HYCM Review 2024

Last updated Feb 26, 2024
Логотип HYCM
3.9/5
№40 in the brokers' list71-74% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

In the modern world of financial markets, particularly in Forex, choosing a reliable and high-quality broker is crucial. Among the numerous offers on the market, one that deserves attention is HYCM (Henyep Capital Markets). In this article, we will review this broker, examine its key features, advantages, and disadvantages, and assess its performance.

HYCM Broker Overview

Foundation Year1976
Official Websitehttps://www.hycm.com
Regulated in CountriesUnited Kingdom, Cyprus, Cayman Islands, United Arab EmiratesMore Details
Minimum Deposit
  • 100 USD
Spreadfrom 0.1 points
Max Leverage1:500
Trading Assets
  • Forex
  • Stocks
  • Indices
  • Cryptocurrency
  • ETF
  • Precious Metals
  • Energy Carriers
  • Agricultural Commodities
Trading Platforms
  • MetaTrader 4
  • MetaTrader 5
Email Support
  • support@hycm.com
  • accounts@hycm.com
  • info@hycm.com
  • complaints@hycm.com
Hotline Phones
Social Media

Henyep Capital Markets specializes in global financial and stock brokerage services. It is part of the Henyep Group conglomerate structure, a global leader in financial markets and real estate. The broker provides services to both individual investors and investment corporations.

HY Capital Markets has been operating uninterruptedly for over 40 years.

The head office of Henyep Capital Markets is located in London. The company states that its policy aims to satisfy customer needs and improve technical functionality.

HYCM Review Summary

Our ratings are based on a detailed analysis of each aspect of the broker's operation. We use a strict methodology, including verification of the broker's services and functionality, availability and quality of educational materials, professionalism of technical support, and much more. You can visit our methodology page for additional information on how we evaluate brokers. We are confident that this will give you a complete understanding of how we come to our conclusions. Please continue reading for a deeper understanding of HYCM broker's operations.

Reliability and Regulation

Rating:5/5

HYCM is an international broker, and various regulators control its activities in many countries. The company is licensed and regulated by the following organizations:

Legal EntityRegulator

Thus, the HYCM broker is under the control of several strict regulators, confirming the reliability and security of its activities. The company's clients can be assured of the transparency and fairness of the services provided. Thanks to multi-level regulation, investors are ensured protection of their rights and interests and guarantees of fund recovery in the event of disputes.

Account Opening

Rating:4.3/5

Opening an account with HYCM is simple and convenient. Registration is quick, but full functionality requires time for mandatory verification and completion of a financial profile.

Registration

Before trading in the financial markets with an HYCM broker, you must go through the registration process. The registration takes less than 5 minutes.

In the first step, you must fill in your contact details: first name, last name, email, and phone number.

First stage of HYCM registration
First stage of HYCM registration

Next, the broker will ask you to provide your date of birth and residential address.

Finally, you can choose a trading account. We will look at them in more detail later in the review.

Finally, at the last stage of registration, you need to set a password for accessing your account and confirm that you are not a reportable person in the jurisdiction of the USA and not a politically exposed person.

After the registration procedure, you will have access to the HYCM personal account. However, to trade Forex and have the ability to withdraw funds, we recommend that you go through the verification process.

Verification

Identity verification is mandatory for all clients wanting to start working with an HYCM broker. This is a regulatory requirement aimed at preventing money laundering, fraud, and other illegal activities.

Verification consists of two stages:

  1. Identity Verification. To confirm your identity, you must provide a color-scanned image or photograph of your valid passport or another identification document (e.g., driver's license). The supplied document must display your name, surname, photo, date of birth, and document number. Ensure that your document is valid and has not expired.

  2. Address Verification. To confirm your residential address, you will need to provide one of the following documents containing your name, surname, and address:

    • Utility bills (gas, water, electricity, etc.) are no older than three months.
    • Bank or credit card statement, no older than three months.
    • Official letter from a government body confirming your address, no older than three months.

By regulatory requirements, HYCM broker may also ask you to complete a financial profile to understand your financial situation and trading experience better. The economic profile typically includes the following information:

  • Details about your employment and income: type of employment, position, years of service, sources of income, amount of monthly revenue.
  • Details about your education and trading experience: level of education, presence of trading experience on financial markets, familiarity with various trading instruments.
  • Details about your investment strategy and risk tolerance: the proportion of your savings you plan to invest, how much risk you are willing to take with your funds, and what goals you pursue when trading on financial markets.

This information allows HYCM to offer you optimal trading conditions and provide recommendations on the use of trading instruments and services that best suit your needs and experience.

It is important to remember that verification at HYCM broker is a mandatory step to ensure the security of client funds and compliance with legislation.

Client's Area

The client's area offers an intuitive interface and a wide range of features for managing your trading account.

HYCM Client's Area
HYCM Client's Area

In the HYCM client's area, a trader can:

  1. Manage trading accounts.
  2. Deposit and withdraw funds.
  3. Undergo verification.
  4. Participate in broker promotions.
  5. Register for webinars and workshops.
  6. Download trading platforms to a computer or mobile device.
  7. Contact technical support.

Minimum Deposit

Broker HYCM offers clients a low threshold to enter the financial markets, setting a minimum deposit of just $100. This makes trading accessible to many investors, including beginners who may not be ready to commit large sums initially.

Account Types

Rating:3.5/5

The variety of HYCM broker accounts can satisfy the needs of most traders, ranging from beginners to professionals. However, the absence of cent accounts and investment accounts (copy trading, PAMM accounts) reduces the variety and flexibility of HYCM's offerings.

Trading Accounts

Broker HYCM (Henyep Capital Markets) provides its clients with various trading accounts designed for different categories of traders depending on their experience, investment size, and preferences. Here are the main types of trading accounts at broker HYCM:

ClassicFixedRaw
Account CurrencyUSD, EUR, GBP, AED
Minimum Deposit100 $200 $
Trading PlatformsMetaTrader 4MetaTrader 5
Spreadfloatingfrom 1.2 pipsfor EURUSD~ 1.5 pipsfixedfrom 1.5 pipsfloatingfrom 0.1 pipsfor EURUSD~ 0.1 pips
Commission per Tradeper 1 lot4 $
Trading AssetsForexStocksIndicesCryptocurrencyETFPrecious MetalsEnergy CarriersAgricultural Commodities
Opened Positions
Leverage1:20-1:500
Margin Call / Stop Out100% / 50%
Order ExecutionSTP
Demo Account
Islamic Account
RegisterRegisterRegister

Fixed

Fixed spreads characterize this type of account and are suitable for beginner traders just starting to trade in the financial markets. Fixed spreads mean that the difference between the bid and ask prices remains constant and does not depend on market conditions. Such an account allows traders to control their costs on commissions better.

Classic

The Classic account offers variable spreads, fluctuating depending on market conditions. This type of account suits experienced traders who prefer flexibility and can adapt their trading strategy to market changes. On a Classic account, traders can benefit from lower spreads than a Fixed account under certain market conditions.

Raw

The Raw account is designed for professional traders and offers interbank spreads starting from 0 pips. Instead of spreads, traders on this type of account pay a commission for executing trades. The Raw account is ideal for scalpers, those who prefer to trade on short-term timeframes, and those who use automated trading systems or expert advisors.

Each account type has its features and benefits. Before choosing a specific account type, it is worth evaluating your experience, trading strategy, and preferences. The HYCM broker also offers the opportunity to open a demo account, which allows you to familiarize yourself with the trading platform and each type of account.

Demo Account

HYCM provides the opportunity to open a demo account, which allows new traders to learn more about the platform and experienced traders to test new strategies without risking their funds. Opening a demo account is simple and transparent: after registration, you must log in to the Client Portal and select "Create Demo Account" in the "Trading Accounts" section.

Form for opening a demo account with HYCM
Form for opening a demo account with HYCM

The HYCM demo account is identical to a real account. HYCM allows clients to trade with virtual $50,000, which will be active for 14 days. No documents are required to trade on a demo account with HYCM.

The advantage of HYCM demo accounts is that they are not limited in time of use and can be replenished at any time. This makes the demo account an ideal tool for practicing trading and learning about the trading platform's features.

Commissions

Rating:2/5

Broker HYCM charges average trading commissions comparable to most competitors. Traders should also consider the inactivity fee.

Trading Commissions

HYCM's trading commissions depend on the selected type of trading account and include transaction fees, spreads, and swaps.

Transaction Fee

The Raw account, designed for professional traders, includes a commission of $4 per lot per side. This rate is above the market average, which should be considered when choosing this type of account.

Below is the commission per lot for the EURUSD pair at different Forex brokers:

BrokerIC MarketsRaw SpreadPepperstoneRazorHYCMRawVantageRawRoboforexECN
Commission per lot$3.5$3.5$4$3$2.16

Spreads and Swaps

HYCM spreads are at the market average and comparable to most competitors. This provides traders with more predictable and stable trading conditions. However, HYCM swaps are pretty high, which may result in higher costs for long-term traders.

Below is a table of spreads and swaps for major currency pairs for the Classic account.

AssetAverage spreadSwap longSwap short
AUDUSD1.3 pips-0.01 %0.00 %
EURUSD1.2 pips-0.01 %-0.00 %
GBPUSD1.3 pips-0.00 %-0.00 %
NZDUSD1.2 pips-0.00 %-0.00 %
USDCAD1.2 pips-0.00 %-0.01 %
USDCHF1.2 pips0.01 %-0.01 %
USDJPY1.2 pips0.01 %-0.02 %

Inactivity Fee

HYCM also sets an inactivity fee. If a client's account remains inactive, an administrative fee of $10 or the equivalent in the account's base currency is charged each month until account activity is resumed. More detailed information about the refund of inactivity fees can be found in the HYCM client agreement.

Deposit and Withdrawal

Rating:5/5

HYCM offers a variety of account funding and withdrawal methods. Moreover, no commission is charged for depositing and withdrawing funds.

Deposit Methods

Payment SystemCurrenciesDeposit FeeOperation Limit
NetellerNeteller
USDEUR
0%
from 20 USD
SkrillSkrill
USDEUR
0%
from 20 USD
Perfect MoneyPerfect Money
USDEUR
0%
from 20 USD
SwiftSwift
USDEURGBP
0%
from 250 USD
VisaVisa
USDEURRUB
0%
from 20 USD
MastercardMastercard
USDEURRUB
0%
from 20 USD
CryptocurrencyBlockchainDeposit FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
0%
from 30 USD

HYCM does not charge fees for account funding. However, fees may be charged by the payment system.

Withdrawal Methods

Payment SystemCurrenciesWithdrawal FeeOperation Limit
NetellerNeteller
USDEUR
0%
from 20 USD
SkrillSkrill
USDEUR
0%
from 20 USD
Perfect MoneyPerfect Money
USDEUR
0%
from 20 USD
SwiftSwift
USDEURGBP
0%
from 300 USD
VisaVisa
USDEURGBP
0%
from 20 USD
MastercardMastercard
USDEURGBP
0%
from 20 USD
CryptocurrencyBlockchainWithdrawal FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
0%
from 30 USD

The processing time for withdrawal requests is within 1 business day. The actual fund withdrawal may take 1 hour to 7 business days, depending on the payment method.

Also, it should be noted that transfers over $5,000 to Skrill or Neteller incur a service fee of 1%.

Markets and Products

Rating:4.5/5

HYCM offers a sufficiently broad range of markets and products for trading, allowing traders to diversify their portfolio, although some competitors have more stock CFDs available for trading.

What markets are available?

  • 72 currency pairs
  • 5 precious metals;
  • 27 stock indices;
  • commodity markets;
  • oil/gas;
  • over 150 CFDs on US and Hong Kong stocks and ETFs;
  • 28 cryptocurrencies.

The number of assets available for trading depends on the type of account selected.

Margin requirements

Margin requirements depend on the trading asset and your place of residence, which affects regulatory restrictions.

Assets

HYCM LTD (SVGFSA)

HYCM Capital Markets (UK) Ltd (FCA)

HYCM (Europe) Ltd (CySEC)

Currency pairs (Major)

1:500

1:30

1:30

Forex (Minor)

1:500

1:20

1:20

Currency pairs (Exotic)

1:100

1:20

1:20

Cryptocurrencies

1:20

——

——

Metals (Spot and Futures)

1:100

1:20

1:20

Gold (Spot)

1:200

1:20

1:20

US stock indices

1:100

1:20

1:20

Other stock indices

1:50

1:10

1:10

US futures indices

1:100

1:20

1:20

Natural gas

1:67

1:10

1:10

Crude oil

1:50

1:10

1:10

Soft commodities

1:50

1:10

1:10

Stocks

1:10

1:5

1:5

ETF

1:20

1:5

1:5

Trading Platforms

Rating:4/5

Broker HYCM allows its clients to trade on two popular platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). They provide many features and tools for convenient and efficient trading in the financial markets. However, some traders may complain about the lack of MetaTrader alternatives.

MetaTrader 4

MT4 is one of the most popular trading platforms among traders and brokers due to its functionality, reliability, and ease of use. The main features of the platform include:

  • Numerous technical analysis tools, including charts, indicators, and trading signals.
  • The ability to use trading robots for automated trading.
  • Customizable interface and flexible order management system.
  • Support for various types of order execution and trading strategies.

MetaTrader 5

MT5 is the new version of the popular MetaTrader trading platform, developed with modern market requirements and capabilities in mind. It offers enhanced features and tools for more advanced traders. The main features of the MT5 platform include:

  • Advanced technical analysis tools, more indicators, and graphic objects.
  • The ability to trade on multiple markets, including stocks, futures, options, and Forex and CFDs.
  • Improved system for testing and optimizing trading robots.
  • Built-in economic calendar and news section, providing timely access to important events and publications.
  • A more flexible order management system, including six types of order execution and two kinds of stop orders.

HYCM provides platforms for various devices, including desktop computers (Windows and macOS) and smartphones and tablets (iOS and Android). A web version of the platform is also available, allowing trading through a browser without installing additional software.

MetaTrader 5
MetaTrader 5

The choice between MT4 and MT5 largely depends on the preferences and experience of the trader, as well as the trading instruments and strategies they plan to use. Both platforms offer a wide range of features and tools for successful trading, and the choice of the optimal platform will depend on the individual needs of each trader.

Analytics

Rating:4/5

HYCM provides many market analysis tools, including technical and fundamental analysis, economic calendars, various calculators, and seasonal analysis tools. HYCM experts regularly publish reviews and market forecasts. However, the lack of regular updates and some variety in their analytics does not allow for a maximum score.

What analytical materials are available?

  1. Technical Analysis: trading platforms MetaTrader 4 and MetaTrader 5 provide numerous technical analysis tools, such as charts, indicators, and trading signals, which traders can use to analyze the market and identify potential entry and exit points.

  2. Fundamental Analysis: HYCM offers its clients up-to-date news and an economic calendar containing information about upcoming critical economic events and publications that can impact the market.

  3. Market Reviews and Forecasts: the broker regularly publishes analytical reviews and forecasts in its blog based on fundamental and technical analysis, which can help traders identify current market trends and assess the prospects of various trading instruments.

  4. Economic Calendar: This tool contains information about all critical economic events and upcoming publications. It can benefit traders using news-based strategies, as it helps forecast potential market changes.

  5. Calculators: HYCM provides traders with access to several valuable calculators. The margin calculator allows for determining the margin size required to open and maintain a position. The pip calculator will enable traders to calculate the pip value for different currency pairs. The currency converter helps clients convert one currency to another at the current exchange rate. These tools can be handy for effective risk management and planning of trading operations.

  6. Trading Central Market Buzz: This feature is available only to real account holders. Trading Central Market Buzz provides real-time analytical data and market news, helping traders make informed trading decisions.

  7. Financial Source: This 24-hour market commentary service provides actionable insights. To access Financial Source, one needs to contact their account manager. This service can help traders stay informed of the latest news and analytical reviews affecting the financial markets.

  8. Seasonax: allows investors and traders to identify and evaluate seasonal patterns for any asset class to uncover trading opportunities. To access Seasonax, one needs to contact their account manager. This tool can be handy for traders who apply seasonal trading strategies.

HYCM Blog
HYCM Blog

It is important to note that market reviews from HYCM lack regularity (not made every day) and diversity. For example, in the FreshForex broker review, we highlighted that the company's experts provide analytics based on different approaches and analysis methods, and they conveniently compile all these forecasts on one page. This is what HYCM lacks so that a trader can create a trading plan for the current day based on the analytical research of the company's experts.

Education

Rating:4.5/5

HYCM offers a relatively extensive set of educational materials covering various aspects of trading, including fundamentals, strategies, platform operations, and other essential topics. However, some traders may lack more personalized training, such as an individual course or seminar.

What educational materials are available?

  1. Trading Basics. This section contains video tutorials on market fundamentals and trading psychology.
  2. Beginner's Course. Here, you will find a glossary, basic Forex terms, descriptions of strategies, and types of patterns. The information is adapted for beginner-level traders and is presented in a simplified form.
  3. Educational Materials. This section is for both novices and experienced players. Video tutorials on getting started with platforms, educational videos on adding indicators to charts, and using various types of orders.
  4. Trading Strategies. This section is dedicated to trading strategies and the theory and practice of their application.
  5. E-books. E-books on Forex trading, commodity markets, stocks, indices, and CFDs are available for download for registered users.
HYCM training materials
HYCM training materials

Also, every Monday and Wednesday, HY Capital Markets conducts webinars.

Overall, the broker works well with beginner traders and is genuinely interested in teaching them how to trade.

Customer Support

Rating:4/5

HYCM provides high-quality technical support. Most clients are satisfied with the support, although there are some negative reviews. The provided communication channels are extensive and available at times convenient for most clients. The staff's professionalism and the effectiveness of the solutions are also rated positively. However, some clients point out fund withdrawals and chat support issues, which slightly lowers the overall rating.

Support Working Hours

The customer support service offers clients phone consultations at + 44 – 208 – 816 – 7812 from Monday to Friday 05:00 GMT – 18:00 GMT.

How to Contact Support?

For the convenience of clients, there is an online chat for resolving urgent issues. The chat operates 24/5 from Monday to Friday.

You can also ask questions via email:

  • info@hycm.com – general questions, website functionality, regulation;
  • sales@hycm.com – information for users, starting cooperation, account opening;
  • partnership@hycm.com – Questions about partnership with the broker;
  • technicalsupport@hycm.com – technical issues;
  • accounts@hycm.com – account reports and transactions with them.

HYCM Pros and Cons

Below are some key advantages and disadvantages that can help you evaluate the HYCM broker.

Advantages

  1. Regulation. HYCM is a well-regulated broker with licenses from leading international authorities such as the FCA (UK), CySEC (Cyprus), and DFSA (Dubai). This ensures the security of your funds and adherence to high service standards.

  2. Trading Platforms. HYCM offers two of the most popular and reliable trading platforms – MetaTrader 4 and MetaTrader 5, which provide a wide range of features and tools for successful trading.

  3. Educational Materials. The broker provides extensive educational materials, webinars, and analytical reviews that help traders develop their skills and make informed investment decisions.

  4. Diversity of Trading Instruments. HYCM offers a wide selection of trading instruments, including currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies, allowing traders to create a diversified investment portfolio.

Disadvantages

  1. Lack of Proprietary Trading Platform. While MetaTrader 4 and MetaTrader 5 are excellent platforms, some traders may seek a broker with a unique, proprietary trading platform that offers additional features and tools.

  2. No Social Trading. While some brokers offer social trading features that allow traders to copy the trades of other successful market participants, HYCM does not provide such a function.

  3. High Trading Commissions and Swaps. The commission per lot at HYCM is above average, which can increase traders' costs, especially with large trading volumes. Additionally, traders face high swaps, making long-term position holding less profitable.

Conclusion

HYCM is a reliable and attractive broker for most traders, offering a well-regulated trading environment, popular trading platforms, and a variety of trading instruments. Nevertheless, some drawbacks may be significant for specific traders and should be considered when choosing a broker for their trading activities.

Visit HYCM71-74% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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