HYCM Fx/CFD Broker Review

Regulation is usually a sensitive issue with online FX/CFD providers. Many such operators seem to try to avoid the matter altogether when advertising their products. Not so HYCM.

Launched in 1977 in the UK and still headquartered there, HYCM has made regulation its focus apparently. The broker does not accept traders from the US. Outside of that jurisdiction however, it seems to have a regulatory solution for everyone.

To achieve this level of regulatory perfection, the broker has opened several subsidiaries world over.

The main company of the Henyep Capital Markets Group is Henyep Capital Markets (UK) Ltd. This entity is licensed and regulated by the UK’s FCA, under registration number: 186171.

To be able to peddle its FX and CFD deals all over Europe, the broker has set up HYCM Europe Ltd in Cyprus. Needless to say, this corporate entity is licensed by the local CySEC. The reference number is 159/14.

CySEC regulation normally means that the operation is MiFID compliant and that carries some rather solid guarantees and protections for consumers.

For traders not covered by either of the above two regulatory umbrellas, the broker has acquired another license, from the Cayman Islands Monetary Authority (CIMA). This license has been granted to HYCM Ltd. and it bears the registration number: 1442313.

Henyep Capital Markets DIFC Ltd. is based in Dubai and it has been licensed by the local Financial Services Authority, under license number: F000048.

Client feedback regarding HYCM’s services is a mixed bag. Complainers are in a majority. They decry withdrawal issues (although some who have complained about this issue have later returned to confirm that they did in fact get their monies), spread manipulation…the usual mix.

What exactly does the broker bring to the table above and beyond its superb regulatory standing?

With 40 years of experience under its belt, HYCM has taken home more than its fair share of industry awards.

Out of its 40 years of existence, the broker has been a regulated one for more than 20 years. It received its first UK license way back in 1998.

The 24/5 customer support offered by the operator is great. It also features a cutting edge trading platform and more than decent trading conditions. Fixed spreads on various assets start from 1.8 pips. Variable spreads start from 1.2 pips. Raw spreads are obviously the lowest, starting from 0.2 pips.

Platform & Tools

Trading platform-wise, the broker falls back on the best tried and proven solution: MT4. There is indeed no way for a broker to go wrong with MetaTrader’s flagship platform.

The version that HYCM has on offer is available in a desktop variant, as well as in mobile variants for iOS and Android.

MT4 supports some 6 asset classes and more than 100 tradable assets. The charting and technical analysis capabilities of the platform are well known. In fact, it allows traders to mold and shape it as they see fit, creating and adding their own technical indicators.

HYCM allows EAs. Expert Advisors have been among the most popular features of MT4 for some time now. They are automated algorithmic traders, which can be used for automated trading when coupled with custom scripts. Traders can create their own EAs or they can buy them from 3rd parties and install them.

MT4, in almost its full glory, is available as a mobile app too. These apps feature full charting, with technical analysis possible directly on the live charts.

MT5 might be the evolutionary successor of MT4, but it is a trading platform aiming to accomplish different goals.

Through MT5, traders can trade 6 different asset classes, comprising more than 300 tradable assets.

The MT5 offered by HYCM comes with an integrated economic calendar and news stream, for better fundamental analysis. As far as technical analysis goes, it covers some 21 timeframes. No fewer than 6 pending order types are also part of the package.

EAs are supported on MT5 too. In fact, the broker seems to encourage traders to make use of expert advisors.

All three supported account types are available on MT5, and the platform is open for trading 24/5.

Like MT4, MT5 is available in mobile versions for Android and iOS devices.

In addition to MT4 and MT5, HYCM also offers a no-download WebTrader, which is the simplest and quickest way to access its tradable assets. Demo accounts are apparently only available on WebTrader.

The broker offers access to Trading Central.

Asset Classes

The FX pairs section is without a doubt the most generous of the broker. The trading conditions on this asset class are great and there are scores of major, minor and exotic currency pairs to trade. A total of 69 pairs can be currently traded.

Please note that the actual trading conditions also depend on the account type you use.

On stocks, the maximum available leverage is 1:5. Some 10 assets can be traded in this category.

The indices section is comprised of some 28 worldwide indexes.

As far as commodities go, 10 of the most popular energies, precious metals and soft commodities are supported.

In the crypto category, BTC, LTC, BAB and XRP can be traded. We have to point it out that HYCM does not buy or sell actual cryptocurrencies, The mentioned digital assets can only be traded via CFDs.

Commission & Fees

The broker does not charge any extra fees on accounts, on top of the commissions/spreads. The spreads depend on the account type.

HYCM supports three account types: the Fixed, the Classic and the Raw.

The Fixed account does not charge any commissions. Its spreads start from 1.8 pips. This account type does not support EAs. The minimum required deposit on this one is $100.

The Classic account is commission-free as well. For a minimum deposit of $100, traders get spreads starting from 1.2 pips.

The Raw account is the most expensive: it requires a minimum deposit of $200. Its spreads start from 0.2 pips, but it does charge a commission of $4 per round.

Research & Education

HYCM’s educational offer is a pretty outstanding one. The broker offers a Forex education section, which is structured like an online database. It comes with various tutorials, trading tools, and an MT4 course. In addition to that, it also features a beginners’ course, and it offers several trading strategies as well as eBooks.

The webinar section acts as a sort of online classroom. Webinars run every Monday to Friday, from 12:30 PM to 1PM GMT. Additional workshops are held on a regular basis, and videos of past webinars are kept available.

Seminars are live events. These are usually intensive courses, which may sometimes span several days.

Customer Service

HYCM support can be accessed through email, live chat and phone. The dedicated support email is support@hycm.com. The phone number is: +357-25-24-5750.

Mobile Trading

Both trading platforms (MT4 and MT5) supported by the broker are available in iOS and Android variants.
Full charting and technical analysis features are therefore available through mobile devices.

Conclusion

The company behind the HYCM brand is a well-established and apparently trusted one. The trading platforms and trading conditions offered are all good.

HYCM withdrawals are processed within 24 hours, with the exception of bank wire withdrawals, which can take 5 days to go through.

Education-wise, HYCM’s offer is certainly difficult to top…