It is crucial to read the broker review before trading with the broker. You can find the HYCM review in detail below. HYCM, previously known as HYMarkets, is deservedly regarded as one of the leading FX brokers, with over 40 years of industry experience. HYCM is a member of the Henyep Group, a multinational financial holding corporation based in the United Kingdom (London), that specializes in financial solutions, education, as well as property investment.
The key advantage of the broker is the stringent oversight that it maintains in all of its branches across the globe while adhering to regulatory bodies in every country. The broker also maintains strong trading functionalities, providing a broad choice of trading products and providing specialized services to its customers.
HYCM Review – Creating an Account
Creating an account with HYCM is a simple and quick procedure, with an easy-to-use layout. It simply takes 10 minutes to register. Usually, in one workday, accounts are validated. To set up an account, simply follow the instructions below:
Open a new account by clicking the open account option.
Name, email, contact information, birth date, and home address are all needed personal information.
Choose the preferred trading platform (MT4 or MT5), type of account (Fixed, Classic, or Raw), & currency from the drop-down menus. Please remember that users may always create more accounts subsequently. Users may have an MT4 account in both Dollar & Euro, for instance. Users can move funds between accounts that have been established in the same currency.
Further personal information is necessary, as well as answers to several questions about the user’s financial situation and trading experiences.
Check the identification and residence. For verification, users can submit a national ID card, passport, or driving license. For residence proof, utility bills, as well as bank records, are allowed. Users will also need to validate their debit or credit card if they intend to use one.
HYCM Review – Investment Options
Users can solely trade FX and different CFDs (commodities, futures, & share CFDs).
HYCM is primarily a forex and CFD (contract for differences) broker.
Sidenote: CFDs are sophisticated financial products that have a significant potential loss quickly due to leveraging. While trading CFDs with this company, 72 percent of regular investor accounts suffer financially. Users must think as to whether they comprehend how CFDs operate and whether they will afford to risk losing all of their funds.
The broker provides a better-than-average forex offering, but its stock CFD offering is limited in comparison to its competing firms. Several significant firms listed in the United Kingdom, United States, German, as well as Spanish markets are included in stock CFDs. Just the MT5 platform offers certain stock CFDs & exotic Forex pairings.
HYCM Review – Trading Platforms
Meta Trader provides a web trading platform for the broker. It’s very configurable, comes in a variety of languages, and features an easy-to-understand price report. The platform, though, lacks two-factor authentication and price notifications, and its look is old.
The broker does not have its proprietary platform. It offers third-party trading platforms MT4 & MT5. MetaTrader 4 is accessible in a hefty amount of languages.
The web trading interface at HYCM is quite customizable. The size and location of the tabs may be quickly changed.
Nonetheless, the platform appears to be out of touch, and several functions are difficult to locate.
MT provides HYCM with a fantastic mobile trading platform. It has an excellent search feature and it is easy to use. It does not, however, have a secure login. The broker provides MT4 and MT5 as mobile platforms, like the web platform. İOS and Android versions of MT4 are accessible. The mobile platform, much like the web platform, supports a wide range of languages.
HYCM Review – Account Types
There are 3 types of accounts. Fixed, classic, & raw spread. The broker offers a set spread approach with a somewhat higher spread, which implies that the transactions are not subject to commissions. Variable spreads are available on the Classic account, while raw spreads are given by interbank spreads starting at 0 pips with a fee for trade. Nevertheless, depending on the country, accounts, as well as conditions, can differ.
Users can establish several accounts with multiple account base currencies within their profile. Users may have a Euro and U.S Dollar account for MT4 at the same time, for instance. It’s free of charge and easy to transfer money between accounts that use the same currencies.
HYCM Review – Fees
Fees will change depending on the account users choose or trade, so figure out which one is best. Constant spreads are a solid option for individuals who seek consistency, even in the face of turbulent news, while classic variable spreads are suitable for a variety of trading strategies and come without commission. Also, it’s vital to look at broker costs, as well as other expenses such as commissions for deposits and withdrawals, as well as non-trading fees.
Fixed spread circumstances give a somewhat greater spread yet it also provides consistency in all scenarios, based on the type of account. Whilst a Classic Account featuring variable spreads will have smaller spreads that fluctuate with market turmoil and circumstances. Furthermore, Raw spread is a popular choice among experienced traders since trading expenses are included in the 4$ charge every round. Furthermore, traders can open Islamic trading accounts that do not require any changes.
Education and Training
One amazing feature of HYCM is its learning center, which gives all of the information required for effective trading. There are Trading Lessons, Webinars, and Seminars conducted on a routine basis in various places, as well as Technical Analysis and Market Analysis featuring instructions, MetaTrader 4 Videos, as well as other important data.
This is fantastic and highly recommended, particularly for newbie traders, because when combined with strong research and educational tools, users have a greater chance of having a successful trading career.
HYCM Review – The Verdict
HYCM is an FX & CFD broker that is licensed by a number of regulatory bodies throughout the world, such as the tier-1 regulator FCA. HYCM has lower fees, which is a bonus. The education aspect, particularly the webinars, is more useful and entertaining than what most brokers provide. The account opening process is straightforward, and there are several free money transfer choices. However, the broker’s product offering is restricted, since HYCM only provides forex & CFDs. The MT platforms that it utilizes are old. After just three months of inactivity, the broker imposes a $10 monthly inactivity fee. For people who like the MT platforms and seem to be enthusiastic about CFD and FX trading, HYCM might be a good choice.