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.
HTCL offers and financial instruments are great (specially swaps). But you got to bring some technical improvements in your MT4 Mobile and PC platform. Like- quick connect time, response time, random connection lost with main server. Customer service is good. But you need to build in-house technical indicator which can be used in PC MT4 platform (DLL Import). A proprietary indicator is very essential.
Excellent customer service and support, reliable platform no issues, but margins/spread are relatively high
Too long to get refunds (more than 3 weeks !)
Too little possibilities in stocks
Started trading with hycm in 2009 after i lost my job. That time that rescued me and i m very thankful to God i found Forex and this company to trade with. Now forex is my main money source and that could not happen without hycm
Just registered and started trading; Its actually a 40 years old company, not even 20 (wow). Yes, site is kinda boring, although they have daily video analysis (other brokers usually make it in text. Will see whats up the the platform after few months
Just registered the mini-account, very easy to start working, would just wish to have more educational materials on the website
i would recommend HY markets who spent some years on forex and being thinkin of starting on the US and global market (futures and stocks). They have HYPRO platform that allows trading on these markets. Its much for userfriendly then some stock platforms and perfect for start
Very bad service. Technical support – work too bad.
Still can’t get my answer after two months.
Their platform might be a tag slower than some other brokers but it’s easy to use
I don’t trade here, but I’m grateful for the demo access. Hope to trade live here very soon!
Is there fixed spread account and what fixed spreads are?
Yes, it’s called ‘Classic’, spreads are about 2 pips on majors