FXOpen vs HYCM - Online Brokerage Comparison

FXOpen vs HYCM | Trading Brokers Comparison

FXOpen vs HYCM Comparison Table
Online BrokerMinimum DepositTrading PlatformsMarketsRegulation
$300MT465+FCA, ASIC, FSRC
$100MT4, MT5300+FCA, CySEC, DFSA, CIMA

FXOpen vs HYCM Comparison

Each of these brokers offer MT4 trading and support the use of automated and non-automated trading. HYCM also provides MT4's successor, MT5. Both brokers can offer accounts which can have low Forex spreads, plus a commission charge. FXOpen is an ECN broker. These brokers have similar number of MT4 markets to trade, though HYCM has a wider range, particularly as it offer Stocks CFDs MT4 trading. On MT5, HYCM has more markets overall.

FXOpen is regulated by the FCA in the United Kingdom, the ASIC in Australia and the FSRC in Nevis. HYCM is regulated by the FCA in the United Kingdom, the CySEC in Cyprus, the DFSA in Dubai and the CIMA in the Cayman Islands.

Quick comparison

MT4 brokers allowing Expert Advisors, though FXOpen is an ECN broker and HYCM offers MT5.

Minimum deposit and key account features

The minimum deposit for FXOpen is $300. The minimum deposit for HYCM is $100.

  • FXOpen offers three accounts types, ECN, STP and Crypto. The ECN account charges commissions on its markets, the STP does not charge commissions. The ECN account has a wider range of market available. The Crypto account is an STP account which additionally offers a range of Cryptocurrencies (which have a commission charge). The minimum trade size is 0.01 lots. Market news and analysis are available via RSS and an economic calendar is provided on FXOpen's website.
  • HYCM offers a Trading Central plug in and has an Economic Calendar, Forex Calculators, News, Market Outlook, Forex Education, Webinars and Seminars on its website. HYCM says that latency is as low at 12ms. The minimum trade size is 0.01 lots.
  • HYCM offers Fixed, Classic and Raw account and Islamic accounts for each. The Raw account charges commissions, the others do not. The Classic and Raw accounts allow Expert Advisors. The minimum deposit for the Fixed and Classic accounts is $100 and the minimum deposit for the Raw account is $200. There is also a VIP account which provides a dedicated account manager, comprehensive market analysis and lower spreads for the Fixed account, with a minimum deposit of $10,000.

Markets

  • On the ECN account, FXOpen offers Forex, Indices, Energy and Precious Metals, with 65+ available.
  • On the STP account, FXOpen provides Forex and Precious Metals, for a total of 50+.
  • On the Crypto account, FXOpen offers Forex, Precious Metals and Cryptocurrencies, for a total of 55+.
  • HYCM offers Forex, Indices, Energy, Metals, Cryptocurrencies, Soft Commodities and Stocks, with 80+ available on MT4 and 300+ on MT5. On the MT4 Classic and Raw accounts, HYCM offers Forex and Precious Metals, with 45+ available.

FXOpen has 45+ Forex pairs, HYCM has 60+ Forex pairs.

Cryptocurrency CFDs

  • FXOpen offers Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Monero, NEO, IOTA, Ethereum Classic, DASH, EOS, Namecoin, Peercoin, Emercoin and OMNI.
  • HYCM offers Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Monero, NEO, IOTA, Ethereum Classic, Bitcoin Gold, QTUM and Zcash.

Spreads and leverage

  • Both brokers may offer very low Forex spreads for the most liquid Forex pairs, plus a commission charge. HYCM also offers Forex spreads without a commission charge from 1.3.
  • Maximum leverage for FXOpen (FCA regulated) is . Maximum leverage for HYCM (CySEC or FCA regulated) is .

Commission charge

  • For Forex, FXOpen charges a commission, which depends on volume traded, from $1.5 - $5 per standard lot per side. Other instruments have differing commission charges.
  • HYCM charges a commission of $2 per lot per side on the Raw account.

Online trading platforms

Both offer MT4. HYCM also provides MT5.

Why FXOpen or HYCM ?

While these are MT4 brokers a difference is that FXOpen uses an ECN model and HYCM also provides MT5. HYCM is rather a market maker broker which offers account types which support EAs and one which does not and has a wider range of markets to trade. As HYCM has an account which allows EAs and can offer low Forex spreads plus a commissions charge there are functional similarities between these brokers. FXOpen has an STP account which includes the commission in the spread and indeed two of HYCM's account types do not charge commissions. This means that Forex spreads will be higher than on the account which does charge a commission. Traders who do not wish to use MT4 EAs may wish to consider HYCM as it offers a specific account, with a wider range of market including Stocks CFDs.

Comparison summary

  • Both provide CFD trading
  • Each is an MT4 broker
  • FXOpen is an MT4 ECN broker
  • HYCM also provides MT5
  • Both can offer trading with potentially low Forex spreads, plus a commission charge
  • Each allows the use of Expert Advisors (MT4 and MT5 trading robots)
  • HYCM has a wider range of market on its non-EA MT4 account
  • HYCM offers more markets overall with MT5

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