HYCM Capital Markets is a well-established, global brand providing forex and CFD trading via a group of individual entities in different jurisdictions including the top-tier FCA. HYCM has low forex and CFD trading fees. It offers a wide selection of quality educational tools. The account opening is easy and fully digital. On the flip side, HYCM’s product portfolio is limited to forex and CFDs. Popular asset classes, such as real stocks, are missing. The broker uses MetaTrader trading platforms that have a slightly outdated design. Additionally, HYCM charges a $10 inactivity fee per month after 90 days of inactivity.
Based on our findings, HYCM is a global CFD and Forex broker providing access to more than 300 trading instruments. The broker offers clients good trading conditions, great liquidity, and low spreads and fees.
HYCM Pros and Cons
HYCM has a long history of operation and is a heavily regulated Broker. We found that the account opening is easy and offers various account types while costs are low. With HYCM you can use various options to deposit or withdraw funds. The broker enables trading through the MT4 and MT5 platforms, also, it offers its own App.
For the Cons, proposals vary according to the entity, and there is no 24/7 support.
|Globally recognized financial institution||No 24/7 customer support|
|Sharp adherence to regulation in multiple jurisdiction||Proposal vary according to the entity|
|Long history of operation and excellent reputation|
|Forex and CFDs trading|
|Great Forex trading education and research|
|Competitive trading conditions|
Based on our findings, HYCM leverage actually, depends on which regulation and jurisdiction the trading account complies with. Meaning each jurisdiction falls under particular rules and laws, therefore depending on your residence various leverage levels and trading conditions likewise are applicable.
- 1:30 for the UK and European traders.
- The high leverage up to 1:500 opens the path to the smaller retail traders, as a quite small initial deposit will cover margins.
- In addition, the leverage offered to Japanese traders is as high as 1:1000.
We learned that HYCM account types include three accounts: Fixed, Classic, and Raw Spread Accounts. HYCM uses either a fixed spread (also check fixed spread Forex brokers) model with a slightly higher spread, which means commissions are not charged on trades. The classic account offers variable spreads, and the Raw spread is provided by interbank spread from 0 pips with commission per trade. However, trading accounts and conditions may vary according to jurisdiction rules.
|Fast digital account opening||Account types and proposals may vary according to jurisdiction|
|Specified account types offered|
|Demo and Islamic accounts available|
|Access to a wide range of financial instruments|
How to Open HYCM Live Account?
Opening an account with HYCM is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:
- Click on the “Open an Account” icon on the HYCM homepage
- Enter the required personal data (Name, email, phone number, etc.)
- Verify your personal data by upload of documentation (residential proof, ID, etc.)
- Complete the electronic quiz confirming your trading experience
- Once your account is activated and proven, follow with the money deposit
Based on our Expert research, HYCM fees will vary according to the account type you select or trade, so see which one is suitable for your trading style.
You should consider the HYCM overnight fee or a swap rate. The fee originally varies from one currency to another, for example, EUR/USD buy order will equal -3.25%, while selling will add 1.25% respectively.
Also, what you should also consider is an inactivity fee, meaning HYCM will charge $10 per month in case the trading account has no activity for a certain time.
- HYCM Fees are ranked average with an overall rating of 8.9 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below, however, HYCM overall fees are considered good.
|Fees||HYCM Fees||XM Fees||AvaTrade Fees|
|Fee ranking||Low, Average||Average||Average|
We found that HYCM Spread depends on the account type. Fixed spread conditions offer a slightly higher spread but with stability under any circumstances. While Classic Accounts with variable spreads will include lower spreads that are changing according to volatility and market conditions. Lastly, Raw spread is a choice for mainly professional traders as trading fees inbuilt into the commission per round, which is $4.
Besides, there are Islamic trading accounts available for traders with no adjustments.
- HYCM Spreads are ranked low with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.
|Asset/ Pair||HYCM Spread||XM Spread||AvaTrade Spread|
|EUR USD Spread||1.2 pips||1.6 pips||1.3 pips|
|Crude Oil WTI Spread||6 pips||5 pips||3 pips|
|BTC USD Spread||50||60||0.75%|
Deposits and Withdrawals
Based on our findings, there are plenty of ways to consolidate trading accounts, as well as to withdraw funds from the account further on. HYCM applied democratic policy to money transfers, yet conditions and methods may vary according to the particular HYCM entity.
- HYCM Funding Methods we ranked good with an overall rating of 8.5 out of 10. The minimum deposit is among average in the industry, yet fees are either none or very small also allowing to benefit from various account-based currencies, yet deposit options vary on each entity.
Here are some good and negative points for HYCM funding methods found:
|HYCM Advantage||HYCM Disadvantage|
|$100 is a first deposit amount||Methods and fees vary in each entity|
|No internal fees for deposits and withdrawals|
|Fast digital deposits, including Skrill, Neteller, and Credit Cards|
|Multiple Account Base Currencies|
|Withdrawal requests confirmed within 1 business day|
In terms of funding methods, HYCM offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.
- Credit/Debit cards
- Bank Wire
- UnionPay, and more
HYCM Minimum Deposit
HYCM minimum deposit varies according to the chosen account and starts from $20. However, the Raw spread account requires $200 at the start.
HYCM minimum deposit vs other brokers
|HYCM||Most Other Brokers|
Another pleasing addition from HYCM is the $0 fee for deposits and withdrawals. Meaning you can easily manage expenses, yet make sure to deposit in your account base currency and avoid conversion.
How Withdraw Money from HYCM Step by Step:
- Login to your account
- Select Withdraw Funds’ in the menu tab
- Enter the withdrawn amount
- Choose the withdrawal method
- Complete the electronic request with necessary requirements
- Confirm withdrawal information and Submit
- Check the current status of withdrawal through your Dashboard
We learned, as a leading financial services provider, HYCM offers its traders advanced trading platforms. HYCM gave its preference and reliability to the popular MetaTrader 4 platform and has made it the mainstay, yet you always can choose a new version of Metatrader5.
- HYCM Platform is ranked good with an overall rating of 9.2 out of 10 compared to over 500 other brokers. We mark it as good being one of the best proposals we saw in the industry, and a great range including MT4, and MT5 suitable for professional trading. Also, all are provided with good research and excellent tools.
Trading Platform Comparison to Other Brokers:
|Platforms||HYCM Platforms||XM Platforms||FxPro Platforms|
Web Trading Platform
MetaTrader 4, which is an industry-leading software is loved for many reasons, but mainly for its ease of use and comprehensive features. Web Platform is a great choice due to its easy access via any browser and does not require any installation or specific settings.
The only gap could be a limited number of tools and drawing applications available via Web Version so for a more comprehensive analysis you better choose desktop MT4.
Nevertheless, professional and day trading traders would need a desktop platform which is a full version of the MT4 or MT5 platform offering a maximum of its trading capabilities.
Moreover, MT4 is suitable for beginner traders and includes security and 24-hour support, automated trading capability, integrated technical analysis tools, and indicators, streaming market news, personal VIP dealer services, expert advisors, and many more.
We found that HYCM has also a HYCM Trader mobile app, for traders who prefer to trade on the go, which allows trading at any time and anywhere. HYCM Trader is available on both Google Play and the App Store (all you have to do is search HYCM).
We learned that HYCM supports any case and questioning through its established 24h customer service available in various languages and performed via the service desks covering global needs. Even though, customer service is available on working days only it is quite responsive and reachable via Live Chat, International Phone lines, email, etc.
- Customer Support in HYCM is ranked good with an overall rating of 8.9 out of 10 based on our testing. We got fast and knowledgeable responses, also quite easy to reach during the working days.
HYCM Review Conclusion
Concluding the HYCM review, we admit a strong and very reliable company in the financial market. The time-timed broker offers professional services to the traders while highly regulated and regarded by traders as well. Small retail traders can find their way to open a live trading account, as a very small deposit of only $100 allows so. Beginners are most welcome to the company too, with a quality customer support team and good education or research.
Based on Our findings and Financial Expert Opinions HYCM is Good for:
- Advanced traders
- Traders who prefer MT4/MT5
- Forex and CFD trading
- Variety of trading strategies
- Low fees and competitive spreads
- Good customer support
- Excellent educational materials