HYCM Forex Broker – Detailed Review

Reward: N/A
  • Licence:
  • CySEC
  • 259/14
  • Licence:
  • FCA
  • 186171
  • Licence:
  • CIMA
  • 1442313
  • Licence:
  • DFSA
  • F000048
Accepted Payment Methods: VISA, MasterCard, Skrill, Neteller, WebMoney, Wire Transfer and more
Min. Deposit: $100
Broker Rating:
  • Reward: 4.0
  • Platform: 4.1
  • Mobile: 3.9
  • Live: 3.8
Overall Score: 3.95/5
Featured Platforms:
  • MT4 and Mobile Trader
Broker Info
  • Company: The Henyep Group
  • Founded: 1977
  • Headquarters: United Kingdom
  • Phone: +44-208-816-7812
  • Email: info@hycm.com

When looking around for a Forex broker that you can trust, the sheer variety of options to you can seem a little daunting. If you are unsure of where to start on your search for a reliable broker, then we might we recommend that you take a look at HYCM?

As part of this wider review, we’ll take a look at the good and the bad of one of the most popular names on the industry at this moment in time. Not sure where to start with, then? Let’s take a look at how HYCM Forex Broker could, in theory, be the right choice for you.

History

In terms of history, you would find it hard to locate a more reliable trading name than HYCM. They’ve been part of the market much longer than many trading schemes, with their journey into the Forex industry beginning as far back as 1977. As a wider part of the Henyep Capital Markets group, they hold a wide reputation as a professional financial investment firm that can be trusted and used to great effect.

Part of their quality comes from their impact on the Hong Kong market, where they most made their name. You might have heard of them previously as HY Markets. Either way, you can trust this fully regulated broker to give you a secure option for all of your foreign currency trading.

Reward Offers and Promotions

They offer some very impressive rewards, but the problem is that they change on a regular basis. Depending on when you join, the entire reward scheme might have changed – it often adjusts to fit in with market conditions.

Regulations

In terms of regulation, you can feel safe picking up your trades with HYCM as they are fully regulated by CySEC, FCA, CIMA and also the DFSA. This should allow you to feel pretty good about using their services, giving you all the help and expertise that you need to really get to grips with and full appreciate the regulatory impact of your choice.

For a safe work with company that makes it easy to avoid any regulatory issues, then, be sure to take a look at HYCM.

Platforms Offered

In terms of the platforms that you can pick from, HYCM Forex has many good options for you to take a look at. For example, MetaTrader 4 is one of the most commonly used platforms and will likely be a fine starting point for many people getting involved in trading for the first time. You will have some good options for you to work with, most of them making sure you have access to modern trading platforms that also comes with the new and improved Expert Advisors system.

This allows for much more secure and impressive automated trading. However, with 200 assets to pick from – from oil and Forex, and metals to shares – you can do a hell of a lot of trading outside of just money when it comes to HYCM. They have up to 200 currency pairs to pick from, too, which should make it easy for you to find a market that you wish to push onto.

The platforms offered, though, rank among the best in the industry at this present moment in time.

Education and Support

Out of all the traders that you could use, HYCM Broker has some of the best support around. Staff are very friendly and tend to make it easy for you to find answers to tough questions. From solving account-based disputes to helping you solve problems with the way that you do your trading, you will find that the support standard here is very much what you would need, want and expect.

By the same token, though, the educational tools provided are very good. Most of the time, you will find that educational tools provided will help you to very quickly improve upon your Forex trading skills. They make it easy for beginners to pick up the basics, and for veterans to learn some new tricks of the trade. If Forex seems daunting to you, then you will get ample assistance and support from the HYCM Broker.

Withdrawal and Deposits

Of course, getting your money in and out of your account matters a great deal. With HYCM, you can easily get your money unlike other brokers who make it a challenge to claim back what is rightfully yours. You get access to most standard banking options, with access to wire transfer and Visa/Mastercard transfers, you can also use trusted platforms like WebMoney, Skrill and Neteller if you would prefer to do so.

Not only that, but you can carry out a basic bank transfer. Please note, though, that the average bank transfer can feel a touch slow at first and it might be a source of frustration to you. If you would like to avoid such an issue, then be aware that you could be waiting for up to 5 working days for the money to appear in/out of your trading account.

However, HYCM do not charge any fees except for wire transfer, which may incur a fee of around $30 if your total sum withdrawn isn’t in excess of $300 USD.

Verdict

Overall? HYCM does a fine job of making the complex art of Forex a touch easier to get into and understand. Yes, it can be a touch tardy at times but the quality of support and the variety of trading options means that you should soon feel pretty much at home when you start using their platforms.

It’s not perfect, but it’s a very good and well-respected platform with good reason.