Have you been looking for a reputable Forex broker to help you start trading currencies? If so, HYCM is worth checking out. As one of the longest-standing forex brokers, HYCM has been providing trading services since 1977. Regulated in several major jurisdictions, HYCM offers a secure trading environment for over 200,000 clients worldwide.
Whether you’re a beginner or an experienced trader, HYCM has something for you. You’ll find a wide range of currency pairs, metals, indices, shares, and commodities to trade on their platforms. The best part is you can get started with a low $100 minimum deposit and tight spreads from 0.2 pips.
In this article, you’ll learn everything you need to know about HYCM to decide if they’re the right broker for your needs. So, let’s dig into this article.
An Overview of HYCM
HYCM (formerly HY Markets) is a reputable global broker that has been around since 1977. Regulated by CySEC in Cyprus, HYCM offers traders access to over 100 financial instruments across forex, commodities, stocks, indices, and cryptocurrencies.
To get started, you’ll need to make a minimum deposit of just $100. HYCM offers several account types with tight spreads and no commissions on most trades. You can fund your account and make withdrawals using credit/debit cards, bank wire, Skrill, Neteller, and more.
HYCM has a lot to offer traders of all experience levels. You’ll find major, minor, and exotic currency pairs, popular stocks like Apple and Facebook, key commodities such as oil and gold, and leading indices like the S&P 500. For crypto enthusiasts, HYCM offers CFDs on Bitcoin, Ethereum, Litecoin, and other digital currencies.
Regulation and Security of HYCM
When it comes to regulation and security, HYCM ticks all the boxes. As a globally regulated broker, HYCM complies with strict financial regulations to ensure client funds and information are protected.
HYCM is authorized and regulated by the Cayman Islands Monetary Authority (CIMA). They are also regulated in the UK by the Financial Conduct Authority (FCA), in Cyprus by the Cyprus Securities and Exchange Commission (CySEC), and in Dubai by the Dubai Financial Services Authority (DFSA). These regulations require HYCM to segregate client funds, maintain minimum capital requirements, and ensure transparent and fair dealing with clients.
To keep your information and money safe, HYCM uses industry-standard security protocols like SSL encryption for data transmission and two-factor authentication for account access. They also offer negative balance protection so you’ll never lose more than you deposit.
With solid regulation, advanced security features, and a proven track record of safeguarding clients since 1977, you can trade with confidence knowing your interests are well protected. The peace of mind that comes from trading with a reputable, globally regulated broker is worth its weight in gold.
What you Can Trade on HYCM?
When you open an account with HYCM, you’ll have access to trade a variety of financial instruments. HYCM offers more than 100 tradeable assets including:
Trade major, minor, and exotic currency pairs with tight spreads and no hidden fees. HYCM is a leader in forex trading with 40 years of experience. They offer competitive pricing, fast trade execution, and in-depth market analysis to help you make informed trading decisions.
HYCM allows you to trade shares of major companies like Apple, Facebook, and Tesla with zero commission. They offer a wide range of US and UK stocks as well as stocks from Germany, Netherlands, France, and Spain. Whether you want to trade tech stocks, healthcare, financials, or any other industry, HYCM has you covered.
Trade stock market indices from around the world including S&P 500, Nasdaq, FTSE 100, DAX 30, and Nikkei 225. HYCM offers index trading with leverage up to 1:300 so you can potentially generate big profits from small price movements.
HYCM offers trading on commodities such as gold, silver, oil, and natural gas. Commodities can help diversify your portfolio and hedge against inflation. HYCM provides competitive spreads and flexible leverage up to 1:300 on select commodities.
For those interested in trading digital assets, HYCM offers CFD trading on major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple. Cryptocurrency markets are open 24/7 so you can trade anytime at HYCM.
Fees of HYCM
HYCM offers competitive fees compared to other brokers. To get started, you’ll need to make a minimum deposit of just $100. HYCM accepts a variety of payment methods for both deposits and withdrawals, including:
- Bank wire transfers
- Major credit/debit cards (Visa, Mastercard)
- UnionPay (for Chinese clients)
Deposits are free and most withdrawal fees are waived for one withdrawal per month. Additional withdrawals incur a small fee of around $10 to cover bank charges.
The minimum trade size is 0.01 lots and spreads are variable, depending on market conditions. HYCM’s average spreads are:
- EUR/USD: 1.0 pips
- USD/JPY: 1.2 pips
- GBP/USD: 1.5 pips
- USD/CAD: 2.0 pips
For traders who prefer more leverage, HYCM offers leverage up to 400:1. While higher leverage means bigger potential profits, it also means bigger potential losses, so trade carefully.
Demo VS Pro Account on HYCM
|Purpose||Practice and Learning||Live Trading|
|Account Funding||Virtual Funds (Simulated)||Real Funds|
|Risk & Performance||No Real Money Risk||Potential for Profits and Losses|
|Features||Basic Tools, Simulated Market Conditions||Advanced Tools, Tighter Spreads, More Assets|
HYCM Customer Support
When you need help or have questions, HYCM’s customer support team is available 24 hours a day, 5 days a week. They offer support in multiple languages via phone, email, and live chat.
HYCM’s phone support is available 24/5 and you can call them anytime. Their phone numbers are:
- UK: +44 203 769 1919
- UAE: +971 4566 0328
If you prefer to email HYCM’s support team, you can reach them at email@example.com. They aim to respond to all emails within 24 hours. Be sure to provide as much detail as possible in your email to get the most helpful response.
For quick answers to your questions, HYCM’s live chat feature is very useful. You can access live chat 24/5 directly through their website. Their chat support team can assist you with general questions, technical support, and account queries.
HYCM customer service representatives are knowledgeable, and professional, and strive to resolve any issues you may have. Their support in multiple languages ensures that traders from all over the globe can get the help they need. The availability of phone, email, and live chat provides you with options to contact them in your preferred method.
Is HYCM Legit or a Scam?
When it comes to forex and CFD trading, you want to make sure you’re using a legit broker you can trust. HYCM, which stands for Henyep Capital Markets, is a global broker that has been operating since 1977. While they were formerly known as HY Markets, they rebranded to HYCM in 2018.
HYCM is regulated and authorized by several top-tier regulators, including the UK’s Financial Conduct Authority (FCA), Cyprus’ CySEC, and the DFSA in Dubai.
These regulations require HYCM to segregate client funds, report transactions, and maintain certain capital requirements. This helps provide you security and peace of mind that your money and information will be handled properly.
Pros and Cons of HYCM
Trading with HYCM offers some notable benefits, but also some potential downsides to be aware of:
- Regulated by CySEC and follows MiFID standards. Your funds and information are secure.
- Low minimum deposit ($100) and competitive spreads. Accessible for new traders.
- Wide range of tradable assets including forex, stocks, indices, commodities, and cryptocurrencies. There’s something for every trader.
- Choice of trading platforms (MT4, MT5, WebTrader) suitable for beginners and pros.
- 24/5 customer support via phone, email, and live chat. Help is there when you need it.
- Limited education resources compared to some other brokers. You’ll need to do your own research.
- Higher than average non-trading fees like inactivity fees. Make sure you understand all costs.
HYCM is a reputable and well-regulated broker that gives you access to a wide range of markets and competitive fees. The minimum deposit is affordable and customer support is there when you need it.
Overall, HYCM seems like a solid choice if you’re looking for an accessible broker to get started with or continue your trading journey.