HYCM Forex Broker Review & Ratings
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Any action you take upon the information you find on this website is strictly at your own risk and we will not be liable for any hycm broker losses and/or damages in the use of our website. Another pleasing addition from HYCM, the fee for deposits and withdrawals – 0$.
HYCM are licensed and are regulated by the FCA (the Financial Conduct Authority), the UK’s regulatory body for financial organisations, so traders who choose this broker can rest assured that they have selected one which is trustworthy and reputable. HYCM are part of the global conglomerate Henyep Group which handle a wide range of financial services.
HYCM.com, formerly known as HY Markets, is a member of the Henyep Group, an international conglomerate with more than 30 years’ experience in providing financial services. Choosing this broker guarantees peace of mind, as they have an international reputation for reliability and trustworthiness.
Trade! Trade! Terms & conditions applyCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider.
Fixed ones amount to 1.8 pips on EUR/USD while mostfixed-spreadbrokers offer 2 – 3 pips in spread. Variable spreads on the Classic accounts are also competitive, but the trading costs on Raw account types are the lowest and the most attractive. HYCM offers both fixed and variable.
On top of that, they have a free demo account with varying benefits that depend on the amount of activity. The management at HYCM is proud to announce “PrimeTrader”, its new proprietary trading platform.
HYCM’s Financial Services Register reference number is 682782 (Henyep’s is 186171). Cyprus is a European Union member and is a financial services industry hub. Customers in countries regulated by CySEC are eligible for compensation of up to €20,000 if HYCM fails.
However, experienced traders are well served, with multiple tutorials on advanced trading strategies and advanced technical analysis. Traders at HYCM are given access to the award-winning, MetaTrader4 forex platform, regarded by most traders as the industry standard for forex trading. The MT4 software needs to be downloaded to desktop or Mac directly from the HYCM interface. Moreover, comprehensive video tutorials about the MT4, are available in the HYCM education section.
- Is their response to the clients’ claims efficient?
- However, HYCM also offer their own exclusive trading platform known as Prime Trader.
- They do not offer their services to residents of certain jurisdictions such as Afghanistan, Belgium, Hong Kong, Japan, the United States of America and some other regions.
- The base of operations is London, however, there are offices dotted around the globe including Cyprus, Kuwait, the United Arab Emirates, and Hong Kong.
- A ‘Beginner’s’ course prepares clients new to online forex trading, with information about basic forex terms, order types and winning tactics.
One requirement we should mention is that certain documents have to be submitted for verification within 7 days of opening your trading account. Failure to do so will result in your trading account being suspended. The utmost level of security https://forexarticles.net/ is provided for your peace of mind. Such as 128-bit keys which are used to secure servers and ensure all banking operations are protected. 128-bit-SSL certificates issued by VeriSign are used to encrypt personal and account information.
HYCM put a strong emphasis on providing excellent trading conditions with large liquidity pools, high speed trade execution, tight spreads and competitive trading costs. They embrace the latest innovative technologies in order to cater to traders ever demanding needs. HYCM is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories.
A customer only needs a minimum deposit of $100 to start trading with HYCM. A customer only needs to go to the Client Portal, click on Banking and Deposit Funds in the account that he desires to use. More and more people are going online and they rely on their mobile phones in getting the latest news and information from the digital world.
Platforms & Tools
Even though HYCM has been around for a few decades, they still don’t offer an ECN account, which is a huge surprise. The minimum amount of deposit required for a Micro account is also higher than the conventional Micro accounts available with competing brokers, which https://forexarticles.net/ can prevent small traders from choosing HYCM as their preferred FX trading partner. HYCM spreads are also significantly higher, especially since other leading STP and market maker brokers offer spreads starting from 1 pip. i have 5 years experience in trading.
These include hundreds of financial instruments, best execution, narrow spreads, market-leading platforms, flexible leverage options, proprietary apps and the most sought-after tools to fortify any trading strategy. Furthermore, deposits and withdrawals are instant, seamless, and available in our clients’ local currencies through the most popular payments in their region. For the novice traders HYCM offers free educations consisting of trading courses, software tutorials, trading books, learning videos and many more. Professional traders will also find at HYCM useful materials to perfect their trading skills.
Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for. The MetaTrader5 has kept most of the features and functionalities of its predecessor, and also allows trading in exchange-traded stocks, which is considered one of its main advantages over the MT4. Besides, both oth MT4 and MT5 allow trading signals, but HYCM has partnered with Pro Daily which brings investors cutting-edge signals trading service. Besides, clients of HYCM who don’t want to earn interest for religious reasons may opt for Islamic accounts, which are swap-free.
In addition, HYCM is also regulated by CySEC, SFC and DFSA as well as having Henyep Capital Markets as the parent company – an outstanding capital markets trading organization. The Forex market is filled with dishonest FX brokers and other market players that are intent on prying you away from your hard-earned money. Some brokers also stipulate bogus trading conditions and false promises with the sole intention of tricking unsuspecting users. HYCM Forex broker, on the contrary, is a reliable and genuine company that only deals in fair and honest trading services that serve in the best interest of their clients.