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Last Updated On August 20, 2024
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A market maker broker, HYCM is a subsidiary of the Henyep Group, which has been involved in asset trading for over 40 years, giving potential clients an additional level of confidence in using this broker. Its various companies are regulated by the FCA in the United Kingdom, CySEC in Europe, and the DFSA in Dubai. HYCM offers trading on more than 300 instruments, including Forex, commodities, stocks, ETFs, indices, and over 21 cryptocurrencies, a broader range than is typically seen at other brokers.
HYCM offers three live accounts which are suitable for beginners and more experienced traders. The commission-free Fixed and Classic accounts have a low minimum deposit requirement of only 20 USD, but spreads that start at 1.8 pips and 1.2 pips (EUR/USD) respectively, which is wider than other brokers. However, most traders will be interested in HYCM’s low cost Raw Account, with spreads starting at 0.2 pips on the EUR/USD in exchange for a commission of only 4 USD (round turn), also for a minimum deposit of 20 USD.
Support is offered for both MT4 and MT5 alongside its inhouse mobile app and a comprehensive market education suite that is beneficial for traders of all experience levels. However, HYCM’s analysis materials are limited, forcing traders to seek market news elsewhere.
🏦 Min. Deposit | USD 100 |
🛡️ Regulated By | CySEC, DFSA, BaFin, CIMA |
💵 Trading Cost | USD 12 |
⚖️ Max. Leverage | 500:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5 |
💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices |
HYCM distinguishes itself with a versatile offering tailored to both beginners and seasoned traders. It features three account types with minimum deposits starting at just 20 USD. The Raw Account appeals to cost-conscious traders with its low spreads starting from 0.2 pips, in exchange for a modest 4 USD commission per round turn. HYCM supports both the MT4 and MT5 platforms, catering to diverse trading preferences and strategies, including hedging and scalping.
While its robust trading education enhances trader knowledge and skills, HYCM’s market analysis resources are somewhat limited, necessitating external research for comprehensive market insights. Despite this, HYCM’s commitment to fast and free withdrawals and a wide range of assets makes it a competitive choice in the market. FxScouts gives HYCM an average rating of 4.12 out of 5.
HYCM’s parent company, Henyep Group, has been in operation for more than 40 years, starting as a gold dealer in Hong Kong in 1977. The company branched out into property, capital markets, investments, and Forex trading in the 1980s and launched an online trading platform in 2007.
A genuinely global broker, HYCM is regulated by various highly regarded institutions, including the FCA, CySEC, and the DFSA:
South African traders will be trading under the HYCM Limited subsidiary registered in St Vincent and the Grenadines (BVA FSC). For all intents and purposes, the BVA FSC is not considered a regulator and applies no enforcement or supervision of any Forex or CFD trading-related activities.
Clients must rely solely on the reputation of HYCM, as no additional measures exist to ensure client protection. However, in a show of good faith, HYCM segregates all funds from the company’s operating capital at top-tier banks, and it offers negative balance protection to all its clients. Additionally, as HYCM is not regulated by the FSCA, South Africans are not protected under any local investor protection schemes.
While South Africans may be apprehensive about trading under a subsidiary that is essentially unregulated, HYCM subsidiaries in Europe are also regulated by the FCA and CySEC, which are both top-tier authorities. Additionally, HYCM offers its clients account statements that are regularly audited by external audit firms.
HYCM has collected many awards over the years, including Best Mobile Trading App 2020 (World Finance), Best Forex Broker UAE 2020 (Finance Review), Best Forex Broker Europe 2019 (Global Brand Awards), and Best Forex Trading Platform Middle East 2019 (Global Forex), among others.
With the financial backing of its parent company, worldwide regulation, and frequent industry recognition, HYCM is regarded as a safe option for traders.
HYCM’s trading fees are higher than other brokers on two of its account types and lower than other brokers on its Raw Spread Account.
HYCM offers three account types. The Fixed and Classic accounts costs are included in the variable spreads, while the Raw Account offers significantly tighter spreads in exchange for a commission per lot traded. Click here for more details on HYCM’s account types.
Unfortunately, HYCM only publishes its starting spreads and not its average spreads. Traders should note that because spreads are variable at HYCM (except on the Fixed Account), they will get wider or tighter depending on trade volume and market volatility.
HYCM’s accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads and commission.
When making this calculation, we used one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.
Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):
As you can see from the table above, the trading costs on the Fixed and Classic accounts are built into the spread, but are higher than the costs on the commission-based Raw Account.
Additionally, compared to other brokers, HYCM’s trading costs are higher than average on the commission-free Fixed and Classic accounts- the trading costs at most good brokers tend to be around 9 USD per lot of EUR/USD. However, trading costs are lower than average on the Raw Account, and it has a reasonable minimum deposit requirement.
Swap Fees
Another important cost to consider is the swap rate charged on positions held overnight. Swap fees can be found alongside the instruments in the ‘Contract Specifications’ tab. In the case of Forex instruments, the amount charged depends on both the positions taken (i.e. long or short) and the rate differentials between the two currencies traded.
The following calculation can be used to work out the swap fee:
Interest rate (%) x Contract value (contract value is equal to daily close price multiplied by contract size) / 360 = Overnight finance fee.
For example, if the interest rate on the EUR/USD is 1.25% for a short position, and the exchange rate on the EUR/USD at the end of the day was 1.1450:
1.25% x (100.000 * 1.1450) / 360 = 3.98 USD credit per night.
Overall, the training costs on HYCM’s commission-free accounts are higher than those of other brokers, but lower on its Raw Spread Account. Additionally, the reasonable minimum deposit requirements on all accounts make them suitable for traders of all experience levels.
HYCM’s non-trading fees are average compared to other similar brokers.
Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.
HYCM does not charge generally charge any account, deposit, or withdrawal fees, but there are two exceptions (click here for more on HYCM’s deposits and withdrawals):
Additionally, after three months of inactivity, HYCM charges a fee of 10 USD per month. These fees are around the average charged by the industry for dormant accounts.
Overall, HYCM’s non-trading fees are around the industry average, with no deposit or account fees, but an inactivity fee after three months of account dormancy and withdrawal fees on certain payment methods.
The account opening process at HYCM is user-friendly, fully digital and accounts are ready for trading within one day.
All South African residents are eligible to open an account at HYCM, as long as they meet the minimum deposit requirements. These are:
Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day. HYCM offers individual and corporate accounts, but we will focus on opening an individual account:
Overall, HYCM’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading within one business day.
HYCM offers three account types, which is around the average offered by most other brokers, and its accounts are suitable for both beginners and more experienced traders alike.
HYCM is a market-maker broker with a selection of trading accounts with low minimum deposit requirements. In addition to its two commission-free accounts, a raw account is available, offering tighter spreads in exchange for a commission per trade.
The low minimum deposit requirements across all account options make them suitable for beginner traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.
HYCM’s Raw Account is suitable for more experienced traders. Experienced traders generally prefer paying higher minimum deposits and a commission per trade in exchange for tighter spreads. The Raw Account has a higher minimum deposit, but a reasonable commission structure and tighter spreads.
HYCM offers two commission-free accounts, the Classic Account and the Fixed Account. Both accounts require a minimum deposit of 20 USD but the Classic Account has a variable spread while the Fixed Account (as per the name) has fixed spreads. Because of the Fixed Account’s nature, expert advisors are unavailable. HYCM also offers a market execution Raw Account, which offers spreads closer to market rates (from 0.2 pips) but charges 4 USD commission per round and requires a minimum deposit of 20 USD. The maximum leverage on all accounts is 500:1, and HYCM allows all trading strategies, including hedging, scalping, and copy trading.
Fixed Accounts
The Fixed Account is a commission-free account, with spreads fixed at 1.5 pips on the EUR/USD, which is wider than other market makers. The minimum deposit requirement on this account is 20 USD, making it accessible to beginner traders.
Classic Account
The Classic Account is also a commission-free account with variable spreads starting at 1.20 pips pips on the EUR/USD, which is still wider than other brokers. The minimum deposit on this account is 20 USD, and traders can make use of expert advisors.
Raw Account
As the name suggests, raw spreads start at 0.2 pips on this account in exchange for a commission of 4 USD round turn per lot. The minimum deposit on this account is 20 USD, and traders can make use of expert advisors.
Demo Account
HYCM provides a free demo account that comes loaded with 50,000 of the base currency of your choosing. Demo accounts do not expire unless there is no activity on the account for more than three months, at which time they will be suspended. However, they can be reactivated at any stage. Demo accounts are a great way to practice trading in a risk-free environment, and HYCM allows traders to practice on both the MT4 and MT5 platforms.
Islamic Accounts
All accounts are available as Islamic (swap-free) accounts. As soon as you have signed up for your account, please contact your account manager, and they will convert the account to swap-free status. Traders should note that although no interest is charged on Islamic accounts, once a position has remained open for longer than 14 days, traders are charged a fee of 5 USD per contract per night.
Note: Swap-free options are not available on exotic currencies and cryptos.
Overall, HYCM’s trading costs on two of its accounts are above the industry average, and well below the industry average on its Raw Account. Additionally, its reasonable minimum deposit requirements make them appealing to both beginners and more experienced traders alike.
HYCM offers a broad range of payment methods and its processing times are fast. While no fees are charged for deposits, HYCM charges fees for withdrawals in certain circumstances.
In line with Anti-Money Laundering policies, all deposits must be made from a bank account/card registered in your name, and HYCM does not accept third-party deposits.
HYCM offers a broad range of payment methods, including Mastercard, Visa, Skrill, Neteller, Webmoney, and Wire Transfer, and all deposits and withdrawals (except bank wire) only take an hour to complete. Additionally, both deposits and withdrawals are free, except for a few withdrawal methods, see below for more details:
Overall, HYCM’s processing times are fast and while it generally does not charge fees for deposits or withdrawals, there are some exceptions.
HYCM offers trading accounts denominated in six base currencies, which is around the average offered by most other brokers, but it does not offer accounts denominated in ZAR.
Deposits to trading accounts can be made in most national currencies, which are subsequently converted into JUSD, EUR, GBP, RUB, AED, and CAD. However, HYCM does not support accounts denominated in ZAR, which means that South Africans will have to pay conversion fees on all deposits and withdrawals. Conversion fees can make trading expensive, and affect profitability.
In order to protect your capital from currency fluctuation, you can have multiple trading accounts in different currencies at the same time. For example, you can have both a EUR and USD account for MetaTrader 4. This gives traders an opportunity to transfer funds from one account to another through a convenient internal transfer to another account.
Overall, HYCM offers an average number of trading currencies compared to most other brokers, and while it does not offer accounts denominated in ZAR, it allows traders to open multiple trading accounts in different currencies.
HYCM’s trading platforms are average compared to other brokerages.
HYCM offers full support for Metatrader 4 and Metatrader 5.
The advantage of brokers offering third-party platforms such as MT4 and MT5 is that traders can take their own customised versions with them should they decide to migrate to another broker. However, many brokers offer their own proprietary platforms which are often more user-friendly and easier to set up, which is not the case at HYCM.
The primary difference between MT4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can also trade on stocks, stock indices, and precious metals. MT5 also has a built-in news feed and an economic calendar, and trades can be made on a chart.
MetaTrader 4
MetaTrader 4 (MT4) is still undoubtedly the world’s most popular trading platform for forex traders due to its ease of use, feature-rich environment, and automated trading ability. MT4 is available in over 31 languages.
Features of MT4 include:
While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find. In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop. Additionally, Trailing Stop is only available on the desktop version. MT4 is available on PC and Mac.
MetaTrader 5
The MT5 trading platform is being adopted by more Forex brokers all the time. It has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. The MQL5 scripting language is more efficient than its precursor, and MT5 has more advanced charting tools than MT4.
Features include:
MT5 is also available on PC and Mac.
Overall, HYCM’s platform support is about average when compared to other brokers.
HYCM’s mobile trading platforms are excellent compared to other similar brokers
It offers MT4, MT5, and its own in-house trading platform, HYCM Trader, which are available on Android and iOS mobile devices and tablets.
MT4 and MT5
Beginner traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced timeframes and fewer charting options. Generally, it is better to be at your desktop to conduct day-to-day trading and use a mobile device to keep an eye on the markets or close open positions.
The mobile apps allow traders to work from anywhere, with functionality to close and modify existing orders, and calculate profit/loss in real-time. HYCM’s MT4 and MT5 applications are beginner-friendly and well-designed and it is easy to navigate the various folders.
HYCM Trader
HYCM has recently introduced the HYCM Trader app, which allows traders a seamless trading experience on the go. Traders can choose between 300+ assets, execution is ultra-fast, traders can create customised chart layout, perform deposits and withdrawals, and receive the latest market news and analysis.
HYCM offers a limited number of trading tools compared to most other brokers.
HYCM does not offer traders any additional tools beyond an Economic Calendar, the services of Trading Central, and a trading calculator. Most other brokers offer various technical analysis tools such as Autochartist, VPS services, and various copy trading platforms.
Trading Central
Trading Central is available to clients who register a live account. A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to curate relevant information. This tool essentially supports traders without the technical know-how in making trading decisions. Trading Central is one of the most popular trading tools available and provides excellent market analysis, and HYCM does well to offer this service to its clients.
Overall, HYCM’s trading tools are limited compared to most other brokers, but it offers the services of Trading Central.
The choice of financial assets offered by HYCM is average compared to other similar brokers, but it offers trading on over 70 Forex pairs and 21 cryptocurrencies.
HYCM’s range of financial instruments for CFD trading (click here for more details on CFD trading), includes Forex, shares, indices, commodities, cryptocurrencies, and ETFs.
Overall, HYCM offers an average range of tradable assets compared to most other brokers, but it excels in its Forex and cryptocurrency offerings.
HYCM hosts an excellent range of educational tools designed to develop trading skills and boost trader’s knowledge of the financial markets. All the material offered is free of charge on its website, including the videos and reading material. However, HYCM’s market analysis materials are limited.
HYCM’s educational materials are well-structured, comprehensive, and in-depth compared to most other brokers.
The educational topics are more geared towards helping beginner traders, and cover topics such as Risk Management, Tips for Traders, Trading Tools, Strategies (both simple and advanced), and an excellent introduction to Capital Markets. A well-structured course for beginner traders is also available.
Overall, new traders should find more than enough material to get them started trading here, though more experienced traders may be disappointed by the lack of more advanced topics.
The market analysis selection at HYCM is limited compared to other similar brokers.
HYCM’s market analysis materials consist of an economic calendar, a calculator, and a market news section curated by both in-house analysts and third-party provider, Trading Central.
HYCM generates in-house research, published under the News category of the website. The market analysis is curated by both in-house market analysts and a newsletter, in partnership with Trading Central, which provides additional trading ideas.
HYCM’s customer support is average compared to most other brokers.
HYCM offers several customer service channels including live chat, email, and telephone support available 24/5. We found the live chat to be the most responsive. Live chat agents were polite and knowledgeable.
In addition, HYCM also has a dedicated Help Centre website, this site is fully searchable and not only answers many FAQs but also has a dedicated education section.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the HYCM offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
According to regulation, brokers are required to be transparent with Forex traders about the complexity of financial products and also disclose the extent to which traders can lose their money. HYCM wants you to know that: Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high degree of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent expert advice if necessary and speculate only with funds that you can afford to lose. Please think carefully about whether such trading suits you, taking into consideration all the relevant circumstances as well as your personal resources. We do not recommend clients posting their entire account balance to meet margin requirements. Clients can minimise their level of exposure by requesting a change in leverage limit. For more information please refer to HYCM’s Risk Disclosure.
HYCM is a large, well-regarded, and long-established market maker. The fact that HYCM is part of a larger financial services group, with more than 40 years of experience, gives potential clients an additional level of confidence in using this broker. While HYCM’s three live accounts are suitable for beginners and more experienced traders, trading costs are higher than average on its instant execution accounts. However, costs improve significantly on its market execution Raw Account, and it provides world-class trading education. Trading is offered on both the MT4 and MT5 platforms, and an in-house mobile app, the HYCM Trader, and HYCM allows all trading strategies, including hedging, scalping, and copy trading.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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