HYCM Review

HYCM Review | Find Out About Broker HYCM Before You Sign Up

Forex, Metals, Indices, Energies, Soft Commodities, Shares & Cryptocurrencies

  • MT4
  • $100 minimum deposit
  • Micro lots
  • FCA, CySEC, CIMA, DFSA
  • VIP account
  • Expert Advisors✔
  • 80+ markets
  • Tech Stocks CFDs
MT4 Forex Broker • MT4 Crypto Trading  • HYCM

HYCM Review

HYCM is a broker offering trading in Forex and other CFD markets on the MetaTrader 4 (MT4) trading platform. This broker is particularly well established as it has been in operation since 1977, when its progenitor Henyep Gold Dealers joined the Hong Kong Gold and Silver Exchange Society.

HYCM has three main account types: Fixed, Classic and Raw. The Fixed account has the most markets providing Forex, Metals, Indices, Energy, Soft Commodities and Cryptocurrencies for a total of 80+ markets, while the Classic and Raw offer Forex, Silver and Gold, for a total of 45+ markets. There is an Islamic account available for each account type and a VIP account which offers improved spreads for the Fixed account type, a dedicated account manager and comprehensive market analytics. The Classic and Raw accounts differ in that the Raw account has a commission charge ($4 per lot round trip) and can thus offer lower spreads. Also, the Fixed and Classic account have a minimum deposit of $100. The Raw account has a minimum deposit of $200. The VIP account has a minimum deposit of $10,000.

Traders who wish to trade using automated trading strategies (Expert Advisors on MT4) are welcome at HYCM, however EAs can be run on the Classic and Raw accounts only, not on the Fixed account. Thus the trader needs to open one of these accounts if they wish to run robots.

HYCM is regulated in four different countries. Henyep Capital Markets (UK) Limited is authorized and regulated by the Financial Conduct Authority (FCA) with reference number 186171. HYCM (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 259/14. HYCM Ltd is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) with reference number 1442313. Henyep Capital Markets (DIFC) Limited is authorized and regulated by the Dubai Financial Services Authority (DFSA) with license number F000048. This is a relatively wide range of regulatory bodies. Which one the trader signs up with, depends on where they are resident.

To sign up for an account, the trader provides some personal details. They then are taken to an account area. To actually get their account, they need to complete more details and upload documents relating to their address and identity. From the account area, it is possible to open demo accounts for each account type, as well as live accounts. Accounts are available in GBP, EUR, RUB, AED and USD.

On its Fixed account, HYCM offer a relatively wide range of markets, which includes Futures CFDs, thus CFDs for contracts with different expiration dates can be seen. HYCM does not offer a large number of Stocks CFDs, but focuses on a core group in the Tech and eCommerce Sector. A CFD references the price of the underlying market allowing the trader to trade a market without owning it, thus the trader does not own a Futures contract or Stock when trading the CFD based on it.

HYCM offers 5 Cryptocurrency CFDs to trade. These are Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. When trading a CFD the trader does not own any cryptocurrencies. Thus they do not need a wallet, as this is a means to store a cryptocurrency.

HYCM is a market maker broker, it is not no dealing desk and thus it is possible that some trading styles may not be allowed. This said HYCM says it offers an average execution time of under 12 ms. On the Raw account, spreads can be as low as 0.2 pips, plus a commission charge.

Client funds are held in segregated account at Tier-1 financial institutions for clients within FCA, CySEC and CIMA regulation. Clients are protected by the Financial Services Compensation Scheme (FCA) and the Investors Compensation Fund (CySEC). In terms of information security, personal and account information is encrypted using 128 bit SSL certificates.

HYCM does not charge deposit or withdrawal fees. Deposits and withdrawals can be made by Bank Wire, Credit/Debit Card, WebMoney, Neteller and Skrill.

This is a broker with a heritage stretching back over 40 years which is now regulated by four major bodies. It offers MT4 trading, with a relatively wide range of markets. It does not have a large number of markets overall, principally as it focuses on a core group of Tech and eCommerce Stocks. Traders can use MT4 as a desktop download or on mobile and tablet apps. In its account structure, HYCM explicitly provides for both automated and non-automated traders. Traders can trade at their own discretion on all accounts, though the Fixed account, which does not support robots, has the widest range of markets. Trading Central is available as a plug in, showing support, resistance, target and stop pivots on the live charts, as well as technical analysis, forecasts and commentary, to aid the trader in their decision making. On the Classic and Raw accounts traders can trade with automated trading strategies, known as Expert Advisors on MT4, with Forex and Gold and Silver CFDs, letting robots execute trades on their behalf. Thus this broker provides a route for traders to move from non-automated to automated trading, or use both approaches as they wish.

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