HYCM is very well established and has been providing its services including trading services for around 40 years. This broker is fully regulated under more than one body including the FCA and CySEC. They have certainly made sure to stay ahead of the game by offering MT4 and MT5 as well as a strong variety of tradable instruments.
HYCM offers 3 account types: Fixed (fixed spreads from 1.8 pips), Classic (variable spreads from 1.2 pips) and the Raw account (raw spreads from 0.2 pips). Only the Raw account is charged commission fees of $4 per lot, per trade, per side. Islamic account versions are also available for all 3 account types.
HYCM offers both MT4 and MT5 so clients can choose to trade on whichever they prefer. YOu may choose the web bases version or the mobile (iOS/Android) as you please.
As mentioned, this broker is heavily regulated, and a possible downside to this, is that leverage caps are not particularly generous, in comparison to brokers that do not have to succumb to such policies as a result of being regulated. The maximum leverage allowed is 1:30. This does not allow clients to stretch profits very far especially when depositing small, and trading small volume.
- Forex 1:30
- Stocks 1:5
- Indices 1:20
- Commodities 1:20
Minimum trade sizes are the same for all 3 account types, which is 0.01 lot. This allows some freedom for traders, and especially perhaps beginner traders who may be apprehensive about having to place large trade sizes.
The only account that charges trade commission fees is the Raw account, which has the lowest spreads, but the costs overall for the client are then balanced out by the fact that although spreads are minimal compared to the other two accounts who do not pay commissions, the Raw account clients must pay $4 per lot, per trade, per side. Although having said that, we consider this fee to be average in comparison to alternative brokers.
Swap fees vary in percentages depending on the account type you choose and which individual pair you are trading, so do bear this in mind. A full list is available on the website.
With HYCM you may trade Forex, Stocks, Commodities, and Indices. This is a strong variety, but it is a shame cryptocurrencies are not available since the crypto space is becoming more and more popular. A full list of available assets is, of course, available on the website.
As we mentioned earlier, spreads vary from which account type you choose:
- Fixed (fixed spreads from 1.8 pips)
- Classic (variable spreads from 1.2 pips)
- Raw (raw spreads from 0.2 pips)
The minimum deposit for the Fixed and Classic account is both $100 while the Raw account requires a minimum of $200. This is not extortionate, and most traders would consider this initial deposit requirement rather reasonable, especially given the fair spreads and 0 commission fees for the Fixes and Classic accounts.
Deposit Methods & Costs
You may deposit into your HYCM account without being charged any processing fees. You may choose to use: Card, Bank Wire, Neteller or Skrill.
Withdrawal Methods & Costs
Withdrawal methods are the same as the funding methods (Card, Bank Wire, Neteller or Skrill) and do not carry any charges by the broker, either.
Withdrawal Processing & Wait Time
HYCM processes withdrawal requests within 1 business day. This can then take 1 to 5 days to reach your account depending on your bank or credit card company.
Bonuses & Promotions
HYCM does not offer any bonus or promotion schemes.
Educational & Trading Tools
HYCM does offer webinars, seminars, and forex education reading material. There is ample free educational material all of which are free and available on the website for clients to refer to.
Customer service operates on a 24/5 basis via live chat, telephone, and email. Quality of customer service is also high, which makes communication more efficient and adds peace of mind for the clients, especially in the case of a complicated trade query, for example.
Yes, you may open a demo account with HYCM to see if their service meets your expectations. Alongside this, you have a handy ‘Help Center’ as well as an FAQ page at your disposal to learn about the broker in more depth as you practice and develop your trading skills before moving on to a live account.
All countries other than residents outside the European Union and European Economic Area are allowed to trade with this broker.
This broker is very transparent with their offerings, and do offer a solid service with quality customer support, and a strong variety of instruments to trade on either MT4/5. Deposits and withdrawals are fast and are not to be complained about. Overall, this broker is competitive with other brokers in the industry at the moment.