HYCM, previously HY Markets, is a leading international online trading platform that offers services to traders in more than 140 nations in different regions. The company was established in 1977 and has since developed into a reputable trading platform in the financial industry.
The broker offers a repertoire of assets and six trading instruments - Forex, CFD Stock, Indices, Cryptocurrencies, Commodities, and Stocks.
The quality of HYCM's trading services has won the broker numerous awards. These include Best Mobile Trading Platform at the 2020 Global Forex Awards, Best Forex Broker in the Middle East at the 2020 Global Forex Awards, and recently, Best Forex Broker in the Middle East at the Forex Expo Awards in 2022.
Supported Countries
HYCM serves and accepts customers from all over the world. However, due to regulatory factors, its availability is restricted in Afghanistan, Albania, Bahamas, Barbados, Belgium, Botswana, Cambodia, Canada, France, Ghana, Hong Kong, Iraq, Jamaica, Japan, Lao PDR, Mauritius, Myanmar, Nicaragua, North Korea, Panama, Sudan, Syria, Turkey, Uganda, USA, Vanuatu, Yemen, and Zimbabwe. Traders within the borders of these countries cannot open an account with HYCM.
Customer Service Rating
HYCM broker ranks as a top broker on Trustpilot with a 4.5 excellent rating from 261 client reviews. Many of the broker's clientele have made very positive feedback on the quality of its service.
These positive HYCM reviews praised the broker's good customer support service, low spreads, affordable minimum deposit, user-friendly platform, swift transactions, and repertoire of trading instruments.
However, there were a few negative HYCM reviews. Clients complained of limited asset selection, issues with withdrawal, lack of a social trading platform, and copy trading features. These complaints considered in the context of the reviews are mostly hinged on the client's trading preference.
It is important to note that the broker is currently working to improve the functionality of its trading platforms, and soon these features will be updated across platforms.
HYCM broker affords its clientele three unique trading platforms. These platforms include the widely-known MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms and a custom trading platform known as the HYCM Mobile App.
Traders can choose the platform that best matches their expertise and preferred trading methods. The platforms are further discussed in detail below.
- HYCM Mobile App: The HYCM Mobile App is available on Android and iOS. Traders can download it via the App Store or Google Play store on their smartphones or tablets to gain full access to the app. With the app, traders can access their trading accounts, place trades, and manage their trading positions. The app also has a variety of functions, such as technical analysis tools and news notifications. This enables traders to receive trading information and make trading decisions on the go.
- MetaTrader 4 (MT4): The MT4 platform enables HYCM users to trade over 300 instruments on a single trade with asset classes like Forex, CFD Stock, Indices, Cryptocurrencies, Commodities, and Stocks. With its user-friendly interface, sophisticated charting tools, Expert Advisors (EAs), adaptable trading systems, and adjustable trading indicators, MT4 offers traders enormous potential irrespective of their experience and skills. Another exciting feature of this platform is the option to create live trading accounts. These features aid traders in making profitable trading decisions. Traders can assess the MT4 platform via the HYCM mobile app anytime.
- MetaTrader 5 (MT5): The MT5 platform is a more sophisticated version of the MT4 trading platform. It provides multifunction and multi-asset trading features and sophisticated technical and fundamental analysis on customizable systems. The MT5 platform also features a fully integrated economic calendar to help traders stay abreast of trading events in the financial market. Other trading services on this platform include more order types and timeframes. For traders who like to trade on the go, the MT5 platform is available as a mobile app.
Trading Denominations
By creating an account with HYCM, traders can choose their preferred base currency. Hence, HYCM broker provides traders with eight base currencies to choose from. The base currencies include USD, EUR, GBP, RUB, AED, and CAD. It's important to note that on HYCM platforms if traders deposit money in a currency other than the base currency of their account, the platform will charge currency conversion fees.
Company Structure
HYCM's structure reflects its strong commitment to complying with regulations and providing traders with a secure and transparent trading environment.
The company is managed by a team of experienced professionals who oversee operations, ensuring regulatory compliance and delivering a top-quality trading experience to clients.
The team handles every aspect of the company, including finance, compliance, and information technology. Besides its London headquarters, HYCM maintains offices in Hong Kong and the United Arab Emirates.
HYCM Capital Markets Licenses and Regulatory Compliance
As a company with subsidiaries in different jurisdictions offering services internationally, HYCM is subject to the laws of several regulatory authorities. These authorities are:
- Financial Conduct Authority (FCA): The financial regulator FCA oversees the operations of HYCM in the United Kingdom. The company is registered under the FCA with registration number 186171.
- Dubai Financial Services Authority (DFSA): Henyep Capital Markets (DIFC) Limited operates in the UAE under the authority of DFSA with reference number F000048.
- The Cayman Islands Monetary Authority (CIMA): HYCM Ltd is authorized and regulated by the CIMA in the Cayman Islands. The broker's license number is 1442313.
An HYCM review is incomplete without the mention of HYCM Limited's registration as an International Business Company. The broker is registered in Saint Vincent and the Grenadines with registration number 25228 (IBC 2018).
HYCM Capital Markets Customer Support
HYCM offers its customers a comprehensive customer support service that is accessible 24 hours every working day, that is 24/5. Customers can contact the support staff by phone, email, social media, and live chat.
Depending on the user's preferred language, HYCM's customer service support is available in Arabic, Chinese, French, German, Polish, Russian, and Spanish.
The company's customer service team comprises seasoned experts committed to offering clients swift and efficient assistance.
HY markets reviews suggest that its customer service is often praised in client reviews as a strong indication of top-notch service. If a client has any inquiries on trading, account administration, or other connected topics, the customer service team is readily available to help.
HYCM Capital Markets Customer Protection
Safeguarding clients' assets and personal information is of utmost importance to HYCM. This is evident in the broker's extensive measures to protect its clientele. These measures include:
- Regulatory Compliance: HYCM is authorized and regulated by several regulatory authorities in different jurisdictions, including the FCA, CIMA, and DFSA. Hence, clients are assured of transparency and fairness.
- Client Fund Segregation: HYCM maintains client funds in segregated accounts, which means that client funds are kept separate from the company's operational funds. This ensures that clients' funds are protected in any unforeseen financial turbulence.
- Investor Compensation Fund: HYCM is a member of the Investor Compensation Fund (ICF) in Cyprus, providing additional protection to clients if the company faces financial difficulties.
- Security and Privacy: HYCM uses efficient security measures to secure clients' personal information and trading data. The broker's technical team updates the platform's security measures regularly.
HYCM offers its clientele a repertoire of products which includes stocks, indices, commodities, stock CFDs, forex pairs, and cryptocurrencies. However, the availability of these products depends on the trader's country of residence, trading account, and regulatory rules.
Leverage on HYCM
HYCM provides its clients flexible leverage options, depending on the asset being traded and the client's account type. The maximum leverage available to clients is 1:500 for forex and 1:20 for cryptocurrencies. The leverage for stocks, indices, and commodities varies, with some instruments offering leverage of up to 1:200.
Deposits and Withdrawals
HYCM offers its clients multiple options for depositing and withdrawing funds from their trading accounts, including bank wire transfers, credit/debit cards, e-wallets, and online payment services.
Deposits are processed instantly, and withdrawal times vary depending on the method used. The minimum deposit depends on the trader's preferred account. HYCM market reviews reveal that the broker does not charge any deposit fees; however, there may be fees associated with certain withdrawal methods charged by the trader's service provider.
Deposits
Withdrawals
HYCM Capital Markets Trading Education and Training
HYCM broker helps traders pilot an efficient trading platform with a repertoire of educational resources. Based on this HY Market review, the broker offers a variety of educational resources and training materials tailored to suit the needs and goals of the client.
Educational and training resources provided by the broker include webinars, video tutorials, e-books, Trading Central, and an economic calendar. Many HYCM traders have reportedly enhanced their trading experience on this platform.
Conclusion
HYCM is a reputable broker offering a range of trading instruments, competitive spreads, and maximum leverage. The broker provides a user-friendly trading platform, excellent customer support, and various educational resources to help clients improve their skills and trading experience.
HYCM also offers a choice of account types with different features and benefits to cater to the needs of different traders. Whether as a new or experienced trader, this HYCM review concludes that HYCM is an ideal broker to improve your chances of trading for profit. You can start your journey with the HYCM demo account.
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