HYCM Review 2020

HYCM Rated 3/5
learn more Learn more about eToro. 75% of retail investor accounts lose money when trading CFDs with this provider.
HYCM Review Screenshot

HYCM Guide - Read our In Depth HYCM Review

This HYCM review was written by industry experts with over 20 years of financial experience in Forex, CFDs.
The content in this HYCM review does not apply to US users.

What is HYCM?

HYCM are an a global online financial trading platform and multi asset broker founded in 1977

Over 43 years later HYCM has grown to offering retail investors Forex trading, and CFDs trading.

HYCM are a global broker and have a head office in UK.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

We will dive deep in this HYCM review and assess how well the HYCM platform functions in its role as an international multiple financial asset trading platform for traders in 2020.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. Choosing an online broker like HYCM can be difficult. For a beginner, the first few hurdles can come in the form of what appears to be a complex mobile or online trading platform, hard to understand investment terminology and confusing fee structures. In our review of HYCM we breakdown the pros and cons. What HYCM are able to offer, what countries HYCM are available in. Who HYCM are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

This is why we have taken the time to review only the best brokerage firms, their practices, their fee structure and all other important aspects. We want you to evaluate and analyse and trust your hard-earned cash with only the safest and best of brokers. We hope you find this HYCM review useful.

This review of the HYCM platform is very detailed. If you are interested in trading with HYCM in any capacity please take the time to read and research the whole HYCM review.

We have tried to explain the ins and outs of financial trading through the HYCM platform as plainly as possible so that you the trader are as informed as possible before you start to use the HYCM trading tools and depositing and withdrawing funds from HYCM.

Benefits of trading with HYCM

Open HYCM's Website

Losses can exceed deposits

Investing online can be just as risky as any other kind of offline investment. As with any investment, it is important to know and research the company you are dealing with. When trading financial assets with HYCM like Forex trading, and CFDs trading. you should have confidence in HYCM and know that the management of your financial investments on the HYCM platform is in good hands.

At the bottom of this HYCM review you can also learn about some pretty good alternatives to HYCM

With this HYCM review we hope to help you see if HYCM is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding HYCM that will help you get off to a good start in the world of online trading.

HYCM Review Table of Contents

HYCM review
HYCM is a Multi-Assets Trading Platform with over 100+ Assets

Learn more about HYCM. HYCM is a multi asset platform with 100+ tradable Assets. Assets available on HYCM include Forex, CFDs.

HYCM trades in multiple financial asset types. An asset in financial investment, is any security or asset, tangible or intangible, that has a financial value attached. This means that Forex, CFDs are considered financial assets.

HYCM review
Features of HYCM

HYCM review
What you should know

HYCM offer two ways to trade: Forex, CFDs.

With HYCM you will need a minimum deposit of $100. You can sign up for a demo account to acquaint yourself with HYCM platform.

HYCM are able to accommodate various levels of traders whether you are experienced or a beginner.

HYCM review
Are HYCM safe?

When choosing a broker like HYCM the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 1977, and in operation for 43 years HYCM have a head office in UK.

HYCM is regulated. This means HYCM are supervised by and is checked for conduct by the Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048 regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to HYCM, this will be honored. If HYCM violate any regulatory rules their regulated status could be stripped.

HYCM review
Is my money safe with HYCM?

Any payments funded to HYCM accounts by traders are held in a segregated bank account.

For added security HYCM use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

What are Tier 1 banks and why should HYCM use them?

A Tier 1 bank is considered the safest and most secure regarding client capital. Tier 1 is actually a term describing the financial strength of a bank. A Tier 1 bank has strong core capital reserves and financial regulators utilize tier one banks because they are able to withstand unexpected financial losses.

What does it mean to have your funds in HYCM deposited in a Tier 1 bank?

Having any money you deposit with HYCM means that your funds are safe in a bank that has enough capital to accommodate your withdrawal wishes even if HYCM goes out of business for some reason.

Therefore, we can safely conclude that HYCM is secure and safe.

That said, please note that you can lose funds when trading in financial assets. Accounts can lose money due to either not putting enough effort into researching the markets, lack of experience or not using the tools provided by the brokerage platform.

While trading in financial investments, losing money rapidly due to trading Forex, CFDs is not uncommon. Only take the risk of trading when you understand that your invested capital is at risk any time due to market volatility. HYCM also clearly state on their platform that Losses can exceed deposits.

Now that we have answered some important questions regrding HYCM. let us look at the HYCM features in more detail.

Try creating two accounts when you are working with HYCM. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit HYCM

Losses can exceed deposits

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

How HYCM as a Company Compare Against Other Brokers

Broker HY Markets eToro IC Markets XTB
Year Established 1977 2006 2007 2002
Head Office UK Cyprus, UK Australia Poland
Regulation Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048 Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG)
Used By 10,000+ HYCM users 12,000,000+ eToro users 60,000+ IC Markets users 250,000+ XTB users
Negative balance protection No Yes Yes Yes
Guaranteed Stop Loss No No No No
Learn More Visit HYCM Visit eToro Visit IC Markets Visit XTB
Risk Warning Losses can exceed deposits 75% of retail investor accounts lose money when trading CFDs with this provider. Losses can exceed deposits 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

HYCM review
HYCM Pros and Cons

What we like about HYCM

  • Used by over 10,000 HYCM users and traders
  • Established in 1977
  • Regulated by Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048
  • Min. deposit from $100

What we don't like about HYCM

HYCM review
HYCM Regulation and Licensing in more detail

We have checked and HYCM is regulated and supervised by reputable organisations. You are able to check every HYCM supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with HYCM. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect HYCM traders and provide a safe trading environment.

HYCM is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as HYCM you should be sure they're legitimate online agent.

HYCM review
Is HYCM Global?

Yes, HYCM is global as HYCM is available in over 194 countries.

HYCM is a global trading platform in the sense that it operates in 194 nations including nations in Europe, Asia, Oceania, and Africa. Major countries HYCM covers include the UK, Germany, Australia, South Africa, Thailand, the United States and China. HYCM has a total of more than 10,000 users.

HYCM review
HYCM Awards

HYCM have won numerious industry awards over the 43 years they have been operating as a financial broker. We list the most notible awards and mentions for HYCM below.

  • FXDailyInfo Best Forex Broker Europe 2017 Winner
  • World Finance Best Broker Middle East 2017 Winner
  • Global Brands Magazine Best Forex Broker Dubai 2017
  • World Finance Best Mobile Trading Platform 2017 Winner
  • FX Report Best Retail Platform 2015

HYCM review
HYCM Fees Explained

  • HYCM withdrawal fees varies on payment method
  • HYCM does charge a fee for inactive accounts.
  • HYCM doesn't charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company, brokers may charge clients various fees.

How HYCM Fees Compare Against Other Brokers

Broker HY Markets eToro IC Markets XTB
Min Deposit 100 200 200 0
Withdrawal Fees Varies Yes No varies
Inactivity Fees Yes Yes No No
Deposit Fees No No Varies No
CFD Commission Fees No No Yes Yes

HYCM review
HYCM Minimum Deposit

HYCM require a minimum desposit of 100 GBP/USD when opening an HYCM trading account.

A minimum deposit is the minimum amount of money required by HYCM to open a new online brokerage account with them.

Dont be scared off by brokers like HYCM charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

HYCM review
HYCM Withdrawal Fees

HYCM withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees and processing times.

HYCM for example allow you to withdraw your funds to to a verified PayPal account, a Skrill account, a Payoneer account, a Neteller account, and a bank account via a wire transfer.

HYCM review
HYCM Inactivity Fees

HYCM does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

HYCM review
HYCM Desposit Fees

HYCM does not charge deposit fees.

Some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

HYCM review
HYCM Commission Fees

HYCM does not charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

HYCM review
What can you trade with HYCM?

Be aware that Different entities under HYCM Brand offer different trading instruments due to regulatory restrictions. Trading instruments offered may differ based on the country of residence of the Client.

You can trade a wide variety of instruments with HYCM over 100 instruments infact.

If you are looking at trading currency pairs HYCM offer over 40 currency pairs.

Compare HYCM with eToro and IC Markets below.

Losses can exceed deposits

How HYCM Trading Options Compare Against Other Brokers

Broker HY Markets eToro IC Markets XTB
Instruments Available 100 2000 232 4000
Platforms MT4, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac MT4, Mirror Trader, Web Trader, Tablet & Mobile apps
FX / Currencies        
Forex pairs offered 40 50 65 50
Major Forex pairs Yes Yes Yes Yes
Minor Forex pairs Yes Yes Yes Yes
Exotic Forex pairs Yes Yes Yes Yes
Cryptocurrencies Yes Yes Yes Yes
Commodity CFDs        
Commodities Offered 10 0 19 21
Metals Yes Yes Yes Yes
Energies Yes Yes Yes Yes
Agricultural Yes Yes Yes Yes
Indiced & Stock CFDs        
Stocks Offered 10 957 100 1696
UK Shares No Yes No Yes
US Shares Yes Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes
Risk Warning Visit HYCM
Losses can exceed deposits
Visit eToro
75% of retail investor accounts lose money when trading CFDs with this provider.
Visit IC Markets
Losses can exceed deposits
Visit XTB
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

HYCM review
Trading on HYCM web platforms and other applications

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

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


See HYCM's platforms

HYCM review
Is the HYCM Trading Platform Secure?

HYCM safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. HYCM also urges its clients through its web platform to always look for the SSL security sign (a lock sign) o the browser while operating HYCM.

HYCM review
HYCM Trading Platform Options

Once you have logged into your HYCM account you will see the below trading platform options available to you.

  • MetaTrader 4 (MT4)

HYCM does not offer the MetaTrader 5 (MT5) trading platform. If you are looking for a online platform that does support MT5 click here

HYCM does not offer the cTrader trading platform. You can find a broker that supports cTrader here

Lets explore each of these trading platforms in detail and what options HYCM gives you.

HYCM review
HYCM MetaTrader 4 (MT4)

HYCM MetaTrader 4

MetaTrader 4 also known as MT4 is the number one trading platform on the planet and has been in active use on financial markets since 2005. The MetaTrader 4 software delivers a feature-rich, user-friendly interface and an extremely customisable trading environment, designed to ful fill all of your trading needs and boost your trading performance. Charting functionality and advanced order management tools make certain you could monitor your positions quickly and economically.

Understand that the MetaTrader 4 (MT4) trading platform was developed primarily to trade Forex but you can also trade other types of financial instruments through CFDs and Spread Betting. You will not be able to trade Stocks, Indices, Commodities, ETFs, Futures on any MetaTrader 4 (MT4) platform unless they are CFD contracts or Spread bets. You will not own any underlying assets with CFDs or Spread bets as you are speculating on price movements with HYCM. You can learn more about the MT4 Platform here.

You can start using the MetaTrader 4 platform with HYCM in multiple formats including through an online web platform, Through a downloadable application for Windows PC's and Apple Macintosh computers. HYCM MetaTrader 4 is compatible with the latest macOS Mojave. HYCM allows traders to trade on mobile devices through Android and IOS devices like the iPhone.

Metatrader 4 Webtrader on HYCM

MetaTrader 4 is the most popular trading platform in the world as most and more traders begin to trade online Metatrader 4 is available as a web based application available through your web browser. MetaTrader 4 web software provides the same easy to use performance as the desktop version using advanced charting, a highly customisable trading environment, easy to access online trading tools and many different indicators. You can enjoy our Raw Pricing trading environment without a Dealing Desk from anywhere in the world.

Trade HYCM MetaTrader 4 on IOS Devices

You can download the HYCM app or also trade with HYCM through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program for free of charge from Apple's App Store. IC Markets customers have instant access to this Financial markets, with the ability to completely manage a Portfolio on the go.

Trade HYCM MetaTrader 4 on Android Devices

Andorid mobile devices and tablets are used by millions of people globally. HYCM provides its clients access to the MetaTrader 4 platform on Android supported devices so that customers can monitor the financial marketplace and trade directly from their Android-based Smartphones and tablets. The Android HYCM MetaTrader 4 Android application enable traders to make the most of multiple advanced trading features which enables them to monitor and trade Forex quickly on the go, simply and securely.

Trade HYCM MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators is a Bundle of three Major indicators including:

  • Analyst Perspectives - A go-to resource for leadership and key levels.
  • Adaptive Candlesticks - Identifies chart patterns which illustrate important changes in demand and supply.
  • Adaptive Divergence Convergence (ADC) - Much like MACD however useful at shorter lengths and provides more timely signs.

HYCM MetaTrader 4 Advanced Trading Tools

The HYCM advanced trading tools for MetaTrader 4 are aimed at improving the total trading experience and providing traders with a competitive advantage. HYCM offers access to 20 exclusive tools which includes feature rich trade execution & management programs, sophisticated notification alarms, messaging facilities, innovative market data & more.

Trade HYCM MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal provides a intuitive easy to use dashboard where traders can administer and supervise several trading accounts. MultiTerminal will let you manage over 100 Accounts simultaneously allowing you to place market orders, pending orders, view live market prices and track all accounts and equity at real time. All Trading accounts must be in on the same MetaTrader server. MultiTerminal doesn't support Automated Trading scripts like Expert Advisors.

HYCM MetaTrader 4 AutoChartist

HYCM Autochartist provides the world's first Market Scanner available for MT4 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Gone are the days of launching a lot of graphs on which you can't remember which currency you're taking a look at. Autochartist offers a simple user interface that can be customized to suite how you like to trade.

HYCM Trading benefits :

  • Allows scalping
  • Allows hedging
  • Low min deposit

HYCM Trading Accounts Offered :

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

Can I try HYCM before I buy?

HYCM offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Losses can exceed deposits

HYCM withdrawal and funding methods.

Please note that the list of payment methods below depend on the HYCM Entity and the Clients Country of Residence.

HYCM offer the below funding payment methods. learn more about HYCM

  • Credit cards
  • Bank Transfer
  • PayPal
  • Skrill
  • Payoneer
  • Neteller
Broker HY Markets eToro IC Markets XTB
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal Yes Yes Yes Yes
Skrill Yes Yes Yes Yes
Payoneer Yes No No Yes
Neteller Yes Yes Yes Yes

How can I start trading with HYCM?

When opening a trading account with HYCM, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on HYCM trading platforms here.

Losses can exceed deposits

Performing trades with HYCM

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 have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

HYCM Leverage and HYCM CFDs Explained

let's take a look at some of the basics of using HYCM leverage.

HYCM offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

HYCM leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the HYCM trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The HYCM leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

HYCM CFDs are typically used for short to medium term trades. For example HYCM intraday trading.

Limit Risk When Trading with HYCM Stop Loss, HYCM Stop Limit Orders

A stop-loss order is an order placed with a broker like HYCM to buy or sell once the stock reaches a certain price. A stop-loss is designed to limit a traders loss on a security position.

Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage. Circumstances differ depending on the trade and the markets.

Education resources at HYCM

To trade effectively with HYCM, it's important to get a have a good understanding of the HYCM trading tools and the markets.

HYCM offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with HYCM.

Take time to look around the HYCM platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at HYCM

HYCM support a wide range of languages including English, Chinese, Chinese (Traditional), Arabic, and Russian

HYCM have a triple AAA grade support rating because they offer a wide range of languages, live chat, email and phone support.

HYCM customer service support multiple languages from all over the world. Having a broker that can hire people from various locations in the world who can better communicate with you in your local language is a huge advantage well trying to deal with issues.

Livechat Support at HYCM

We tested the HYCM live chat and it works well. We sent messages to HYCM livechat through their app and website and recieved a response within 3 minutes.

We tested communicating with HYCM support in multiple languages in multiple countries. HYCM where able to quickly resolve our customer issues.

Email Support at HYCM

We sent several emails to HYCM and answer times overall were excellent. The fastest response from HYCM was less than 2 minutes and the slowest response was 3 hours. Support response times may vary for you with HYCM, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall very good email support from HYCM.

Phone Support at HYCM

We called HYCM and the call was answered very quickly. The call was answered in less than 1 minutes.

The HYCM phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual HYCM team by calling in varying languages. HYCM made an effort to make sure our queries were answered.

Overall great phone support from HYCM.

See how HYCM Support Compares Against Other Brokers

Broker HY Markets eToro IC Markets XTB
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Chinese, Chinese (Traditional), Arabic, and Russian English, German, Spanish, French, Italian English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish
Learn More Visit HYCM Visit eToro Visit IC Markets Visit XTB
Risk Warning Losses can exceed deposits 75% of retail investor accounts lose money when trading CFDs with this provider. Losses can exceed deposits 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What you will need to open an account with HYCM

As HYCM is regulated by Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048, 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:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under HYCM Brand may be different.

  • 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 3 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 the HYCM trading platform 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.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.hymarkets.com/ on October 19, 2020.

HYCM review
Watch this HYCM Explainer Video

HYCM review
Is HYCM A Good Broker?

We spent over 3 months examining HYCM in depth. Although we found some very useful aspects of the HYCM platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative HYCM broker.

  • HYCM have a good track record of offering Forex, CFDs.
  • HYCM has a history of over 43 years.
  • HYCM has a reasonable sized customer support of at least 10.
  • HYCM are regulated by Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048. This means HYCM fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • HYCM have regulation from a Tier 1 reputable country.
  • HYCM has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • HYCM have an international presence in multiple countries. This includes local HYCM seminars and training.
  • HYCM are able to hire people from various locations in the world who can better communicate in your local language.

HYCM Risk Disclaimer

Losses can exceed deposits

HYCM review
HYCM not quite right?

If after reading this HYCM review, HYCM does not fulfill your needs check out these HYCM Alternatives.

Click here to view the best HYCM Alternatives

We have spent years researching the best alternatives to HYCM. Click the links below to learn more.

If you feel some of the above HYCM are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of HYCM alternatives below.

HYCM review
Related HYCM Vs Comparisons

We have covered allot in this HYCM review, If you want to see how HYCM compares side by side with other brokers check out our HYCM Vs pages.

If you would like to see how HYCM stands up against other brokers you can read some of our HYCM comparisons below. We compare side by side some of our top rated HYCM versus comparisons. Read our indepth HYCM VS pages below.

HYCM review
HYCM Frequently Asked Questions

Can I try HYCM before I buy?

HYCM offer a demo account so you can try the HYCM platform before you put down a payment. Learn more here

What funding methods do HYCM accept?

Please note that the list of payment methods below depend on the HYCM Entity and the Clients Country of Residence.

HYCM offer the following funding payment methods accept Credit cards, Bank Transfers, PayPal, Skrill, Payoneer, Neteller, Wire Transfer, among other payment methods.
Learn more here

Losses can exceed deposits

Is HYCM safe?

HYCM are considered safe as they are regulated by and checked for conduct by the Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048. Any payments funded to HYCM accounts by traders are held in a segregated bank account. For added security HYCM use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is HYCM trading good?

HYCM is considered good and reputable to trade with HYCM. HYCM is used by over 10000 active traders and HYCM users. HYCM offers Forex trading, and CFDs trading. Minimum deposit with HYCM is 100.

Is HYCM trading Legit?

HYCM was founded in UK in 1977. HYCM has been facilitating trade on the financial markets for over 43 years. HYCM offers clients Forex trading, and CFDs trading. All funds deposited to HYCM are held in segregated tier 1 bank accounts for security. HYCM is regulated by Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048 so can be considered legit.

Is HYCM a good broker?

HYCM is overseen by the top tier financial regulators Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048 so can be considered a good broker. HYCM allows Forex trading, and CFDs trading.

Is HYCM trustworthy broker?

HYCM can be considered trustworthy. All money funded to HYCM is placed into a segregated tier 1 bank account. this means your money in not held by HYCM directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also HYCM is regulated by Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048.

What is the minimum deposit for HYCM?

The minimum deposit to trade with HYCM is 100.

How long do HYCM withdrawals take?

Withdrawing money from HYCM processing time varies but averages 2-5 days.

Is HYCM regulated?

HYCM is regulated by Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048.

Is HYCM a market maker?

HYCM is a market maker. Stocks, currency and other commodities and instruments will be purchased by HYCM even if no buyer is lined up.

How can I start trading with HYCM?

When opening a trading account with HYCM, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on HYCM trading platforms here.

Is my money safe with HYCM?

HYCM is regulated by Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048. One of the most important criteria for traders when choosing a broker like HYCM is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to HYCM, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is HYCM a con?

HYCM is regulated and well established having been in business for over 43 years. HYCM is definitely not a con.

Can you make money with HYCM?

Although traders have had great success with HYCM. Trading on the financial markets with HYCM is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Losses can exceed deposits.

Does HYCM have fees?

HYCM withdrawal fees varies on payment method. HYCM does charge a fee for inactive accounts. HYCM doesn't charge deposit fees.

When was HYCM founded?

HYCM was founded in 1977.

How many people use HYCM?

HYCM is used by over 10000 registered HYCM users.

What is HYCM Headquarters country?

HYCM has its head quarters office in UK.

Does HYCM offer negative balance protection?

HYCM does not offer negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does HYCM offer guaranteed stop loss?

HYCM does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does HYCM allow scalping?

HYCM offers scalping.

Does HYCM allow hedging?

HYCM offers hedging.

Does HYCM offer CFD trading?

HYCM offers CFD trading.

Does HYCM offer STP?

HYCM does not offer STP trading.

How many people use HYCM?

HYCM is used by over 10000 HYCM users and traders.

Is HYCM an ECN broker?

HYCM does not offer ECN trading.

Does HYCM offer a demo account?

HYCM offers a demo account.

Does HYCM offer an Islamic account?

HYCM offers a Islamic accounts.

What are the funding methods for HYCM?

HYCM accept the following funding methods : Credit cards, PayPal, Skrill, Payoneer, Neteller, Bank Transfer.

HYCM review written by Andrew Blumer and Mark Hansen

We hope you found our review of the HYCM brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

HYCM review written by Mark Hansen of Comparebrokers.co