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HYCM Forex Broker Review
Last Updated: October, 2019.
If you are in the market for a high-class brokerage firm that has been around for ages and does not have the need to impress you with claims of greatness, then HYCM.com (formerly HYMarkets.com) may be the ideal choice for you in these uncertain times. The letters stand for “Henyep Capital Markets”, the retail-trading arm of the Henyep Group, a globally diversified conglomerate with over 40 years of operational experience in financial services, property management, education, and charitable activities. The firm is headquartered in London, but is also authorized and registered in London, United Arab Emirates, and Hong Kong and complies with regulatory agencies in each jurisdiction.
HYCM maintains a broad corporate footprint in over 20 countries and three continents. Regulatory compliance is above the industry standard with this broker, thereby ensuring peace of mind from the likes of the FCA in the UK, CySEC, the SFC in Hong Kong, the DFSA in Dubai, and by way of the MiFID for the European Union. Client funds are always safe, protected by regional compensation plans, by segregated trustee accounts in top-tier banks, and by external regulatory compliance. While safety and security are never an issue with HYCM, its quality of service has been recognized as above excellent, as confirmed by numerous industry awards that the firm has garnered since 2011. Each award over this period is detailed on the firm’s Home Page. Unfortunately, U.S. clients are not accepted at this time.
Since HYCM has over 40 years of operational experience on the global stage, it has longstanding banking relationships that can provide the best pricing for its diverse list of investment instruments. From forex to stocks, metals, commodities and indices, any trader would will be satisfied with the popular asset choices available and confident that he would be getting a cost advantage. Innovation and customer service are also major attributes of this firm, and its new proprietary trading platform is emblematic of its leadership position in international capital markets. You may also stick with Metatrader4 products, if that is your preference, but each platform offering is augmented with special features that only a firm like HYCM can provide. If you want professional quality, integrity, and excellence, then HYCM may be the right choice for you.
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Why trade with HYCM.com? The firm lists these reasons:
- A global leader with over 40 years of operational excellence and experience;
- Headquartered in London’s financial center and in full compliance with the FCA for over 20 years, as well as CySEC and other major global regulatory bodies;
- Full transparency in all matters, including client deposit protection from local compensation schemes, external audits, and the segregation of client deposits from operating capital in Tier-One banks;
- Broad global relationships with major liquidity providers that provide spreads as low as 1.8 pips for Mini accounts (as low as 1.5 pips for other accounts);
- Trade a full array of asset choices in currency pairs, stocks, indices, and commodities, all from one integrated account with access to all capital markets through their global network;
- Three separate account types to suit the needs of any individual, along with a free demo account and varying benefits according to amount of activity;
- Mini – Starts at $100 and up, with spreads as low as 1.8 pips and 200:1 leverage as an upper limit;
- Standard — Starts at $1,000, with spreads as low as 1.5 pips and leverage of 200:1, plus additional privileges;
- VIP – Designed for the institutional trader – Starts at $10,000 – STP ECN with no dealer desk, spreads can start at 1.5 pips and leverage can be 200:1, plus additional privileges;
- Free trading signals for Standard and VIP account classes;
- Rebates based on volume of trading criteria;
- Experienced bilingual support staff available “24X5” via live chat, email, fax, or phone, with a focus on excellence that only 40+ years of service can provide;
- Free trading education and one-on-one support;
- Significant investment in training and support materials, plus continuous commentary and market information, timely market information briefs, advanced charting systems, and technical analysis tools;
- No slippage or re-quotes;
- Stop loss orders guaranteed, even when volatile market conditions might prevent that guarantee with other brokers;
- Trading platforms are designed around the highly popular Metatrader4 series, augmented with additional features and mobile access;
Spreads and Leverage
For Mini accounts, spreads can begin as low as 1.8 pips, while for Standard and VIP accounts, the spreads can start at 1.5 pips or lower. Mini account leverage can be as high as 200:1, but higher account classes are reduced to 200:1 or lower depending on asset item. In some cases the firm will extend leverage as high as 200:1, but caution is advised since leverage can increase losses, as well as enhance gains.
The management at HYCM is proud to announce “PrimeTrader”, its new proprietary trading platform. However, if you are more comfortable with MT4, rest assured that HYCM has also aligned with Metatrader4 for its basic and web-based trading platforms. HYCM has also incorporated many innovative trading tools or widgets that can be accessed directly on its various trading platforms. HY Webtrader supports the iPhone, iPad and Android devices. The latest in 128-bit SSL encryption technology protects your personal and trading activity data from hacker intervention.
Deposits and Withdrawals
HYCM offers several convenient ways to deposit and withdraw funds. These methods include major Credit and Debit cards, Skrill (Moneybookers), WebMoney, and Bank Wire Transfers. All funds are protected through segregation in top-tiered banks and/or by national protection schemes. Regulatory compliance ensures that these high standards are maintained on a continuous basis. Withdrawal requests will always be handled promptly, as long as legally required documentation is current and on file. HYCM has received a good deal of praise on the Internet for how rapidly and easily it is to withdraw funds, always a good sign.
Beginners’ and Customer Support
HYCM has also won awards for delivering high quality customer service, from one-on-one direct support to multi-level training materials that cover a range of topics from basic training and education to advanced strategy development. Support can be accessed 24 hours a day, on any trading day throughout the world via live chat, direct phone line, fax, or email. Several languages are supported, including Russian, Chinese, Arabic, Hindi, and Urdu. Support materials are in abundance, as well, to suit all levels of client expertise from beginner to veteran.
HYCM (formerly HY Markets) has earned a global reputation among its peers for excellence and professionalism, as evidenced by a multitude of industry awards in every category of the broker’s operation. This broker is heavy on regulatory compliance, especially when it comes to protecting customer deposits, and, as a leader and innovator, there are few others that can surpass them at a higher level. As the HYCM website attests, “With over 35 years of operational history and under the leadership of a visionary management team, Henyep has become synonymous with professional and quality services. The Group is dedicated to delivering best-of-breed services to its clients and the community alike.” Going with a leader like HYCM will always be rewarding.Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.