HYCM (Henyep Capital Markets) Review 2024 : Should you sign up?

Catering to both institutional and retail clients globally, HYCM is committed to delivering superior trading experiences through its broad range of products and services.

In the following analysis, we’ll delve into HYCM’s unique features and offerings that contribute to its esteemed standing in the industry. Continue reading as we navigate through the company’s extensive range of services, and understand why HYCM is a premier choice for effortless Forex and CFD trading.

Pros and Cons

” The best way to make a good decision is to know all the options and weigh the pros and cons of each one.” – Brian Tracy

By weighing the advantages and disadvantages, I can present a balanced analysis highlighting the platform. Here is a summary of the pros and cons of opening an account with HYCM.

Pros

• Low forex and CFD fees (some of the lowest fees in the industry)
• Well-regulated platform — licensed by the FCA, CySEC, DSFA, and SFC
• Multiple trading platforms — HYCM Trader (proprietary platform), MetaTrader 4 and 5
• Great educational content

Cons

• Platform Interface (Outdated designs)
• Limited cryptocurrency offering
• Inactivity fee — $10 each month after 90 days of inactivity

HYCM History

HYCM, formerly known as HY Markets (Henyep Markets), is a reputable forex and CFD broker that has been in business since 1977. Initially founded as a financial and investment company in Hong Kong, HYCM gradually expanded its operations and ventured into online trading to meet the evolving needs of traders worldwide.

Henyep Group, the parent company of the trading platform, is based in London and engages in operations in real estate, education, and financial services. Below are some of the notable events in the company’s history;

• 1998: Henyep Investment UK obtains licensing from the Financial Conduct Authority (FCA)
• 2000: Henyep Investments company aims to develop a CFD trading platform specializing in energy and commodities. As a result, it is a founding member of Hotrade, an online stock trading platform.
• 2007: Henyep Investment UK officially launches its online platform known as HYCM.
• 2014: HYCM Ltd (Europe) obtains its license from the Cyprus Securities and Exchange Commission (CySec) as a trading platform specializing in CFDs and forex brokerage services.
• 2016: Henyep merges its investment brands from the capital markets to create an online platform called HYCM.com.

Today, HYCM is a well-established and reputable trading platform serving traders worldwide. With its extensive range of tradable assets, robust trading infrastructure, and dedication to customer support, HYCM continues to be a preferred choice for both institutional and retail traders seeking a reliable and comprehensive trading experience.

Key Trading Terms and Conditions at HYCM

The trading terms and conditions are essential when choosing a trading platform. Understanding this is crucial as it can vary significantly among brokerage platforms, and the smallest differences could substantially impact your trading journey.

As someone who actively trades, I understand the importance of trading conditions and have invested time in analyzing and simplifying these terms so that they can be easily comprehended. Here, I would like to share with you a summary of the essential terms to remember:

1. Minimum deposit – $100
2. Deposit / Withdrawal fee – $0
3. Spreads – From 0.1 Pips
4. Leverage – 1:500
5. Minimum trade price – 0.01 lots (fiat pairs), 0.0001 lots (BTC/USD)
6. Margin Call / Stop Out – 100% / 20%
7. Financial Instruments – Forex, CFD Stocks, Indices, Cryptocurrencies, Commodities
8. Types of contracts – pairs, ladder, one touch, 60 seconds, daily and long-term options.

Assets offered by HYCM (Henyep markets)

The diversity of trading assets a broker offers is a crucial factor that significantly impacts its value and appeal. By delving into the range of available assets, you can gain a deeper understanding of the opportunities and potential that the platform presents.

HCYM has many assets, including forex, CFD stocks, indices, cryptocurrencies, and commodities. Below, I will talk extensively about these assets to broaden your knowledge about the platform.

Forex

At HYCM, Forex Trading takes center stage, offering you an extensive range of currency pairs. With over 70 Forex currency pairs available, including major, minor, and exotic pairs, HYCM provides a diverse selection for you to explore.

With spreads starting from as low as 0.1 pips and maximum leverage of 1:500, HYCM ensures competitive trading conditions for Forex enthusiasts.

CFD Stocks

With HYCM, you can broaden your horizons by venturing into stock trading, gaining exposure to some of the world’s most prominent brands (such as Apple, Meta, and Tesla). Offering competitive margins starting from just 5% and leverage levels up to 1:20, HYCM stands out among the top forex brokers by providing flexible stock trading conditions.

Indices

As a valued client of HYCM, you gain exclusive access to a wide range of opportunities in the global equity markets. With over 15 top global equity markets available for trading, HYCM allows you to diversify your investment portfolio and explore the potential of these dynamic markets.

Take advantage of our maximum leverage of up to 1:200, providing enhanced trading power to capitalize on market movements and potential profit opportunities.

Cryptocurrencies

Dive into the world of cryptocurrencies with HYCM and capitalize on the performance of major digital assets like Bitcoin, Ethereum, and Litecoin. With HYCM, you can trade these popular cryptocurrencies through Contracts for Difference (CFDs).

Also, you can enjoy the flexibility of a maximum leverage of 1:20, enabling you to amplify your trading potential.

Commodities

Clients at HYCM have the option to speculate on commodity prices without actually owning the underlying assets. You can trade well-known commodities like US Oil, Brent Oil, Natural Gas, and Cocoa using contracts for difference (CFDs).

Make the most of the leverage up to 1:133, which enables you to maximize your trading opportunities and profit from price fluctuations.

HYCM Account Types

Trading platforms typically offer various account options to accommodate traders of all levels. HYCM is aware of the needs and preferences of traders and, for that reason, provides three types of accounts. These accounts were designed to match your trading style and how you execute trades.

Whether you are a beginner or an advanced trader, HYCM has the perfect account for you. In this section, we shall explore the three accounts available.

Fixed Account

HYCM’s Fixed Account is a trading account that provides fixed spreads and does not charge any commission. With this account, you can have transparency regarding your trading costs, as there are no hidden fees.

The minimum deposit required for a Fixed Account is $100, and the account is available in various base currencies. Additionally, HYCM provides Islamic accounts for traders who adhere to Islamic financial principles.

 Here are some of the key features of HYCM’s Fixed Account:

• Fixed spreads from 1.5 pips
• No commission
• Minimum deposit of $100
• Available in a variety of base currencies
• Islamic accounts available

The Fixed Account is an excellent choice if you’re looking for a trading account with predictable costs and no additional fees.

Classic Account

The Classic Account from HYCM is a trading account with no commission and variable spreads. This implies that there are no hidden fees but that your spreads may change in response to market conditions. The Classic Account accepts deposits starting at $100 in several base currencies.

Here are some of the key features of HYCM’s Classic Account:

• Variable spreads from 1.2 pips
• No commission
• Minimum deposit of $100
• Available in a variety of base currencies
• Islamic accounts available

The Classic Account is worth considering if you are searching for a trading account that offers tight spreads and transparency without any charges.

Raw

The trading account known as the “Raw Account” from HYCM has extremely low raw spreads and a $4 round turn commission. This implies that there are no additional fees; all you will pay is the cost of executing your trades. A $200 minimum deposit is required to open a Raw Account, and numerous base currencies can be used to fund the account.

Here are some of the key features of HYCM’s Raw Account:

• Ultra-low spreads from 0.1 pips
• Commission of $4 per round turn
• Minimum deposit of $200
• Available in a variety of base currencies
• Islamic accounts available

If you are looking for a trading account with the lowest possible spreads, then HYCM’s Raw Account is an excellent option.

HYCM Trading Platforms

Trading platforms are significant to the overall trading experience. To meet the various needs of traders, the brokerage company provides a variety of cutting-edge and user-friendly trading platforms.

In this section, I will discuss the desktop and mobile platforms HYCM offers and what they can provide for your trading experience.

Desktop platform

HYCM offers both MT4 and MT5 trading platforms. These platforms are available on desktop and web, making them convenient. The platforms have an excellent industry reputation and are known for providing excellent trading experiences.

If you are a trader who appreciates user-friendly trading environments, you will find these platforms top-notch options.

The platforms offer a ton of technical expertise, as evidenced by their various features and tools. Still, they also include an EAs feature that can be extremely helpful in enhancing your auto trading abilities.

*It’s important to keep in mind that some assets can only be traded using the MT5 trading platform.

Mobile platform

The mobile trading platform experience with HYCM is also excellent. This is made available through the MT4 and MT5 mobile applications, which, like their desktop and web equivalents, are incredibly clear, user-friendly, and highly customizable.

The mobile platforms have a chat feature and excellent features found in the desktop and web-based versions. These platforms are accessible on both Android and iOS devices.

HYCM Resources

As an HYCM user, you can access various resources to help you with market analysis, forex data calculation, price trend monitoring, and staying current with market news. It also keeps users updated on trading opportunities and brokerage services in various international markets.

• Calculator — Pip Calculator, Currency Converter, and Margin Calculator
• Economic Calendar — The economic calendar tracks the most recent news and data regarding foreign exchange (FX).

HYCM Security Measures

When it comes to online trading, security is of the utmost importance. HYCM understands this and has implemented several security measures to protect its customers’ data and funds.

Data encryption

One of the key security features is data encryption, where HYCM utilizes the highest levels of encryption to ensure that all your information, including personal and financial data, is transmitted and stored securely.

Two-factor authentication

Besides encrypting data, HYCM provides a security feature called two-factor authentication (2FA). With 2FA, you must enter a code from your phone and your password while logging in. This extra step enhances the security measures making it harder for individuals to access your accounts.

Firewalls and intrusion detection systems

To enhance system protection, HYCM utilizes firewalls and intrusion detection systems. These security measures are in place to prevent entry into their servers and to identify any security risks. By incorporating these measures, HYCM establishes a defense against threats, safeguarding the integrity of its systems.

Regular security audits

HYCM performs routine security audits to guarantee the ongoing efficacy of its security measures. To find any potential weaknesses and confirm that the security measures are being correctly applied, independent security firms evaluate the security protocols and procedures put in place by HYCM.

HYCM Regulators

Regulatory compliance is paramount in the financial industry, and HYCM takes it seriously. The company is regulated by multiple reputable authorities, which include:

• Financial Conduct Authority (FCA) in the UK
• Cyprus Securities and Exchange Commission (CySEC)
• The Cayman Islands Monetary Authority (CIMA)
• Dubai Financial Services Authority (DSFA)
• Financial Services Authority (FSA) in St. Vincent and the Grenadines

By securing licenses from these reputable regulatory bodies, HYCM demonstrates its dedication to conducting business honestly and adhering to ethical and legal standards. You can confidently trade on the platform, knowing that it upholds the highest standards of legitimate conduct.

Education / Training at HYCM

HYCM is committed to providing its clients with a comprehensive suite of trading tools to enhance their trading skills and deepen their understanding of financial markets. With a focus on education and knowledge-building, HYCM offers a range of quality educational tools. On the broker’s website, you can find the following resources:

Tutorials

The forex education section on HYCM’s website goes above and beyond to provide comprehensive tutorials that support and educate you on various aspects of trading with the MetaTrader platforms. These tutorials guide you on setting up and installing the platforms, ensuring a smooth and seamless experience right from the beginning.

The tutorials cover essential features of the MetaTrader platforms, such as time frames, new charts, and the Market Watch Window. Traders are guided on how to navigate these features effectively, empowering them to make informed trading decisions. Furthermore, the tutorials delve into important functionalities related to order management.

eBooks

These eBooks cover various topics, including forex, commodities, futures, stocks, and cryptocurrency CFDs, aiming to educate you on multiple aspects of trading these instruments. Each eBook focuses on a specific instrument, providing in-depth knowledge about important terms, concepts, and strategies related to that asset class.

Beginners’ Courses

For beginner traders who just got into forex trading, this section is for you. The goal is to give you some fundamental knowledge and skill levels to succeed at forex trading. Beginner courses include a Forex glossary explaining all the key terms and meanings traders face when dealing with Contracts for Difference (CFDs) and Forex.

In addition to the glossary, the beginner course also includes winning tactics (which helps improve your chances of profitability).

Webinars

Through regular webinars and workshops, HYCM allows you to learn about market movements. It’s a great opportunity for you to interact with experts and participate in live Q&A sessions. To register for these informative sessions, you need to provide your details (full name, email address, and phone number).

Payment Options

To meet its traders’ diverse needs, HYCM accepts various currencies (USD, EUR, GBP, RUB, AED, and CAD). Also, to make transactions as smooth as possible, HYCM offers a number of deposit and withdrawal options. These options ensure that you can conveniently manage your funds.

Below is a brief overview of the deposit and withdrawal options available to traders at HYCM:

Deposit Methods

Various deposit methods are made available depending on your location. These methods cater to different preferences and provide convenience for users when it comes to funding their accounts. Here are some of the commonly offered deposit methods:

• Bank Wire
• Credit and Debit Cards (Visa and Mastercard)
• eWallets — Skrill, Neteller, WebMoney, China UnionPay, and Interac.

Withdrawal Methods

The withdrawal methods available are identical to the deposit methods accessible to you. This means that the same methods you used to deposit funds into your account can also be used for withdrawals. It is generally required that the same method used for making a deposit is also used for withdrawing funds.

Customer Support

Whether new to investing or an experienced trader, prompt and genuinely helpful customer service is crucial when contacting a broker. Customer service effectiveness largely depends on the availability of various communication channels and the quality of their responses.

To clearly understand what you can expect from HYCM’s customer service, I have gathered the following essential information.

Customer service channels

The availability of multiple communication channels is a vital aspect of effective customer service. The greater the variety of channels offered, the higher the chances of receiving timely assistance and addressing your questions promptly.

The following methods of communication are available with HYCM: Live chat, Phone, and Email.

Customer response time

• Live chat: Rest assured, HYCM’s live chat feature offers prompt response times, typically addressing your queries within a minute. However, it is worth noting that the clarity of the answers provided through live chat can vary, necessitating additional research on your part for a more comprehensive understanding.

• Phone: Regarding phone support, HYCM’s response speed can be considered average. Occasionally, they are quick to respond, while at other times, you may experience a wait of 2-3 minutes, which can be considered moderate. However, it is essential to note that once connected, HYCM’s phone support agents provide all the necessary information in a clear and easily understandable manner.
• Email: You can rest assured that HYCM will respond to your emails promptly, typically within a day. While the response time is acceptable, there is room for improvement. In their email responses, HYCM provides relevant primary information; however, there may be instances where you desire more detailed or easily understandable explanations.

Conclusion

With a commitment to security, regulation, and educational resources, HYCM provides a solid foundation for traders to thrive in the financial markets. Whether you are a beginner or a professional trader, HYCM offers the necessary tools and support to navigate the trading world confidently.

Finally, it is important to research the regulation of any online trading platform thoroughly. Regulatory compliance makes transparency, investor protection, and adherence to moral standards possible. HYCM meets these criteria and should be on your list if you are searching for online brokers.

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