HYCM, based in London, is a company that has been serving the financial market for over 40 years. In 1977, Henyep Group was established and started to provide services. With an outstanding trustworthy trading experience, the broker made sure that their global customer base is always satisfied with the services and the features offered by the broker.
In 1998, Henyep Capital Markets (HYCM) obtained an FCA license in the UK. The company’s headquarters are in London but serves investors from many different points of the world. HYCM also has offices in Hong Kong, Dubai, Kuwait and Cyprus.
An award-winning broker with the recent award given of the best forex broker in the middle east provided by the ForexExpo 2022 and more.
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
Regulation & Client Protection
HYCM is regulated by 4 different watchdogs: FCA in the UK, CySEC in Cyprus, CIMA and others.
Generally, the protection offered by the financial regulators in the forex markets makes it way easier and safer to trade with a regulated broker since regulation doesn’t only offer protection to the clients and their funds only, but also to the broker.
Luckily, a big name like HYCM seems to be well aware of that, with their genius experience in the market and their multinational database, it’s only normal to have only the big names in the financial regulator’s markets governing the broker and its activities.
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.
Client funds are a top priority for HYCM. As well as using segregated accounts, the clients are protected by the Financial Services Compensation Scheme (FSCS) for up to £85,000.00 and the Investors Compensation Fund (ICF) for up to €20,000.00.
The FSCS and ICF respectively are compensation funds of last resort for customers dealing with FCA and CySEC should the firm be unable to settle claims against it.
After all this information, I can say that HYCM has no problem with the regulation or client protection.
Account Types
HYCM Account Types
HYCM offers 3 different account types to their traders as they claim they make sure to cover all the needs of the different traders’ styles that trade with the broker for many years.
The HYCM account types offered are:
Fixed account: in this account, the minimum deposit presented is $100 where no commissions are added to the transactions done and the EA availability is not present. The fixed account has fixed spread rates of 1.5 pips. The minimum traded volume that can take place within the fixed account is 0.01 of the standard lot which means a micro lot. The option for an Islamic swap-free account is also available when you choose to trade with the fixed account type as is very suitable for believers of Islamic countries.
Classic account: the same minimum deposit is offered here as the fixed account of $100. EA availability is present with the option to trade with a micro lot as the minimum traded volume. The spread type in the classic account is the variable spread type where the spread range is 1.2 pips and no commission is added on transactions made with this account. The choice of having a swap-free Islamic account via the classic account is present and offered with HYCM.
Raw accounts: raw spreads are offered here where it reaches 0.1 pips however a commission is applied of $4 per round. The minimum deposit offered with the raw account is $200, which is more than the fixed and the classic account types minimum deposits. EA availability is also present here with the option to trade with a micro lot as the minimum traded volume. The presence of an Islamic account option to be opened through the raw account is also present.
The option to open and start a demo account with HYCM is also available as beginner traders, as well as professional ones, find it a perfect chance to test their knowledge as well as new techniques and strategies to implement in the real world of forex but to be tried out first with a demo account risk-free in order to grantee profit and the permission of the techniques.
Payment Methods
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. Wire transfer, credit card and e-wallet systems can be available as deposit and withdrawal methods.
Bank wire transfers take around 1-7 working days to process and there are no commissions added to this type of transaction.
For credit and debit cards, both include visas and MasterCard, where the processing time for them is up to 1 hour and also no commission is added.
Neteller and Skrill both require 1 house to process with no fees added.
Withdrawals take place through the same channels except the processing time for all of the withdrawal transactions is around 1 working day with no commission fees over it. However, some bank charges might apply in case of using the bank wire transfer to withdraw funds which HYCM made sure to mention to their customers to make sure they’re well aware of the process.
Also, withdrawals over $5,000 by using Skrill or Neteller are subject to a 1% processing fee.
Trading Instruments
HYCM Trading Instruments
HYCM is offering a good variety of trading tools and products to provide traders with different choices on how to diversify their trading accounts in order to distribute the risk and make sure the option for hedging and profiting on long and short positions is offered.
These trading instruments include:
Forex: 40+forex pairs are offered with raw spreads that start from 0.1 pips and maximum leverage offered of 1:500. When you trade with HYCM, you can trade major, minor and exotic forex pairs. Commission-free trades would take place except for the raw account with a commission of $4 per round on all different currency pairs.
Stocks: with the world’s leading names and companies in different sectors of the industry, you can trade stocks of major brands like Microsoft, Facebook, AT&T, Amazon and more. The maximum leverage offered for stocks trading is 1:20 and margins from only 5%.
Indices: where you can trade by guessing the rise and the fall of the prices and make a profit on going long or short positions on trades. Indices offer the chance to trade with 15+ of the world’s most popular indices including AUS200, China 300 Index CFD, EUR50, Germany 40 Index CFD, JPN225 and more. The maximum leverage offered by the broker when trading indices is 1:200.
Cryptocurrencies: with their rocket-speed improvements in recent days, cryptos are making a great tool for variety inversion into the trading profiles of not only beginner traders but professionals too. You can trade with cryptocurrencies with HYCM with 1:20 as maximum leverage presented and the chance to choose from the major known cryptos like Bitcoin, Ethereum, Litecoin and more.
Commodities: whether that was oil like BRENT CFD, natural gas like NATGAS CFD, Metals like gold, silver, copper, platinum and palladium, or even agricultural products like cotton, coffee, cocoa and more. All These products and more are available for trade with a maximum leverage of 1:133 where you can trade without owning the financial instrument on which the contract is based.
Trading Platforms
HYCM Trading Platforms
The markets’ most popular and preferred trading platforms are offered by HYCM which makes it easy and preferable for trades to choose to trade with the broker due to the presence of their favourite forex trading platform.
MT4 and its successor MT5 both are offered by HYCM. MetaTrader 4 (MT4) is the most widely used electronic trading platform and has been adopted as the financial market standard thanks to its cutting-edge technology.
The platform offers many opportunities for traders of all skill levels, together with advanced technical analysis, flexible trading systems and Expert Advisors, as well as mobile trading applications.
MetaTrader 5 (MT5) provides the next-gen of the technology of MT4 but with better and faster interphase. With more options to choose from and many more timeframes to choose from. MT5 provides the options of an economic calendar as well as Expert Advisors.
Conclusion
Conclusion
Throughout this HYCM review. it was clear that when it comes to regulations and licenses, HYCM has no worries in that regard, especially with two and more of the big names in the forex regulators markets including FCA and CySEC. In which both grantees have a high level of protection to clients’ funds in separate accounts.
The HYCM account types are 3 with different spread types ranging from fixed, raw and variable spread types. HYCM minimum deposit is $100 and the maximum leverage offered is 1:500.
HYCM provides a reasonable variety of trading tools and the supply of the forex market’s standard trading platform which is the MT4 and the MT5 are definitely representing another positive point in this HYCM review.
Different means for deposit and withdrawals provide the trades with the best and easiest means for each individual to deposit and withdraw funds in the fastest and smoothest way possible.
