HYCM is a multi regulated broker with a long untarnished history. They are operating for the last 40 years and are one of the most reputed brokers in the FX industry. They came into inception in the year 1977 and offer Forex and CFDs trading. This company is a part of Henyep Capital Markets group. They are licensed and regulated by four different leading and prestigious financial jurisdictions; namely FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), CIMA (Cayman Islands Monetary Authority) and DIFC (Dubai Financial Services Authority). In simple they are very safe and reliable for traders.
HYCM offers three different types of accounts – Fixed, Classic, and Raw. There is even an option for VIP account as well which offers a dedicated account manager available 24/7. They also give you the privilege of comprehensive market analytics. In the VIP program for fixed accounts, they offer better spreads. Their users can trade on the MetaTrader 4 and MetaTrader 5 trading platforms from desktop and from your mobile phones.
Yes, HYCM is totally safe for people to trade. In fact, it is one of the top brokers that are used as ideals when it comes to the safety of customer funds. Experts consider HYCM a safe broker, and the reason is quite simple. It is because HYCM is regulated and licensed under four different leading and prestigious financial jurisdictions namely:
Due to the licensing from the above mentioned regulatory bodies, HYCM works within strict accounting and risk management frameworks. The secret to their customer fund safety is that all capital is not used for margin purposes. It will be fully segregated into a special client account which is kept separate from HYCM company funds. The reason behind this is that in any unfortunate event of a company going bankrupt, your funds will not be used to pay back any creditors.
HYCM has been operating for the past 40 years now, and they are 100% trustworthy. According to satisfied customers, HYCM is a safe and secure way to trade Forex and CFDs. This company is part of the famous Henyep Capital Markets Group, an international conglomerate with businesses in financial services, property, education, and charity.
Every broker has its share of merits and demerits and HYCM is no different. We offer you a brief overview of some of the strength and weakness of HYCM broker below:
The main advantage of using HYCM is that they provide you with not only simple yet stylish interface but also thrives on users trust on their security functions. They have been around for a long period of time, gaining trust and serving their customer with utmost responsibility.
HYCM offers three different types of accounts that suit all kinds of traders. Two of them totally commission-free and one of them has a commission but it is very low. The first type of account is “FIXED”: In this account type, you have to pay no commission. Fixed spreads are 1.8PIPS. The second type of account is “CLASSIC”: In this account type you again do not have to pay a single penny as commission. In this account type they have variable spreads from 1.2 PIPS. The third and last account type is “RAW”: In this account type there is a commission fee of +$4 per round. Although it has commission but it is low compared to the rivals of HYCM. This account type has raw spreads from 0.2 PIPS.
You would be surprised to know that HYCM offers plenty of deposit and withdrawal methods and that too with top class security. They offer traders with 6 different channels to put their deposit onto their trading account. The interesting thing is that the broker takes no extra charge for that! Yes you read it right. There is nil processing fees during deposit. For deposits, you can use from the likes of Bank Wire, Visa, MasterCard, Web Money, Neteller and Skrill among others. All these payment methods take less than one hour to process the money except for bank wire, which can take up to a week in order to process the deposit.
As far withdrawals are concerned, people who are satisfied customers of HYCM find it very easy to withdraw money from them. Again you get the same six channels to withdraw the money fast and easy. Unlike other brokers, HYCM do not believe in charging any kind of processing fees for withdrawals. It costs you nothing to get back the money that belongs to you.
HYCM has been in this market for the last 40 years, providing their clients a trustworthy and reliable service. They are a global broker having 5 offices in world’s leading financial centers. Their headquarters is in United Kingdom. The reputation they have earned in all these years is second to none in this line of business. One of the best parts is they serve in more than 140 countries across the globe. By providing great reliable service to the traders they have received 15 global awards of excellence.
There is not really much when it comes to cons. But there are a few things that can be improved by HYCM, let us discuss those below.
There are some restrictions and disadvantages for clients residing in the European Union. The first restriction is that the players of EU do not get the bonus. The real offer is an extra 10% deposit bonus. The second problem of EU traders is that they get leverage up to 1:30 and for rest of the world it is 1:200.
Another con of HYCM is that they do not let United States-based clients to use their services due to their regulatory policy. It means that if you hail from US, you would not be able to utilize the services of this broker for Forex trading.
Trading platform-wise, HYCM offers only two trading platforms for its customers. The first one is MetaTrader 4 and the second one is MetaTrader 5. MT4 supports 6 asset classes with more than 100 tradable assets. On the other hand we have MT5, which can trade 6 different assets classe