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HYCM Review

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Editor's Review

HYCM Rating
8
8 Security
7 Spreads
9 Customer Service

Founded in 1977, the Henyep Group (Henyep) has a long-standing reputation for providing financial services across global capital markets, and it is an experienced member of multiple exchanges in Hong Kong, where it has its headquarters. In 1998, Henyep obtained regulation with Britain’s Financial Conduct Authority (FCA) where it remains regulated under Henyep Capital Markets (HYCM), after rebranding from Henyep Investment Limited in 2010 to its current name.

 

Trading Accounts

HYCM offers three the above account types. They all offer competitive spreads, leverage up to 1:200, and the opportunity to trade in micro lots.

HYCM (formerly HY Markets) is a large forex broker offering trading more than 100 financial instruments: a wide range of currency pairs, various CFDs on indices, commodities, stocks and precious metals, available on MT4 and its proprietary web platform.  The company also offers binaries trading service through its HY Options brand.

 

The Company & Safety of Funds

Set up 35 years ago, the Henyep Group is a global conglomerate with various business activities spanning 3 continents and 20 countries worldwide. It operates out of its offices in London, Dubai, Hong Kong, Kuwait, and Cyprus.

 HYCM is operated by Henyep Capital Markets UK Ltd., a London-based company authorized and regulated by the UK Financial Conduct Authority. Besides, it has a Cypriot unit, regulated by the CySEC, and a subsidiary based in Hong Kong, that is duly licensed by the local regulator, SFC.

 

Commissions & Spreads

HYCM offers both fixed and variable. Fixed spreads are generally wider than variable ones, but offer traders a more predictable trading environment and protects them from wild spread swings which usually happen during news releases. HYCM charges no commissions for Fixed and Classic account traders and $4 per round commissions for the Raw account traders.

In fact, the spreads offered by HYCM are quite competitive. Fixed ones amount to 1.8 pips on EUR/USD while most fixed spread brokers offer 2 – 3 pips in spreads. Variable spreads on the Classic accounts are also competitive, but the trading costs on Raw account types are the lowest and the most attractive.

 

Leverage

The maximum leverage provided at HYCM is 1:200, which isn’t the highest or above the market average compared to other brokers, however, it surely is enough and highest leverage does not mean its the greatest.

 

Platform

HYCM offers two trading platforms: its in-house web-based PrimeTrader and the renown MetaTrader4

 

Deposit & Withdrawal

HYCM`s clients are able to make deposits and withdrawals via credit/debit cards (Visa or Mastercard), wire transfer, Skrill and WebMoney. HYCM offers trade accounts with base currencies in USD and EUR. Deposits are also accepted in KWD, SAR and AED and will be converted to USD for trading.

 

Conclusion

Being part of a large international group with more than 30 years of experience in the industry, HYCM is a reliable broker with strong regulation with quite the competitive figures as far as spreads and leverages go. Fixed and Classic accounts with no commission charge would also be a great opportunity for a lot of traders and for those who want to take advantage of lower spreads with the Raw accounts, $4 per round seems quite reasonable. leverage option isn’t the highest, but as mentioned before, highest leverage does not mean its the greatest. It all comes with risks.


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