HYCM Forex Trade Platform and Broker Review

HYCM Forex Trade Platform and Broker Review

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HYCM Broker Review

HYCM is an award-winning, multi-regulated, and globally recognized broker that was founded in 1977 in the United Kingdom. HYCM specializes in the facilitation of trades across several asset classes.

HYCM has between 250 and 500 employees with headquarters in London, United Kingdom, and offices in Cyprus, Dubai, Kuwait, Hong Kong, and the Cayman Islands.

Is HYCM Regulated?

Yes, HYCM is regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Cayman Islands Monetary Authority (CIMA), and the Dubai Financial Services Authority (DFSA). 

Is HYCM Regulated in the United States?

No, HYCM is not regulated in Virginia or any other US state. 

Is HYCM Regulated in Europe?

Yes, HYCM is regulated in Europe by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) to provide forex trading services in Europe.

Is HYCM regulated in a Tier-1 Jurisdiction?

Tier-1 Jurisdiction grants HYCM with the necessary license to offer financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

According to the official HYCM website, HYCM is regulated in Tier-1 jurisdiction.

Is HYCM regulated in Tier-2 Jurisdiction?

With Tier-2 Jurisdiction, HYCM is provided with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

According to the official website, HYCM is regulated in Tier-2 jurisdiction.

What are the Platforms and Tools for Forex Trading in HYCM?

HYCM offers forex traders with access to the advanced, comprehensive, and versatile MetaTrader duo that can be used to trade in a variety of markets, with seamless integration of the trading account across a multitude of devices.

  1. MetaTrader 4 is the leading trading platform in the world, offering forex traders access to expert advisors (EAs), a user-friendly interface, customizable charts, multiple chart styles, order types, and time-frames. MetaTrader 4 also offers HYCM’s forex traders a variety of indicators, trading tools, and graphical objects.
  2. MetaTrader 5, like MetaTrader 4, offers additional features to HYCM traders which include more time-frames, technical analysis indicators, and an integrated economic calendar. MT5 also offers forex traders access to more than 300 financial instruments and more.

Does HYCM Have a News Blog for Forex News?

Yes, HYCM has a news blog for forex news on the official website. With this section, forex traders can read the latest breaking news and use the sources provided to make informed trading decisions.

Does HYCM Have a Traders Dashboard?

No, HYCM does not have a forex traders dashboard on its official website.

Does HYCM Have an Educational Section?

Yes, HYCM has an educational section that is offered free of charge on its official website. To access the educational sources, material, and tools offered by HYCM, forex traders can simply navigate to the official website and navigate to “Education”.

 What is the content of HYCM Forex Education?

HYCM offers a comprehensive forex education section that consists of the following:

  1. Trading Tools
  2. Tutorials
  3. Trading Strategies
  4. eBooks
  5. Beginner’s Course.
  6. Webinars and Workshops.
  7. Seminars

The Trading Tools section on forex education covers the following topics:

  1. “The World of Global Trading”.
  2. “Trading Psychology”.
  3. “Capital Management”.
  4. “Market Analysis”.
  5. “Basic Technical Analysis”.

The Tutorials section consists of:

  1. “MetaTrader Installation and basics”.
  2. “Orders and the Terminal Window”.
  3. “Using Types of Orders”.
  4. “Adding Indicators to the Graphs”.
  5. “Properties”

The Trading Strategies section covers a variety of topics including:

  1. “Trend Signal Strategy (Level 1)”.
  2. “Tunnel Strategy (Level 1)”.
  3. “Fractal Strategy (Level 1)”.
  4. “Fishing Strip Strategy (Level 2)”.
  5. “Zigzag Strategy (Level 2)”.
  6. “Wave Tracker Strategy (Level 2)”.
  7. “T-Chaser Strategy (Level 3)”.
  8. “Fibo Trap Strategy (Level 3)”.
  9. “Zoom In Strategy (Level 3)”.
  10. “Semi-Automatic Strategies”.

HYCM offers forex traders many free eBooks that can be downloaded from the official website under the following titles:

  1. Forex eBook
  2. Advanced eBook
  3. Commodities and Futures eBook
  4. CFDs and Stocks eBook

The HYCM Beginner’s course covers a variety of topics to help beginner forex traders get started in forex. The course covers the following:

  1. “Forex Advantage”
  2. “Basic Forex Terms”
  3. “Types of Orders”
  4. “Winning Tactic”
  5. “Glossary of Concepts”

HYCM offers forex traders access to webinars that are held every Monday and Wednesday. forex traders can sign up by visiting the official HYCM site, navigating to “Education” and selecting “Webinars and Workshops” from the menu.

To register for webinars, forex traders must provide their first and last name, email, and mobile number to sign up. forex traders also have access to previous webinars on this page.

HYCM offers forex traders the opportunity to attend seminars at certain venues. These are presented at locations around the world.

Is HYCM Legit?

Yes, HYCM is a legit Forex Broker and Trade Platform that is regulated by the FCA, CySEC, CIMA, and DFSA.

Is HYCM Safe?

Yes, HYCM is a reliable and safe Forex Trade platform that is regulated by:

  • The Financial Conduct Authority (FCA) in the United Kingdom.
  • The Cyprus Securities and Exchange Commission (CySEC) in Cyprus.
  • The Cayman Islands Monetary Authority (CIMA) in the Cayman Islands.
  • The Dubai Financial Services Authority (DFSA) in Dubai.

HYCM is required to oblige to strict requirements where client fund security is concerned. HYCM is subjected to regular third-party audits to ensure that the highest standards are maintained. It also ensures that there is compliance with regulatory responsibilities, the resolution of complaints, and the fair treatment of all forex traders.

HYCM is also legally obliged to submit frequent financial reports, execution reports, and prove capital adequacy. HYCM also operates according to requirements from the European Market Infrastructure Regulation (EMIR) which demands that HYCM report all derivatives to trade repositories.

Executed trades are reported through UnaVista which is an LSE global-hosted platform (FCA) along with DTCC for CySEC. 

HYCM ensures that client funds are secured by keeping them in segregated accounts with top-tier banks such as Barclays and Eurobank. In addition, HYCM is also MiFID compliant and is also a member of the Financial Services Compensation Scheme (FSCS), offering eligible clients with compensation up to 50,000 GBP and Investors Compensation Fund (ICF) compensation up to 20,000 EUR.

Is HYCM a Good Broker?

Yes, according to a Forex Suggest review done on the broker, HYCM is a good broker where security, trading speed, online support, and cryptocurrencies are concerned.

  1. Where security is concerned, HYCM uses innovative technology and detailed processes to manage key areas involved with user authorization, data protection, and network communication. All connections and data transfers are encrypted and secured through dynamically generated 128-bit keys with personal and account information encrypted by VeriSign issued 128-bit-SSL certificates.
  2. In terms of trading speed, HYCM’s average execution speed is 12 milliseconds with minimal slippage and requotes.
  3. In terms of online support, HYCM offers forex traders a live chat function that is available on the website. Customer support agents are prompt and helpful in resolving queries and answering questions.
  4. HYCM offers the trade in cryptocurrency CFDs spread across Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Dash, NEO, and several others.

What is the Offering of Investment in HYCM?

Offerings of HYCM can be found below.

Feature HYCM
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does HYCM have Nasdaq?

Nasdaq is the second-largest stock exchange according to a market capitalization that tracks the top technology stocks in the United States. 

HYCM has Nasdaq and as a Nasdaq owner, HYCM offers the trade of a variety of indices and shares CFDs.

What are the Awards of HYCM?

Forex Trading Platform HYCM’s awards are listed below.

  1. Best Forex Broker (2021) International Business Magazine.
  2. Best Forex Broker (2020) – Global Banking and Finance Awards.
  3. Best Forex Broker (2019) – GBM.
  4. Best Forex Broker Middle East (2018) – World Finance.
  5. Best Forex Broker Europe (2018).
  6. Best FX Broker Middle East (2017) – World Finance.
  7. Best Forex Broker UAE (2017) Global Banking and Finance Awards.
  8. Best Forex Broker Europe (2017).
  9. Best Broker Northern Europe (2015) – FX Report Awards.
  10. Best Broker Southern Europe (2015) – FX Report Awards.

How to Use HYCM for Forex trading?

To use HYCM, a forex trader should have the necessities below:

  1. Forex traders must be 18 years, or older to register for an account.
  2. Forex traders must have a form of identification (ID, Driver’s License, Passport) and proof of residence (Bank statement or utility bill).
  3. Forex traders must be able to pay the minimum deposit of $100.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of HYCM.

How to open a Forex trader account with HYCM?

To open a Forex Trading account with HYCM, a trader should follow the steps below.

  1. Forex traders can visit the official HYCM website and select “Open An Account” from the homepage.
  2. Forex traders must register on the website by providing their first and last name, email address, and mobile number before selecting “Next”.
  3. Forex traders can proceed by completing the necessary information required pertaining to their country of residence, date of birth, and residential address.
  4. Next, forex traders can select their trading platform, account type, account currency, and leverage ratio.
  5. Forex traders must indicate whether they are a US reportable person, or a Politically Exposed Person followed by selecting and confirming their password.
  6. Lastly, forex traders must declare that they have read and understood the Customer Agreement, Terms of Business, and Privacy Policy of HYCM and that they confirm the details provided are accurate and correct information regarding their current residential address.
  7. Forex traders can select “Submit” and they will be redirected to their personal area. To start trading, forex traders must verify their profile by uploading a copy of their ID and their proof of residence.

What are the Forex Trader Account Types with HYCM?

Forex Trading Platform and Financial Asset Management Institution HYCM have 5 different account types that are offered.

HYCM Account Types are listed below. 

  1. Demo Account

  2. Islamic Account

  3. Fixed Account

  4. Classic Account

  5. Raw Account

 

  • Demo Account

HYCM provides forex traders with a risk-free demo account that has virtual funds which can be traded in a mimicked live environment. forex traders can use this account either as a practice account, a risk-free way to test trading strategies before they are employed or to test what HYCM has to offer.

  • Islamic Account

Muslim forex traders who follow the Sharia law are prohibited from earning or paying interest such as overnight or swap fees. These fees are debited or credited when forex traders keep positions open for longer after the trading day has ended.

HYCM offers the option for Islamic accounts on all the account types that are offered. To gain access to this, Muslim forex traders can register for either of the live trading accounts and request for conversion by email to HYCM customer support once the account has been verified.

  • Fixed Account

The HYCM Fixed Account caters to forex traders who want to pay set fees on their trading. The features on this account are:

  • Minimum deposit of $100.
  • Minimum trade volume from 0.01 lots, or Micro Lots.
  • Fixed spreads from 1.8 pips.
  • Commission-free trading.

 

  • Classic Account

The HYCM Classic Account offers forex traders a popular choice in trading that offers competitive trading conditions while providing access to a range of markets. With the Classic Account, forex traders can expect these features:

  • Minimum deposit of $100.
  • Minimum trade volume from 0.01 lots, or Micro Lots.
  • Fixed spreads from 1.2 pips.
  • Commission-free trading.
  • Access to Expert Advisors.

 

  • Raw Account

The HYCM Raw Account caters to experienced forex traders who want to get the most out of their trading. This account offers the tightest spreads with a low commission charge. The features of the Raw Account are as follows:

  • Minimum deposit of $200.
  • Minimum trade volume from 0.01 lots, or Micro Lots.
  • Fixed spreads from 0.2 pips.
  • Commissions of $4 charged per round traded.

How to Withdraw Money from HYCM?

To withdraw money from HYCM, the following should be done:

  • forex traders can navigate to the official HYCM website and log into their client portal.
  • forex traders can click on their preferred withdrawal method followed by “Withdraw Funds”.
  • forex traders can enter the amount they wish to withdraw followed by the currency.
  • forex traders must note that withdrawals must be done via the same method as the initial deposit.
  • Withdrawals may take a few days depending on when the request was received by HYCM.

How many days do deposits take with HYCM?

This will depend on the method of payment that the trader used to make their deposit with HYCM. Some methods such as Credit/Debit cards and electronic payments can take up to an hour whereas Bank Wire takes between one and several business days.

What are the costs and fees with HYCM?

There are four types of costs with HYCM namely spreads, commissions, swap fees, and margin requirements. 

The spread is the difference between the bid and the asking price. Spreads are indicated in pips and can either be floating or fixed. Floating spreads are often tighter but can fluctuate based on the instrument being traded and the market conditions. Fixed spreads do not fluctuate as much and depend on the discretion of the broker.

Commissions are often charged as a flat fee and charged where the broker has tighter spreads to ensure that the broker can still make their fee. Swap fees are either credited/debited depending on whether the trader’s open position is long/short.

The margin requirement is the payment that HYCM requires as collateral for the trade, reduced when forex traders apply leverage.

What are the Trading Fees with HYCM?

The Forex Trading Fees with HYCM are below. 

The Fixed Account:

  1. Forex Spreads from 1.8 pips.
  2. Stock Spreads from 4 pips.
  3. Indices Spread from 0.5 pips.
  4. Cryptocurrency Spreads from 0.009 pips.
  5. Commodity Spreads from 3 pips.
  6. ETF Spreads from 10 pips.
  7. Commissions: None
  8. Swap Fees on MetaTrader 4: Long swap of -1.25% and short swap of -0.75% EUR/USD.
  9. Swap Fees on MetaTrader 5: Long swap of -1.25% and short swap of -0.75% EUR/USD.

The Classic ECN Account:

  1. Forex Spreads from 1.8 pips.
  2. Stock Spreads from 4 pips.
  3. Indices Spread from 0.2 pips.
  4. Cryptocurrency Spreads from 0.0081 pips.
  5. Commodity Spreads from 2.7 pips.
  6. ETF Spreads from 10 pips.
  7. Commissions: None
  8. Swap Fees on MetaTrader 4: Long swap of -1.25% and short swap of -0.75% EUR/USD.
    1. Swap Fees on MetaTrader 5: Long swap of -1.25% and short swap of -0.75% EUR/USD.

The Raw Account:

  1. Forex Spreads from 1.2 pips.
  2. Stock Spreads from 4 pips.
  3. Indices Spread from 0.2 pips.
  4. Cryptocurrency Spreads from 0.0081 pips.
  5. Commodity Spreads from 2 pips + $5 per round.
  6. ETF Spreads from 10 pips.
  7. Commissions: $4 per round.
  8. Swap Fees on MetaTrader 4: Long swap of -1.25% and short swap of -0.75% EUR/USD.
  9. Swap Fees on MetaTrader 5: Long swap of -1.25% and short swap of -0.75% EUR/USD.

What is the minimum deposit in HYCM?

According to the official website, HYCM’s minimum deposit amount is 100 USD. 

What are the contract specifications in HYCM?

Feature HYCM
Forex Trading Yes
CFDs 100+
Forex Pairs 40+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 19
Social Trading  No

Does HYCM have promotional offers?

Yes, HYCM Trade and Exchange platform has promotional offers for existing as well as new forex trading account holders. These promotional offers are as follows:

  1. Refer a Friend.

Does HYCM have a welcome bonus?

No, HYCM does not have a welcome bonus.

According to the official HYCM website, there is no welcome bonus offered when forex traders register an account for the first time.

Does HYCM have a deposit bonus?

No, HYCM does not have a deposit bonus.

The official HYCM website does not offer information on a deposit bonus which is offered as a percentage back on the trader’s deposit.

Is there a commission-free trade bonus in HYCM?

No, HYCM does not offer forex traders a commission-free trade bonus.  

 

Is there a VIP bonus in HYCM?

No, HYCM does not offer forex traders a VIP bonus.

Can you start trading with no money at HYCM?

No, you cannot start trading with no money at HYCM. There is a minimum deposit of $100 that must be paid for a Fixed and Classic account and $200 for a Raw Account.

How does leverage work with HYCM?

HYCM offers leverage of 1:200.

Even the leverage offered by HYCM is a useful tool, forex traders must remember that it is a loan that is taken from the broker. As much as forex traders can maximize their profits, leverage can also expose forex traders to significant risks that can deplete their trading account or put them in a negative balance without negative balance protection.

Where are the headquarters of HYCM?

HYCM is headquartered in London, United Kingdom.

Who is HYCM’s CEO?

The CEO of HYCM is Stavros Lambouris who has held the position since October 2014. Stavros Lambouris graduated from Baruch College in 2003 with his BBA in Finance.

What are the social media accounts of HYCM?

Forex traders can follow HYCM on the following social media accounts:

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • YouTube
  • Crunchbase

How many employees do work for HYCM?

According to official sources, HYCM has between 250 and 500 employees that form its staff complement.

What are the opinions about HYCM?

HYCM has been in operation for more than 40 years and is widely regarded as one of the best online trading brokers in the world. HYCM is known for its comprehensive solutions and global coverage in offering tailor-made solutions for retail forex traders.

What are HYCM Contests?

HYCM does not run any contests.

The official HYCM website does not indicate any current, past, or future contests.

Does HYCM have online support?

Yes, HYCM offers online support through a live chat function that is present on the website. Online support is given by helpful and informative support agents that promptly respond to queries.

Does HYCM offer demo accounts for Forex trading?

Yes, HYCM offers a free demo account for all new forex traders. The demo account can be opened with the following steps:

  1. Forex traders can visit the official HYCM website and select “Open an Account”.
  2. Forex traders must complete the application process which involves providing basic and personal information and contact information. forex traders must select their preferred trading platform, account type, leverage, and their base account currency.
  3. Once forex traders have provided this information, they can set and confirm their password and they will be redirected to their client portal. Here, forex traders can access the option to open a demo account by selecting “My Demo Accounts” and “Create Demo Account”.

Does HYCM have a mobile app for Forex trading?

No, HYCM does not have a mobile app for forex trading of its own.

HYCM offers mobile forex trading through MetaTrader 4 and MetaTrader 5’s mobile apps. When downloading and installing the apps on Android or iOS, forex traders can log in by using their HYCM demo/live account credentials.

With the mobile MT4 and MT5 apps, forex traders have access to their trading account and their trades in a comprehensive manner, allowing them to harness the trading opportunities when and as they present themselves.

Does HYCM publish an economic calendar?

HYCM publishes an economic calendar on the official website.

An economic calendar is a tool that refers to scheduled dates pertaining to specific releases or events which can affect the movements of individual security prices or the overall financial market. The economic calendar is used by forex traders and investors to plan their trades and to be alerted of certain chart patterns and indicators that these events may cause.

What is the communication information of HYCM?

HYCM has one main telephone number and two main business addresses along with the location of its offices.

The main telephone number for HYCM is +44 208 816 7812.

HYCM’s main address is 18 King William Street, London, EC4N 7BP, United Kingdom and The Noble Centre, 4th Floor, 47 Spyrou Kyprianou Avenue, Mesa Geitonia 4003, Limassol, Cyprus.

HYCM has offices based in:

Dubai: 9th Floor, Liberty House, Dubai International Financial Centre, Dubai, United Arab Emirates.

Kuwait: 31st Floor KIPCO Tower, Khalid Bin Al Waleed Street Sharq, Kuwait.

Hong Kong: 10th Floor, Nine Queen's Road Central, Hong Kong.

Cayman Islands: 67 Fort Street, Artemis House, Grand Cayman, KY1-1111, Cayman Islands