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FOREX.com vs HYCM (Henyep) 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between FOREX.com and HYCM (Henyep)? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, FOREX.com ranks more highly than HYCM (Henyep).

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall RatingFOREX.comHYCM (Henyep)IG
Overall Rating8.7 / 107.7 / 109.7 / 10
Account TypeFOREX.comHYCM (Henyep)IG
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountYesYesNo
Copy TradingFOREX.comHYCM (Henyep)IG
Social Trading / Copy TradingNoNoYes
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencyFOREX.comHYCM (Henyep)IG
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)FOREX.comHYCM (Henyep)IG
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)FOREX.comHYCM (Henyep)IG
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsFOREX.comHYCM (Henyep)IG
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingNoNoYes
Social Trading / Copy TradingNoNoYes
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesYesYes
ETFYesNoYes
U.S. Stocks (CFD)YesYesYes
Trading PlatformsFOREX.comHYCM (Henyep)IG
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)YesYesYes
MetaTrader 5 (MT5)YesYesNo
Regulatory LicensesFOREX.comHYCM (Henyep)IG
Tier-1 Licenses427
ASIC Authorised (Australia)NoNoYes
IIROC Authorised (Canada)YesNoNo
FCA Authorised (U.K.)YesYesYes
SFC Authorised (Hong Kong)NoYesNo
MAS Authorised (Singapore)NoNoYes
FINMA Authorised (Switzerland)NoNoYes
CFTC Registered (USA)YesNoYes
Tier-2 Licenses222
Tier-3 Licenses111
Research, EducationFOREX.comHYCM (Henyep)IG
Trading Central (Recognia)YesYesNo
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesYesYes
AutochartistNoNoYes
Investor Dictionary (Glossary)YesYesYes
Videos - Beginner Trading VideosYesYesYes
Client Webinars (Archived)NoYesYes
Trading CostsFOREX.comHYCM (Henyep)IG
Minimum Initial Deposit$100$100£250.00
Average Spread EUR/USD - Standard1.0 (July 2022)0.6 (Sept 2021)0.86 (September 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)0.6 (Sept 2021)0.5957 (September 2022)
Active Trader or VIP DiscountsYesYesYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)YesNoYes
Trading ToolsFOREX.comHYCM (Henyep)IG
Watchlists - Total Fields20714
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)2033033
Mobile Charting - Indicators / Studies883033
Trust FactorsFOREX.comHYCM (Henyep)IG
Year Founded199919771974
Publicly Traded (Listed)YesNoYes
BankNoNoYes
Authorised in European UnionYesYesYes
Trust Score998699
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FOREX.com vs HYCM (Henyep) Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare FOREX.com vs HYCM (Henyep).

Can I trust FOREX.com?

FOREX.com has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.

Can I trust HYCM (Henyep)?

HYCM (Henyep) has a trust score of 86, giving it a "Trusted" trust label.

Is FOREX.com a good broker?

Is HYCM (Henyep) a good broker?

HYCM has a long history of offering share trading, forex, and CFD markets globally. A trusted broker that primarily offers the MetaTrader platform, HYCM delivers competitive pricing on its Raw account, as well as access to Trading Central and third-party plugins.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. FOREX.com is IIROC Authorised (Canada), FSA Authorised (Japan), FCA Authorised (U.K.) and CFTC Registered (USA), while HYCM (Henyep) is SFC Authorised (Hong Kong) and FCA Authorised (U.K.)., neither have ASIC Authorised (Australia), CBI Authorised (Ireland), MAS Authorised (Singapore), FMA Authorised (New Zealand) and FINMA Authorised (Switzerland)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, both FOREX.com and HYCM (Henyep) are CySEC Authorised (Cyprus) and DFSA / Central Bank Authorised (UAE)., neither have CBRC Authorised (China), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa) and SEC Authorised (Thailand). When comparing tier-3 licenses both FOREX.com and HYCM (Henyep) are CIMA Authorised (Cayman Islands)., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

For trading platforms FOREX.com supports a Proprietary Platform and Desktop Platform (Windows), whereas HYCM (Henyep) supports a Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade

Does FOREX.com offer MetaTrader? Does HYCM (Henyep) offer MetaTrader?

Both FOREX.com and HYCM (Henyep) offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.

How do FOREX.com and HYCM (Henyep) differ in terms of minimum deposit? What about average spreads and funding options?

FOREX.com requires a minimum deposit of $100, while HYCM (Henyep) requires a minimum deposit of $100. From our testing we found FOREX.com offers spreads of 1.0 (July 2022), while HYCM (Henyep) offers spreads of 0.6 (Sept 2021). FOREX.com supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where HYCM (Henyep) supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, FOREX.com or HYCM (Henyep)?

FOREX.com offers a more diverse selection of investment options than HYCM (Henyep) allowing you to trade Forex Trading (Spot or CFDs), Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD)., neither have Spread Betting and Social Trading / Copy Trading Looking at total tradeable symbols, FOREX.com has 5500, compared to 245 from HYCM (Henyep).

Can I trade cryptocurrency with FOREX.com or HYCM (Henyep)?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither FOREX.com nor HYCM (Henyep) allow you to trade physical cryptocurrencies.

Who offers more research tools, FOREX.com or HYCM (Henyep)?

In terms of research and research tools FOREX.com gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Trading Central (Recognia). In comparison HYCM (Henyep) has the tools listed here: Daily Market Commentary, Forex News (Top-Tier Sources) and Trading Central (Recognia)., neither have Autochartist and Social Trading / Copy Trading

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