The HYCM brand is a member of the Henyep capital holdings group with several office locations in the UK, Hong Kong, Dubai, and Cyprus.
HYCM is an international forex and CFD broker with industry-leading platform integration.
The trading fundamentals are covered in this review, and these include minimum deposit requirement offered by HYCM.
The company’s trading services are open to over 135 countries including Australia, India, and Malaysia. Services are, however, not open to Clients from the USA and Canada.
TRADING PLATFORM REVIEW
HYCM comes with three distinct trading platforms and we’ll discuss them below:
META TRADER 4
Meta trader 4 is rather easy to use and suitable for traders of all experience levels, which is good news for beginners.
It is available for software download, and can also be used on Mobile.
It comes with a plethora of useful features:
- It comprises of Interactive charts with about 30 technical indicators alongside nine timeframes
- It offers one-click trading directly from the chart.
- Tracking of all orders and open positions available in the terminal interface.
- It offers three execution modes, four pending orders, and two market order types
HYCM in partnership with trading central now provides financial analytics on the meta trader 4 platforms. Clients can install the trading central indicators to keep track of market movements and determine their preferred strategy.
META TRADER 5
The meta trader 5 is an upgrade to meta trader 4, and clients can use this in place of the MT4. It has additional features not found in MT4 and boasts of powerful analysis. Some of the added features are:
- Two order account modes
- Three chart types in line with your choice
- Six types of pending orders alongside 21 timeframes
- Over 80 technical indicators and graphical objects
It’s noteworthy that MT4 brings 31 graphical objects to the table while MT5 supplies 44.
Scalping is however not permitted with this broker.
With the aid of Expert advisors, users can enhance their trading strategies in MT4 and MT5.
Third-party bridges are not needed and automated trading is guaranteed 24/5.
MT4 and MT5 are available on web trader. Clients have the liberty to trade on the platform without a software download. This web-based solution is compatible with ALL operating systems.
It is important for clients to note that some currency pairs are only available on the MT5 platform and absent on MT4.
Cryptocurrencies are not offered and as present, NASDAQ index is not provided.
HYCM however offers several asset classes for trading:
- Forex – Almost 70 currency pairs are available for trading.
- Indices – 28 global indices
- stocks – 10 major companies
- commodities – about 17 commodities are offered and they include gold and oil.
MT4 and MT5 are available on Mobile applications and they can be downloaded on iPhone and Android devices.
DEPOSIT AND WITHDRAWAL
The minimum deposit for investing is $100 and payments do not attract fees.
Deposits are accepted through bank wire (1-7 days processing, minimum $250), plus Visa, WebMoney, Neteller, and Skrill (up to 1-hour processing, minimum $20).
PayPal is not accepted.
The same payment routes and processing time are offered in the withdrawal process except in bank wire which has a minimum of $300 with a processing time of between one to five days.
It should be noted that when withdrawing over $5,000 a 1% fee is charged from Skrill or Neteller.
The HYCM demo account is funded with $50000, which remains valid for 14 days only.
Upgrading to real money after 14 days is quite easy.
USD or EUR currencies are offered
HYCM is strongly regulated by four financial authorities:
- The Financial Conduct Authority (FCA)
- The Dubai Financial Services Authority (DFSA)
- The Cayman Islands Monetary Authority (CIMA)
- The Cyprus Securities and Exchange Commission (CySEC).
HYCM is on par with larger brokers such as IG, FXTM, FXCM in online comparison.
HYCM client’s losses cannot be greater than the original deposit as they enjoy negative balance protection.
The HYCM website is available to clients 24/7, although trading hours depend on the market. For instance, the majority of forex pairs can be traded from 22:01 – 20:00 (GMT), Sunday to Friday.
Clients can access quick and efficient support delivered quickly through the website, live chat, or through:
Contact number – +442088167812
Telegram – @henyep
Support staff are quick to respond to queries and are knowledgeable about the products and platforms offered. The broker is also active on Facebook and LinkedIn and can be reached through those platforms.
A market news section is delivered, plus an economic calendar and forex calculators.
PROS AND CONS OF HYCM
HYCM has several perks. Some of the perks observed include
MT4 and MT5 integration
Regulation from multiple financial bodies
An abundance of educational resources, massively useful to the clients
Uncomplicated investment management
Rapid withdrawal process
Cryptocurrencies trading is not available
The monthly charge for inactivity.
In the end, is HYCM really a reliable legitimate broker?
The simple answer is YES. It is a genuine firm and not a scam at all. Customer support is offered 24/5 for all clients and clients enjoy negative balance protection. The broker also attracts positive reviews online. This broker has account types to suit a range of clients including beginners, it is user friendly, plus uncomplicated deposits and withdrawals for easy trading.
HYCM is recommended as it is safe and easy to use. If you’re looking to know if HYCM is good, hopefully, this review will help you make a well-informed decision.