HYCM Review – The Best Trading Broker For All Your Needs

About HYCM

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. 

Is HYCM Safe?

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:

• Financial Conduct Authority
• Cyprus Securities and Exchange Commission
• Cayman Islands Monetary Authority
• Dubai financial services Authority

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.  

Pros and Cons When Trading with HYCM

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:

Pros

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. 

Commission Free Accounts

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.

Multiple Deposit and Withdrawal Methods

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.

Trustworthy and Reliable

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. 

Cons

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.

Restricted Leverage for EU Clients

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. 

No United States Clients

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.

HYCM Trading Platform

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 classes, comprising more than 300 tradable assets. MT5 might just be the evolutionary successor of MT4. 

Besides MT4 and MT5, HYCM also offers traders a no download WebTrader. WebTrader is the simplest and quickest way to access all tradable assets. HYCM offers MT4 and MT5 platforms which are both easy to use and you can find tutorials on both of them easily on the internet. They offer a vast collection of built-in trading tools including technical indicators and graphical objects. 

Mobile Trading with HYCM

HYCM also offers mobile trading for people who are always on the move. Both the trading platform of HYCM is supported on smartphone and tablet devices. They have a dedicated app that is available for Android and iOS devices. They have all the luxury of their website on the mobile app like charting, watch list, trading. But the apps can be further developed because they lack basic alerts feature.  

Bonuses for New Traders

The good news is that they offer a bonus for traders. They give a 10% bonus on deposits for new traders. But this offer is only valid to Non-EU traders. You will have to create an account and verify the credentials. Once you have made the first deposit, 10% bonus will be automatically credited in your trading account within 24 hours. If not, you can get in touch with the customer care and the same will be credited instantly.

HYCM Demo Account

Unfortunately, HYCM does not offer any kind of Demo account for their MetaTrader 4 and MetaTrader 5 platforms. But they offer beta accounts on WebTrader. This is one area where HYCM needs to focus if they want to compete with the best FX brokers in the industry.

VIP Program 

Yes, at HYCM you will get access to a VIP account. The broker simply describes their VIP account as “Bigger, Better, More”. Their VIP program offers a dedicated account manager. They also give you the privilege of comprehensive market analytics. In the VIP program for fixed accounts, they offer better spreads.

HYCM Support

Traders can get support from HYCM 24/7 by using any of these methods: Live Chat, FAQ, phone facility, complaint & support email ids’. Their E-mail id for support is support@hycm.com. You can also call them to ask for support, their official number for trader support is +442088167812. Their support and customer service is quite good in comparison to their rivals in this market. The customer support team replies to emails on time and all problems are resolved within 48 hours. 

HYCM Trading Guides

HYCM offers a wide range of educational material for both novice and professional traders. They are constantly working to improve their trading guides for traders. Their educational tools are well designed to cover all your doubts and improve your trading skills and knowledge. 

What makes HYCM very special is that they frequently host web seminars for their clients. They also offer traders to participate in venue based seminars that can be attended easily.  At HYCM, they give free tutorials, videos, trading strategies, articles, e-books, and courses. Their trading guide covers all the subjects like basics of trading, chart analysis, trading psychology and much more. They have created a separate section on their website named “Forex Education”. In this section, they have uploaded a wide range of videos related to FX trade. Also, traders can find information related to the trading tools, MT4 videos, Tutorials, Trading strategies, EBooks, Beginners course, and lots more. 

Conclusion

HYCM is one of the best trading brokers you are ever likely to find. It is best for safe and reliable trading. They offer world-class security when it comes to deposits and withdrawals. They offer you the best VIP program in comparison to other brokers in the industry. With dedicated 24/7 customer service, they are sure to serve you well with all your queries. At the same time, the broker offers an enormous amount of free advanced features which is ideal for the newbie traders. They are constantly studying the behavior of traders, and are developing their trading facility accordingly. They even offer three different types of live accounts, each one special for a trader.