HYCM Broker Review 2024

Last Updated: November 2024

7.8 / 10

Overall Rating

7 / 10

Investment Offering

8 / 10

Trading Platforms

7 / 10

Deposit & Withdrawal

8 / 10

Research & Education

7 / 10

Commissions & Fees

9 / 10

Regulation & Security

Investment Offering

HYCM (Henyep Capital Markets) offers a diverse range of investment instruments, making it suitable for both beginner and advanced traders. The broker provides access to various markets, including:

  • Forex: HYCM is well-known for its forex trading services, offering over 40 currency pairs, including major, minor, and exotic pairs. Examples include EUR/USD, GBP/USD, and USD/JPY for majors, and USD/TRY for an exotic pair.
  • Commodities: The broker provides CFD trading on key commodities like gold (XAU/USD), silver (XAG/USD), oil (WTI and Brent Crude), and natural gas. These allow traders to speculate on the price movements of essential raw materials.
  • Indices: HYCM offers CFDs on major global indices such as the S&P 500, NASDAQ 100, FTSE 100, and DAX 30. These indices provide opportunities to trade on the overall performance of stock markets rather than individual companies.
  • Stocks: HYCM provides access to a wide range of global stocks through CFDs. Traders can invest in well-known companies like Apple, Amazon, and Google, listed on major exchanges such as NYSE and NASDAQ.
  • Cryptocurrencies: The broker supports trading in cryptocurrencies via CFDs. Popular cryptos like Bitcoin (BTC/USD), Ethereum (ETH/USD), and Ripple (XRP/USD) are available, allowing traders to speculate on the volatile crypto market without owning the actual assets.
  • ETFs: A limited selection of ETFs is available for trading, offering diversified exposure across different sectors and markets through CFD contracts.

Asset Classes & Trading Types: HYCM primarily offers Contracts for Difference (CFDs) on its various asset classes. This allows traders to speculate on the price movements of these instruments without needing to own the underlying assets. The broker also offers spot trading for forex.

  • Leverage: Leverage at HYCM varies by asset class and account type. For forex trading, leverage can go up to 500:1 for professional clients, while retail clients in regions like Europe are limited to 30:1 due to regulatory restrictions.

Notable Features:

  • Social Trading: HYCM integrates with social trading platforms like ZuluTrade, allowing traders to copy the trades of experienced investors. This feature is particularly beneficial for beginners who wish to follow successful trading strategies.
  • Advanced Trading Tools: HYCM offers a range of trading tools, including Autochartist, which provides automated market analysis and identifies potential trading opportunities. The broker also supports algorithmic trading through its MetaTrader platforms.

Commissions & Fees

HYCM offers different account types, each with its own fee structure:

  • Fixed Account: This account type features commission-free trading with fixed spreads. The spread for major forex pairs like EUR/USD typically starts from 1.8 pips.
  • Classic Account: Also commission-free, but with variable spreads that can be tighter than the Fixed account during periods of high liquidity. Spreads for EUR/USD typically start from 1.2 pips.
  • Raw Account: Designed for more active traders, the Raw account offers tight spreads starting from 0.2 pips but charges a commission of $4 per round turn per lot on forex trades.

Specific Spread Examples:

  • EUR/USD: On the Raw account, spreads start from 0.2 pips with a $4 commission per round turn.
  • Gold (XAU/USD): Spreads on gold start from around 0.3 pips on the Raw account.
  • Indices (S&P 500): Spreads on indices like the S&P 500 can start from 0.5 points on the Classic account.

Additional Fees:

  • Overnight (Swap) Fees: HYCM charges swap fees for positions held overnight. These vary depending on the asset and the direction of the trade (long or short).
  • Inactivity Fees: The broker charges an inactivity fee of $10 per month after 90 days of no trading activity.
  • Withdrawal Fees: There are generally no fees for withdrawals, although third-party charges may apply depending on the payment method.

Fee Comparison Summary: HYCM's fees are competitive, particularly for traders using the Raw account, which offers tight spreads with low commissions. The commission-free accounts are advantageous for traders who prefer simpler fee structures, although the spreads are slightly wider.

Region

Account Type

Commission Structure

Additional Fees

Global

Fixed

Commission-Free, Spreads from 1.8 pips

Swap Fees, $10/month Inactivity Fee

Global

Classic

Commission-Free, Spreads from 1.2 pips

Swap Fees, $10/month Inactivity Fee

Global

Raw

$4 per round turn, Spreads from 0.2 pips

Swap Fees, $10/month Inactivity Fee



Deposit & Withdrawal

HYCM supports a variety of deposit and withdrawal methods to accommodate a global client base:

  • Bank Transfers: Available worldwide, with processing times typically between 3-5 business days.
  • Credit/Debit Cards: Visa and Mastercard are supported, offering near-instant processing with no fees charged by HYCM.
  • E-Wallets: Popular e-wallets like Skrill, Neteller, and WebMoney are supported, providing fast and fee-free transactions.
  • Crypto Wallets: HYCM also supports cryptocurrency deposits, making it easier for traders who prefer using digital currencies.

Minimum Deposit Requirements: HYCM's minimum deposit requirement varies by account type and region, with a general starting point of $100 for the Fixed and Classic accounts and $200 for the Raw account.

Withdrawal Processing Times:

  • Bank Transfers: 3-5 business days, depending on the region and bank.
  • Credit/Debit Cards: 1-3 business days.
  • E-Wallets: Typically processed within 24 hours.

Conditions & Limitations:

  • Withdrawal Limits: There are no specific limits on withdrawal amounts, but traders should consider potential third-party fees depending on the payment method.
  • Frequency: Withdrawals can be made as often as needed, with daily processing available for most methods.

Trading Platforms

HYCM offers multiple trading platforms to cater to different types of traders:

  • MetaTrader 4 (MT4): A popular platform known for its reliability and user-friendly interface. MT4 supports automated trading with Expert Advisors (EAs), advanced charting tools, and over 30 technical indicators.
  • MetaTrader 5 (MT5): The successor to MT4, MT5 offers additional features like more timeframes, advanced order types, and an integrated economic calendar. It’s ideal for traders looking for a more comprehensive trading environment.
  • WebTrader: Both MT4 and MT5 are available as web-based platforms, allowing traders to access their accounts from any browser without needing to download the software.
  • Mobile Apps: Both MT4 and MT5 have mobile applications available for iOS and Android devices, enabling traders to manage their accounts and execute trades on the go.

Platform Features:

  • Charting Tools: Both MT4 and MT5 offer advanced charting tools, multiple timeframes, and a variety of technical indicators.
  • Order Types: Supports a range of order types, including market, limit, stop-loss, and trailing stop orders.
  • Algorithmic Trading: Both platforms support automated trading strategies through EAs on MT4 and MT5’s built-in algo trading capabilities.
  • Risk Management Tools: Features like one-click trading, margin calculators, and stop-loss orders are available across all platforms.

User Experience and Reliability: HYCM’s platforms are known for their stability and reliability, with fast execution speeds and minimal downtime. The user experience is intuitive, making the platforms accessible to both beginners and advanced traders.

Research & Education

HYCM provides a robust range of educational resources tailored to traders of different experience levels:

  • For Beginners: The broker offers a series of video tutorials, webinars, and articles that cover the basics of trading, platform usage, and risk management.
  • For Advanced Traders: Advanced resources include in-depth webinars on technical analysis, trading psychology, and sophisticated trading strategies. HYCM also offers market insights and analysis from experienced professionals.
  • Webinars & Seminars: Regular webinars cover various topics, from introductory trading concepts to advanced market analysis. The broker also hosts occasional seminars for in-depth learning.

Research Tools:

  • Market Analysis: Daily and weekly market reports are provided, covering key markets like forex, commodities, and indices. These reports offer insights into market trends, potential trade setups, and economic events.
  • Economic Calendar: Integrated into the platforms, the economic calendar highlights significant economic events and their potential impact on the markets.
  • Third-Party Research: HYCM integrates with Autochartist, providing automated technical analysis and market scanning tools.

In-House Analysis: HYCM produces regular in-house analysis, focusing on both technical and fundamental aspects of the market. This research is valuable for traders looking to stay informed on market developments and potential trading opportunities.

Mobile Trading

HYCM’s mobile trading apps offer full-featured access to the markets, allowing traders to manage their accounts and execute trades from anywhere:

  • Charting Tools: The mobile apps include robust charting capabilities with multiple timeframes, drawing tools, and a variety of technical indicators.
  • Order Execution: Supports various order types, including instant execution, limit orders, and stop-loss orders.
  • Account Management: Traders can monitor their portfolios, view account balances, and manage funds directly from the mobile app.
  • Notifications: Push notifications are available for price alerts, order execution, and other important account events.

User Experience: The mobile apps are designed with a user-friendly interface, making them accessible for traders of all experience levels. They mirror the functionality of the desktop platforms, ensuring a seamless trading experience across devices.

Regulation & Security

 HYCM is a well-regulated broker, holding licenses from several top-tier financial authorities:

  • United Kingdom: Regulated by the Financial Conduct Authority (FCA), providing strong investor protections, including segregated client funds.
  • Cyprus: Regulated by the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with European financial regulations.
  • Dubai: Regulated by the Dubai Financial Services Authority (DFSA), offering additional oversight in the Middle East.
  • Cayman Islands: Regulated by the Cayman Islands Monetary Authority (CIMA), providing a regulatory framework for international clients.

Investor Protection Schemes:

  • United Kingdom: Clients are covered under the Financial Services Compensation Scheme (FSCS), which provides protection up to £85,000.
  • Europe: Clients under CySEC regulation are protected up to €20,000 through the Investor Compensation Fund (ICF).
  • Dubai and Cayman Islands: These regions do not offer specific compensation schemes, but HYCM ensures that client funds are held in segregated accounts.

Platform Security: HYCM employs several security measures to protect client funds and personal data:

  • Encryption: All data is encrypted using SSL technology, ensuring secure communication between clients and the broker.
  • Two-Factor Authentication (2FA): Available on trading platforms to add an extra layer of security.
  • Segregated Accounts: Client funds are held in segregated accounts with top-tier banks, ensuring they are not used for the broker’s operational activities.

Contracting Entity: HYCM operates different entities depending on the region:

  • United Kingdom: Henyep Capital Markets (UK) Limited.
  • Cyprus: HYCM (Europe) Ltd.
  • Dubai: Henyep Capital Markets (DIFC) Limited.
  • Cayman Islands: Henyep Capital Markets (Cayman) Limited.