HYCM Review
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HYCM Review

HYCM is well known by traders around the world and it is an FCA regulated forex broker having a 1977 operational history. The broker has a financial investment firm that is well established by having its foundation stones in the Asian capital Hong Kong, part of the Henyep Capital markets is made up of the broker. HYCM is specialized in offering CFDs to online retail traders and trading services for forex. They are in charge of maintaining head offices in key cities like Hong Kong, London, Kuwait, and Dubai. As a broker of FCA, they have the abilities to provide a safe and secure trading environment for their clients.

HYCM Reliability – Is HYCM a scam?

Functioning as within the Henyep organization with an operational history of more than three decades, the HYCM brand has been the most respected among investors and traders within the financial industry. Cutting it short, the brand has been synonymous with transparency and quality service. The Henyep organization first started functioning as part of the Hong Kong Silver and Gold Exchange society in 1977 for those traders who are not familiar with the group. The Henyep group is as well part of the 1986 Hong Kong Future Exchange as founding members.

HYCM is holding a record as a top financial service provider within the financial industry, they are also seen as a regulated under the UK’s (FCA) Financial Conduct Authority jurisdiction. With the FCA providing a regulatory oversight, clients of the HYCM can be confident with their broker acting with professionalism and transparency.

The clients are confident of their money safety with HYCM as they have a regulatory rule which states that HYCM’s funds are kept separated from traders’ funds. This practice has a double benefit. First, clients of HYCM  are fully confident of the fact that their broker will not abuse their trading funds by anyway. In the same way, the HYCM creditors will find difficulties in claiming these funds in their proceedings during liquidation crisis. Finally, as a UK’s (FSCS) Financial Services Compensation Scheme member, they are able to compensate their clients with a maximum of £50,000 if the broker is ever financially and legally unable of paying claims against it.

Having in place these legal protections, HYCM is capable of providing a cutting edge trading platform for their traders.

Trading Platforms

HYCM has the ability to provide a cutting edge trading platform for their traders being in place of a leading financial service provider. Traders at HYCM are in a position of three trading platform types to select from. The HYCM trading platform has a mainstay called the prime trader which is their proprietary platform. For traders who have the dream of trading on a platform that is more familiar, the popular Meta Trader 4 platform has also been made available by HYCM. For traders who would be interested in mobile trading, HYCM has made it possible for these traders with the help of the HYCM mobile app which can be downloaded and used from your smartphones.

Prime Trader

  • Ability to trade Multi Assets
  • System of Account Management
  • Advanced Charts
  • Feature Guaranteed Stop/Loss
  • Multiple Price Views

MT 4

  • Advanced Trading Tools
  • Automated Trading Capable
  • Comprehensive Charting Package
  • Customizable
  • Industry Standard Platform

HYCM Mobile Trader

  • Capable of Account Management
  • Available for Android and iOS devices
  • Fully Mobile Capable

Account Types

HYCM has three different trading account types. These accounts include the VIP, Mini, and standard trading accounts. The focus of the mini account is pointed towards the new traders which require $100 of initial deposit to begin. The standard account needs just $1000 minimum deposit for a start and it’s for traders who possess more trading experience. Finally, A VIP account is for professional-level traders and it requires a $10.000 minimum deposit just for the beginning. Among all three accounts, the VIP has the lowest spreads. For some traders who would like to trade depending on Islamic Sharia principles, there exists the Islamic trading account for such traders.

Commission & Spreads

HYCM has the least number of applicable spreads of 2 pips depending on the type of trading account, 1.8 pips go for standard and the VIP account goes with 1.5 pips goes.

Customer Support

HYCM has a customer service support which is available 5 days a week and can easily be gotten through live chat telephone and email. The HYCM has a website that is available in 5 languages apart from English and these are Chinese, Arabic, Spanish, Italian and Russian.

Pros

  • 24/5 customer support
  • 3 types of trading platform
  • FCA Regulated Broker
  • Protected Investments under the Financial Services Compensation Scheme
  • Low Minimum Deposit Requirement
  • Multiple choices of trading accounts

Cons

  • Demo account not provided
  • Lacking Promotional Offers
  • No localized telephone support
  • Poorly equipped Educational Library
  • Uncompetitive spreads

Conclusion

Apart from being in the most reliable brokers existing, HYCM is still in remembering the traders of the small time retail. This can be clearly seen from the point that they create an easy opportunity for everyone to begin a live account by just a $100 initial deposit. Furthermore, they have a very easy to use website. They have a customer support team active on a 24/5 basis that is always ready to help clients in need.