HYCM review

  • By Lucrative

FOUNDATION

HYCM (Henyep Capital Markets) is a company that began its activities in the investment industry in 1977. Thus, it should be noted that it is the company that has been operating in this field for the longest time compared to its competitors presented in our analysis. This long stay on the market indicates that HYCM has done a good job.

REGULATION

HYCM is regulated by two entities namely FCA and CIMA. The decision to operate with 2 regulatory entities was justified by the company: “After careful consideration, the HYCM Group decided to shift its focus away from the European Market (…) This decision was a crucial step in aligning Group’s operational strategies with our sustainable business objectives”.

FCA (Financial Conduct Authority)

HYCM is publicly registered with the FCA with the details below:

  • Firm Name: HYCM CAPITAL MARKETS (UK) LIMITED
  • Firm Reference Number: 186171
  • Address: St Clement’s House
    27-28 Clement’s Lane
    London, EC4N 7AE, UNITED KINGDOM
  • Telephone: +442039067347
  • Email: [email protected]
CIMA (Cayman Islands Monetary Authority)

CIMA is another body that regulates HYCM and has published the following company data:

  • Name: HYCM Ltd
  • Reference Number: 1442313
  • Type: Securities – Full
  • Status Effective Date: 17-May-2018
  • Status: ACT

REGIONAL RESTRICTIONS

They don’t provide their services to people living in certain places like Afghanistan, Belgium, Hong Kong, United States and some other areas. For more information, click here.

OFFERS AND ASSETS CLASSES

HYCM offers over 67 currency pairs to be traded. There is information regarding Spread Values, Swap, Lot Size, Minimum Trade Size, Value Per Tick, Leverage Info and Accepted Platforms (per pair). Click here to access the list of currency pairs that the company offers, as well as all the information cited above.

Spreads from 0.1 pips
Max Leverage 1:500

HYCM also offers its clients stocks of 141 companies to be traded (CFD’s). There is information regarding Spread Values, Swap, Lot Size, Minimum Trade Size, Value Per Tick and Accepted Platforms (per Stock). Click here to see the list of Stocks that the company offers, as well as all the information cited above.

Max Leverage 1:1
Margin from just 5%

HYCM offers stocks of 1000 companies (Direct Stock Trading). There is information regarding Country, Leverage and Trading Hours. Click here to see the list of Stocks that the company offers, as well as all the information cited above.

Max Leverage 1:1

CFD Stocks on HYCM

  • Leverage: allowing you to trade larger positions with a smaller investment.
  • Flexibility: can trade both long and short positions.
  • Market Access: available outside of regular market hours.
  • No Ownership: you do not own the underlying asset.
  • Trading Platforms: available on platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Direct Stocks on HYCM

  • Ownership: you own the actual shares.
  • Dividends: eligible to receive dividends.
  • Market Hours: limited to regular exchange trading hours.
  • No Leverage: generally, no leverage is applied.
  • Trading Platforms: often provided through specialized stock trading platforms or direct market access systems.

The company offers its clients 28 options of Indices to be traded. There is information regarding Spread Values, Swap, Lot Size, Minimum Trade Size, Value Per Tick, Leverage Info and Accepted Platforms (per Indice). Click here to see the list of Indices that the company offers, as well as all the information cited above.

Max Leverage 1:200

Likewise, HYCM offers over 28 cryptocurrency pairs to be traded. There is information regarding Spread Values, Swap, Lot Size, Minimum Trade Size, Value Per Tick, Leverage Info and Accepted Platforms (per pair). Click here to see the list of crypto pairs that the company offers, as well as all the information cited above.

Max Leverage 1:20

And, finally, with regard to Commodities, the company offers around 14 Commodities to be traded. There is information regarding Spread Values, Swap, Lot Size, Minimum Trade Size, Value Per Tick, Leverage Info and Accepted Platforms (per Commoditie). Click here to see the list of Commodities that the company offers, as well as all the information cited above.

Max Leverage 1:133

In fact, HYCM is not the company where you will find the largest offer of asset classes. But it offers consolidated offers on the market, with competitive spreads depending on the type of account you are setting up.

SPREADS

Spreads range relying on the account type you open  into the HYCM forex broker. For fixed spread bills, EUR/USD starts at 1.5 pips, For variable spread bills, spreads start from 1.2 pips. The Raw account offers spreads from 0.1 pips, however with a fee of $4 in keeping with lot.

DEPOSIT AND WITHDRAW METHODS

HYCM offers a extensive variety of deposit and withdrawal alternatives, including credit/debit cards (Visa, Mastercard), cryptocurrencies (not allowed in all countries), bank wire, Skrill, Neteller, and UnionPay. The minimal deposit amount is $20, and withdrawals are normally processed within 1 business day. Regarding Bonus, they explicit it with the following terms: “the first deposit bonus is offered to all new HYCM Customers making their first deposit following Account approval using an authorised payment method. (…) Customers must deposit new funds of a minimum of US$100 or the equivalent value in your Account base currency. The bonus percentage may be subject to change”.

HIDDEN FEES

There aren’t any hidden charges for deposits, but there can be a small charge for withdrawals relying on the processor (third-party fees, like bank fees, can also be observed). Withdrawal times vary based totally on the processor, from immediately processing up to 7 business days. HYCM also expenses an state of no activity price of $10 according to month if the account is inactive for ninety consecutive days. So they wrote the following sentence in their Terms of Business: “accounts without any activity for ninety (90) consecutive days will be charged an administration (inactivity) fee of US $10.00 or the equivalent value in your Account base currency every month until Account activity resumes, the Account is closed by us, we receive your instruction to close your Account, or if your account has a nil balance “.

EXECUTION SPEED

HYCM is thought for its rapid order execution, especially on its MetaTrader 4 and MetaTrader 5 structures, with an average time of 12 milliseconds, which significantly reduces the threat of slippage (the difference among the expected fee of a transaction and the actual rate at which the transaction is carried out. This can arise in each buy and sell orders), in particular in volatile market situations. The execution velocity is nicely-applicable for traders, specifically those who invest excessive volumes, use automatized techniques, or use strategies inclusive of scalping or excessive-frequency trading. The execution speed also depends in the market conditions and the form of account opened, with ECN accounts usually presenting the best conditions.

LANGUAGES SUPPORT

Visitors to the HYCM website can view the information contained therein in 15 languages. Thus, HYCM’s commitment to accessibility is commendable, offering information in 15 languages to cater to a diverse global audience.

  1. Persian
  2. Arabic
  3. Swedish
  4. Italian
  5. English
  6. Spanish
  7. Polish
  8. Russian
  9. German
  10. Traditional Chinese
  11. Simplified Chinese
  12. Czech
  13. Vietnamese
  14. French
  15. Japanese

SUPPORT TIME

HYCM supports its customers 24 hours a day, 5 days a week (it’s common in the industry).

Claims are made during the following hours: 9:00 – 18:00 (GMT +3).

CONTACT CHANNELS

HYCM offers the following customer contact channels:

  1. Live chat
  2. Phone: +442088167812
  3. Whatsapp: https://api.whatsapp.com/send?phone=35797825968
  4. Messenger: https://m.me/918420991609651
  5. Telegram: https://telegram.me/Hycmtradebot
  6. Emails:

Client Support
[email protected]

Account Opening
[email protected]

General Inquiries
[email protected]

Complaints
[email protected]

HYCM also offers its clients a Help Center through which they can access a FAQ (Frequently Asked Questions), information of an educational nature (on how to be an efficient trader etc) and legal information.

In this regard we do not consider them the best, but the support is certainly capable of meeting the demands of potential and actual customers.

ADDRESSES

HYCM has 5 offices located in several countries. HYCM’s global presence showcases their international reach and dedication to serving clients worldwide. Below are the addresses of HYCM offices around the world:

HYCM Headquarters
London
27-28 Clement’s Lane, St Clement’s House
London EC4N 7AE
United Kingdom

HYCM Dubai Office
Dubai
9th Floor, Liberty House,
Dubai International Financial Center,
Dubai, United Arab Emirates

HYCM Kuwait Office
22nd Floor, Office 1,
Al-Soor Tower, Al-Sour Street,
Al-Qibla, Kuwait
Office Tel no. 22915450

HYCM Group Headquarters
Hong Kong
10th Floor,
Nine Queens Road Central,
Hong Kong

HYCM Ltd
Cayman Islands
71 Fort Street,
P.O. Box 2775, Grand Cayman,
KY1-1111, Cayman Islands

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TRADING PLATFORMS OFFERED

If you are registered with HYCM you have access to the MetaTrader 4, MetaTrader 5 trading platforms and their own app called HYCM Trader. The three platforms are available for Android and iOS. Alternatively, you can trade supported by Web Trader using MT4 and MT5 platforms.

The HYCM Trader mobile app is designed for convenient trading on the go. Key features include:

  • Trading: execute buy/sell orders and use various order types.
  • Account Management: deposit/withdraw funds and transfer between accounts.
  • Market Tools: view top daily movers, set price alerts, and access an economic calendar.
  • Charts: multiple charts and indicators
  • Information: market news and analysis

The absence of a proprietary application some time ago reduced some of the company’s points. But now this issue is solved.

DEMONSTRATION ACCOUNT

You can choose to open a demo account (after the registration) into the MetaTrader 4 platform using either USD or EUR currencies. HYCM lets you use $50,000 of pretend money to trade with, and this pretend money will be available for 14 days. You don’t need any papers to trade on a practice account with HYCM. You can use the demo account as much time as you want and add money to it whenever you want. In the demonstration account you can choose leverage from 1:1 up to 1:30.

About demonstration account, we found some limitations in comparision with other brokers related to numbers of platforms available, instruments and currencies available and access to free market data and real-time news.

TOOLS

HYCM offers 5 tools to its customers. Follow them below:

  1. Pip’s Calculator
  2. Currency Converter
  3. Margin Calculator
  4. Economic Calendar with 3 filters (importance of fact, type of event and countries)
  5. Trading Central

Trading Central Tools

  • Alpha Generation: features tools like Analyst Opinion Indicator, Adaptive Candlesticks, and Adaptive Divergence Convergence Signals to aid in improving investment returns.
  • Risk Management: includes Probabilistic Market Classifiers and Probabilistic Stops to help manage trading risks.
  • Indicators Lab: provides innovative indicators such as Regularised Momentum, Buying Selling Pressure, and Regularised RSI for advanced market analysis.

VPS (Virtual Private Server)

HYCM does not offer VPS.

EDUCATIONAL CONTENT

HYCM’s blog is another story worth noticing, with relevant material on Forex trading compiled for those who strive to learn more about the nature of the business. It provides information on basics, tools, advanced concepts in trading, and market analysis. Risk management and economic indicators are also given some time. With in-depth guides and articles written by professionals, this blog is a real treasure for both novice traders and experienced ones eager to improve their knowledge and trading skills in the Forex market.

Educational content associated with financial literacy is not a strong point of the company. There is certainly a lack of content that can be made available in the form of seminars, webinars and workshops. So, in this aspect, HYCM remains somewhat constrained in comparison to the superior offerings provided by top brokers within this category. For example, we have not identified instructional videos on the practice of Forex Trading, or even an E-book.

TECHNICAL ANALYSIS

On a daily basis, the company does not offer its clients charts with Technical Analysis, they only offer Fundamental Analysis through the Economic Calendar. But they send to their clients a lot of different emails with Market Insights so the clients can get free signals among other things.

NEGATIVE BALANCE PROTECTION

HYCM offers Negative Balance Protection to its clients as part of its Client Agreement, which ensures that clients cannot lose more than their overall account balance.

AWARDS

HYCM has already won more than 25 Awards in the Best Forex Brokers category. Among our analyzed forex brokers, HYCM is second position in relation to this quesite (Awards in general). So the Awards are listed below:

  1. Best Global Broker 2011 (Forex Broker Middle East)
  2. Best Forex Broker 2011 (Middle East)
  3. Best FX Broker 2012 (Northern Europe – World Finance – Exchange & Brokers Awards)
  4. Best Global Broker 2012 (Mena Forex Award 2012)
  5. Best Broker 2013 (World Finance – Foreign Exchange Awards)
  6. Best Broker 2014 – Eastern Asia (FX Report Awards 2014)
  7. Best Forex Broker 2014 – Europe
  8. Best Broker 2015 – Southern Europe (FX Report Awards 2015)
  9. Best Broker 2015 – Northern Europe (FX Report Awards 2015)
  10. Best Forex Broker 2017 – Europe
  11. Best Forex Broker 2017 – UAE (Global Banking & Finance Review Awards)
  12. Best FX Broker 2017 – Middle East (World Finance – Forex Awards)
  13. Best Forex Broker 2018 – Europe
  14. Best Forex Broker 2018 – Middle East (World Finance – Forex Awards)
  15. Best Forex Broker 2019 (gbm)
  16. Best Forex Broker 2020 – UAE (Global Banking & Finance Awards)
  17. Best Forex Broker 2021 – Germany (International Business Magazine – Award Winner)
  18. Best Forex Broker 2021 – Asia
  19. Best Forex Broker 2021 – Middle East (World Finance)
  20. Best Forex Broker 2022 – Spain
  21. Best Forex Broker 2022 – UAE (Broker Tested)
  22. Best Forex Broker 2022 – UAE (World Business Outlook)
  23. Best Multi-Regulated Forex & CFD Provider 2022 – UAE (World Business Outlook)
  24. Best Forex Broker 2022 – Middle East (Forex Expo – Dubai)
  25. Most Transparent Forex Broker 2023
  26. Most Trusted Broker 2023 – UAE (International Business Magazine)

The company has already won more than 9 Awards in the Best Trading Platform category, so the Awards are listed below:

  1. Best Moblie Trading Platform 2013 (World Finance – Foreign Exchange Awards)
  2. Best Global Professional Trading Platform 2014
  3. Best Retail Trading Platform 2014 (FX Report Awards 2014)
  4. Best Retail Platform 2015 (FX Report Awards 2015)
  5. Best Trading Platform 2017 – Dubai (gbm)
  6. Best Mobile Trading Platform 2017 (World Finance – Forex Awards)
  7. Best Forex Trading Platform 2019 – Middle East (Global Forex Awards)
  8. Best Mobile Trading App (World Finance – Forex Awards)
  9. Best Mobile Trading App 2021 (Forex Expo)
  10. Best Mobile FX Trading App 2023 (World Finance)

And finally, HYCM also won 2 Awards in the Best Customer Service category.

  1. Best Customer Service Provider 2012
  2. Best FX Mini Account Provider 2012

COPY TRADING

HYCM does not provide a way for its clients to copy other traders’ trades.

ADDITIONAL INFORMATION

The website looks really nice and professional with a modern layout and color scheme. It has a sophisticated appearance overall. The website has a lot of information about the products of HYCM. The information is organized nicely into different parts, so it’s easy to find what you’re looking for. The website is easy to use and navigate. It is designed to help users easily find the information they are looking for. The top menu is neatly organized and has different sections: About us, Trading, Tools, Promotions and Blog.

HYCM is a reputable and exceptional brokerage firm, boasting an extensive track record spanning over forty years in the industry. The company provides competitive spreads, facilitates fee-free withdrawals, and offers a diverse selection of trading instruments. The educational resources offered by the organization hold significant value for traders seeking to enhance their expertise. The extensive historical trajectory and commendable reputation of HYCM within the industry position them as a reliable and dependable collaborative entity. In consideration of various factors, it can be asserted that HYCM represents a commendable alternative for traders seeking a broker with a strong reputation and dependability.

PROMOTIONAL VIDEOS

 

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