- Name : HYCM
- Website : hycm.com
- Established : 1997
- Regulation : FCA, CySEC
- Country : United Kingdom
U.S. Clients Allowed :
NoDue to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.
HYCM ReviewHYCM Review
HYCM, formerly HY Markets, is headquartered in London, UK, and is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom. HYCM is a division of Henyep Capital Markets which is a leading capital markets trading firm that has an operational history of 30 years and specializes in foreign exchange and CFD's on commodities, metals, equities, indices, and treasuries. With offices in major cities in three continents, including in Dubai and Kuwait, the broker is one of the most established in the financial services industry.
HYCM Trading Account
HYCM offers 3 types of accounts based on trading experience--Mini, Standard and Premium. Larger accounts qualify for the VIP Personal Dealer Service which provides cutting-edge service and access to all markets.
The Mini account, which is ideal for a trader who is new to the market, requires a minimum deposit of only $100. A deposit of at least $1000 opens a Standard account, suitable for traders with a bit of experience.Available leverage is 1:500 and 1:300 respectively. The VIP account for high rollers requires a minimum of at least $10,000 to start. Leverage of up to 1:300 is offered and the spread is 1.5 pips.
Trading signals are available for Standard and VIP accounts and mobile trading is provided for all three.
An Islamic account is also available for those adhering to Sharia laws where financial interest is forbidden.
There is no demo account offered.
HYCM Trading Platforms and Features
HYCM offers a large number of trading assets including Forex and CFDs, metals such as gold and silver, energy products such as U.S. oil and natural gas, as well as the all-important commodities such as cotton and sugar, indices, a selection of blue-chip stocks and more. And unlike most Forex only providers, HYCM enables their clients to trade multiple capital markets in the single integrated account.
HYCM provides access to cutting-edge trading tools used by the world’s largest banks and professional traders, including trading ideas, technical patterns and insights, and market research from Trading Central, an award winning technical analysis research provider founded in 1999 with offices in Paris, London, New York and Hong Kong.
Trading Central is a global authority in FX research with a 14 Year Track Record that reaches out to 30 million traders.
There are three different trading platforms at HTCM. The MetaTrader4 offers live market news, advanced charting, expert advisors and technical analysis tools such as Trading Central.
The Prime Trader platform is HYCM’s brand new, multi-asset, flagship platform with integrated pricing, charts and trade screens, complete online account management and advanced charting.
A mobile trading platform is also available with complete trading capabilities, real-time news, charts and other advanced features.
The education section of the HYCM website offers not only standard videos but also textual lessons on topics geared towards both beginners and advanced traders. Subject include Introduction to the Capital Markets, Tips for Traders, Managing Risk, Trading Tools and more.
Technical and fundamental analysis is gone into in much detail and is highly informative. The section on the history and psychology of the markets is most interesting.
In addition to the above, HYCM offers a daily outlook and updates as well as weekly market commentary on what is happening in the most traded commodities such as oil, gold and silver, indices, and the major currencies.
I found the FAQ section a big sparse and the questions and answers did not provide additional information beyond what can be found in other sections of the site.
The only promotion offered at HYCM is the Refer-a-Friend program. HYCM has designed this program to reward their clients for their support and helping to introduce HYCM to other people within their social network. Every time a friend or family member is referred, registers and funds a trading account with HYCM, the client has the opportunity to earn up to $250.Deposits/Withdrawals
Deposits are accepted via credit cards, wire transfers, Skrill, PayPal and WebMoney. Withdrawals can be requested by filling out an online form.
Traders can reach customer support 24/5 via email, chat and telephones to London.
HYCM’s new website is easy to navigate and all the information is accessible without any difficulty. HYCM has a long history behind it and the fact that it is regulated puts it one step ahead of many other Forex brokers in the industry.
- Choice of Trading Accounts
- Several Platforms
- Sparse FAQ Section
- Limited Bonuses
- No Demo Account
Review info: HYCM
Review Date: 2016-09-11
Rating : 1.5
Reviewed By : Sara Patterson (Google+)