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HYCM
Rating: Rated with 2 stars
Binary Option Programs Award
Min. Deposit
$100
Min. Investment
0.01 lot
Regulated Broker
Yes

HYCM Broker Review

  1. HYCM

    HYCM is a regulated Forex broker with a history in the financial services industry, going back to 1977. The company is a leading global player offering trading in currency pairs and CFDs across multiple asset classes on the MT4 trading platforms for desktop and mobile devices. Moreover, the website is available in 12 languages including Chinese, Russian, Arabic, Swedish and German. Low cost trading accounts and user-friendly trading software have contributed to the enduring popularity of HYCM. The addition of a broad range of cryptocurrency CFDs has made HYCM even more attractive to modern traders in South Africa and across the world. To find out more about the trading conditions at HYCM, read our detailed review below.

    HYCM Cryptocurrency CFDs

    With a live account at HYCM, clients can access up to 1:10 leverage to invest in CFD trading in major cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum against the US Dollar. Importantly, traders in South Africa and elsewhere, can profit from the volatile crypto markets, without tying up large amounts of capital in buying digital wallets and physical cryptocurrency assets. Moreover, traders can take both short and long positions by trading in crypto CFDs, closing positions at any time, without relying on market liquidity and without running the risk of losing the crypto coins through online fraud.

    HYCM Trading Account Types

    HYMC offers three types of live and demo account, the Fixed, Classic and Raw accounts. The accounts are designed for different requirements and can be maintained in either USD or EUR base currencies. Moreover, trading fees and commissions are not charged by HYCM on the Fixed and Classic accounts, as the brokerage includes trading costs in the spreads between Bid and Ask prices of the tradeable instruments on the trading platform. All trading accounts at HYCM have inbuilt negative balance protection, ensuring that traders cannot lose more than the balance held in their trading accounts.

    HYMC Fixed Account Features

    • Minimum initial deposit $100
    • 120 tradeable instruments
    • Minimum trading volume 0.01 lot
    • Discretionary 10% deposit bonus
    • Bonus available to customers in South Africa
    • Access to MT4 desktop platform
    • Fixed spreads from 1.8 pips
    • Leverage up to 1:200
    • Free HYMC MT4 mobile trading platform
    • No trading signals
    • Islamic account available
    • No Expert Advisors

     

    HYMC Classic Account

    • Minimum initial deposit $100
    • 120 tradeable assets
    • Minimum trading volume 0.01 lot
    • Leverage up to 1:200
    • Variable spreads from 1.2 pips
    • Access to MT4 trading platforms
    • Trading signals available
    • Free HYMC MT4 mobile trading app
    • Islamic account available
    • No Expert Advisors

     

    HYMC Raw Account

    • Minimum initial deposit $200
    • Raw spreads from 0.2 pips
    • Minimum trading volume 0.01 lot
    • 120 tradeable assets
    • Commission of $4 per lot
    • Trading signals available
    • Access to MT4 platform
    • Leverage up to 1:200
    • Expert Advisors available for algorithmic trading
    • Free HYCM MT4 mobile trading app
    • Islamic account available

     

    HYCM Demo Account

    Clients who register a live trading account with HYCM can open a free Demo account by logging into the ‘Trading Account’ section in the client portal. Notably, customers don’t need to provide any personal documentation for trading with the demo account. Nevertheless, they need to choose EUR or USD as the base currency to trade with the $50,000 of virtual funds allocated by HYCM for use during the 14 day trial period.

    HYCM Islamic Account

    All live trading accounts offered by HYMC have an Islamic account equivalent. To discuss setting up an Islamic account and the adaptions that will be made by the technical team, clients must contact the customer services team. Notably, Islamic accounts are free of swaps and interest payments ensuring their compliance with Sharia law. However, a schedule of fees paid for trading with Islamic accounts is published on the HYCM website.

    HYCM Bonus

    Clients living outside the UK and the European Union, may receive a 10% first deposit bonus when they open a new account and deposit at least $100. The maximum bonus is $5,000 under the welcome bonus promotional offer. However, clients must meet the stringent terms and conditions applicable to the first deposit bonus. Notably, clients have 60 days to trade 30 standard lots for every 1,000 USD of bonus money awarded.

    HYCM MT4 Trading Software

    Customers are provided with the most popular Forex trading platform in the world. The MetaTrader4 is anaward-winning trading platform for download to desktop and is used by many retail Forex traders in the industry. Importantly, the MT4 takes up very few resources on the hard disc, ensuring that trades are executed very fast. For seamless trading on the move, HYCM provides a dedicated MT4 mobile trading app for download in the Google Play store and the Apple app store.

    MT4 Trading Platform Features

    • Secure, encrypted software
    • Instant order execution
    • 120 instruments across stocks, currency pairs, indices, commodities
    • Multiple order types
    • Suitable for Windows and Mac operating systems
    • Reliable, user-friendly, customisable interface
    • Broad range of trading tools
    • Live streamed news and market analytics
    • 30 technical indicators
    • Advanced charting package
    • Multi-lingual support
    • Hedging permitted
    • Financial research from Trading Central
    • Expert Advisors for Algorithmic trading
    • Payable signals from top traders using MT4 platform globally

     

    HYCM MT4 Mobile Trading Platform Features

    • Full range of order types
    • Open, manage and close positions
    • Complete control over the MT4 trading account
    • Instant execution
    • Access to all asset classes
    • Intuitive interface
    • Live charts
    • Technical indicators and analysis
    • One-click trading possible
    • View trading history
    • Download free app for Android and iOS devices

     

    HYCM Customer Support

    Customers can contact customer support 24/5 using several communication channels. The fastest and most convenient is the live chat help line on the interface. Alternatively, the London-based offices of HYCM offer live support over the phone, from 5 am to 6 pm GMT. Moreover, the operational office in Cyprus, provides assistance to clients between 7 am and 4 pm GMT, Monday to Friday. For customers who prefer to put their enquiries into an email, there are several addresses on the contact page related to different topics. We found the HYCM Help Centre very useful, and worth visiting before spending money on phone calls, especially for clients in South Africa who could pay heavily to phone Cyprus or the UK.

    Further support is provided to customers at HYCM through the plentiful educational resources on the website. In our experience, the step-by-step guide to installing the MT4 and a detailed explanation of the platform features, is a ‘must’ for all new customers. A big selection of video tutorials and courses on Forex trading provide beginners, and advanced traders with the necessary information to begin trading with confidence.

    HYCM Payment Methods

    Customers can choose from several funding methods at HYCM including Visa and Mastercard credit/debit cards, Skrill, Neteller, WebMoney and bank wire transfer. Clients in different regions of the world such as South Africa, may be offered a selection of local payment methods in addition to those mentioned above. Whilst traders can deposit in EUR, USD, AED, RMB, SAR or KWD,the base currencies offered for trading accounts are only USD and EUR. Subsequently deposits made in currencies that are not EUR or USD, are automatically converted to USD by HYCM. Customers do not pay handling fees on deposits made to trading accounts. Notably, withdrawal requests take up to 7 days to process and are not usually charged withdrawal fees by HYCM. Only withdrawals of less than $300 made by bank transfer pay a $30 handling fee.

    HYCM complies fully with anti-money laundering regulations imposed by the financial services industry and requires customers to provide a colour copy of an official ID document, and a recent bank statement or utility bill showing the customer’s address, within 7 days of opening a trading account. Importantly, this is a policy that is non-negotiable and implemented by all reputable online financial services providers.

    HYCM is the trading name of Henyep Capital Markets (UK) Ltd and HYCM (Europe) Ltd with headquarters in London and operational offices in Cyprus. The subsidiary companies are part of the Henyep Capital Markets Group that has its global headquarters in Hong Kong. The UK registered company is regulated under license number 186171, by the Financial Conduct Authority. The European company is regulated under the license number 259/14 by the Cyprus Securities and Exchange Commission. Notably, investors in Cyprus investment firms, can claim compensation up to €20,000 if a company becomes insolvent. Moreover, investors in the UK are covered for up to £50,000 by the Financial Services Compensation Scheme. Customers funds are kept in segregated accounts in tier-1 banks ensuring that clients can access their funds in case of the company becoming insolvent.

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