HYCM Review is Henyep Capital Markets a Scam or Legit Broker

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HYCM Analysis 2020: Can You Trade Safely With This Firm? We Review Their Track Record

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Last Updated on November 30, 2020


Risk Warning: Your Capital is at Risk

HYCM is a leading online provider of forex and Contracts for Difference (CFDs) trading services for both retail and institutional traders. CFDs are derivative securities that allow customers to gain exposure to the price of financial instruments without actually holding the instruments in their accounts. HYCM offers trading in CFDs on forex, metals, indices, oil and gas, soft commodities, stocks and cryptocurrencies.

HYCM has received multiple awards from industry watchers for its platforms and services:

  • 2020 – FXDailyInfo – Best Forex Broker Europe
  • 2020 – World Finance – Best Broker – Middle East
  • 2020 – Global Brands Magazine – Best Forex Broker Dubai
  • 2020 – World Finance – Best Mobile Trading Platform
  • 2020 – FX Report – Best Retail Platform

Traders can take comfort in the fact that HYCM has a more than 40-year history of offering financial products and services to the trading community. Traders seeking a stable, well-regulated broker that offers its customers access to over 100 forex and CFD products should check out HYCM. Please remember, while HYCM is a responsible broker, losses can still exceed deposits. CFD trading is for experienced traders.

This review of HYCM will cover all of the important details about the broker and discuss its major advantages and disadvantages.

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HYCM is a division of The Henyep Group, which is a global corporation with businesses in Asia, Europe and North America. The group was founded in 1977 as Henyep Gold Dealers and became a member of the Hong Kong Gold and Silver Exchange Society. The group soon created divisions Henyep Securities and Henyep Commodities and expanded its trading in Asia.

By 1980, Henyep set up a branch in New York and was later approved as a member of the Commodity Exchange of New York (COMEX).

Throughout its history, The Henyep Group has shown a keen interest in building sophisticated products and trading technology. In 2000, Henyep Investments pioneered CFD trading on energy and commodities and launched an online stock trading platform, Hotrade. The company launched its second generation online trading platform HY Trader 4 in 2006 and its highly touted HY Markets Online platform in 2007. In 2020, Henyep consolidated its capital markets investment brands and launched its multi-platform online trading website HYCM.com.

HYCM has its headquarters in London, United Kingdom and an operational office in Limassol, Cyprus. The company also has a physical presence in Hong Kong and Dubai.

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The group of companies is regulated as follows:

Henyep Capital Markets (UK) Limited is authorized and regulated by the Financial Conduct Authority (Company reference number 186171).

HYCM (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (License Number 259/14). The MiFID Directive provides a passport, which allows the entity to operate throughout the European Union. In addition, HYCM Europe is individually licensed with the following EU member states:

  • Germany – Federal Financial Supervisory Authority (BaFin) – See register here
  • France – Autorité de Contrôle Prudentiel (ACP) – See register here
  • Spain – Comisión Nacional del Mercado de Valores (CNMV) – See register here
  • Poland – Polish Financial Supervision Authority (KNF) – See register here
  • Sweden – Finansinspektionen (FI) – See register here
  • Italy – Commissione Nazionale per le Società e la Borsa (CONSOB) – See register here
  • UK – Financial Conduct Authority (FCA) – See register here
  • Hungary – Magyar Nemzeti Bank (MNB) – See register here

HYCM offers customers dedicated 24/5 customer support in multiple languages. Traders can contact HYCM customer service by phone, fax, email or live chat or directly through the company’s worldwide offices. Traders can view the HYCM website in English, Spanish, Arabic, Italian, Russian and Chinese.

Where Does HYCM Operate?

HYCM is available in more than 200 countries and territories:

  1. Aland Islands
  2. Albania
  3. Algeria
  4. American Samoa
  5. Andorra
  6. Angola
  7. Anguilla
  8. Antigua and Barbuda
  9. Argentina
  10. Armenia
  11. Aruba
  12. Australia
  13. Austria
  14. Azerbaijan
  15. Bahamas
  16. Bahrain
  17. Bangladesh
  18. Barbados
  19. Belarus
  20. Belize
  21. Benin
  22. Bermuda
  23. Bhutan
  24. Bolivia
  25. Bonaire, Sint Eustatius and Saba
  26. Botswana
  27. Bouvet Island
  28. Brazil
  29. British Indian Ocean Territory
  30. British Virgin Islands
  31. Brunei Darussalam
  32. Bulgaria
  33. Burkina Faso
  34. Burundi
  35. Cambodia
  36. Cameroon
  37. Canada
  38. Cabo Verde
  39. Cape Verde
  40. Cayman Islands
  41. Central African Republic
  42. Chad
  43. Chile
  44. China
  45. Christmas Island
  46. Cocos (Keeling) Islands
  47. Colombia
  48. Comoros
  49. Congo
  50. Congo, the Democratic Republic of the
  51. Cook Islands
  52. Costa Rica
  53. Croatia
  54. Cuba
  55. Curacao
  56. Cyprus
  57. Czech Republic
  58. Denmark
  59. Djibouti
  60. Dominica
  61. Dominican Republic
  62. Ecuador
  63. Egypt
  64. El Salvador
  65. Equatorial Guinea
  66. Eritrea
  67. Estonia
  68. Ethiopia
  69. Falkland Islands
  70. Faroe Islands
  71. Fiji
  72. Finland
  73. France
  74. French Guiana
  75. French Polynesia
  76. French Southern Territories
  77. Gabon
  78. Gambia
  79. Georgia
  80. Germany
  81. Ghana
  82. Gibraltar
  83. Greece
  84. Greenland
  85. Grenada
  86. Guadeloupe
  87. Guam
  88. Guatemala
  89. Guernsey
  90. Guinea
  91. Guinea-Bissau
  92. Guyana
  93. Haiti
  94. Heard and Mc Donald Islands
  95. Helena
  96. Holy See(Vatican City State)
  97. Honduras
  98. Hong Kong
  99. Hungary
  100. Iceland
  101. India
  102. Indonesia
  103. Cote d’Ivoire
  104. Iran
  105. Ireland
  106. Isle of Man
  107. Israel
  108. Italy
  109. Jamaica
  110. Jersey
  111. Jordan
  112. Kazakhstan
  113. Kenya
  114. Kiribati
  115. Korea
  116. Kuwait
  117. Kyrgyzstan
  118. Latvia
  119. Lebanon
  120. Lesotho
  121. Liberia
  122. Libya
  123. Liechtenstein
  124. Lithuania
  125. Luxembourg
  126. Macau
  127. Macedonia
  128. Madagascar
  129. Malawi
  130. Malaysia
  131. Maldives
  132. Mali
  133. Malta
  134. Marshall Islands
  135. Martinique
  136. Mauritania
  137. Mauritius
  138. Mayotte
  139. Mexico
  140. Micronesia, Federated States of
  141. Moldova, Republic of
  142. Monaco
  143. Mongolia
  144. Montenegro
  145. Montserrat
  146. Morocco
  147. Mozambique
  148. Myanmar
  149. Namibia
  150. Nauru
  151. Nepal
  152. Netherlands
  153. New Caledonia
  154. New Zealand
  155. Nicaragua
  156. Niger
  157. Nigeria
  158. Niue
  159. Norfolk Island
  160. Northern Mariana Islands
  161. Norway
  162. Oman
  163. Pakistan
  164. Palau
  165. Palestine
  166. Panama
  167. Papua New Guinea
  168. Paraguay
  169. Peru
  170. Philippines
  171. Pitcairn
  172. Poland
  173. Portugal
  174. Puerto Rico
  175. Qatar
  176. Reunion
  177. Romania
  178. Russian Federation
  179. Rwanda
  180. Saint Helena
  181. Saint Kitts and Nevis
  182. Saint Lucia
  183. Pierre and Miquelon
  184. Saint Vincent and the Grenadines
  185. Samoa (Independent)
  186. San Marino
  187. Sao Tome and Principe
  188. Saudi Arabia
  189. Senegal
  190. Serbia
  191. Seychelles
  192. Sierra Leone
  193. Singapore
  194. Sint Maarten (Dutch)
  195. Slovakia
  196. Slovenia
  197. Solomon Islands
  198. Somalia
  199. South Africa
  200. South Georgia and the South Sandwich Islands
  201. South Korea (Republic of Korea)
  202. South Sudan
  203. Spain
  204. Sri Lanka
  205. Sudan
  206. Suriname
  207. Svalbard and Jan Mayen Islands
  208. Swaziland
  209. Sweden
  210. Switzerland
  211. Syria
  212. Taiwan
  213. Tajikistan
  214. Tanzania
  215. Thailand
  216. Timor-Leste
  217. Togo
  218. Tokelau
  219. Tonga
  220. Trinidad and Tobago
  221. Tunisia
  222. Turkmenistan
  223. Turks and Caicos Islands
  224. Tuvalu
  225. Ukraine
  226. United Arab Emirates
  227. United Kingdom
  228. Uruguay
  229. Uzbekistan
  230. Venezuela
  231. Vietnam
  232. Wallis and Futuna Islands
  233. Western Sahara
  234. Yemen
  235. Zambia
  236. Zimbabwe

HYCM does not offer CFD trading to residents of certain countries and regions including:

IMPORTANT: CFDs are not available in the USA due to local regulation, and this regulated CFD broker does not accept US citizens or US residents as clients.

Can I Trust HYCM?

Yes, HYCM is a trustworthy company that has been operating for over 40 years and is regulated in multiple jurisdictions.

HYCM is a safe and secure way to trade forex and CFDs. The company and its subsidiary are regulated by the Cyprus Securities Exchange (CySEC) and the Financial Conduct Authority (FCA).

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Cyprus Securities Exchange

The Cyprus Securities and Exchange Commission (CySEC) is the financial regulatory agency of Cyprus.

Cyprus is a European Union member and is a financial services industry hub. Customers in countries regulated by CySEC are eligible for compensation of up to €20,000 if HYCM fails. HYCM’s CySEC License Number is 259/14.

Financial Conduct Authority

The UK’s Financial Conduct Agency (FCA) regulates HYCM’s activities in the UK.

The FCA is widely respected as a leader in financial regulation. In addition, the UK scores highly in Transparency International‘s rankings of countries based on their corruption perceptions index meaning the UK is a pillar of anti-corruption. HYCM customers in the UK are protected by the UK based scheme Financial Services Compensation Scheme (FSCS), which was established to protect consumers when authorized financial services firms fail. FSCS pays compensation up to £50k to customers in the UK if HYCM is unable to pay. HYCM’s Financial Services Register reference number is 682782 (Henyep’s is 186171).

As for cybersecurity, traders can feel secure using the HYCM platforms. The broker has implemented state-of-the-art technology and detailed processes to handle key areas such as user authorization, data protection and network communication.

Who Runs HYCM?

The Henyep Group, the company that operates HYCM, is a privately held company. Stavros Lambouris is the CEO International of HYCM.

HYCM Trading Products

HYCM divides the products it offers to traders into seven categories: forex, metals, indices, oil and gas, soft commodities, stocks and cryptocurrencies. The broker offers three types of trading accounts, and some of the products listed below are only available to holders of Standard and VIP accounts.

1) Forex

  • Euro Vs US Dollar
  • US Dollar Vs Japanese Yen
  • British Pound Vs US Dollars
  • Us Dollar Vs Swiss Franc
  • Australian Dollar Vs US Dollar
  • US Dollar Vs Canadian Dollar
  • New Zealand Dollar Vs US Dollar
  • US Dollar Vs Hungarian Forint
  • US Dollar Vs Mexican Peso
  • US Dollar Vs Norwegian Krone
  • US Dollar Vs Polish Zloty
  • US Dollar Vs South African Rand
  • US Dollar Vs Swedish Krona
  • US Dollar Vs Turkish Lira
  • US Dollar Vs Indian Rupee
  • US Dollar Vs Russian Rouble
  • Australian Dollar Vs Canadian Dollar
  • Australian Dollar Vs Japanese Yen
  • Australian Dollar Vs New Zealand Dollar
  • Australian Dollar Vs Swiss Franc
  • British Pound Vs Australian Dollar
  • British Pound Vs Canadian Dollar
  • British Pound Vs Japanese Yen
  • British Pound Vs New Zealand Dollar
  • British Pound Vs Swiss Franc
  • Canadian Dollar Vs Japanese Yen
  • Canadian Dollar Vs Swiss Franc
  • Euro Vs Australian Dollar
  • Euro Vs British Pound
  • Euro Vs Canadian Dollar
  • Euro Vs Japanese Yen
  • Euro Vs New Zealand Dollar
  • Euro Vs Swiss Franc
  • Euro Vs Turkish Lira
  • New Zealand Dollar Vs Canadian Dollar
  • New Zealand Dollar Vs Japanese Yen
  • New Zealand Dollar Vs Swiss Franc
  • Swiss Franc Vs Japanese Yen
  • US Dollar Index

2) Metals


3) Indices

Customers can trade CFDs on the following country indices:

  • US 500 Index
  • US 100 Index
  • US 30 Index
  • UK 100 Index
  • Germany 30 Index
  • Euro 50 Index
  • France 40 Index
  • Italy 40 Index
  • Spain 35 Index
  • Japan 225 Index
  • Hong Kong 50 Index
  • China H-Shares Index
  • China 300 Index
  • China A50 Index
  • India 50 Index
  • Shanghai 50 Index

4) Oil and Gas (CFDS)

  • US Oil Future
  • Spot Oil
  • Brent
  • Natural Gas

5) Soft Commodities (CFDS)

  • US Cocoa
  • US Coffee
  • US Sugar
  • US Cotton

6) Stocks

Customers can trade CFDs on the following popular shares:

  • Alibaba
  • Apple
  • Amazon.com
  • Facebook
  • Google
  • Jd.com
  • Microsoft
  • Tesla Motors
  • Twitter
  • Vipshop Holdings

7) Cryptocurrencies (CFDs)

  • Bitcoin/USD
  • Litecoin/USD
  • Ethereum/USD
  • Ripple/USD
  • Bitcoin Cash/USD

HYCM Account Types

HYCM offers three types of live trading accounts as well as a demo account:

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HYCM Spreads and Fees

The underlying financial instrument and the type of account determine the HYCM spreads that traders pay.

HYCM obtains the data from reputable third-party sources, which obtain the data directly from exchange feeds. HYCM receives its compensation through the market bid/ask spread.

Other relevant fee information:

Commission Fees: HYCM does not charge commissions to clients. Rather, the company receives its compensation through the (bid/ask) spread on each financial instrument.

Deposit Fees: The broker does not charge deposit fees to clients.

Withdrawal Fees: HYCM has six methods for withdrawing funds. Withdrawals by Visa, WebMoney, UnionPay Neteller and Skrill are free. Wire transfer withdrawals of less than $300 incur a $30 handling fee.

Overnight Funding Fees: This overnight HYCM fee (or credit) is either added to or subtracted from a trader’s account when a position remains open past a certain period of time.

Guaranteed Stop Orders: Traders who want to guarantee that their position closes at a specified price may pay wider HYCM spreads to execute these trades.

The following are the minimum spreads charged on a Standard Account:

Oil and Gas Spreads

Soft Commodity Spreads

Stock Spreads

Cryptocurrency Spreads

Account Requirements

When you click on the red Create Account button on the HYCM platform, the system asks you to pick your country of origin from a drop-down menu. Before you can trade with HYCM for the first time, you need to answer a few questions. You enter your name, email, country of origin and phone number. Then you answer a few questions about your background and financial knowledge.

After completing this information, traders have to complete two more steps:

  1. Provide HYCM with information to verify account
  2. Fund their account with a deposit

HYCM Verification Process

Traders must provide certain documents to HYCM within seven days of opening an account:

  • Copy of passport or National ID card
  • Proof of address: The following are acceptable:
    • Bank statement.
    • Utility bill issued within the last 3 months
  • If you deposited by credit card, HYCM requires a photocopy of the front of the card

Traders can submit these documents by email, fax, computer upload or mobile device upload.

Traders can make deposits and withdrawals by Visa or MasterCard, wire transfer, WebMoney, Neteller, UnionPay or Skrill. Deposits by wire transfer take between 1 to 5 days for processing, while with the other methods, traders receive funds in their account instantly.

Depositing money in an account is fast and simple. Traders click on the Deposit Funds button on the main screen. Traders then select the deposit method of their choice, fill in the required information and click “Submit.” The minimum amount required to make a deposit starts at $100 for a Micro Account.

HYCM offers different amounts of leverage depending on the CFD product, but the maximum leverage for UK and EEA clients is 1:30 and for the Rest of the World it is 1:200. Traders should consult the HYCM website for specific leverage allowances for each product. Each CFD also has specific HYCM margin requirements that traders must maintain. Traders who fall below the HYCM margin requirements risk receiving a margin call and having their position closed prematurely.

Withdrawing funds from your HYCM account is easy and straightforward.

HYCM has withdrawal minimums depending on the method of withdrawal. For withdrawals to credit and debit cards and eWallets, there is a $20 minimum. The minimum withdrawal amount for a wire transfer to a bank account is $250.

When making a withdrawal, HYCM transfers your funds back to the original source you used to fund your account. In some cases, if they can’t refund the excess profits back to the original source used to fund the account, they will transfer the funds to your identified bank account. This account needs to be in the same name as the account maintained with HYCM. HYCM charges a $30 withdrawal fee on wire transfers of less than $300.

HYCM may require copies of your credit card before approving a withdrawal request. Traders should consult the banking section of the HYCM website for more details.

Customers should consult the Deposits & Withdrawals section of the HYCM website for details about withdrawal times.

HYCM processes all withdrawal requests within a day of receiving them. However, depending on the final destination of the withdrawal, it may take up to seven days for funds to arrive.

HYCM MT4 Platform Review

HYCM offers traders two good platforms for trading. Traders can choose Prime Trader, which is HYCM’s state-of-the-art proprietary multi-asset platform, or they can go with the very popular industry standard MetaTrader4 (MT4) platform. They can also trade on the go using the HYCM mobile app.

This review will cover the MT4 platform.

The MT4 platform is a well-designed platform with excellent features for more experienced traders.

Logging in to the HYCM MT4 platform is simple and straightforward. The overview page directs you to the download link and the setup window. The download is very quick. Once traders agree to some standard disclosures they can click the MT4 icon on their desktop and be on the platform in minutes.

After logging in with their username and password, traders arrive at the main trading screen, which contains the three main panels that comprise the platform:

Market Watch Panel: This panel contains the live prices and symbols of popular instruments traded on HYCM.

Chart Window: This large panel in the middle of the screen displays the historical prices, technical indicators and charting tools used to create price charts. The chart window opens with four charts, and traders can customize and configure each of these charts with unique indicators and technical analysis tools. This feature is particularly nice for two reasons: 1) It allows the trader to look at four charts for different instruments or different timeframes at the same time, and 2) it has a built-in ticket feature that allows traders to click on the price and instantly send an order to buy or sell.

Traders can also right-click on any part of the Market Watch panel to get a list of useful data points such as high-low prices, depth of market and tick chart. If you click on the chart window choice, then a new chart will appear along with the four charts that populate the window upon opening it.

When traders click on any of the other data points, the information appears in the Market Watch panel. Traders also have the ability to right-click on a symbol and pull up a tick chart for a particular instrument.

The Chart Window has some great features that make the MT4 platform stand out from more basic trading platforms. Traders can access their open orders and a ticket window by right clicking on a specific chart. They also can change the timeframe, perspective and colors of a chart. With the window tab at the top of the platform, traders can organize the charts in cascade, horizontal or vertical format. Active traders that like to keep multiple charts open at once are certainly going to find these features attractive.

Overall, the charting features of HYCM’s MT4 platform are excellent although a bit complicated to learn. The standout feature of the charting on MT4 is definitely its ability to display multiple charts with different indicators at the same time.

Terminal Window Panel – This panel shows the trader’s active, pending and closed trades. This panel is also where the trader can configure alerts and monitor the platform’s important trading and system messages.

The top menu on MT4 has a help section that contains documentation, video tutorials and other guides to using MT4. This resource will be especially useful to new traders.

The robust functionality, especially as it pertains to charting, make MT4 a superior trading platform. However, it can take a while to learn. Advanced traders will appreciate the dozens of technical charting tools available, but beginners might find it somewhat overwhelming.

HYCM Demo Account

Traders can open a demo account with HYCM, but it operates as a stand-alone from the live platform. The demo account looks like the live account, and traders get the same functionality.

HYCM Education Resources

HYCM has an education section on its website that offers a variety of tools for learning about HYCM markets and trading.

The section is divided into five subsections:

Trading Tools: This section has video courses on topics such as The World of Global Trading, Capital Management and Trading Psychology.

Beginners’ Courses: A section devoted to video courses on basic topics such as Basic Forex Terms and Types of Orders.

Tutorials: This section contains videos on more detailed topics such as how to add indicators to graphs and using more complex orders.

Trading Strategies: This section covers in-depth advanced charting strategies such as trend signals, fractals and Fibonacci sequences.

eBooks: Covers the asset classes traded on the platform.

HYCM Sign-Up Bonuses and Promotions

Because HYCM is regulated within the EU, it is unable to offer sign-up bonuses or promotions due to the Markets in Financial Instruments Directive (MiFID). This has been introduced across the EU in order to protect traders with a more transparent approach to markets.

However, HYCM does offer a 10% Credit Bonus for all deposits made over $100 (to a maximum of $5,000). Applicable only for HYCM Ltd.

Read our HYCM Review and Discover the Merits of Choosing a Forex Broker with more than 3 Decades of Experience.

HYCM.com, formerly known as HY Markets, is a member of the Henyep Group, an international conglomerate with more than 30 years’ experience in providing financial services. Choosing this broker guarantees peace of mind, as they have an international reputation for reliability and trustworthiness. Finding a Forex broker with such an enviable pedigree is definitely going to be advantageous. If you want to know more about their service keep reading this HYCM review.

  • 10% Credit Bonus on your first deposit
  • Max Leverage: 1:200
  • Spread: 1.8
  • Forex Licences: FCA, FSCS

An introduction to HYCM

HYCM has its base in London, but is also represented in a number of other countries including Hong Kong, Cyprus, Kuwait, and the United Arab Emirates. The list of its regulatory compliances is pretty impressive, with licences issued by the FCA in the UK, the SFC in Hong Kong, and the DFSA in Dubai. By virtue of their compliance with MiFID, they are also authorised to operate throughout Europe. HYCM is able to offer traders a wealth of trading opportunities, from stock and commodities to a long list of currency pairs. Both novice and more experienced traders can benefit from the services of such a market leader. With sections of the site dedicated to trader education, a selection of account types, segregated accounts, excellent customer service, a selection of MT4 trading platforms, low spreads, and much more, there is bound to be something for everyone.

HYCM have a proprietary platform as well as MetaTrader 4.

Wherever you might be located, and whatever time it is, HYCM has a trading platform to suit your needs. There is the usual MetaTrader 4 family of offerings, as well as a brand new proprietary platform called “Prime Trader”. And for those who prefer to trade on the move, HYCM mobile apps are compatible with any mobile or tablet device. A number of innovative trading tools have also been developed, as well as some special features and widgets that are easily accessible through any of the platforms.

Three different account types to choose from, but unfortunately no demo account.

To suit the needs of a broad range of traders, there are currently three different account types to choose from. The lack of a demo account is a little disappointing, but the low minimum deposit means you shouldn’t have to risk too much real money in order to start trading. The three accounts to choose from are as follows:
Micro account

  • Minimum deposit $100
  • 50 tradeable products
  • Minimum order size 0.01 lots
  • Leverage up to 200:1
  • Minimum fixed spread 1.8 pips
  • Trading signals available
  • Mobile trading supported
  • Islamic account an option

Standard account

  • Minimum deposit $1,000
  • 120 tradeable products
  • Minimum order size 0.01 lots
  • Leverage up to 200:1
  • Minimum fixed spreads 1.5 pips
  • Trading signals available
  • Mobile trading supported
  • Islamic account an option

VIP account

  • Minimum deposit $10,000
  • 120 tradeable products
  • Minimum order size 0.01 lots
  • Leverage up to 200:1
  • Minimum fixed spreads 1.5 pips
  • Trading signals available
  • Mobile trading supported
  • Islamic account an option

HYCM accepts a number of different payment methods including Visa and Mastercard, WebMoney, wire transfer and a number of other local payment methods. Only USD and EUR are accepted as base currencies. No fees are charged by HYCM for either deposits or withdrawals, but there are minimum requirements. All banking operations are safe and secure as their servers are encrypted with 128-bit keys, and personal and account information is encrypted using VeriSign-issued 128-bit-SSL certificates.

Such a prestigious history means there is little call for fancy bonuses.

The long-standing reputation of the Henyep Group means that HYCM has little need to attract new clients with dazzling promotions and special offers. It is, however, committed to rewarding loyal clients. Become a member of the HYCM Loyalty Program and you become entitled to an exclusive rebate of up to $3 for every lot traded, which is deposited straight into your trading account on a monthly basis. There are three tiers: Silver, Gold, and Platinum, each with a required number of lots to be maintained, but you do have to keep trading in order to qualify. Further details are available on the HYCM site.

We should also mention the Refer-a Friend programme, which gives traders the opportunity to earn up to $250. As soon as the referral becomes an active customer, makes their deposit and begins trading, the referral reward is credited to your account. However, this reward is for trading purposes only.

Only the best customer support for HYCM traders

HYCM has a reputation for professionalism and excellence, and this is certainly not lacking in the area of customer service. The customer contact centre is open from 23.00 on Sundays right through to 21.00 on Fridays, which means there is always someone to help when needed. There are a number of ways to get in touch, including a number of head office email addresses, a telephone call centre, and the very helpful live chat option, for when an immediate response if required.

As well as taking care of customer problems, HYCM also believe in educating their clients, and to this end there is a great variety of online videos and eBooks available. Subjects covered include the very basic as well as more complex topics such as capital management trading psychology, market analysis, and trading strategies. Also included is a helpful guide to the MetaTrader 4 trading platform.

If it’s a reputable and trustworthy broker you’re looking for you can’t go far wrong if you choose HYCM. They are fully licensed and regulated, which means that your financial and personal details are secure. Using MT4 as one of their trading platforms makes HYCM a sensible choice, whether you are a newcomer to the world of Forex trading or a more experienced trader. Customer service is much better than average, and the educational material available only adds to the experience. The lack of a demo account shouldn’t put many people off, as the low minimum deposit requirement means that new traders aren’t likely to get their fingers burnt.

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