An Official HYCM Review Of A Reputed Forex Broker
- Website: www.hycm.com
- Customer Service Tel: +44-208-816-7812
Dealing Room Tel: +44-207-330-9021
- Office address:
- 3rd Floor, 28 Throgmorton Street,
- London EC2N 2AN,
- United Kingdom
HYCM is the Forex brokerage division of Henyep Group, which began operations as a Gold and Silver exchange platform in Hong Kong during the late 70’s. HYCM has had an illustrious history in the financial markets and is one of the oldest companies in the industry with more than 35 years of experience to its name. Henyep Capital Markets (HYCM) was formerly known as HY Markets and had made a significant impact in the industry by offering numerous financial products ranging from Forex trading to investments. This HYCM review is designed to offer you better insight into the fine aspects of HYCM Forex trading operations including regulation, trading platforms, payment options, bonuses, and opening an account.
Which HYCM Account Suits My Trading Requirements?
HYCM trading accounts start from $100, and there are no maximum limits prescribed by the broker regarding account equity. Clients are provided a Micro account for the $100 initial deposit, which comes with access to 50 tradable assets and a maximum HYCM leverage of 1:500. The HYCM spreads for the micro account is also higher than the other accounts, and starts from 1.8 pips.
The Standard account with spreads starting from 1.5 pips can be opened using a minimum initial deposit of $1000, and HYCM clients can trade on 120 different financial instruments. Traders also receive trading signals on the Standard account; however, the maximum leverage is reduced to 1:300. A VIP account can be opened for initial deposits greater than $10,000 that has a similar set of conditions to the Standard account, but traders can enjoy certain VIP privileges.
Account funding and withdrawals can be performed through wire transfer, credit cards, WebMoney, UnionPay, or through local funds transfer. HYCM should consider adding more payment options, especially e-wallets such as Skrill and PayPal since modern day traders are shifting their focus away from conventional forms of payments.
Even though HYCM has been around for a few decades, they still don’t offer an ECN account, which is a huge surprise. The minimum amount of deposit required for a Micro account is also higher than the conventional Micro accounts available with competing brokers, which can prevent small traders from choosing HYCM as their preferred FX trading partner. HYCM spreads are also significantly higher, especially since other leading STP and market maker brokers offer spreads starting from 1 pip.
Is My Trading Capital Protected With Good HYCM Regulation?
The Henyep Group has its representative offices in several parts of the world. HYCM is primarily situated in the UK, but its branches are scattered across countries such as Cyprus, Hong Kong, Dubai, and Kuwait. HYCM is regulated by the FCA (in the UK) as well as the CySEC (in Cyprus), which are two of the major regulatory agencies in the FX market. HYCM is authorized by the MiFID derivative to offer FX products and services in mainland EU and to the EEA contributors. Therefore, HYCM is a highly reliable broker that guarantees the safety of its clients’ funds by keeping the money in segregated accounts in the top banks of EU. HYCM also offers protection under the FSCS and ICF schemes that are designed to compensate traders in the event a broker faces bankruptcy or liquidation. The FCA and CySEC are highly proactive in ensuring that all member firms adhere to the best financial conduct to protect the integrity of the markets. Member companies of EU regulatory agencies are also required to have sound financial statements and should perform routine audits through certified third-party organizations to ensure that the financial reports offer accurate insight into the broker’s financial transactions.
HYCM regulation is also enforced by DIFC in Dubai that is mainly aimed to cater to the ultra-rich clientele from the Middle East. DIFC is one of the lesser known regulatory organizations that is highly intent on protecting the welfare of the Middle Eastern investors, which makes it a highly respected authority in the Gulf region.
Walk Me Through The HYCM Trading Platforms
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HYCM offers a branded trading platform known as the PrimeTrader that provides the entire 120 different assets through a robust and user-friendly trading platform for desktop users. The PrimeTrader was launched only recently, and the platform is still in its initial phase of testing and implementation. Being a new platform, PrimeTrader is bound to have a few bugs and issues. Therefore, it is only recommended for traders who trade with a small percentage of their equity and lower leverage, as it is easy to face significant losses if the platform freezes during high-volatile events.
For more stability in your trading, you can also choose the MT4 terminal as the HYCM platform, which is the best option for professional traders and scalpers without worrying about the platform freezing up during a trade. MT4 is a tried and tested platform, and there are rarely any issues with the software. HYCM mobile trading platforms are merely MT4 apps designed for the iOS and Android devices, as HYCM does not offer any branded mobile trading platform. All trading interfaces are connected to fast and efficient servers, but being a market maker model, traders should expect re-quotes and slippages, as well as extra wide spreads during both low volume and high-volatile sessions.
HYCM Loyalty Program & Customer Service
The broker used to provide an HYCM bonus for traders making a deposit into their live trading account, but it seems that the broker no longer offers any bonus due to the conflict of interest with clients. Bonuses also make it difficult to make a withdrawal, as traders are required to satisfy all the terms and conditions of the bonus before initiating a withdrawal, and more often than not, traders and their brokers always get into a conflict regarding the applicable rules and policies. Nevertheless, HYCM is following the footsteps of other FX brokers by offering a loyalty program that provides a cash rebate by accumulating certain lot conditions. Such a loyalty bonus program is free of any terms or conditions, which allows clients to withdraw their loyalty bonuses without any strings attached.
Clients can contact HYCM through three different forms of customer support channels, direct phone, email, and live chat. HYCM has been in the business for a long time and is aware of the significance of improving customer satisfaction by listening to their clients. FCA and CySEC regulation also ensures that brokers should resolve customer complaints in a professional manner according to the stipulated rules and guidelines. If you are in the market for a trusted and reliable Forex broker that offers the market maker model, HYCM is a good choice.