HYCM Review 2020

HYCM Awards

HYCM have won numerious industry awards over the 41 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 General Fees

• HYCM withdrawal fees varies on payment method
• HYCM does charge inactivity fees
• HYCM doesn't charge deposit fees

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

HYCM Commissions

• HYCM doesn't charge commission on CFD instruments.

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.

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

HYCM withdrawl and funding methods.

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

• Credit cards
• Bank Transfer
• PayPal
• Skrill
• Payoneer
• Neteller

Broker	HY Markets	XTB	eToro	Pepperstone
Bank transfer	Yes	Yes	Yes	Yes
Credit Cards	Yes	Yes	Yes	Yes
Paypal	Yes	Yes	Yes	Yes
Skrill	Yes	Yes	Yes	Yes
Payoneer	Yes	Yes	Yes	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.

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 trader, accounts and 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 XTB 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	XTB	eToro	Pepperstone
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, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish	English, German, Spanish, French, and Italian	English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic
Learn More	Visit HYCM	Visit XTB	Visit eToro	Visit Pepperstone
Risk Warning	Losses can exceed deposits	Your capital is at risk	65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.	CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% 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:

• 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.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.hymarkets.com/ on 12th August 2018.

Watch this HYCM Informational Video

HYCM review written by Andrew Blumer and Mark Hansen