HYCM Review 2020

HYCM Rated 4/5
HYCM Screenshot

HYCM Guide

HYCM are an online broker founded in 1977 offering 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.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of HYCM we break down 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.

Benefits of trading with HYCM

Open HYCM's Website

Losses can exceed deposits

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

With this 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 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.


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.

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.

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.

Broker HY Markets IC Markets eToro XTB
Year Established 1977 2007 2006 2002
Head Office UK Australia Cyprus, UK 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 Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), 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
Used By 10,000+ 60,000+ 12,000,000+ 250,000+
Negative balance protection No Yes No Yes
Guaranteed Stop Loss No No No No
Learn More Visit HYCM Visit IC Markets Visit eToro Visit XTB
Risk Warning Losses can exceed deposits Losses can exceed deposits 75% of retail investor accounts lose money when trading CFDs with this provider. 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 Pros and Cons

What we like about HYCM

  • Used by over 10,000 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 Financial Regulation and Supervision 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 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 General Fees

  • HYCM withdrawal fees varies on payment method
  • HYCM does charge inactivity fees
  • HYCM doesn't charge deposit fees
Broker HY Markets IC Markets eToro XTB
Min Deposit 100 200 200 0
Withdrawal Fees Varies No Yes varies
Inactivity Fees Yes No Yes No
Deposit Fees No Varies No No
CFD Commission Fees No Yes No Yes

HYCM Commissions

  • HYCM doesn't charge commission on CFD instruments.

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 IC Markets and eToro below.

Losses can exceed deposits

Broker HY Markets IC Markets eToro XTB
Instruments Available 100 232 100 1,500
Platforms MT4, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps
FX / Currencies Visit HYCM Visit IC Markets Visit eToro Visit XTB
Forex pairs offered 40 65 50 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 Visit HYCM Visit IC Markets Visit eToro Visit XTB
Commodities Offered 10 19 0 21
Metals Yes Yes Yes Yes
Energies Yes Yes Yes Yes
Agricultural Yes Yes Yes Yes
Indiced & Stock CFDs Visit HYCM Visit IC Markets Visit eToro Visit XTB
Stocks Offered 10 100 957 1696
UK Shares No No Yes Yes
US Shares Yes Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes

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 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 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 IC Markets eToro 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 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 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 IC Markets eToro 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, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish
Learn More Visit HYCM Visit IC Markets Visit eToro Visit XTB
Risk Warning Losses can exceed deposits Losses can exceed deposits 75% of retail investor accounts lose money when trading CFDs with this provider. 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 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

Is HYCM A Good Broker?

We spent over 3 months examining HYCM in depth. Although HYCM are not perfect we found many really useful aspects with the overall offering from HYCM. Our personal experience of trading with HYCM was very good. Weighing up many points HYCM is a good 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 Frequently Asked Questions

Can I try HYCM before I buy?

HYCM offer a demo account so you can try before you put down and 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. HYCMHYCM is used by over HYCM active traders. 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 inactivity fees. 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 traders.

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 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