HYCM Review

Overview

Established in 1977, HYCM is a brokerage providing traders with access to global capital markets for over 40 years. With its headquarters in London, the firm has a client base in 20 countries across three continents with offices in major cities. 

Regulated for compliance by top regulatory agencies including  FCA, CIMA, DFSA  and CySec, the broker guarantees the safety of client funds. Traders enjoy complete transparency in deals, a vast array of asset choices and no slippage or re-quotes. HYCM has won multiple “Best Forex Broker” awards in Europe and in the middle east.

Account

Three different account types to fit the trading requirements of an individual, as well as institutional traders, are offered. 

The 3 account types are: Fixed, Classic and Raw accounts. While the Fixed trading account gives spreads as low as 1.8 pips with no commission. The Classic account has variable spreads starting from 1.2 pips with no commissions. Raw trading accounts have raw spreads starting at 0.2 pips with commissions of $4.00 per round lot. 

All accounts have a minimum lot size of 0.01. Islamic swap free accounts without financial interest is available, the broker does offer demo accounts. Client deposits are kept in Tier 1 banks in segregation from the operating capital.

Minimum deposit

$100

Maximum leverage

1:500

Features

HYCM offers the industry standard MT4/5 for desktop and web-based trading. Traders can get access to some advanced charting and industry best technical analysis tools through the platforms. 

Stop Loss Orders is available even at times of market volatility. HYCM has over 300 tradable instruments that include forex, Stocks, Indices, Cryptocurrencies and commodities.  Corporate and VIP account classes receive special treatment who actively trade larger volumes. 

Generous bonuses welcome bonus worth up to $5000 are given, available to select countries. Negative account balance protection is also standard with HYCM.

Education

The brokerage has built an education section in its website aimed to educate traders, both beginners and advanced about capital markets, managing risk, analysis, trading strategies and more through video and text lessons. 

On the education section of HYCM’s website you will find sections on: Forex Education, Webinars & Workshops and Seminars.

Deposits/Withdrawals

Deposits can be made through credit cards, wire transfer, and e-wallets. 

An online form is to be filled to raise a withdrawal request. Canadians can also deposit their accounts with via Interact Online. The full list of funding methods are: Visa/Mastercard, Bank wire, Webmoney, Neteller and Skrill.

Customer service

Accessible 24 hours a day on all trading days via phone, email and live chat.