HYCM Broker Review 2024

Henyep Capital Markets (HYCM) is a multi-regulated broker licensed by UK and UAE financial authorities.

This broker offers 3 primary account types, including Fixed, Classic, and RAW accounts with a $20 minimum deposit and USD, EUR, GBP, AED, and JPY as base currencies.

HYCM Company Information and Regulatory Status

HYCM is a well-established financial group that has evolved significantly over the years, consistently delivering a first-class trading experience to its global clients. The group's commitment to regulatory compliance is evident in its multiple regulated entities:

• HYCM Capital Markets (UK) Limited is authorized and regulated by the UK's Financial Conduct Authority (FCA), one of the world's most respected financial regulators.
• HYCM Capital Markets (DIFC) Limited operates under the supervision of the Dubai Financial Services Authority (DFSA), ensuring a strong presence in the Middle East (license number F000048).
• HYCM Ltd is set up and licensed by Saint Vincent and the Grenedines, extending its services to a broader international audience.

This multi-jurisdictional regulatory framework underscores HYCM's commitment to maintaining high standards of operational integrity and client fund security.

HYCM Broker Summary Specifications

HYCM stands out as a next-generation online trading broker, offering superior trading conditions and excellent customer support. Here's a comprehensive summary of HYCM's key features:

HYCM Account Types

HYCM offers a diverse range of account types to cater to various trading styles and experience levels:

These account types cater to a wide range of traders, from beginners to experts.

HYCM also offers 2 a Demo and an Islamic account:

Demo Account

HYCM demo account is perfect for traders who want to learn about trading without risking their own capital. Main faetures of this account type:

• Risk-free practice environment
• Access to live market conditions
• Perfect for beginners or for testing strategies

Islamic Account

This account is desigend for traders who don't want to pay overnight swap fees. key features of this account:

• Swap-free trading in compliance with Sharia law
• Available for Fixed, Classic, and Raw account types

HYCM Benefits and Drawbacks

When considering HYCM as your broker, it's important to weigh its strengths and weaknesses:

HYCM Broker Sign Up & Account Verification Guide

Opening an account with HYCM is a straightforward process designed to get you trading while ensuring compliance with regulatory requirements. Here's a step-by-step guide:

1. Visit the HYCM website and click on the "Open Account" button;
2. Enter your name, email, and phone number or use social media accounts to sign up;
3. Enter your personal information

3. Choose your trading platform, account type, leverage, and account currency
4. Head to the “Verification Tab”
5. Complete your financial profile
6. Upload your ID verification documents (ID card, passport, driver’s license)
7. Upload Address verification documents (Bank statement, utility bill, other government-issued documents)

HYCM Trading Platforms and Apps

HYCM offers a variety of trading platforms to cater to different trader preferences and needs:

MetaTrader 4 (MT4):

• Industry-standard platform
• User-friendly interface
• Advanced charting tools and technical indicators
• Supports Expert Advisors (EAs) for automated trading
• Available for desktop, web, and mobile devices

Links:

• Android
• iOS
• Windows
• Mac

MetaTrader 5 (MT5):

• Next-generation platform with enhanced features
• More timeframes (21) and analytical tools than MT4
• Supports trading in stocks and futures in addition to forex
• Economic calendar integrated into the platform
• Available for desktop, web, and mobile devices

Links:

• Android
• iOS
• Windows
• Mac

HYCM Trader App:

• Proprietary mobile trading application
• Intuitive and user-friendly interface
• Real-time quotes and charts
• One-click trading functionality
• Available for iOS and Android devices

Links:

• Android
• iOS

HYCM Spreads, Commissions, and other costs

HYCM offers competitive spreads and commissions across its various account types:

Other trading fees on HYCM broker:

• No deposit fee
• No withdrawal fee
• Standard overnight swap fee
• No currency conversion fee
• $10 monthly inactivity fee

HYCM's diverse account options allow traders to choose the pricing structure that best fits their trading strategy and volume. The competitive spreads, especially on the Raw account, make HYCM an attractive option for cost-conscious traders.

HYCM Broker Deposit & Withdrawal Options

HYCM provides a range of convenient options for depositing and withdrawing funds:

Important Notes:

• HYCM broker doesn’t charge fees over $300
  Withdrawals over $5000 through Skrill and Neteller are subjected to a 1% processing fee
• HYCM doesn’t charge commissions on deposits

Copy Trading and Investment Options Provided by HYCM Broker

As of the latest information, HYCM does not offer a dedicated copy trading or social trading feature. However, it's worth noting that the broker provides other investment options through MT4 and MT5 Expert Advisors (EAs), which allow for automated trading based on pre-set strategies.

While HYCM doesn't currently offer copy trading, its suite of tools and resources provides traders with various ways to enhance their trading experience and potentially improve their performance.

HYCM Broker Available Instrument

HYCM offers a diverse range of tradable markets and instruments, catering to various trading preferences and strategies:

• Forex: 67 currency pairs
• Indices: 28 world major indices
• Metals: 8 precious metals, including gold and silver
• Energy: 3 different instruments
• Commodities: 4 Various soft commodities like coffee and sugar
• Stocks: 212 company stocks
• Cryptocurrency: 19 famous crypto assets

This wide array ensures that HYCM has what you need, whether you're a forex trader or a crypto enthusiast.

HYCM Bonuses and Promotions

HYCM offers various bonuses for both new and existing clients:

• Refer a Friend: Earn up to $200 for each successful referral
• Zero Fees: Experience zero deposit fees
• Deposit bonus: Referred friends can get up to $180 deposit bonus

Remember, bonuses often come with terms and conditions, so always read the conditions before using them.

HYCM Broker Support

HYCM is available 24/5 to fix clients’ issues and answer their questions. HYCM support contact methods:

• Live Chat: Available for instant assistance
• Phone Support: +44 2088167812
• Email: support@hycm.com
• FAQ Section: Comprehensive self-help resource

HYCM Prohibited Countries

While HYCM offers services worldwide, there are restricted countries due to regulatory compliance. These countries include:

• Europe: Albania, Belarus, Belgium, Cyprus, France, Portugal, Spain
• Africa: Burkina Faso, Congo, Haiti, Mozambique, Senegal, Sudan, Uganda, Tanzania
• North America: Canada, USA
• South America: Barbados, Cayman Islands, Jamaica, Mail, Panama
• Asia: Afghanistan, Hong Kong, Myanmar, North Korea, Philippines, Iran

Always check the latest list on HYCM's website or contact support for the most up-to-date information on country restrictions.

HYCM Reviews and Trust Scores

It’s time to check out trust scores in our HYCM review. Traders gave HYCM broker 3.7 from 5 in the Trustpilot. Traders had different experience using this platform.

HYCM Broker Education Materials for Beginners

Unfortunately, HYCM doesn’t offer vast educational resources. This platform only has a comprehensive blog that offers fundamental and technical analysis of various financial instruments. This is surely a downside, especially for traders with less experience in volatile capital markets.

TF Expert Suggestion

HYCM strives to offer high-quality services with low spreads from 0.1 pips, commissions from $0 to $5, and over 300 tradable instruments.

Nevertheless, the $10 inactivity fee and 3.7/5 Trustpilot score are key points to consider before joining HYCM broker.