HYCM Review

Official Name: HYCM
Regulated:
Regulated by: FCA – CySEC
Headquarters: London, UK
Established: 1977
Trading Products
Forex, Stocks, Indices, Cryptocurrencies and Commodities (Over 100+ products offered)
Minimum Deposit
$100
Demo Accounts
Yes

Why HYCM?

Investing your hard earned money in trading shouldn’t be risky when you have a good broker handling your investments. And when it comes to forex trading, one of the most recognized companies around is HYCM.

HYCM was established in 1977, and with 40 years of solid experience in the forex industry, it already has a long track record of providing trustworthy and outstanding trading experience to its global customer base. HYCM clients are provided with everything required in making informed and well-calculated trading decisions.

HYCM has garnered a lot of accolades and awards for its excellent service. Two of the more recent ones are the Best Forex Broker award (UAE 2017) from Global Banking and Finance Review and Best Mobile Trading Platform (2017) award from World Finance. HYCM is recognized as an industry leaderand this has helped the company evolve into what it is today – the global traders’ online broker of choice.

HYCM is backed by the Henyep Capital Markets Group, a global company with investments in property, financial services, charity, and education. It is regulated by internationally recognized financial regulators CySEC and FCA, and has representations in Hong Kong, United Kingdom, Dubai, and Cyprus. This solid background is what makes HYCM reliable so customers are assured that they are only getting the best trading solutions the forex trading industry can offer.

HYCM Pros and Cons


Pros with HYCM

  • Over 40 years of solid forex trading experience. Established in 1977, Henyep Gold Dealers first invested in the Hong Kong Gold and Silver Exchange Society. By 1981, Henyep has already built its 25th office overseas showing its rapid growth. Henyep Investment (UK) Ltd then got its license from the UK’s FCA in 1998. Going with the growth of technology and communications in 2007, Henyep Investment (UK) Ltd launchedits HY Markets online trading platform. 2015 was another milestone for the company as far licensing and regulations are concerned as it’s Europe arm was licensed by CySEC.
  • Multi-awarded. Being recognized by some of the world’s leading forex brokerage organizations only shows how the company is performing and constantly evolving. HYCM has been cited by many of these award-giving bodies for being the Best Forex Broker, having the Best Trading Platform, and giving the Best Customer Service.
  • Solid Background. HYCM boasts of a foundation that very few forex trading companies can match. The company is part of the Henyep Group, a well-known global company with investment and business portfolios in locations that span the Middle East, Asia, and Europe. With more than four decades of solid trading experience, the Group is a leader in its core businesses. HYCM inherited the Group’s integrity and expertise which benefits the clients and the whole community as well.


Cons with HYCM

Most of the negative reviews about HYCM come from a small number of its customers. These are individual experiences and may not reflect the company’s overall performance in forex trading. Some previous traders cite the previous company name was better before being changed to HYCM, while some mentioned the length of time it takes to get the refunds. All of these are being addressed continually by HYCM through continuous service improvement plans.

Trading Platforms Offered by HYCM

Trading platforms are the customers’ gateway to maximizing the potential of their investments. The platform should show the most current trends in trading as they happen, not a second too late. Forex trading, for example, is very volatile and even the smallest market movements can have a significant effect on a customer’s investments. That’s why HYCM offers the MetaTrader 4 Platform that is available for desktops and smartphones.

HYCM’s Mobile Trading Platform

More and more people are going online and they rely on their mobile phones in getting the latest news and information from the digital world. HYCM embraces this reality by offering the MetaTrader 4 or MT4. Available on both Android and iOS devices from Google Play and App Store respectively, MT4 allows customers to trade forex anywhere in the world and anytime they want. From the mobile application, opening, managing, and closing trading positions are immediately possible, giving customers complete control over their trading accounts.


Trading Options Available from HYCM

There are 3 account types available from HYCM that customers can choose from:

• The Fixed account has fixed spreads from 1.8 PIPS. There’s no commission and requires $100 minimum deposit.
• The Classic Account has variable spreads from 1.2 PIPS. There’s also no commission and requires $100 minimum deposit.
• The Raw Account has raw spreads from 0.2 PIPS. There’s a commission of $4 per lot (minimum) and a minimum deposit of $200 is required.

If you’re not sure what option is right for you, the HYCM site has a page that asks five questions and determines the account type that matches your requirements and capabilities.

HYCM – A Scam?

There are some traders who didn’t have a good experience with HYCM for reasons that are beyond the company’s control and power. These people might post some negative reviews about HYCM in forums and social media and call it a scam. The famous phrase ‘you can’t please everybody’ applies here. Although most of HYCM’s customers can attest to how the company efficiently manages their investments, there will still be others who will fall through the cracks.

It’s just as simple as this. How can a company that has existed for more than 40 years and has acquired a lot ofglobal awards for trading excellence be a scam? The company’s transparency policy only shows how trustworthy it is.

HYCM Demo Account and VIP Programs

For those who would like to get a feel of forex trading, HYCM offers demo accounts in which interested customers will be given £50,000 as virtual fund. This is accessible by registering through the site and creating a demo account. The virtual fund will be available for 14 days. You can even trade using the MetaTrader 4 mobile trading application.

For those with a lot of funds to invest, they can choose to have a VIP account. VIP accounts are assigned a dedicated account manager to handle their trades. They also have access to comprehensive and on the spot market analytics so they can make decisions at the right time and on the fly. VIP Fixed Accounts also have the advantage of having better spreads for the forex investments, giving them a bigger chance of optimizing their funds.

Deposits and Withdrawals on HYCM

HYCM is keen on providing only the smoothest deposits and withdrawals to its customers. They recognize that investors should be able to invest and gain profit in as smooth a manner as possible.

Funding accounts have been made easy for customers by offering a selection of methods in which funds can be transferred. HYCM is an advocate of fair trading practices and complete transparency in all withdrawal processes and account funding. A customer only needs a minimum deposit of $100 to start trading with HYCM. A customer only needs to go to the Client Portal, click on Banking and Deposit Funds in the account that he desires to use.

Withdrawals should not only be as smooth but also as safe as deposits and HYCM has made measures in ensuring that happens. The security of the funds is made by employing multiple security checks that should be completed before a withdrawal is made. HYCM can process a withdrawal in as fast as one day but the transfer usually takes 3 to 7 days to complete, depending on the bank where the money will be transferred. HYCM has made the withdrawal process as efficient as possible.

The whole procedure can be completed online and security measures are put in place so that a customer’s funds are transferred back to its original source. That means funds are withdrawn by wire transfer and can only be transferred back to the original bank account used to fund the trading account as recorded in HYCM. Withdrawing is as simple as accessing the Client Portal, clicking on Banking, then Withdraw Funds. If the amount being withdrawn is less than $300, the customer will be charged $30 as transactionfee.

How to Get in Touch with the Customer Support

Although the HYCM Knowledge Bank covers most of the company’s offerings and other articles that can help a client as he navigates forex trading, having someone who can answer other questions immediately is a welcome option. HYCM has got that covered with its Live Chat Support. Knowledgeable trading agents are always ready to chat with customers on issues and areas of the company and forex trading as a whole that they don’t understand.

This puts a more personal touch to HYCM’s approach to customer support. Customers can email the Client Support at support@hycm.com and the Complaints Support at complaints@hycm.com. For General Inquiries and Account Opening, customers can call +44 2088167812 and +44 2088167812, respectively or email them at info@hycm.com and accounts@hycm.com. Customers can also set an appointment at one of their many offices located around the globe.

Online Guides for New Traders

There will always be new traders and HYCM has got that covered by providing a number of articles aimed for those who plan to invest in forex trading and those who have already invested but want to grow their investments more.

Arming the customers with the right knowledge and guidance on the ins and outs of forex trading has always been one of HYCM’s strongest areas. The Quick Start Guide, for example, will show you how you can join the company’s roster of investors in as little as 5 steps. Customers can also learn more about HYCM’s offerings through a series of FAQs that aim to answer some of the most common questions from different customers.

However, not all of the articles published onthe company website only promote their products. There are also various discussions that tackle investing in general. Articles that discuss trading with the right mindset, the advantages of commodities investment, and advanced lessons in forex trading are just some of the great reading that you can find from the HYCM Knowledge Bank.

The articles are divided into areas so customers can easily sort them out and begin knowing more about the forex trading industry and how to succeed in it.

Ratings
  • Security
  • Customer Service
  • Demo Accounts
  • Accessibility
3.9

Conclusion

HYCM and the Henyep Group have been around for decades and the way they are performing, it doesn’t seem like they’re going away soon. If you are new to forex trading and very cautious on where to invest your funds, let HYCM guide you through this complex but rewarding industry.

INFO About HYCM

Website

www.hycm.com

Headquarters
28 Throgmorton Street, London, EC2N 2AN, UK
Support
+44 – 208 – 816 – 7812
Email
support@hycm.com

HYCM Customer Care

24/7 support
Monday – Friday
Support during weekends
No
Contact Methods
Live Chat, Email, Phone
Support Languages
English, Arabic, Spanish, French, Russian, Greek, Iranian, Indian

HYCM's Trading Account

Account Currencies
EUR, USD, GBP, AED, RUB, KWD
Available for US Traders
No
DEMO account
Demo accounts are available
Deposit Options
Bank Wire, Credit Card, Debit Card, Webmoney, Neteller, Skrill
Withdrawal Options
Bank Wire, Credit Card, Debit Card, Webmoney, Neteller, Skrill

HYCM's Trading Platform

Platform
MT4, Mobile
Mobile friendly
YES

Extra Tools offered by HYCM

Calendar
YES
Tutorials
YES
Other offers
25% welcome bonus up to $5k, $20 mobile verification bonus

Trading with products promoted on Binaly.com is highly speculative and carries a high level of risk.