HYCM Reviews

United Kingdom, FCA

Site: https://www.hycm.com

The HYCM brand has grown to be well recognized among traders and investors in the financial industry. As part of the Henyep Group, the company builds its business on a foundation of 3 decades of operational history. For traders who are unfamiliar with the Henyep Group, they first began operations in 1977 as a member of the Hong Kong Gold and Silver Exchange Society. The group is also associated with the Hong Kong Futures Exchange in 1986 as one of the founding members.

Who is HYCM regulated by?

FCA (license 186171) – The Financial Conduct Authority is a financial regulator which regulates the activities of brokers on the Forex market, thereby protecting the interests of investors and traders. The main goal of the organization is the support and maintenance of the integrity of the UK financial industry. FCA regulates the activities of Henyep Capital Markets, whose office is in London (license 186171).

CySEC – Cyprus Securities and Exchange Commission – a regulator of financial markets operating on the foreign exchange and stock market (in Cyprus and EU countries) and enforcer of subsequent control, audit of subordinate companies, detection of offenses by the company and further transfer of materials for subsequent proceedings in government agencies, the imposition of penalties in case of violations (disciplinary and administrative). CySec regulates the business of HYCM (Europe) Ltd (license number 259/14).

Regulated by: FCA/ CySEC
Headquarters: United Kingdom
Foundation: 1977

Where and how does it operate?

The company operates globally and offers its services to everyone but citizens of countries such as Japan, USA, Hong Kong, Belgium, and Afghanistan. HYCM clients are offered a variety of investment instruments: currency pairs, precious metals, stocks, indices, commodities and more. Around the clock qualified support is available for traders in several languages, in addition to loyalty programs, contests, competitions, trust management, and PAMM accounts. You can use the economic calendar, news, charts, currency converter to your liking.

For rookie players, the website provides free educational material like training videos and webinars. The company offers a wide range of trading platforms: the popular MetaTrader 4, HY Webtrader, HY MT4 Webtrader, and HY Pro Trader (for professional traders and investors, provides direct access to stock quotes), as well as their mobile versions. To test the capabilities of a broker and get a taste of what is to come, you can use a free demo account.

Trade with: stocks, indices, commodities, currencies, precious metals
Free educational material
Trading platform: MetaTrader 4, Webtrader variations
Demo account available

What are the account types?

There are 3 different account types at HYCM:

  1. Fixed

    • Minimum deposit: $100
    • Leverage: up to 1:200
    • Spread: from 1.8 points
    • Minimum lot: 0.01
    • Islamic accounts: yes
  2. Standard

    • Minimum deposit: $100
    • Leverage: up to 1:200
    • Spread: from 1.2 points
    • Minimum lot: 0.01
    • Islamic accounts: yes
  3. Raw

    • Minimum deposit: $200
    • Leverage: up to 1:200
    • Spread: from 0.2 points
    • Minimum lot: 0.01
    • Islamic accounts: yes

Are there any bonuses or promotions?

Each company trader can get 2 types of bonuses:

  • • 25% bonus on a deposit. To take part in the promotion, you need to replenish your account with at least $1,000. Be sure to clarify the conditions of participation in the promotion with your personal manager.
  • • Rewards via the bring a friend program. The program was developed by HYCM in order to reward traders for support and active recommendations to their friends. So, if the trader’s friend follows the recommendation and actively works on the platform, opens a real account and starts earning, the trader will receive a bonus of up to $250.

How do I deposit and withdraw?

In order to make your first deposit, it is necessary to go through the registration procedure at the broker’s site. Deposit the minimal amount of $100 or more by choosing the most convenient method. You can use modern payment systems – from the usual bank cards to electronic wallets:

  • • Bank transfers
  • • Credit cards
  • • Electronic payment systems like Skrill, WebMoney, Neteller

The account opens either in USD or EUR. The money is immediately available in the account for trading after the payment. Withdrawal is possible only for authorized traders, carried out up to 4-8 business days (bank transfers) or instantly (e-wallets). All payments through electronic payment systems are free of charge. Bank transfers have commissions, but the official website has a list of partner banks, cooperation with which will reduce these costs.

Conclusion

HYCM has certainly earned it place on the market considering the 40 years of experience that the company has. Unfortunately, all that time spent operating does not guarantee it will be any better than the competition, which it isn’t. Most of what the company provides you with is enough to sustain your trade operations for a bit, but as time passes, you will begin to notice some of the drawbacks. The conditions that the site offers for trade aren’t exactly satisfactory, the customer support team can prove to be hard to reach at times. HYCM also has very few bonuses available for its clients, which is usually enough to push away first timers looking for a bigger piece of the free pie.

  • 40 years of experience
  • 3 account types
  • Average customer support
  • Multiple withdrawal methods
  • Wide choice of platforms
  • Mediocre bonuses
  • Limited FAQ section

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Comments

4 I love making money, but for some reason it felt like it turned into a chore for me after using the provided platform for a while. I understand it is possibly already outdated, and the new MT5 has a lot of benefits, so I will be looking for a broker with that platform. Maybe I failed at reading the documentation, but the platform doesn’t work for me. Can’t work with it.
4 For me, operation execution time is one of the most important factors. Maybe it is because I use the web platform all the time, but I usually experience higher than normal execution time on trades. This obviously plays a big role in whether ill make a profit or lose money. I tried to bring this issue up a couple of time with the support managers, but they don't seem to be bothered by it as much as I am. Other than that, it's mostly good.
4 I made more than I ever expected trading currency pairs, and will probably continue doing so, considering my luck so far. This is my 3rd week trading and things are going good so far. Will try withdrawing sometime in the near future.
4 I was expecting to double my investment within 2 weeks. I suppose doing some legit research before committing my money would be a smarter move. But what is done is done. I have lost over half of my initial deposit, and only now am I learning some important moments that will help me avoid making the same mistakes. Use demo first guys if you don’t want to lose everything.
4 HYCM has been great to me since I joined this summer. Without investing too much time and effort, I am able to secure myself a steady secondary income. Even though it isn’t that big, it definitely makes a difference. Perhaps ill even start investing more of what I save into this broker. It’s been good so far.
5 2 weeks of trading was enough for me to understand that this broker isn’t for me. Choosing a broker because the site looks good isn’t a good choice after all. Admittedly, I wasn't really aware of what I was doing
4 Mediocre broker. I have issues contacting the support team, and withdrawing is such a hassle. This is not how you keep clients.
4 This broker is quick to respond to my help requests, but the problem remains with my withdrawals. Either my requests don’t go through, or they are completed, but with a different sum. Something shady is going on the last few weeks for me and HYCM. I'm trying hard to withdraw the small profit that I made, but it seems that is against their wish.
5 So far so good. Even though my last withdrawal took 5 days, the amount is always as expected, and the customer service is great and informative. I didn’t have a single problem contacting them so far and reaching someone that could help me. Start with a demo account and LEARN to trade. This is a slow process, but worth it.
4 You would think that 40 years of experience on the market would mean that HYCM had an edge over its competitors, but that just doesn’t seem like the case. Everything just seems average to me. The low entry point for all account types is nice, but that’s about it.

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