Open AccountIn this review, HYCM broker (formerly known as HY Markets) is a well-established online forex and CFD broker offering a wide range of financial instruments for traders.
With a history spanning over 40 years, it is a respected name in online trading.
HYCM is known for its user-friendly platform, flexible account options, and competitive spreads, making it appealing to traders of all experience levels.
Read on to learn more about this HYCM broker in its review.
What is an HYCM Broker?
HYCM Broker provides access to the world of online trading with a variety of markets, including Forex, stocks, commodities, indices, cryptocurrencies, and more.
The broker operates under several licenses and regulations globally, ensuring a level of trust and security for its users.
It offers the popular MetaTrader 4 and MetaTrader 5 platforms, giving traders the tools they need to execute trades and analyze markets efficiently.
History of HYCM
HYCM was founded in 1977, originally as a part of the Henyep Group. It has since grown to serve clients worldwide, providing trading services in over 180 countries.
Over the years, HYCM has been regulated by various financial authorities, including the FCA (UK), the CIMA (Cayman Islands), and the DFSA (Dubai).
The broker’s long history and strong regulatory background have helped it build a reputation as a reliable choice for traders.
Features of HYCM Broker
1. Account Types
HYCM offers several types of accounts to suit different trading preferences.
- Standard Account: This is a great option for beginners or those who want a straightforward trading experience.
The Standard account usually comes with no commission charges, but spreads (the difference between buying and selling prices) are slightly wider than some other accounts.
This means the cost of each trade is mainly reflected in these spreads, making it simpler for new traders to understand their trading costs.
- Classic Account: Ideal for more experienced traders, the Classic account often provides slightly better trading conditions than the Standard account. Spreads are still competitive, and there are no added commissions. This account can be a good balance for traders who want low trading costs without needing to keep track of commission fees.
- Raw Spread Account: This account is perfect for traders who want the tightest spreads available and are comfortable with paying a small commission per trade.
It’s called “Raw Spread” because it offers nearly the exact market price, with spreads starting as low as 0.2 pips.
This type of account can be beneficial for high-frequency traders who need very tight spreads to execute their strategies effectively.
- Islamic Account: Designed for traders who follow Islamic finance principles, this account type does not charge interest or swap fees on overnight positions. It’s also known as a swap-free account, making it compliant with Sharia law. This option allows Muslim traders to participate in forex trading without compromising their beliefs.
2. Trading Platforms
HYCM provides access to the renowned MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
These platforms are known for their powerful charting tools, automation features, and vast community support.
3. Range of Markets
HYCM offers over 300 financial instruments, including Forex, metals, energies, indices, commodities, and cryptocurrencies.
This variety allows traders to diversify their portfolios and access a wide range of trading opportunities.
4. Customer Support
HYCM provides customer support through live chat, phone, and email, and they offer multilingual services to support traders from various regions.
This makes it easy for clients to get assistance whenever needed.
5. Regulation
HYCM is licensed by the FCA (UK), the DFSA (Dubai), and the CIMA (Cayman Islands).
These regulatory bodies help ensure that the broker operates within the legal and ethical boundaries of the industry.
Pros of HYCM Broker
1. HYCM operates under strong regulations in multiple regions, offering security and peace of mind for traders.
2. HYCM provides over 300 financial instruments, giving traders access to a diverse set of markets.
3. The broker offers multiple account options, allowing traders to choose the best one for their needs.
4. With a minimum deposit requirement starting as low as $20, HYCM is accessible for both beginner and experienced traders.
5. HYCM offers some of the lowest spreads and commission fees compared to other brokers.
Cons of HYCM Broker
1. While there are no fees for deposits, HYCM charges a withdrawal fee depending on the payment method chosen.
2. If your account remains inactive for a period, HYCM charges a monthly inactivity fee of $10.
Customer Review
Positive Review
Many users appreciate HYCM’s user-friendly platform and easy access to various markets, which helps both beginners and experienced traders.
Some traders praise the customer service for being responsive and helpful, especially with account-related issues.
Users have also noted that the broker offers competitive spreads and quick withdrawals, which adds to their overall satisfaction.
Negative Review
Some traders have mentioned frustration with the withdrawal fees, especially if they are using certain payment methods.
Several customers have expressed frustration over the inactivity fee, feeling that clearer communication on account activity could help them avoid it.
A couple of users complained about limited educational content, which may make it harder for new traders to learn the ropes of trading effectively.
How to Get Started with HYCM Broker
1. Sign Up
Visit the HYCM website and click on the “Open Account” button. You’ll need to provide personal details, including your name, email, and phone number.
2. Choose Your Account Type
Select the account type that best suits your trading style, such as Classic or Raw Spread.
3. Verify Your Identity
HYCM will require you to submit identification documents to verify your identity and comply with regulatory standards.
4. Deposit Funds
Once your account is verified, you can deposit funds using various methods such as bank transfer, credit/debit cards, or e-wallets like Skrill.
5. Start Trading
After funding your account, you can download the trading platform (MT4 or MT5) and begin trading in your chosen markets.
Frequently Asked Questions
1. Is HYCM a safe broker?
Yes, HYCM is a regulated broker with licenses from the FCA, CIMA, and DFSA. These regulations ensure that the broker follows industry standards for security and client protection.
2. What are the fees associated with HYCM?
HYCM charges a variety of fees depending on the account type and trading activities. These include spreads, commissions, withdrawal fees, and inactivity fees.
However, they offer low fees for deposits and competitive spreads compared to other brokers, as earlier mentioned in this HYCM Broker Review.
3. How can I withdraw funds from my HYCM account?
To withdraw funds, simply log in to your account, select the “Withdraw Funds” option, enter the amount, and choose your preferred payment method. HYCM processes withdrawals within one business day.
4. What is the minimum deposit required to open an account with HYCM?
The minimum deposit required to open an account with HYCM is $20 for the Standard account. However, for the Raw Spread account, the minimum deposit is $200.
Conclusion
HYCM is a reliable and competitive online broker offering a wide range of financial instruments, advanced trading platforms, and excellent customer support review.
Traders worldwide trust and rely on its regulation, which makes AdroFX a solid choice for both new and experienced traders.
While there are some downsides, such as withdrawal fees and an inactivity fee, HYCM’s pros far outweigh the cons.
If you’re looking for a trustworthy broker with a variety of account types and competitive fees, HYCM could be an excellent choice for your trading journey, if you have gone through the review appropriately.