HYCM Broker Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
Have you heard of the forex broker, HYCM? HYCM is a forex broker founded in 1977. With over 40 years of service and many tools and features, HYCM is definitely an interest to forex traders. So, is HYCM the forex broker you’ve been waiting for? Decide for yourself and read our in-depth review of HYCM now.
HYCM is a well-respected forex broker that has been around in the industry for more than 40 years. Founded in 1977, the broker is one of the longest standing in terms of top forex brokers that we have reviewed previously.
HYCM are regulated within Europe by the FCA is the UK, CySEC within the EU, and CIMA for global markets. Our expert HYCM review team will take an in-depth look at everything the broker has to offer and how it may be suited to your needs based on our comprehensive forex broker review system.
Opening a HYCM demo trading account can be a fast and convenient process. This requires only your basic personal information and minimal time to complete. All you will need at this point is a valid email address and telephone number which you can verify.
Opening a HYCM live trading account is not much more difficult than the demo account. The step-by-step process is worked through in a very clear manner. In order to activate the account for trading, you will simply need to verify your ID and address documents. This should be automatically completed within a very short time if you have the documents ready.
The HYCM minimum deposit required is between $100 – $200 depending upon the account type you select. This amount is seen as standard throughout the other brokers we have reviewed in the sector.
Account Availability and Account Types
There is widespread account availability for traders around the world with HYCM. This is expected since the company has been in operation for so long and have built an extensively well-regulated operation over the years.
There are just a few notable exceptions when it comes to the issue of account availability. Traders from the USA, Canada, Belgium, Japan, and Hong Kong are ineligible to open an account.
Our HYCM broker review found that three distinct account types are available. These are a Fixed, Classic, and Raw account. These account types feature differences in terms of spreads, the charging of commission, and other factors which may fit different trading styles.
With HYCM as you can expect, you are facilitated to engage in trading of many forex currency markets. This comes alongside offerings in cryptocurrency, stocks, indices, and commodities to make a total of more than 300 assets available for trading through the broker.
In industry terms, this number, whilst not being anything particularly outstanding, does represent a solid selection of assets with something which should fit your needs as any kind of trader.
HYCM Commissions and Fees
This is not the most competitive area for HYCM. Spreads range from a 1.2 pips variable spread on the HYCM classic account and upwards of a 1.8 pips fixed spread on major currency pairs with the HYCM fixed account. This is comparatively high compared to others in the sector.
The lowest starting spreads come from the HYCM Raw Account although a $4 per side commission is also included here where the spreads begin from 0.2pips.
Although HYCM has several other positive areas, it must be said that other top brokers in the industry present more value in terms of cheap trades.
Platforms and Tools
HYCM is a Metatrader broker. This means they exclusively offer trading through the renowned and well-respected Metatrader trading platforms, MT4, and MT5. This platform availability brings along with it a range of tools to assist you with getting the most out of your trades.
Added to the tools provided by the Metatrader platforms are a few extras provided by HYCM. These include the likes of an economic calendar and other basic forex trading tools.
Both MT4 and MT5 are provided for trading through HYCM. We have conducted many forex platform reviews, and these two always come out near the top. You can expect the same great efficient performance that the platform always delivers.
Metatrader platforms are robust and up to task, with no frills but a host of advanced features to incorporate a desire for autotrading and analysis with dozens of indicators and extensive charting capabilities.
Both deliver everything you need and more in a desktop trading platform and are also avaailable in easy to access web-based format.
Mobile Trading Platform
MT4 mobile is available as your mobile trading platform of choice when you are trading with HYCM. Our HYCM review team feel that this represents a very strong mobile platform which is intuitive and convenient in the sense it can service multiple brokers within the same individual app.
It is also one of the only mobile forex trading platforms which make such an extensive range or charting capabilities and tools available. This is almost on par with the desktop variant and can only prove to be a positive for your trading results.
Education and Research
This is an area where the broker performs only reasonably well. On the positive side, there is a range of some forex related educational material such as articles and basic guides you can access along with a series of short videos. There are also some webinars and other live-based training options which you can take part in. None of these are very extensive in detail though, and will likely only suffice if you are starting out in the industry. This is something you can make up the shortfall in though with a visit to some of our reviewed top forex education platforms.
Research is also limited to the few tools which are provided by the broker alongside the offering from the Metatrader trading platforms.
The key factor to mention here which our HYCM review team had noted is that the broker has of course, been operating in the industry for a tremendously long time. While the fees may not be the most competitive, and educational resources somewhat thin on the ground, there is little doubt regarding the overall credibility of the organization. The fact they are regulated in multiple highly respected jurisdictions is yet another testament to that point.
Customer support at HYCM is nothing short of excellent. There are multiple ways to get in touch with the team. The fastest and most efficient of these is to use the website-based live chat which is almost always attended, Responses here are accurate and concise as well as being expedient.
Other methods include a variety of local telephone support numbers in the UK and Europe, email alternatives, contact forms, and other options on a 24/5 basis. There is also an extensive help center which facilitates the answer to a variety of key FAQ questions so you may not need to make direct contact with the team to solve your issue.
This is one of the most important areas to consider when choosing a new forex broker. Luckily for HYCM this is also are area in which it excels. The HYCM review team found them to have an unblemished record stretching back to 1977.
This level of trust has been bolstered by the fact the broker is now on board and regulated by CySEC and the FCA. There are two of the most stringent regulators who will only accept the most transparent and trustworthy broker operations.
Overall, there are areas where HYCM performs very well such as in terms of trustworthiness and the trading platforms it facilitates, and others which it falls down on slightly.
The bottom line here though lies within your priorities. If you are an experienced trader who values transparency and trusted regulation above the cost of trading, then this may well be the broker for you. If you are looking for an in-depth learning experience or the cheapest trades out there, then perhaps HYCM are not the perfect choice.
- With more than 4 decades in operation and the backing of multiple top-regulators, the levels of trust within HYCM are exemplary.
- The presence of some of the best trading platforms in the industry will undoubtedly attract many traders.
- Customer support services are great. Fast, professional, and with excellent response times.
- The cost of trading in terms of spreads and fees is comparatively high.
- Education opportunities and research materials are somewhat limited.