HYCM.com, formerly known as HY Markets, is a member of the Henyep Group, an international conglomerate with more than 30 years’ experience in providing financial services. Choosing this broker guarantees peace of mind, as they have an international reputation for reliability and trustworthiness.
HYCM is able to offer traders a wealth of trading opportunities, from stock and commodities to a long list of currency pairs. Both novice and more experienced traders can benefit from the services of such a market leader. With sections of the site dedicated to trader education, a selection of account types, segregated accounts, excellent customer service, a selection of MT4 & MT5 trading platforms, low spreads, and much more, there is bound to be something for everyone.
HYCM has its base in London but is also represented in a number of other countries including Hong Kong, Cyprus, Kuwait, and the United Arab Emirates. The list of its regulatory compliances is pretty impressive, with licences issued by the FCA in the UK, the SFC in Hong Kong, and the DFSA in Dubai. By virtue of their compliance with MiFID, they are also authorised to operate throughout Europe.
- Henyep Capital Markets (UK) Limited – authorized by FCA (UK) registration no. 186171
- HYCM (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 259/14
- Henyep Capital Markets (DIFC) Limited – authorized by DFSA (Dubai) registration no. F000048
- HYCM Ltd – authorized and regulated under the Cayman Islands Monetary Authority registration no. 1442313
HYCM provides easy access to the world’s capital markets anytime, anywhere through their web-based trading platform, industry-leading MetaTrader 4, or HY MT4 Mobile platforms.
Prime Trader is HYCM’s brand new, multi-asset, flagship platform. It offers multiple markets and products, integrated pricing, charts & trade screens, guaranteed stop/loss available, complete online account management and advanced charting.
Three different account types to choose from, but unfortunately no demo account.
To suit the needs of a broad range of traders, there are currently three different account types to choose from. The lack of a demo account is a little disappointing, but the low minimum deposit means you shouldn’t have to risk too much real money in order to start trading. The three accounts to choose from are as follows:
|Micro account||Standard account||VIP account|
|Minimum deposit $100||Minimum deposit $1,000||Minimum deposit $10,000|
|50 tradeable products||120 tradeable products||120 tradeable products|
|Minimum order size 0.01 lots||Minimum order size 0.01 lots||Minimum order size 0.01 lots|
|Leverage up to 200:1||Leverage up to 200:1||Leverage up to 200:1|
|Minimum fixed spread 1.8 pips||Minimum fixed spreads 1.5 pips||Minimum fixed spreads 1.5 pips|
|Trading signals available||Trading signals available||Trading signals available|
|Mobile trading supported||Mobile trading supported||Mobile trading supported|
|Islamic account an option||Islamic account an option||Islamic account an option|
HYCM Trading Fees and Conditions
There are three primary account types at HYCM to suit the needs of any individual, defined as Fixed, Classic and Raw Spread Accounts. As it is obvious from the names, HYCM uses either a fixed spread model with slightly higher spread, means commissions are not charged on trades. Or as an option to stick with variable nature spreads, or even raw spreads provided by interbank with commission per trade.
Generally speaking, fixed spreads worth considering for those that prefer to rely on stability even during volatile news. Therewith, Islamic trading accounts are available for traders who wish to trade the markets based on Islamic principles.
HYCM overnight fee
HYCM overnight fee or a swap rate determined by the overnight interest rate is involved in a long opened position, whether it is a buy ‘long’ or sell ‘short’. The fee originally varies from the currency to another, as for example EURUSD buy order will equal -3.25%, while selling will add 1.25% respectively.
Also, what you should consider is inactivity fee, meaning HYCM will charge 10$ per month in case trading account has no activity for a certain time.
HYCM leverage actually, depending under which regulation and jurisdiction trading account complies with. The high leverage up to 1:500 opens the path to the smaller retail traders, as a quite small initial deposit will cover margins, yet this level is allowed only for Dubai accounts and those that comply to CIMA (Cayman Islands). The rest, and the majority of HYCM accounts will fall under European ESMA regulation, which recently limited leverage to a maximum of 1:30 for Forex instruments.
HYCM Deposits and Withdrawals
There are plenty of ways to consolidate trading account, as well to withdraw funds from the account further on. HYCM’s clients can use regular bank cards Visa/MasterCard, Wire Bank Transfers and various electronic system WebMoney, UnionPay, Neteller, Skrill, etc.