HYCM, based in London, is a company that has been serving on the financial market for many years. In 1977, Henyep Group is established and is starting to provide services.
In 1998, Henyep Capital Markets (HYCM) obtained FCA license in the UK. The company’s headquarters is in London, but serves investors from many different points of the world. HYCM also has offices in Hong Kong, Dubai, Kuwait and Cyprus.
HYCM is well known throughout the world as one of the brokers. The company’s official website has more than 500,000 visits per month. In addition, they have a certain credibility because they are placed in the finance market which is longer than 40 years. It has been awarded many awards by reliable and independent organizations in this process.
I reviewed HYCM based on the following criteria.
- Strong regulations (FCA, CYSEC)
- Competetive spreads
- Offering fixed spreads
- Supports copy trading platforms
- Maximum levarege is low compared to other brokers
- Payment methods are limited
What are the account types and spreads offered by HYCM? Are account types offered by HYCM advantageous for investors? What are the deposit and withdrawal methods? Do investors face a problem with withdrawals? Is HYCM a reliable broker or scam? In this HYCM review, you can find the answer to all these questions.
Regulation & Client Protection
As you can see in the table below, HYCM is controlled by 4 different watchdogs: FCA in the UK, CySEC in Cyprus, SFC in Hong Kong, DFSA in Dubai.
Especially FCA and CySEC are well known and reputable brokers by forex traders. Because obtaining a license from FCA and CySEC is a difficult process. These regulators have very strict rules.
For example; FCA-licensed brokers have to keep in €730,000 bank accounts separate from client funds and company’s operation accounts. To achieve this, the company has to have financial strength over a certain level. FCA-regulated brokers are also members of the Financial Services Compensation Scheme (FSCS). FSCS offers further protection to investors; clients’s funds are protected up to £50.000, in the case of the company goes bankrupt. Similar security mechanisms are also applied to CySEC licensed brokers.
After all this information, I can say that HYCM has no problem with regulation or client protection.
Account Types and Spreads
Account Types & Spreads
HYCM has 3 different types of accounts for investors. The main difference between these account types is spreads. As you can see in the table below, there are Fixed Account type offering fixed spreads, Classic Account type offering variable spreads and Raw Account type offering ECN spreads.
All account types have a swap-free option, also known as an Islamic account. Because of religious sensitivities, some Muslim investors prefer swap-free accounts due to they do not want to earn or pay interest. But you have to apply for it. After that, the broker may ask you to document your belief and also have the right to refuse your application. The minimum trade size for all account types is 0.01 lot and the maximum leverage is 1: 200.
The advantage of Fixed Account is that it offers fixed spreads. In this way, investors who do not want to encounter problems such as widening spread can trade more successfully. In this account type, spreads are 1.8 pips and this is very competetive while most FCA-licensed broker offers around 2-3 pips as fixed spreads.
The Classic Account type is like the standard account types in other brokers. Variable spreads are presented by the broker. In the Classsic Account type and Fixed Account type, the minimum deposit is $ 100 while it is $ 200 in the Raw Account.
The Raw Account type has the same purpose as the ECN account types offered by other brokers. In this account type, the broker offers very low spreads and adds commission. This type of account is highly competitive both in terms of spreads offered and minimum deposit required compared to other brokers.
To summarize, the types of accounts and spreads offered by HYCM are quite competitive, but it is not possible to say the same thing for leverage.
Payment Methods at HYCM
I can say that although there are not many ways to deposit and withdraw money at HYCM, it will meet the needs. As you can see in the table below, wire transfer, credit card and e-wallet systems can be available as deposit and withdrawal methods.
You can use Neteller, Skrill and Webmoney from popular e-wallet systems. However, the fastest method to make a payment is credit/debit card. HYCM does not charge any deposit and withdrawal fees. However, the bank that you are working with may be charged.