Though HYCM is a highly reputable and sought after online trading brokerage, how do you know if they are right for you? After all, choosing the best broker for your needs is one of the most important decisions a trader can make. Therefore, we have conducted an in-depth HYCM Broker Review so that you can decide whether or not to trade with HYCM.
HYCM customers can choose to sign up with either a Fixed, Classic, or a Raw account with this broker. The MT5 offered by HYCM comes with an integrated economic calendar and news stream, for better fundamental analysis. As far as technical analysis goes, it covers some 21 timeframes.
Markets Mt4 Trading Review
Traders can easily switch between the two platforms from HYCM’s client portal. Traders should keep in mind that the minimum first deposit is $100 for Fixed and Classic accounts and $200 for Raw accounts.
Regulation is usually a sensitive issue with online FX/CFD providers. Many such operators seem to try to avoid the matter altogether when advertising their products. If you want to compare HYCM with other brokers, use the detailed comparisons below. Trade on the FX market with flexible leverage and dynamic market spreads. on both platforms, with a rating of 4.4 stars on Apple’s app store and 4.5 stars on Google’s Play Store, however, the number of reviews is limited. not available – traders need to make transactions of at least 1 share. not available with this online broker, unlike some of its competitors.
HYCM Top MT4 Broker has been offering MT4 from the get-go. The level of customer care and support provided by HYCM is phenomenal. Support representatives are available 24 hours a day, 5 days a week and customers can contact them via telephone, email, and live chat. The support reps are always very quick to respond and friendly and informative with responses. Additional methods of support include an extensive FAQ page, an education knowledge base, and educational webinars. All in all, the customer support by HYCM is very good.
Because before working for this company I had only tried traditional spreads and it seemed to me that that was all there was to it. So I started my own blog and began to tell there about the strategies I use in trading. 10 of them have already registered using my affiliate link. In HY Affiliates reviews, I also read that it comes on the 15th of each month.
Traders can choose from a wide variety of FX currency pairs and enjoy extremely tight spreads on all the major currency pairs. ECN account holders can further reduce their spreads to as low as 0.5 pips.
There are mobile versions of MetaTrader 4 for Android/iOS, as well as an application for online trading HYCM Web Trader. The source of this information is the website and the broker’s trading platform listed in the Web section of this review. Please verify whether the broker is authorized to provide its services in your country of residence in accordance with the legal regulations that apply to its business. This account requires a deposit of $10,000 and has no limitations. As a VIP you are treated as a VIP meaning your wish is pretty much their command, within reason of course. They have a solid platform to trade from and offer an HYCM MT4 mobile app for most types of phones.
Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm. The reference materials in the standard format HY markets wiki are placed in a separate section of the HYCM website, but in general − nothing special. For large customers, insurance from Lloyd’s of London up to $ is possible if HYCM is not able to resolve claims brought against it. HYCM reports on all customer transactions through UnaVista, the international platform and DTCC , which gives customers additional legal guarantees. The company is an active participant in the anti-money laundering program by FATF standards, so be prepared to thoroughly verify the legality of the proceeds. Henyep Capital Markets, depending on the jurisdiction, is licensed by the FCA in the United Kingdom, CySEC in the European Union and CIMA in the Cayman Islands.
Is Hycm Halal?
Therefore, not only are client funds protected, but their personal information is protected as well. Overall, the HYCM online trading brokerage is one of the most secure, fair, and transparent trading brokers around. HYCM is a very well-established online trading brokerage who has been providing reputable trading services to clients all around the world since 1977.
It’s easy to upgrade to a real-money account after the 14 days. Traders in Russia welcome HYCM Facts & Figures Trade on the financial markets with low cost, leveraged products at HYCM. I opened a Raw account because I found it most suitable for scalping.
- See the fee structures for the different account types below.
- And I couldn’t find a company that would provide me hybrid commission terms.
- See the accounts and their parameters overviewed below.
- I made more than I ever expected trading currency pairs, and will probably continue doing so, considering my luck so far.
The HY Group of companies is one of the most established firms in the financial industry that has been around for more than 30 years. Although the broker only started offering brokerage services way back in 1999, HYCMcan be considered as one of the pioneers in the financial markets. HYCM has its headquarters in major financial capitals of the world, including London, Singapore, and Dubai. HYCM provides its users with 3 trading platforms and access to 6 key products, including currency, companies and commodities. Opening an account requires as little as $100 to trade, with all deposits receiving a 25% bonus. Their new education centre also offers videos and tutorials to help improve your trading chances.
Henyep Capital Markets Limited is authorised and regulated under the Financial Conduct Authority with reference number . HYCM is a division of The Henyep Group, an international corporation with over 40 years of operational history. The group’s roots lie in Hong Kong, where Henyep Gold Dealers founded as a member of the Hong Kong Gold and Silver Exchange Society in 1977.
These platforms are available to download, as browser-based solutions or as mobile apps. The HYCM brand incorporates four companies regulated by four different financial authorities. These authorities are the UK Financial Conduct Authority ; the Dubai Financial Services Authority ; the Cayman Islands Monetary Authority ; and the Cyprus Securities and Exchange Commission . Swap-free / Islamic accounts are not charged interest overnight for the first 14 days a position is open. HYCM also charges a $10 monthly inactivity fee on accounts that have been dormant for 90 days.
No fewer than 6 pending order types are also part of the package. retail investor accounts were losing money when trading CFDs with this provider. As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website. As you can see, HY Markets’s minimum spread for trading EUR/USD is 2.0 pips – which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with HY Markets vs. similar brokers.
With an intuitive dashboard, the tool uses powerful algorithms to scan the markets and identify trading opportunities across FX, stocks, indices and commodities. For users tight on time, the feature can help traders find market opportunities and make more informed trading decisions. Spreads vary with account type and are broadly competitive. For example, EURUSD is offered at 1.8, 1.4, and 0.2 pips on Fixed, Classic and Raw accounts, respectively. Raw accounts have a $4 commission per round on forex trades and some commodities. Our broker review was pleased to see that fees are in line with the industry.
The longer you stay in CFD or FOREX trade, the more fees will accumulate, making the final amount rather hefty. The benchmark fee takes into account commissions, spreads and financing costs. Except for a slight difference depending on your country, non-trading fees are low to non-existent.
Hycm Login And Security
HYCM offers a demo account funded with $50,000 in virtual cash, which remains active for 14 days. The account uses the MT4 platform and can be opened in USD or EUR currencies.
All in all, traders will not be disappointed with the MT4 trading platform provided by HYCM. HYCM has certainly earned it place on the market considering the 40 years of experience that the company has. Unfortunately, all that time spent operating does not guarantee it will be any better than the competition, which it isn’t. Most of what the company provides you with is enough to sustain your trade operations for a bit, but as time passes, you will begin to notice some of the drawbacks. The conditions that the site offers for trade aren’t exactly satisfactory, the customer support team can prove to be hard to reach at times. HYCM also has very few bonuses available for its clients, which is usually enough to push away first timers looking for a bigger piece of the free pie. FCA – The Financial Conduct Authority is a financial regulator which regulates the activities of brokers on the Forex market, thereby protecting the interests of investors and traders.
Conduct in-depth technical & fundamental market analysis across a large selection of trading instruments from multiple asset classes. HYCM doesn’t have the broadest offering of assets of any broker, but they do have a reasonably diverse offering, with 5 different asset classes and over 300 different individual assets. Assets Offered – Currently they offer forex, stocks, indices, cryptocurrencies, commodities, and ETF’s. The broker is regulated by both CySEC and the FCA and it also have other international subsidiaries.
Despite sales people trying too hard sometimes, the account should be ready within the same day – without complicated procedures involved. At the time of the review HYCM hasn’t offered any stock and ETFs directly. As a listed company at the Warsaw Stock Exchange, XTB should be expected to go the extra mile to ensure transparency of its operations. Among XTBs regulators are the FCA & Polish Regulatory authorities. or find your next broker using our free interactive tool. To start the process of opening an account with HY Markets you can visit their website here.
Finally, we’ve listed some of the popular funding methods that HY Markets offers its traders below. HY Markets offers over 10,000 different instruments to trade, including over 90 currency pairs. We’ve summarised all of the different types of instruments offered by HY Markets below, along with the instruments offered by XTB and AvaTrade for comparison. The commisions and spreads displayed below are based on the minimum spreads listed on HY Markets’s website.