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HYCM Review – Top Key Points 2021
HYCM Review 2021 Overview
HYCM (Henyep Capital Markets) is a part of Henyep Group, it is one of the oldest brokerages which founded in 1977 in Hong Kong. HYCM gives access to financial market trading and investment service to retail traders and institutions. The Henyep Group expands its service globally later on. This broker is globally regulated by two top-tier financial authorities. It offers a minimal selection of tradeable instruments, where the Forex market remains the main focus and fewer other instruments from stocks indices, gold & silver, Cryptocurrency, Commodities, and EFTs. Trading cost is higher than the industry average. HYCM research tools and educational materials are way behind industry leaders. It doesn’t feature any proprietary platform, only third-party trading platforms MetaTrader 4 & 5 and WebTrader are available.
Top Key Points from HYCM in 2021
HYCM broker is not featured in our 2021 top brokers lists, still, it has some potential features for traders. It is one of the oldest brokerage firms. Founded in 1977 years of financial market experience.
One of the oldest broker in the industry which founded in 1977, 40+years of financial market experience
Currently offering 69 currency pairs including major, minor, and exotic pair
Regulated in two tier-1 jurisdictions (FCA, SFC), two tier-2 jurisdictions, and one offshore entity SVG for cryptocurrency trading
is HYCM safe or a scam?
HYCM is one of the oldest online Forex and CFD broker, regulated by 2 top-tier regulatory jurisdictions. It was founded in 1977 and has more than 4 decades of financial market experience. In order to increase their credibility and gain acceptance among traders, they took authorization from the FCA (Financial Conduct Authority) in 1998, which allowed HYCM to offer a more secure, secure, and user-friendly trading environment. Another benefit of FCA-regulated brokers is, they also a member of the Financial Services Compensation Scheme (FSCS), under this scam up to £85,000 clients’ funds are protected, which means if anything goes wrong with these brokers traders will get up to £ 85,000 compensation funds.
HYCM operates in Europe under CySEC regulation which is compliant with the EU’s Anti-Money Laundering Directive, where up to € 20,000 clients’ funds are protected under The Investor Compensation Fund (CIF).
Clients Fund Safety: Client funds are kept segregated accounts for FCA, CySEC, and CIMA regulated clients with Tier-1 Banks, our FCA and CySEC client’s funds are protected by the Financial Services Compensation Scheme (FSCS), and the Investors Compensation Fund (ICF) respectively. HYCM is not a publicly-traded company and does not operate a bank. Additionally, HYCM provides negative balance protection. it never uses clients’ money for its own business activity due to regulations.
PROS:
- Founded in 1977, serving almost 111k clients worldwide with a wonderful reputation for more than 40 years
- Regulated by two tier-1 and two tier-2 regulatory institutions.
- Provides negative balance protection
HYCM Review: HYCM licenses
HYCM broker licensed globally from multiple regulatory institutions. Regulatory institutions as follow:
- Henyep Capital Markets (UK) Limited is authorized and regulated under the Financial Conduct Authority with reference number 186171.
- HYCM (Europe) Ltd is authorized and regulated under the Cyprus Securities and Exchange Commission under license number 259/14.
- HYCM Ltd is authorized and regulated under the Cayman Islands Monetary Authority under reference number 1442313.
- Henyep Capital Markets (DIFC) Limited is authorized and regulated by the Dubai Financial Services Authority with license number 000048.
Trading Instrument available at HYCM broker
HYCM offers fewer tradeable instruments compare to industry leaders like CMC MARKETS or SAXO BANK, XM GROUP each of them provides 10,000+ tradeable instruments. There are still opportunities to diversify your portfolio, especially when your main focus is trading Forex because HYCM offers 69 currency pairs including major, minor, exotic pairs with up to 1:500 leverage. But traders are looking for cross-asset diversification could be disappointed. Currently, they are offering 300+ tradeable instruments encompassing mostly currency pairs including popular markets and some exotic pairs as well as Forex, stock indices, cryptocurrency, commodities, and EFTs.
Please Note: Trading instruments available to you depend on your trading entity and trading platform. The MT5 platform offers more instruments than the MT4 platform
Cryptocurrency: FXCM provides Cryptocurrency trading through its offshore entity SVG (Saint Vincent and the Grenadines). Currently, it offers only 19 top cryptocurrencies. booming and it became one of the most evident assets class. Hopefully, they will add more cryptocurrencies pair in the future.
Indices: 28 indices available with 15 + most popular indices. You can trade indices with a maximum of 1:200 leverage.
The following table summarizes the different Instrument available at HYCM broker:
| Features | HYCM |
|---|---|
| Total Instruments | 347 |
| Copy Trading | Yes |
| Current Cryptocurrency | No |
| Cryptocurrency (CFD) | YES |
| Forex Pairs | 69 |
| Stocks | 149 (mt5) |
| Clues | 28 |
| Cryptocurrency | 19 |
| Commodities | 16 |
| EFTs | 19 |
Commissions and Fees
Trading Cost: HYCM offers both commission-based and commission-free account types. Total 3 account types are available at FXCM, these are Fixed, Classic, Raw.
Fixed and Classic accounts operate under a commission-free model, where spreads are much higher than the low-cost leaders like XM or Saxo Bank, and the Raw account has a $4 round commission and spreads start from 0.2 pips at EUR/USD pair. Fixed account types have 1.8 pips which is way higher. The classic account is commission-free with a minimum variable spread at 1.2 pips in EUR/USD pair. the spread gets wider when the market highly volatile especially on news, event time, etc. Overall RAW account has more advantages over the fixed and classic accounts.
Overall HYCM trading cost is expensive across the board, We are not recommending FXCM for discount traders or active investors.
| Features | Fixed | Classic | RAW |
|---|---|---|---|
| Minimum Deposit | $100 | $100 | $200 |
| Commissions | No | No | Yes |
| Average Spread at EUR/USD | 1.8 pips | 1.2 pips | 0.2 – 0.7 pips |
| Rebate program | Yes | Yes | Yes |
| Max Leverage | 1:500 | 1:500 | 1:500 |
Deposit and withdrawal fees
There are no fees while making deposits, but for making free withdrawals there are certain conditions. HYCM broker does not charge fees on withdrawals above US $300, however, there might be charges from the payment gateway that are then deducted from the amount that you will receive. And if you withdraw over $5,000 to Skrill or Neteller e-wallets you have to pay a 1% processing fee.
HYCM deposit options
HYCM withdrawal options
Multiple payment methods are available for funding. The minimum deposit amount is 100 units in the base currency, which translates to $100 for U.S. accounts. HYCM supports 5 different base currencies, these are USD, EUR, GBP, RUB, AED, and CAD.
Different deposit methods offered by HYCM :
- Bank Wire Transfer
- MasterCard, Visa
- E-wallets: Skrill, Neteller, and Webmoney
Trading Platforms and Tools available at HYCM
HYCM doesn’t feature any proprietary trading platforms instead they provide third-party trading platforms MetaTrader 4 and 5. At FXCM MetaTrader 5 has access to more trading instruments. You can download it and install it on your device, or you can use MT4 & 5 as a web platform without installing it. directly from the browser. Unfortunately, their MetaTrader 4 & 5 do not have any significant features that will keep them ahead of other broker’s platform offers.
| Features | HYCM |
|---|---|
| Proprietary Platform | No |
| MT4 | Yes |
| MT5 | Yes |
| cTrader | No |
| DupliTrade | No |
| ZuluTrade | No |
| NinjaTrade | No |
| Charting Indicators | 51 |
| Charting Drawing tools | 31 |
| Copy Trading | Yes |
| Demo Account | Yes |
| Islamic Account | Yes |
Attention: No fees for Deposit and Withdrawal also spread is highly competitive in the XM broker. Read our detailed review about the XM broker. Click Here.
Attention: No fees for Deposit and Withdrawal also spread is highly competitive in the XM broker. Read our detailed review about the XM broker. Click Here.
HYCM Review: Research Tools
HYCM publishes in-house research content under the NEWS category. HYCM provides slightly better research than the minimum for forex traders to conduct FX market research. Not to mention FXCM trails far behind market leaders like the XM GROUP research tool as they provide tons of content every day from the combination of their in-house experts and third-party resources.
Traders can access the popular automated technical analysis service Trading Central from the MT4 indicator to gather additional trading ideas. In the Market mood section, it produces a daily update market analysis. Analysis quality seems good to us as its explained market conditions and provides trade setups.
HYCM provides access to an economic calendar and multiple forex calculators for pips calculation, currency conversion, and margin calculation.
Copy-trading: Copytrading or social trading is becoming very popular day by day. They don’t have an integrated solution for copy trading. They provide copy trading services through MetaTrader, a third-party monitoring service.
| Features | HYCM |
|---|---|
| Market Insights | Yes |
| Technical analysis | Yes |
| Fundamental analysis | Yes |
| New | Yes |
| Trading Signals | No |
| Autochartist | No |
| Copy Trading | Yes |
| Forex calculators | Yes |
| Islamic Accounts | Yes |
HYCM Review: Education
HYCM has a separate dedicated section for education which provides basic and medium level educational materials for free, resources like beginner forex education courses, webinars, some useful basic ebooks about some essential topics, And a handful of video tutorials about Basic forex trading, We found content quality acceptable, and other resources also some of the best in class.
Courses: Depends on the experience level HYCM provides so many videos for beginner course and ten videos covering trading strategies. HYCM should add more contents to meet all experience-level traders.
HYCM Review: Customer support
Customer support is available 24/5 via e-mail, phone, and live chat. Typically support team replies in 5 minutes.
back to menu ↑ back to menu ↑HYCM Review: Conclusion
Overall, HYCM has a long-term operating history with top-tier regulations. Trading cost is little higher than industry leaders like XM Group or Saxo Bank. Educational resources won’t satisfy advanced traders. Unfortunately, the overall trading environment remains sub-standard and might be disappointing for advanced traders looking for cross-portfolio diversification and more tradeable instruments. HYCM broker isn’t featured in our 2021 brokers list.
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