).
• Henyep Capital Markets (DIFC) Limited – authorised and regulated by the Dubai Financial Services Authority (DIFC) for www.hycmdifc.com.
• HYCM Limited – an International Business Company (IBC) based offshore in St.Vincent and the Grenadines and as such is not regulated. This entity operates from www.hycm.com.

The focus of this review is on HYCM Limited but the licences for the other entities can be found on the relevant regulator’s register.

Below is the FCA register for Henyep Capital Markets (UK) Limited:

The broker provides further security of client funds by following the below regulatory requirements:

• Holding Funds in a segregated account from company funds.
• Negative balance protection policy.

Tradable Products

HYCM offers clients the ability to trade on over 300+ financial CFD instruments covering Forex, Stocks, Indices, Cryptocurrencies, Commodities and ETFs. Below is a list of just some of the available markets for trading:

*Details regarding the available assets are taken from the HYCM.com website and are correct at the time of this review. You can find a more detailed list here.

**Cryptocurrency trading is not available to UK residents.

Trading costs such as spreads and overnight funding (swap) rates vary depending on the account type opened and instrument being traded and are covered further down this review.

Account Opening

HYCM offers three main account types called Fixed, Classic, and Raw. Demo and Swap-Free accounts are also available. The main features of each account are shown in the below table :

*Leverage levels depend on the entity from which you open an account.

Users can open a new account in just a few steps. After clicking the ‘Open An Account’ button on the broker’s homepage, users will be guided through the following steps:

1. Sign Up: Name, email, phone number.
2. Open a Trading Account: Country of residence, date of birth, address, trading platform, account type, account currency and leverage.
3. Agree to terms and conditions.
4. Financial Profile: Questions relating to net worth, annual income, amount available for trading, employment status and industry of employment.
5. Document Verification: Proof of identity (passport or driving licence) and proof of residence (utility bill or bank statement – not more than 3 months old).

The client portal is shown below:

HYCM does not offer services to users based in Afghanistan, Belgium, Hong Kong, Japan, the United States of America and some other regions.

Deposit & Withdrawals options

HYCM offers a variety of funding methods including via debit/credit cards, bank wire, Skrill, Neteller, WebMoney, Perfect Money and Bitcoin. The below tables show some of the popular deposit and withdrawal methods available and their associated minimums, accepted currencies, fees and processing times:

Clients can deposit and withdraw funds through the client portal.

Web & Desktop Trading Platforms

HYCM offers users the ability to trade on the globally renowned MetaTrader 4 and MetaTrader 5 platforms for Web and PC. The platform features are highlighted below:

HYCM MetaTrader 4 (Web/PC)

• Fully customisable.
• Multiple analytical instruments.
• Expert Advisors.
• Over 30 built-in indicators.

HYCM MetaTrader 5 (Web/PC)

• 21 timeframes.
• 6 order types.
• Expert Advisors.
• Advanced charting capability.

A screenshot of the HYCM MetaTrader 5 PC platform is shown below and is covered in more detail in the video review:

Mobile Trading Platforms

HYCM offers users the ability to access mobile trading on the go via the MetaTrader 4 and MetaTrader 5 mobile apps for Android and iOS systems. The app download links can be found in the Google PlayStore or Apple AppStore respectively.

The HYCM mobile app provides a range of different features including:

• Trade and manage your account on the go.
• Access order types.
• Real-time quote streaming.
• Access multiple asset classes.

The HYCM MetaTrader 5 mobile trading app and its features are covered in more detail in the video review.

Trading Features

HYCM provides three types of calculators such as the Pip Calculator, Currency Converter and Margin Calculator. Users trading through the MetaTrader PC platforms can also access the MetaTrader marketplace to access thousands of additional trading tools and automated strategies.

Commissions & Spreads

Trading costs with HYCM depend on the account type opened and the market being traded. Fixed and Classic accounts are commission-free with slightly larger spreads whereas Raw accounts are commission-based with raw spreads. The table below shows the average spreads and commissions for each account type:

For non-Swap-Free accounts, overnight funding or ‘swap’ fees are charged on positions that remain open overnight (22:00) GMT. If positions are being held over the weekend a three-day ‘swap’ charge will be charged on Wednesdays.

The broker also charges an inactivity fee after 90 days of $10 per month.

Bonus & Promotions

As HYCM Limited is based offshore, new clients can take advantage of the 10% first deposit bonus. To qualify, users must deposit a minimum of $100 and for every $1,000 bonus awarded, the user must trade 30 standard lots within 60 days. The maximum bonus is $5,000.

The HYCM (FCA and CySEC) entities do not offer any bonuses or promotions due to regulatory restrictions.

Customer Support

HYCM offers multilingual (Arabic, Chinese, English, Farsi, Greek, Lithuanian, Portuguese, Russian, Spanish, Vietnamese) customer support 24/5 via Live Chat, Telephone, Email, WhatsApp, Skype and Telegram. There is also a detailed help centre covering questions regarding General, Promotions, Platforms, Products and Spreads, Accounts, Payments and Complaints and Compliance.

After submitting a question through the live chat we were connected to an agent who answered our question within 10 seconds, as shown below:

Contact Information:

• Address:
  • 18 King William Street, London, EC4N 7BP, United Kingdom
• Email:
  • support@hycm.com
• Phone:
  • +44 208 816 7812
• Social Media:
  • Facebook
  • Twitter
  • Linkedin
  • Youtube

Research

HYCM market research includes Trading Central Services, a News Feed, Market Outlook, Live Webinars and an Economic Calendar. Users can navigate to the News section of the broker’s website to access TC Market Buzz, a Trading Central tool that provides news volume and trend analysis for Stocks, Cryptos, Currencies, Commodities and Indices. There is also a streaming news feed that compiles important headlines and data releases from various news sources.

The broker’s Chief Currency Analyst also holds weekly live webinars every Monday analysing FX markets for the week ahead. All videos are uploaded to the broker’s YouTube channel and there is also an economic calendar available on the broker’s website.

Additional Trading Central features can also be accessed from the client portal as well as the market outlook on major currencies, gold, silver and crude oil. However, this content is only available once a live account has been funded.

Trader Education

HYCM offers a variety of educational material including Trading Tools, MT4 Videos, Tutorials, Trading Strategies, Ebooks and Courses. Each of these is explained further below:

• Trading Tools: Includes six animated videos covering Trading Psychology, Capital Management, Market Analysis and more.
• Tutorials: Includes MetaTrader videos on how to install and use the platform.
• Trading Strategies: Includes ten animated videos explaining various trading strategies with varying levels of difficulty. Some examples include the Trend Signal Strategy, Fractal Strategy, Fibo Trap Strategy and more.
• Ebooks: Four comprehensive e-books on Forex, Advanced Trading, Commodities and Futures, and CFDs and Stocks.
• Beginners course: Complete five-part course covering Forex Advantage, Basic Forex Terms, Types of Orders, Winning Tactic and Glossary of Concepts.

Overall, the educational material is comprehensive and is well made as most of the content is taught via animated videos.

Trading Experience

From our observations, HYCM provides clients with a simple trading offering on over 300+ financial CFD instruments across Forex, Stocks, Indices, Cryptocurrencies, Commodities and ETFs, all through the globally renowned MetaTrader 4 and MetaTrader 5 platforms for Web and PC.

The broker offers three account types – Fixed, Classic and Raw. Fixed and Classic accounts are commission-free with slightly larger spreads whereas Raw accounts are commission-based with raw spreads. Overall, the costs are competitive and transparent on the broker’s website.

The majority of deposits and withdrawal methods are fee-free but minimum amounts do apply. Users registering with the HYCM (St.Vincent and Grenadines) entity can also take advantage of the deposit bonus. Furthermore, there is a variety of educational and research material available but some content can only be accessed with a funded live account.

FAQ

Conclusion

HYCM was founded in 1977 and is part of the Henyep Group which is an international conglomerate with businesses in financial services, property, education and charity. The broker operates several entities that are authorised and regulated in their own jurisdictions including by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DIFC) and the Cayman Islands Monetary Authority (CIMA).

HYCM Limited is a Forex and CFD broker in St. Vincent and the Grenadines and as such is not regulated. This entity operates www.hycm.com and offers users the ability to trade on more than 300+ financial CFD instruments across Forex, Stocks, Indices, Cryptocurrencies, Commodities and ETFs, all through the globally renowned MetaTrader 4 and MetaTrader 5 platforms for Web and PC.

Users can choose from three main account types called Fixed, Classic and Raw. Fixed and Classic accounts are commission-free with slightly larger spreads whereas Raw accounts are commission-based with raw spreads. Demo and Swap-Free accounts are also available.

Deposits and withdrawals are mainly fee-free and include debit/credit cards, bank wire, Skrill, Neteller, WebMoney, Perfect Money and Bitcoin. There is also a great variety of market research and education material that includes Trading Central Services, a News Feed, Market Outlook, Live Webinars, MT4 Videos, Tutorials, Trading Strategies, Ebooks, Courses and more. Multilingual customer support is available 24/5 via Live Chat, Telephone, Email, WhatsApp, Skype and Telegram.

• Global regulation (FCA, CySEC, DIFC, CIMA).
• 300+ financial CFD instruments.
• Commission-free trading available.
• Great research and education material.