HYCM Review & User Rating 2021
Henyep Capital Markets (HYCM) is an experienced forex and CFD broker that offers technological excellence. The broker boasts of lightning fast executions, low spreads, and superior technology.
HYCM was founded in 1977 and has since become a global brand that has won multiple industry awards. The head office is located in London while other branch offices are in Limassol, Dubai, Kuwait, Hong Kong, and the Cayman Islands.
HYCM Regulation and Security
Henyep Capital Markets is regulated in the UK by the Financial Conduct Authority (FCA). Across Europe, HYCM is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker is also regulated by the Cayman Islands Monetary Authority (CIMA) and also by Dubai Financial Services Authority (DFSA).
Regulation by FCA gives HYCM clients’ access to the Financial Services Compensation Scheme (FSCS). This scheme will compensate investors if the broker goes bankrupt. The scheme covers up to £85,000.
HYCM affirms that it has partnered with Tier-1 banks like Barclays Bank and Eurobank in order to keep clients’ deposits in segregated accounts.
HYCM has also adopted complex security systems and modern technology to protect its servers and network. 128-bit SSL encryption is used to encrypt all data between clients and the broker’s servers.
Available Trading Instruments on HYCM
HYCM offers over 300 assets for trading on its platforms. There are 76 currency pairs, 173 stock shares, 28 indices, 14 crypto assets, and 17 commodities. All the instruments are available on the MT5 platform while the MT4 is limited to about 80 assets.
Account Types and Trading conditions
Follow the open an account link on the HYCM’s website to create a new account. Only a few pages form is required. The maximum leverage on all accounts is 1:200.
The following account types are available:
This account features fixed spreads from 1.8pips. The opening balance is $100 and there are no commissions.
This account features variable spreads form 1.2 pips. The minimum deposit is $100. EAs are allowed and no commissions are charged.
This account is characterized by raw spreads starting from 0.2pips. A commission of $4 per round is applicable. $200 is the minimum amount required to open this account.
Swap-free Islamic accounts are available on all account types. The demo account is preloaded with $50,000 virtual money and it is available to all clients.
Deposit and Withdrawal Options
HYCM does not charge deposit fees and also does not charge on withdrawals above $300.
The minimum deposit using Bank transfer method is $250 while the minimum withdrawal amount is $300. Bank transfers are very slow and may take 1-7 days for processing.
The debit/credit cards that HYCM accepts are those issued by Visa and Mastercard. The minimum transaction is $20. Card payments are normally processed within one hour.
The e-wallet payment methods accepted are Skrill, Neteller, and WebMoney. The minimum transaction is $20 and the transactions are completed within one hour.
HYCM Trading Platforms
Only the MetaTrader platforms are offered by HYCM. They are as follows:
This platform is well known among forex and CFD traders. It is replete with technical analysis tools, customizable features and order management tools. From the MT4, trading can be automated through the use of Expert Advisors (EAs). The HYCM MT4 is available as a desktop application which can be downloaded and installed on the windows computer. The mobile version of the MT4 is available for android and iOS devices.
The MT5 trading platform was designed as an upgrade to the MT4. The MT5 features tools for technical and fundamental analysis and extends the features that already exist in the MT4. It also supports the development and use of EAs to automate trading. From the HYCM website, the Windows desktop version of the MT5 can be downloaded. The MT5 is also available for mobile trading on android and iOS. The apps can be downloaded from their respective stores.
Platform Trading Tools
HYCM provides technical analysis from “Trading Central” directly on the MT4 platform charts. Trading Central is a financial research firm that provides technical strategies, analysis, and signals on a wide range of trading instruments. The Trading Central MT4 plugin is available for download on the HYCM website.
The HYCM client support team is available 24/5. You can call them on the phone or reach them by email. There are different emails for client support, account opening, general inquiries, and complaints. Instant chat is available via web chat, Viber, WhatsApp, Skype, Facebook Messenger, and Telegram. HYCM is on social media: facebook, twitter, LinkedIn, Instagram, YouTube, and Crunchbase.