What Is HYCM?
HYCM is a FCA controlled forex broker that is all around respected by traders from everywhere throughout the world, with its operational history dating as far back as 1977. The broker is entirely of Henyep Capital Markets, a settled financial investment firm that has its foundations in the financial capital of Asia’s Hong Kong. In the past operating under the name HY Markets, HYCM spends significant time in providing trading services for forex and CFDs to online retail traders. They maintain support workplaces in significant urban areas around the globe, for example, London, Hong Kong, Dubai and Kuwait. As a FCA controlled broker, they can give their customers an anchored and safe trading condition.
HYCM Reliability – Is HYCM a Scam?
As a major aspect of the Henyep Group with over 3 many years of operational history behind them, the HYCM mark is highly regarded brand among traders and investors in the financial industry. Truth be told the brand is synonymous with quality services and straightforwardness. For traders who are new to the Henyep Group, they first started activities in 1977 as an individual from the Hong Kong Gold and Silver Exchange Society. The group is additionally connected with the Hong Kong Futures Exchange in 1986 as one of the founding individuals.
Aside from having a strong reputation as one of the leading financial services suppliers in the financial industry, HYCM is additionally a directed broker under the ward of the UK’s Financial Conduct Authority (FCA). With the administrative oversight given by the FCA, HYCM’s customers can be guaranteed that their broke with act with straightforwardness and polished methodology.
They can likewise be guaranteed that their cash will be sheltered with HYCM as the administrative tenets necessitate that every one of traders’ funds must be keep isolated from HYCM’s very own operational funds. The advantage of this training is twofold. First, HYCM’s customers know in full certainty that their trading funds won’t be abused by their broker in any way. Furthermore in case of a liquidation emergency, HYCM’s creditors won’t have the capacity to guarantee any of these funds in their proceedings.
Finally, HYCM being an individual from the UK’s Financial Services Compensation Scheme (FSCS) is capable give remuneration to their customers by up to a most extreme measure of £50,000 ought to ever the broker is legitimately and financially incapable of paying cases against it.
With all these lawful security that is put, HYCM’s customers require not have any worries about the dependability of this broker.
As a leading financial services supplier, HYCM can give their traders cutting edge trading platforms. Here at HYCM, traders have 3 main kinds of trading platforms to look over. The mainstay of HYCM’s trading platform is their exclusive platform called the Prime Trader. Notwithstanding take into account traders who need to trade on a more commonplace platform, HYCM has additionally made available the prevalent MetaTrader 4 platform. What’s more, for traders who want to trade in a hurry, HYCM has additionally observed it fit to furnish this group of traders with the HYCM Mobile trader.
Capacity to trade Multi Assets
Account Management System
Feature Guaranteed Stop/Loss
Different Price Views
Propelled Trading Tools
Mechanized Trading Capable
Thorough Charting Package
Industry Standard Platform
HYCM Mobile Trader
Account Management proficient
Available for iOS and Android gadgets
Completely Mobile Capable
3 sorts of trading accounts are available at HYCM. They include the Mini, Standard and VIP trading accounts. The Mini is outfitted towards the beginner trader and requires just a minimum initial deposit of $100 to open. For traders with all the more trading background, the standard account which requires a minimum initial deposit of $1000 to open would be more suited for their trading needs. Finally for expert level traders, there is the VIP trading account. This trading account requires a minimum deposit of $10,000 and has the lowest spreads among all the 3 different kinds of trading accounts. Islamic trading accounts are additionally available for traders who wish to trade the markets dependent on Islamic Sharia principles.
Commission and Spreads
Depending on the kind of trading account, the minimum applicable spreads at HYCM begin at 2 pips for the Mini trading account, 1.8 pips for the Standard account and 1.5 pips for the VIP trading account.
TRADING PLATFORMS AND ASSETS OFFERED BY HYCM
The individuals who pick HYCM as their favored broker have a decision of different trading platforms to suit their necessities. One choice is the prominent and surely understood MetaTrader 4 programming which is particularly user inviting, with an unmistakable and outwardly appealing interface. This leading trading platform gives users an abundance of preferences including Expert Advisors for mechanized trades, propelled apparatuses and diagrams for specialized analysis, and live news from the financial markets to allow up the minute information. HYCM offers a wide scope of advantages for trading including cash sets and CFDs over various resource classes. This broker have in excess of 100 different resources for select from over the categories of oil, items, Forex, metals, offers and indices. Leverages are offered on cash matches up to 200 depending on the monetary standards chose. HYCM have an association with Pro Daily which brings investors cutting edge trading signs, and traders who use the MetaTrader interface can add on an assortment of trading signals for nothing out of pocket.
HYCM ACCOUNT TYPES AND CUSTOMER SERVICES
HYCM offer three different account composes to suit the necessities of different traders. Their Micro account I suited to the necessities of beginners and has a low initial deposit measure of just $100. With 50 tradable items and leverages of up to 200. This account compose offers minimum settled spreads of 1.8. For the individuals who are looking for better spreads and different features, for example, trading signals, the Standard account, with its minimum deposit of $1000, spread of 1.5, leverages of up to 200 and the full 120 tradable resources might be a superior decision. Experts will favor the VIP account, which requires an initial $10,000 deposit. All accounts offer the alternative of mobile trading and Islamic accounts are available over every one of the three account composes. HYCM consider customer service important and have a scope of routes by which their support team can be reached. The customer support team are available from 23:00 GMT on Sundays to 21:00 GMT on Fridays. And being ready to be reached in writing, there is a phone helpline and the advantageous live outline office is additionally available 24 hours every day from Monday to Friday. Five different email addresses are given on the site with the goal that it is conceivable to effectively contact the right division in request to address issues or answer inquiries.
The customer support services at HYCM are available on a 24/5 premise and can be gotten to through email, live talk and the phone. Aside from English, the HYCM’s site is additionally available in 5 different languages in particular Arabic, Chinese, Spanish, Russian and Italian.
24/5 customer support
3 sorts of trading platform
FCA Regulated Broker
Investments secured under the Financial Services Compensation Scheme
Low Minimum Deposit Requirement
Various decisions of trading accounts
Demo account not gave
Lacking Promotional Offers
No limited phone support
Inadequately prepared Educational Library
Security of Funds
HYCM is worked by Henyep Capital Markets UK Ltd., a London-based company approved and directed by the UK Financial Conduct Authority (FCA). Furthermore, it has a Cypriot unit, directed by the CySEC, and an auxiliary situated in Hong Kong, that is properly authorized by the neighborhood controller – the SFC.
UK’s financial guard dog is celebrated for applying strict necessities to brokerage firms. Authorized organizations are required to agree to certain standards and strategies covering customer funds, arrange execution, minimum capital prerequisite, ordinary report filing, and so forth. UK-based brokers are obliged to hold in any event €730 000 in request to demonstrate their financial strength. A similar minimum capital prerequisite applies to Cypriot brokerages.
In connection to security of clients` funds, we would likewise like notice that FCA-controlled organizations fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which ensures consumers up to £50,000 per individual, in case the company goes bankrupt. In Cyprus, the inclusion is up to $20 000 for each investor.
Minimum Initial Deposit
Traders are required to deposit only $100 in request to open an account with HYCM, or, in other words minimum initial sum. However, other EU brokerages require less – XM, for instance, which likewise holds licenses from both CySEC and FCA, requests $5.
Normal Spreads and Commissions
HYCM offers both settled and variable. Settled spreads are for the most part more extensive than variable ones, but offer traders a more unsurprising trading condition and shields them from wild spread swings which more often than not happen during news releases.
Truth be told, the spreads offered by HYCM are very aggressive. Settled ones add up to 1.8 pips on EUR/USD while most settled spread brokers offer 2 – 3 pips in spread. Variable spreads on the Classic accounts are likewise aggressive, but the trading costs on Raw account composes are the lowest and the most alluring.
The most extreme leverage levels with HYCM achieve 1:200, or, in other words proportion. However, numerous different brokers give comparable or higher levels: XM, for instance, offers leverage up to 1:888.
In any case, remember that leverage is a twofold sided coin: higher leverage involves higher hazard, not just the likelihood of duplicated benefits earned on a little deposit.
HYCM offers two trading platforms: its in-house online PrimeTrader and the fame MetaTrader 4.
PrimeTrader is another multi-resource web platform with user-accommodating interface and gives integrated numerous pricing, propelled graphs and finish online account administration. Ensured Stop/Loss are available.
The MT4 is likewise supported by this broker, work area, and mobile renditions being advertised. This platform is favored by most traders, because it allows customers to completely mechanize their trades by Expert Advisors (EA) and let the program do basically everything. In addition, it offers various specialized indicators and progressed charting bundle.
MT4 allows trading signals, but HYCM has joined forces with Pro Daily which brings investors cutting-edge signals trading service.
HYCM offers a welcome on-deposit bonus of 10% (up to $5000) to all live account holders with deposits of at any rate $500. For each $1,000 bonus granted, customers will be required to trade 30 standard parts within 60 days. The broker additionally offers a Refer-a-companion plot. Depending on the measure of the initial deposit of the alluded customer, the referrer can get up to $250.
Methods of Payment
HYCM`s customers can make deposits and withdrawals by means of credit/debit cards (Visa or Mastercard), wire exchange, Skrill and WebMoney.
HYCM oﬀers trade accounts with base monetary forms in USD and EUR. Deposits are additionally acknowledged in KWD, SAR and AED and will be changed over to USD for trading.
Regardless of being one of the more settled brokers around, HYCM has not forgotten the little time retail traders. This is apparent from the way that they make it simple for anybody to open a live trading account with them with only a little initial deposit of $100. Likewise, their site is anything but difficult to explore around. In the occasion help is required, their 24/5 customer support team stands prepared to render help to the individuals who needs it.