To understand whether HYCM is suitable for you or not, I recommend to pay attention to these 3 things: reputation, trading conditions, and regulation.
For how long the company is in the market?
- HYCM is in the market since 1977.
What are the main advantages here?
- The main advantages of HYCM are credibility and long history. Henyep Group is in the market since 1977 and during the whole time it never had issues with regulatory organizations.
Did you find any reasons not to work with this broker?
- HYCM spreads on CFDs and cryptocurrencies are higher than top competitors. The only trading platform they offer is Metatrader 4.
Does HYCM have swap-free (Islamic) accounts?
- Yes, HYCM is suitable for Middle-East traders.
What is the minimum deposit amount?
- It is possible to start trading at $100.
Is this broker regulated?
- Yes, HYCM is compliant with MiFID and regulated by CySEC and FCA.
Anything special about spreads and margin leverage?
- This broker offers three basic account types, depending on the initial deposit: Mini, Standard and VIP. They all offer leverage up to 1:200, fixed spreads and the opportunity to trade in micro-lots.
|Avg rebate per lot||$0.00|
|Trading platform||MT4, MT5|
|Regulation||CySEC, FCA, MiFID, DFSA, SFC|
|Minimum trade size||0.02|
Suspicious reviews that we found
I have two FOREX MT4 account: HYCM live and FORMAX demo. About 8-10 weeks ago I opened the live account with HYCM. I have only one problem with HYCM – their spread is too high, 3 pips and up. Since I opened the HYCM account I do parallel trading: whatever I trade on demo most of the time I trade it on live. I trade micro lots. For example I experienced .26 cents gain on the demo .12 cents loss on the live account with the same currency pair at the same time and this is typical.*
*We found this review on Forexpeacearmy.com. Some clients are not happy with spreads and we agree, that they are higher than average.