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HYCM review
By
8 mins read
Overview
Our 5-step process of verification and evaluation – How do we obtain information?
General inspection – 30%
Trading experience – 30%
Technical audit – 20%
Collective experience from collaborations with the broker – 10%
Interviews with real traders – 10%
See the entire process here.
Pros
Unlimited demo account: Both new and experienced traders can access the different HYCM demo accounts across the broker’s platform for as long as they like. This will help new players become better skilled and experienced players more familiar with the various trading environments on the platform.
Supports multiple languages: Another HYCM bonus is its earned regulatory approval in 140 countries. This strongly indicates the broker’s versatility. Depending on the traders’ nationality, anyone can enjoy full access to the trading platform in their preferred language.
Long-standing reputation: With over 40 years in the financial industry, HYMC stands tall as an industry leader that has stood the test of time. Its financial services have also improved over the years to increase the platform’s functionality and create an enjoyable trading experience.
A unique mobile trading app: HYCM has proved that it is an industry leader with the availability of its trading app. Only a few brokers can boast of an exclusively designed trading platform.
Cons
Customer support is unavailable during weekends: Since the broker offers financial services for some trading instruments that operate 24/7, customer support must be available round the clock. However, HYMC’s customer support services across all platforms are only available on weekdays. This means traders have to wait till weekdays to access customer support if the need arises on weekends.
General details
+442088167812
Customer reviews
score
Read real reviews from traders all over the world:
Accounts
Type of Trading Accounts
Every trader on the HYCM platform has access to various account types tailored to their trading experience, goals, and methods. However, the trading requirements for each type of account differ per the regulatory rules of various jurisdictions. Generally, the following account types are available to traders on HYCM:
- Fixed Account: This HYCM account suits traders who prefer to trade in lower quantities and fixed spreads. While this account is commission-free, a minimum deposit of $20 is required. The account has a 0.01 lot size and fixed spreads, which start at 1.8 pips. It is important to note that swap options, automatic trading features, and EAs are unavailable on this account.
- Classic Account: This HYCM account is intended for traders who enjoy trading with floating spreads. Like the Fixed Account, this account has a $20 minimum deposit requirement and zero commission fees. The Classic Account also has a 0.01 lot size, with floating spreads beginning at 1.2 pips. While there are no swaps on this account, traders can access EAs and automated trading features.
- Raw Account: This HYCM account is recommended for traders seeking the lowest available spreads. Its spread starts from 0.2 pips. The account affords traders access to EAs and, similar to the fixed and classic accounts, has no swap. However, unlike the other two accounts, the HYCM Raw Account requires a minimum deposit of $20 and charges a commission fee of $4 per round on trades.
- Islamic Account: This HYCM account strictly complies with the financial principles of the Sharia Law. With this account, traders are not charged for the first 14 days for holding a position. However, once this stipulated period elapses, a standard storage fee of $5 is imposed per complete contract every night. The Islamic account is accessible on all three primary account types.
- VIP Account: This HYCM account is designed for high-volume traders and provides competitive spreads, commissions, and a minimum deposit of $20. Traders also have access to more comprehensive market research and enjoy the services of a personal trading manager.
Tradable instruments
HYCM offers a total of over 300 trading instruments. This includes:
- Forex: 69 currency pairs
- Commodities: Various metals, energies, and agricultural products
- Indices: Over 15 major global indices
- Stocks: Over 170 major global stocks
- Cryptocurrencies: Major cryptocurrencies
- ETFs: Various Exchange-Traded Funds
- Bonds: A selection of government bonds
- Options: Specific options trading availability
Frequently asked questions
Find the right answer to your question below.
HYCM has no fixed minimum deposit, as the minimum deposit depends on the trader’s preferred account type.
HYCM’s customer support team is primarily available 24/5. You can contact the team any time on working days, excluding complaints forwarded to [email protected] which is only available between 9:00 and 18:00 (GMT +3). The team is unavailable on weekends, and customer requests during this period will be attended to the next working day.
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Forex.com Best Trading PlatformsStart trading73%-77% of retail investor accounts lose money when trading CFDs with this provider.
HYCM compared with alternative brokers
To see the full broker review click “See review”, to see the complete table and compare more brokers visit our Comparison page.
- Overall verdict
- Trading
- Minimum deposit
- Maximum leverage
- Fees
- Withdrawal fee
- Deposit fee
- Safety
- Top-tier regulators
- Investor protection
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4/ 5
-
3.6/ 5
- 20$
- 1:400
-
4.7/ 5
- N/A
- N/A
-
4.5/ 5
- FCA
-
No
-
See review
-
4.9/ 5
-
4.9/ 5
- $10
- 1:2000
-
4.8/ 5
- $0
- $0
-
4.6/ 5
- FCA, CYSEC
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No
-
See review
-
4.9/ 5
-
5/ 5
- $10
- 1:2000
-
4.8/ 5
- 1%
- $0
-
4.9/ 5
- No
-
Yes
-
See review
-
4.8/ 5
-
4.9/ 5
- $100
- 1:10000
-
4.7/ 5
- $0
- $0
-
4.8/ 5
- FCA
-
Yes
-
See review
-
4.5/ 5
-
4.5/ 5
- $5
- 1:1000
-
4.5/ 5
- $0
- $0
-
4.5/ 5
- No
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No
-
See review
-
4.5/ 5
-
4.7/ 5
- N/A
- N/A
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4.5/ 5
- N/A
- N/A
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3.8/ 5
- No
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No
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See review
