HYCM operates as a part of the Henyep Group, a leader in financial services for more than 30 years. HYCM is seated in one of the major Forex centers – London.
British brokerage companies, and thereby HYCM itself, are regulated by the independent regulatory agency FCA or the Financial Conduct Authority.
Every broker who is FCA licensed is also proud to show that to the public, which means it will not be difficult to find that information on a broker’s website, and if it is, then the broker is probably hiding something. The company trades in currencies, stocks, and commodities.
What does it mean to be regulated by FCA?
FCA is one of the strictest regulatory Forex agencies and the brokers they licensed have to play by the rules of law, fairness, integrity, and transparency.
This means that business conduct is completely in the hands of the FCA. When you visit the FCA website, you will notice how detailed the site is and that it displays information about all broker companies they supervise. There you can find a company’s history and everything related to their activities from a reliable source.
HYCM is also listed and if you need a detailed overview simply visit the FCA website. Moreover, you can contact the organization and ask for specific information.
This HYCM Forex broker review is a brief summary of the company’s activities and offers.
HYCM and the Trading Platforms
HYCM relies on two trading platforms to meet the needs of their clients.
The first one on their agenda is the MetaTrader 4 Platform. This platform is widely known and can be called the leader of all platforms. Many traders simply like this platform because it offers them a clear overview of their trading activity.
With the market watch column on the left (list of currency pairs) and the chart in the middle, it directly draws traders’ attention to the happenings in the market. The MT4 is equipped with many options and features relevant for a trading career, including live news and the Expert Advisor (or the Forex robot) which is programmed to make the trades for you on the basis of pre-set parameters.
The other platform is the PrimeTrader. This platform is reserved for trading multiple assets: oil, metals, stocks, indices, commodities, etc.
Both platforms are accompanied by corresponding HYCM mobile apps which can be downloaded to your Android, iPhone, iPad, Windows, etc. Many people prefer mobile trading since they do not want to miss out on any opportunity to trade during the day (or night). You do not have to be tied to your computer desktop or laptop to place a trade anymore.
HYCM Forex Trading Accounts
HYCM does not offer a Demo account like a majority of the brokers. Many regard it as a disadvantage, but still, it is not necessarily a bad thing. Sooner or later, a trader will open a full account anyway.
This only means that HYCM pushes you directly into the cold water with no preparation.
The account aimed at beginner traders (and maybe casual traders) is the Micro account. This account requires a $100 minimum deposit with leverages up to 1:500. With this account, you will have access to more than 50 financial products.
Upon your first deposit, you will be rewarded with the 25% HYCM bonus.
This account offers only fixed spreads with a 1.8 difference. Fixed spreads are especially convenient for beginners given that there is no surprising negative factor which could account for investment loss. First, gaining experience is essential before switching to fluctuating spreads.
For the more experienced traders, HYCM offers their Standard account. This account is backed up by many attractive features. To register with this account, a deposit of $1,000 is required. The leverage lowers with this account to 1:300.
This account offers better spreads with a 1.5 pip difference and access to trading signals (SMS alerts and e-mail warnings).
The variety of assets increases to 120 assets you can choose from.
Just like other top brokers, the HYCM include a VIP account for the very well-off who have the cash to deposit $10,000 and trade large amounts. The VIP is similar to the Standard as it offers the same leverage (1:300), trading signals, the same number of assets, and the fixed 1.5 spread.
The mobile app supports all three accounts.
Customer Support Service
- Professional staff
- Multilingual service
- Efficient reply policy
The Customer Support is available around the clock via e-mail, phone and live chat.
Conclusion: Get Started With HYCM
We hope that this HYCM review was and will be helpful to all potential traders who are uncertain whether to join HYCM or not. Just keep in mind that HYCM keeps all information transparent for the public and that they contribute to the integrity of the financial market by respecting and implementing fair conditions of the market.
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