HYCM is a global forex and CFD intermediary with industry-driving stage reconciliation. Our audit covers the fundamentals of exchanging with HYCM, including the login cycle, least store necessities, spreads, and their store reward offering.
The HYCM brand is essential for the Henyep Capital Markets possessions bunch and has UK, Hong Kong, Dubai, and Cyprus office areas. The accompanying organizations work under the HYCM name:
- Henyep Capital Markets (UK) Limited, managed by the Financial Conduct Authority (FCA)
- HYCM (Europe) Ltd, approved by the Cyprus Securities and Exchange Commission (CySEC)
- Henyep Capital Markets (DIFC) Limited, approved by the Dubai Financial Services Authority (DFSA)
- HYCM Ltd, managed under the Cayman Islands Monetary Authority (CIMA)
The organization offers its assistance to dealers in more than 140 nations, including Malaysia, Singapore, India, Indonesia, Kuwait, and Australia. This specialist doesn’t acknowledge customers from the USA or Canada. The authority site is accessible in 14 dialects, including Farsi.
Trading Platform Review
Planned merchants should finish enrollment on the HYCM site to get login accreditations, then, at that point, sign in on the customer entryway to get to the monetary business sectors.
All branches offer MetaTrader 4 (MT4), an industry-driving stage reasonable for financial backers of all experience levels. MT4 is accessible as a product download and has an expansiveness of valuable highlights:
- A single tick exchanging straightforwardly from the diagram
- Intelligent outlines with 30 specialized markers and nine-time periods
- Three execution modes, two market request types, and four forthcoming orders
- Following, everything being equal, and open positions accessible in the terminal interface
HYCM has worked together with Trading Central to give monetary examination on the MT4 stage. Customers can introduce the Trading Central pointers to screen market developments and educate their execution technique.
Customers can likewise select to utilize MetaTrader 5 (MT5), an update to the MT4 stage with the incredibly specialized investigation and extra usefulness:
- Two request account modes
- Three diagram types to suit your inclination
- Six kinds of forthcoming orders and 21-time spans
- More than 80 specialized pointers and graphical articles
Clients can likewise refine their execution procedures in MT4 and MT5 utilizing Expert Advisors (EAs). This innovation permits 24/5 computerized exchanging without outsider scaffolds and is not difficult to introduce.
Customers should take note that scalping isn’t allowed with this agent.
Both MT4 and MT5 are accessible on WebTrader. This program-based arrangement permits customers to exchange on the stage without a product download and is viable with all working frameworks.
HYCM offers several asset classes for trading:
- Forex – almost 70 currency pairs
- Stocks – 10 major companies
- Indices – 28 global indices
- Commodities – 17 including gold and oi
Potential HYCM customers ought to know that some cash sets are just accessible on the MT5 stage and that the NASDAQ file isn’t given as of now. Digital currencies are likewise not advertised.
Fees & Charges
Spreads shift with account type and are extensively cutthroat. For instance, individually, EURUSD is offered at 1.8, 1.4, and 0.2 pips on Fixed, Classic and Raw records. Crude records have a $4 commission for each round on forex exchanges and a few items. Our intermediary audit was satisfied to see that expenses are following the business.
Trade-free/Islamic records are not charged interest for the time being for the initial 14 days a position is open. From there on, each agreement is charged at $5 each night. HYCM additionally charges a $10 month-to-month idleness expense on accounts that have been lethargic for 90 days.
Customers can get to various influence proportions relying upon the guideline in their purview:
- Forex majors and minors – 1:500 dynamic
- Forex exotics, indices (US cash and futures), metals – 1:100
- Indices (others cash), indices (EU, JK, HK futures), commodities (soft) – 1:50
- Indices (India and China futures) – 1:33
- Commodities (Natgas) – 1:67
- Commodities (oil), stocks (US) – 1:20
- Stocks (France, Germany, Spain) – 1:10
Henyep Capital Markets (UK) Ltd and HYCM (Europe) Ltd
- Forex majors – 1:30
- Forex minors and exotics, metals, indices (US cash and futures) – 1:20
- Indices (others cash and futures), commodities (Natgas, soft and oil) – 1:10
- Stocks – 1:5
For Henyep Capital Markets (DIFC) Limited clients, an edge of 5-20% is required relying upon the resource.
HYCM doesn’t offer an own-image application, yet both MT4 and MT5 are accessible as portable applications. These completely highlighted applications for iPhone and Android are allowed to download and have valuable ascribes:
- Intelligent statement outlines
- The whole arrangement of exchanging orders
- Following of request history
- Talk capacity and message pop-ups
Deposits & Withdrawals
Brokers can start contributing with a base store of $100, and installments are sans charge. The merchant acknowledges stores using bank wire (1-7 days handling, least $250), in addition to Visa, WebMoney, Neteller, and Skrill (as long as 1-hour preparing, at least $20). This representative doesn’t acknowledge PayPal.
The withdrawal interaction offers similar installment courses and preparing times, aside from bank wire, at least $300 with 1-5 days handling time. Note there is a 1% charge from Skrill or Neteller while pulling out more than $5,000.
HYCM offers a demo account supported with $50,000 in virtual money, which stays dynamic for 14 days. The record utilizes the MT4 stage and can be opened in USD or EUR monetary standards. It’s not difficult to move up to a real cash account after 14 days.
HYCM Limited customers partake in a 10% credit reward on each store for more than $100, up to $5,000. The merchant can’t offer gladly received or store different plans in different purviews because of administrative prerequisites.
The brand has solid guidelines from four monetary specialists: the Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA); the Cayman Islands Monetary Authority (CIMA); and the Cyprus Securities and Exchange Commission (CySEC). Customers with this intermediary appreciate adverse equilibrium insurance, so misfortunes can’t be more prominent than the first store.
Surveys and evaluations of HYCM are, for the most part, sure, and the specialist is frequently likened to enormous representatives like IG, FXCM, FXTM, Pepperstone, and eToro in online correlations.
The specialist conveys a market news area on their site, including a specialized day-by-day preview, in addition to a financial schedule and forex mini-computers. HYCM likewise has a broad training division with forex instruction, online courses and workshops.
Moreover, the business has collaborated with Seasonax to bring customers an insightful occasional example investigation administration to the table customers. With an intuitive dashboard, the apparatus utilizes incredible calculations to check the business sectors and distinguish exchanging openings across FX, stocks, records and products. For clients tight on schedule, the element can help dealers discover market openings and settle on more educated exchanging choices.
Merchants can open one of three record types with either MT4 or MT5:
- Fixed – fixed spreads from 1.8 pips, $100 least store
- Classic – variable spreads from 1.2 pips, $100 least store
- Raw – spreads from 0.2 pips in addition to $4 commission every way, $200 least store
EAs and an Islamic alternative are accessible with all record types, and the base exchange volume is 0.01. HYCM doesn’t right now offer an ECN account arrangement.
Exchanging with HYCM has a few advantages:
- Duplicate exchanging
- MT4 and MT5 combination
- Seasonal design examination
- Great client assessments on the web
- The abundance of instructive assets
- Guideline from various monetary bodies
- Direct venture the executives
- Charge-free installments with quick withdrawal preparing
- No cryptocurrency trading
- Monthly inactivity fee
The HYCM site is accessible to customers every minute of every day, except exchanging hours rely upon the market. For instance, most forex sets can be exchanged from 22:01 – 20:00 (GMT), Sunday to Friday.
Clients can access support quickly through the website, live chat or through:
- Contact number – +442088167812
- Telegram – @henyep
Support staff are quick to respond to queries and knowledgeable about the products and platforms offered. The broker is also active on Facebook and LinkedIn.
HYCM has an intensive protection strategy set up which defends any close-to-home data uncovered to the organization. The MT4 and MT5 stages are secure with encryption conventions and different security conventions at the login stage.
HYCM is a forex and CFD representative with a multi-body guideline that offers MT4 and MT5 combination close by cutthroat spreads and a store reward plot. This intermediary has account types to suit a scope of customers and clear stores and withdrawals for simple exchanging.
HYCM acknowledges merchants from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most different nations.
Merchants can not utilize HYCM from Afghanistan, Belgium, Japan, United States, Hong Kong.
Alternatives to HYCM
If you are searching for options in contrast to HYCM, we have aggregated a rundown of the best 5 specialists that are like HYCM underneath. This rundown of representatives like HYCM is arranged by likeness and incorporates organizations that acknowledge dealers from your area.
- OctaFX – OctaFX offers multi-resource exchanging on a scope of stages and versatile arrangements.
- RoboForex – RoboForex is a multi-resource online dealer offering incredible exchanging assistants.
- FP Markets – FP Markets is a multi-resource merchant offering a decision of exchanging stages.
- FBS – FBS is a top online dealer offering MT4 and MT5 exchanging across a scope of instruments.
- ThinkMarkets – ThinkMarkets is multi-managed forex and CFD merchant
Is HYCM a legitimate broker?
HYCM is a decent specialist and a certifiable firm, not a trick. This intermediary draws in sure online surveys and customers can get to client care 24/5 for any issues.
Is HYCM regulated?
The HYCM brand consolidates four organizations managed by four distinct monetary specialists. These specialists are the UK Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA); the Cayman Islands Monetary Authority (CIMA); and the Cyprus Securities and Exchange Commission (CySEC).
What platforms are available at HYCM?
HYCM has MetaTrader 4 and MetaTrader 5 combination. These stages are accessible to download, as program-based arrangements or as versatile applications.
Does HYCM offer a demo account?
HYCM offers a demo account on the MT4 stage that is subsidized with $50,000 in virtual money. Customers can open a record with USD or EUR monetary standards and can start to contribute whenever.
What is the minimum deposit at HYCM?
The base store is $100. However, dealers can get to more tight spreads with a store of $200. You can open a record from the dealer’s landing page.