HYCM Review 2023

HYCM review
HYCM Awards

HYCM have won numerious industry awards over the 46 years they have been operating as a financial broker. We have listed the most notable 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.

Modern brokers like HYCM provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, HYCM may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall HYCM trading profitability.

How HYCM Fees Compare Against Other Brokers

HYCM Minimum Deposit

HYCM requires a minimum deposit of 100 GBP/USD/EUR 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.

Don't be scared off by brokers like HYCM charging a minimum deposit to open a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like HYCM, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

HYCM Withdrawal Fees

The fees for withdrawing funds from your HYCM account will differ depending on your chosen payment method. Reviewing the fees associated with each payment method before making your HYCM withdrawal request is important.

HYCM Withdrawal rules may vary across different brokers when it comes to transferring funds from your HYCM or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with HYCM may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the HYCM withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from HYCM. Researching and comparing HYCM withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing HYCM funds frequently or dealing with large sums of money. Awareness of these HYCM fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your HYCM funds.

For example, HYCM allows you to withdraw your funds to Credit cards, Debit cards, Bank Transfer, PayPal, WebMoney, Payoneer.

HYCM Inactivity Fees

HYCM does charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by HYCM terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all HYCM fees and services. It's recommended that you check the HYCM website before signing up. If you decide to close your HYCM account, it's important to do so with the HYCM broker customer support and obtain confirmation that no remaining HYCM fees are due.

Brokers like HYCM must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

HYCM Deposit Fees

HYCM does not charge deposit fees. Although bank / 3rd party merchant fees may apply.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

HYCM Commission Fees

HYCM does not charge commission on CFD instruments.

Brokerage firms like HYCM may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the HYCM trading account level held by the trader.

HYCM may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing HYCM terms and conditions to understand the commission fees and any other charges that may apply is essential.

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 trading apps help you stay on top of your trades and execute them on the go.

See HYCM's platforms

Is the HYCM Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the HYCM trading platform to protect you on PC and mobile HYCM platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using HYCM web trading platforms.

HYCM Trading Platform Options

After logging into your HYCM account, you'll find a range of trading platform options available below.

• MetaTrader 4 (MT4)

Please be aware that HYCM does not currently support the MetaTrader 5 (MT5) trading platform. However, if you're looking for a broker that does offer MT5, you can check out our list of recommended brokers available through the provided link.

HYCM does not support the cTrader trading platform. However, if you're looking for a broker that does offer cTrader, you can explore other options available through the provided link.

Let's explore each of these trading platforms in detail and what options HYCM gives you.

HYCM review
HYCM MetaTrader 4 (MT4)

MetaTrader 4, commonly known as MT4, has been a well-known and widely used trading platform in the financial markets since its inception in 2005. MT4 on HYCM offers traders comprehensive features and tools to enhance their trading performance. The HYCM MT4 user-friendly interface and highly customizable trading environment allow traders to tailor the HYCM platform to their needs. One of the standout features of MT4 is its charting functionality, which allows HYCM traders to analyze price movements and make informed trading decisions. Additionally, advanced order management tools give HYCM traders greater control over their trades, allowing them to manage risk better and optimize their trading strategies on the MT4 HYCM trading platform.

MetaTrader 4 (MT4) was created mainly for Forex trading, but it can also facilitate the trading of other financial instruments via CFDs and Spread Betting. You cannot trade real assets like stocks, shares, commodities, indices and ETF's on the HYCM MetaTrader 4 (MT4) trading platform. MT4 is a platform available with HYCM, that facilitates trading financial instruments in the form of CFD contracts or Spread bets. The HYCM MT4 platform does not provide access to physical assets such as stocks, commodities, or ETFs for trading. HYCM allows trading CFDs and Spread bets, which do not involve owning underlying assets but speculating on price movements, using high risk leverage. To gain more information about the MT4 Platform, click 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 PCs and Apple Macintosh computers. HYCM MetaTrader 4 is compatible with the latest macOS. HYCM allows traders to trade on mobile devices through Android and iOS devices like the iPhone.

Metatrader 4 Webtrader on HYCM

MetaTrader 4 (MT4) is a widely used trading platform in the world, offering a range of advanced tools and features. Recently, MT4 has been made available as a web-based application through a web browser, enabling traders to access the platform from anywhere.

The web version of MT4 provides the same user-friendly interface and customizable trading environment as the desktop version. With MT4 web, traders can access advanced charting tools, online trading indicators, and a Dealing Desk-free trading environment.

Additionally, traders can enjoy Raw Pricing without any intervention from brokers. Overall, MT4 web is a convenient and efficient way for traders to access the platform and manage their trades.

Trade HYCM MetaTrader 4 on iOS Devices

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

Download the Metaquotes MetaTrader 4 Program free of charge from Apple's App Store. HYCM customers have instant access to the financial market and can completely manage a Portfolio on the go.

Trade HYCM MetaTrader 4 on Android Devices

Millions of people worldwide use Android mobile devices and tablets, and HYCM offers its clients access to the MetaTrader 4 platform on these devices. With the HYCM MetaTrader 4 Android application, traders can monitor the financial markets and execute trades directly from their Android-based smartphones and tablets. This app provides access to a range of advanced trading features, allowing HYCM traders to stay on top of their trades and react quickly to changes in the market. With the HYCM MetaTrader 4 Android app, traders can securely manage their trades on the go, making it a convenient and efficient way to stay connected to the market.

Trade HYCM MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators available on HYCM are a powerful bundle of three major indicators designed to help traders make informed decisions. HYCM MT4 Trading Central indicators include:

• Analyst Perspectives - A valuable resource for traders seeking leadership insights and key levels.
• Adaptive Candlesticks - This indicator is capable of identifying chart patterns that highlight significant changes in demand and supply.
• Adaptive Divergence Convergence (ADC) - Similar to MACD, but with greater utility at shorter lengths, this indicator provides more timely signals.

Trading Centrals Alpha Generation Indicators can help HYCM traders better understand market trends and patterns, enabling them to make more informed trading decisions. These indicators can provide valuable insights into market movements, allowing HYCM traders to potentially stay one step ahead.

HYCM MetaTrader 4 Advanced Trading Tools

The HYCM MetaTrader 4 trading platform has advanced tools that enhance the overall trading experience and give HYCM traders detailed market tools. With feature-rich trade execution and management programs, sophisticated notification alarms, messaging facilities, innovative market data, and more, HYCM provides traders with everything they need to succeed. The HYCM MT4 platform also includes a range of technical analysis tools, with 30 indicators built in, 2000 plus free indicators, and the availability of paid indicators, allowing HYCM traders to analyze the market at any level of complexity.

Trade HYCM MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal offers traders an intuitive and user-friendly dashboard to manage and monitor multiple trading accounts. This powerful tool allows traders to oversee over 128 accounts simultaneously, enabling them to place market and pending orders, view real-time market prices, and track all accounts and equity in real-time.

It's important to note that MultiTerminal only supports trading accounts on the same MetaTrader server and doesn't allow automated trading scripts such as Expert Advisors.

This tool is ideal for traders who manage several accounts simultaneously and require a more efficient and effective way to track and execute trades. You can have up to 10 demo accounts on MetaTrader 4 MultiTerminal.

HYCM MetaTrader 4 AutoChartist

Autochartist on the HYCM platform is a powerful tool designed to help traders find trading opportunities quickly and easily.

Available for HYCM MetaTrader 4 Autochartist can scan the market using an expert advisor script.

With Autochartist, HYCM traders can scan multiple markets and timeframes from a single graph, making it easy to keep track of all their preferred symbols without launching multiple graphs. Using Autochartist can save HYCM users time and makes the trading process more efficient.

The Autochartist interface is user-friendly and can be customized to suit individual trading preferences. HYCM traders can navigate the platform and find the information they need to make informed trading decisions.

HYCM Autochartist is a valuable tool for traders who want to stay ahead of the curve and identify trading opportunities quickly and easily. With its powerful features and easy-to-use interface, Autochartist is an essential tool for HYCM traders of all experience levels.

HYCM Trading benefits

• HYCM Allows scalping
• HYCM Allows hedging
• HYCM Low min deposit

HYCM Trading Accounts Offered

Below we give an overview of the account types that HYCM offer. Whatever you are looking to trade, the varying HYCM account types will be able to provide you with what you need.

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

Can I try HYCM?

HYCM provides a demo account that enables individuals to explore trading before investing their funds. By creating a HYCM practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the HYCM demo account can help individuals to make informed decisions before investing their money.

Open a demo HYCM account to practice and trade.

Losses can exceed deposits

HYCM withdrawal and funding methods

It's essential to remember that the payment methods provided by HYCM vary based on the HYCM entity and the HYCM client's country of residence. To view the HYCM payment options available, you can log into your HYCM member's area.

HYCM offers various funding payment methods listed in your HYCM dashboard if available in your region. To learn more about the HYCM funding and withdrawal options available in your area, you can explore the HYCM website.

HYCM provides several payment methods for funding your HYCM account. You may utilize any of these deposit options if they are available in your region. HYCM ensures that users have multiple payment methods to choose from, making it more convenient for verified HYCM account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the HYCM user's location. learn more about HYCM funding and withdrawal methods.

HYCM Payment Methods

Some HYCM payment methods are local and are available only to specific regions. HYCM account holders should check which payment methods are provided in your region.

• HYCM accepts Credit cards
• HYCM accepts Debit cards
• HYCM accepts Bank Transfer
• HYCM accepts PayPal
• HYCM accepts WebMoney
• HYCM accepts Payoneer

How can I start trading with HYCM?

To open a trading account with HYCM, individuals can sign up on the HYCM website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for HYCM account validation and making a deposit. Once completed, HYCM users can download the trading platform of their choice.

It's important to note that HYCM requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps HYCM maintain a trustworthy financial environment for its 10,000 users. Detailed information on the HYCM trading platforms is available on their website.

Losses can exceed deposits

Performing trades with HYCM

The trading platform, HYCM, provides users various options regarding the minimum and maximum trade requirements. These requirements are determined based on the specific instrument being traded and the preferences of the individual trader. This flexibility allows traders to tailor their trading experience to their unique needs and investment goals.

HYCM, as a market maker, may have more lenient entry requirements than ECN brokers, who typically benefit from higher trading volumes and may have larger capital and minimum trade requirements. Market makers usually offer a lower minimum deposit and smaller minimum trade requirements and do not charge commissions on trades. Market makers like HYCM can be useful for traders starting or with limited capital.

Like other brokers, HYCM margin requirements can differ depending on the traded instrument.

CFD Trading on HYCM

We will show you an example of the basics of using HYCM leverage.

CFD trading on HYCM allows traders to speculate on the price movements of various financial instruments against the broker HYCM, without actually owning real assets. With CFDs, HYCM traders can profit from upward and downward price movements by going long (buying) or short (selling) on an asset.

HYCM provides CFDs which are leveraged products. For this example, let's assume a ten times leverage. So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position.

The effect of leverage on profits and losses magnifies them in both directions. In other words, HYCM leverage profits and losses are magnified when trading. For instance, using CFDs, you use the HYCM trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed.

On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, HYCM leverage magnifies both profits and losses in trading.

Trading CFD trades on the HYCM platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets.

Experienced HYCM traders can trade high risk CFD trades to hedge items in their portfolio.

Always be aware that CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Losses can exceed deposits

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

Stop-loss orders are a popular risk management tool traders use on platforms such as HYCM . By setting a specific price point for buying or selling a security, traders can limit their potential losses on a position.

Stop-loss orders are especially important for HYCM traders not hedging their positions or using leverage, as they can be more vulnerable to significant losses. However, the circumstances in which an HYCM trader should use a stop-loss order can vary depending on the specific trade and market conditions.

Overall, stop-loss orders can provide HYCM traders with an effective way to manage risk and protect their investments in volatile markets.

Education Resources at HYCM

To trade effectively with HYCM, it's important to have a good understanding of the HYCM trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with HYCM and externally.

HYCM . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with HYCM. Familiarizing yourself with the HYCM trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using HYCM. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with HYCM involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like HYCM, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with HYCM. Explore the HYCM platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with HYCM, before live trading.

Customer Support at HYCM

As part of our HYCM review, we review customer service options, response times and problem resolution effectiveness on the HYCM trading platform. The HYCM trading platform supports multiple languages, which includes English, Chinese, Chinese (Traditional), Arabic, and Russian.

HYCM has a triple AAA grade support and customer service rating because they offer various range of languages, live chat, and email support.

HYCM customer service supports multiple languages from all over the world. Having a broker that can hire people from various locations worldwide who can better communicate with you in your local language is a huge advantage when dealing with issues.

Your customer service experience with HYCM has to be positive for you to effectively trade the financial markets on the HYCM platform. HYCM should answer all of your questions and your HYCM platform issues are solved. When an HYCM customer has any queries regarding HYCM, the HYCM customer support team should take these issues seriously and offer a quick and effective solution. HYCM has a great client support team, so we have rated their customer service highly.

Livechat Support at HYCM

We experienced fast and responsive support from HYCM

At HYCM, customer support is a top priority. We put their live chat to the test, reaching out through both their app and website. We were pleasantly surprised to receive a response within three minutes. Don't take our word for it. Test the chat service yourself. A responsive chat service from HYCM should be a positive support experience for all HYCM users, saving you from waiting days for an email response.

We also tested communicating with HYCM support in various languages and countries. The HYCM help centre quickly resolved our customer issues.

Email Support at HYCM

As part of our review process, we wanted to test the email support offered by HYCM. We sent 25 emails at different times and were impressed with the response times. We received the fastest response in less than 2 minutes, and the slowest response was 3 hours. While your experience may vary, our testing shows HYCM has excellent email support overall.

The support team quickly and efficiently resolved all of our queries. Overall, we were very satisfied with the email support provided by HYCM. If you're looking for a broker with reliable email support, HYCM is worth considering.

Phone Support at HYCM

Our experience with HYCM phone support was positive. When we called, the team answered our call promptly, in less than a minute.

During the call, we tested the multilingual HYCM team by speaking in different languages, and they made an effort to answer our queries in each language.

The phone support team successfully resolved our questions and issues over the phone. Overall, we found the phone support from HYCM good.

See how HYCM Support Compares Against Other Brokers

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.

As a new client of HYCM, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with HYCM in your region. During the HYCM account opening process, you will be asked to provide HYCM with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with HYCM have the following documents available.

• HYCM require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for HYCM compliance. This must be dated within the last six months.
• If you plan to fund your HYCM account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the HYCM platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under HYCM Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring HYCM's platform.

However, remember that you won't be able to make trades on HYCM until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the HYCM KYC compliance process as soon as possible to avoid any delays in accessing the HYCM platform's features.

It is important to note that HYCM may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the HYCM platform and features immediately. However, you must pass the verification process to start live trading with HYCM, which can take up to a few business days.

To start the process of opening an account with HYCM you can visit the HYCM trading platform here.
Losses can exceed deposits
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested 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 investment advice. All information collected from http://www.hymarkets.com/ on May 29, 2023.

Watch this HYCM Explainer Video

HYCM review written by Andrew Blumer and Mark Hansen