Losses can exceed deposits

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HYCM Review

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HYCM is a forex and CFD trading broker. They give traders access to major markets like currencies, indices, commodities and shares. For traders interested in cryptocurrencies like Bitcoin, HYCM is one of the few brokers that also offer cryptocurrency CFDs.

Pros

  • Segregates client funds
  • Established in 1977
  • Regulated by Financial Conduct Authority
  • Min. deposit from $1

Cons

To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, HYCM offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 186171). HYCM puts all client funds in a segregated bank account and uses tier-1 banks for this. HYCM has been established since 1977, and have a head office in UK.

Before we dive into some of the more detailed aspects of HYCM’s spreads, fees, platforms and trading features, you may want to open HYCM’s website in a new tab by clicking the button below in order to see the latest information directly from HYCM.

Visit HYCM

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

HYCM screenshot Open a demo account

Losses can exceed deposits

What are HYCM's spreads & fees?

Like most brokers, HYCM takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on HYCM’s website. The colour bars show how competitive HYCM's spreads are in comparison to other popular brokers featured on BrokerNotes.

HYCM
EUR/USD (Average: 0.7 pips) 0.2 pips 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 2.7 pips 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 2.5 pips 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 2.7 pips 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 3.0 pips 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 3.0 pips 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 3.9 pips 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 4.2 pips 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, HYCM’s minimum spread for trading EUR/USD is 0.2 pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with HYCM vs. similar brokers.

See all Spreads

How much does HYCM charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with HYCM at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $15.1. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .

IG XTB AvaTrade
Spread from: $ 6.00 $ 2.00 $ 7.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 6.00 $ 2.00 $ 7.00
$4 less $1 more
Visit IG Visit XTB Visit AvaTrade

All fees/prices are for informational purposes and are subject to change.

What can you trade with HYCM?

HYCM offers over 10,000 different instruments to trade, including over 90 currency pairs. We’ve summarised all of the different types of instruments offered by HYCM below, along with the instruments offered by XTB and AvaTrade for comparison.

FX / Currencies IG XTB AvaTrade
# of forex pairs offered 90 48 59
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies* Yes Yes Yes
Commodity CFDs IG XTB AvaTrade
# of commodities offered 34 21 16
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs IG XTB AvaTrade
# of stocks offered 8000 1606 99
UK shares Yes Yes Yes
US shares Yes Yes Yes
German shares Yes Yes Yes
Japanese shares Yes Yes Yes
See IG's InstrumentsSee XTB's InstrumentsSee AvaTrade's Instruments

What’s the HYCM trading experience like?

1) Platforms and apps

HYCM offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. HYCM also offer their custom HYCM platform.

HYCM Screenshot

HYCM also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See HYCM's platforms

2) Executing Trades

With HYCM, the minimum and maximum trade requirements vary depending on the trader and the instrument.

As a market maker, HYCM may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that HYCM offers its traders below.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Low min deposit

Accounts offered:

  • Micro account
  • Mini account
  • Standard account
  • Islamic account

Funding methods:

  • Credit cards
  • Bank Transfer
  • PayPal
  • Payoneer

3) Client support

HYCM support a wide range of languages including English, Chinese, Arabic, and Russian.

HYCM has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.

4) What you’ll need to open an account with HYCM

As HYCM is regulated by Financial Conduct Authority , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore HYCM’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with HYCM you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results. *Availability subject to regulation.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.hymarkets.com/ on 01/10/2021.