- Operated by Henyep Capital Markets (UK) Limited;
- Henyep Capital Markets (UK) Limited is authorized and regulated under the Financial Conduct Authority with reference number 186171. HYCM (Europe) Ltd is authorized and regulated under the Cyprus Securities and Exchange Commission under license number 259/14;
- Located at 3rd Floor, 28 Throgmorton Street, London EC2N 2AN, United Kingdom;
- Products: forex, metals such as gold and silver, energy products such as oil and gas, commodities, indices and stocks, all from a single integrated account;
- Available to non - U.S./Japan/Afghanistan/Belgium customers only;
HYCM - Scam or Reliable Brokers?
Let’s start with a brief history: the company was set up 35 years ago, and its activity is extended over 3 continents and around 20 countries, all over the world. Its offices can be found in London, Dubai, Hong Kong, Kuwait and Cyprus, and they offer over 100 available trading financial instruments. These include CFDs, indices, commodities, stocks and precious metals, all present on their MT4 platform. If you’re looking for a Forex broker or a CFD broker to meet your demands, you may just have stumbled into the right place.
Aside from their awards for outstanding customer services, HYCM boasts a series of training materials they make available to their designated audience, advanced strategy development and education. You can access their support services 24/7 via live chat, phone, fax or email, and as far as languages are concerned, they cover Russian, Chinese, Arabic, Hindi, and Urdu. They get 5 out of 5 from us.
Safety of funds
What about deposits and withdrawals? You get access to several transactional methods, including the main credit and debit cards, Skrill, WebMoney and Bank Wire Transfers. Rest assured that all of their clients’ funds are kept in segregated account pertaining to top-tier banks and benefit from national protection schemes. Withdrawals are handled at a speedy pace, provided that all of your documents are in order.
Account and deposit types
Depending on your account, you get to enjoy spreads that vary from 1.8 to 1.5 or lower. 500:1 is the leverage you get for a mini account, and higher account classes benefit from 300:1, or even lower. Increased leverage equals increased risk, so we’ll say anything that exceeds 500:1 should cause concern.
Minimum Deposit Policy
It doesn’t take much to open an account with HYCM, only $100. That’s the average of the industry, so no surprises there.
Prime Trader is the platform of choice for HYCM. In case you’re missing MT4, you should know that they aligned with it for all of their web-based trading platforms, and incorporated novelties such as widgets and new-entry trading tools which can be accessed from all of their platforms. All of the Android devices are supported, as well as iPhone and iPad, and they all benefit from 128 bit SSL encryption software that keeps your data safe from any hacker’s attempt to access it.
You get 3 types of platforms to choose from: the Prime Trader, the MetaTrader4 and the Mobile trader. These allow you to trade multiple assets using advanced charts that feature guaranteed stop/loss options. The Mobile Trader is available for both iOS and Android and offers full mobile capability.
Well, their platform takes a bit of getting used to. Most traders prefer the MT4, so we’re not quite sure switching to Prime Trader was a good idea. That, however, remains to be seen. Demo accounts do not exist, so you don’t really get to practice all that much before actually getting into the whole process. Their promotional offers are virtually non-existent, and we have failed to find the section that features telephone support for its clients. As far as education goes, their library is not really extensive, more like a leaflet that offers basic guidelines.
Well, you get a welcome bonus of 25% for all live accounts, if you deposit exceeds $500. They throw in a refer-friend plan, granting you a bonus which can reach up to $250. They offer 24/5 customer support as well as 3 types of trading platforms, but their biggest plus remains the fact that they are FCA regulated. Every investment you place is safe due to the Financial Services Compensation Scheme, and the minimum deposit you start with is fairly low.
Their over 30 year experience in the business shows that HYCM is a solid broker that stands by its promises. Flexible payment methods, prime customer support, decent minimum deposit…all of these count as major plusses in our book. What else do we like? To name a few, they have no slippage and re-quotes, and stop loss is guaranteed, even under volatile market conditions. All in all, their site is easy to go through, their trading conditions decent, and the support they offer meets any kind of demand. Any type of CFD trading or Forex trading is covered.