HYCM review and ratings

Established 1977
Location UK Cyprus UAE Saint Vincent and the Grenadines Cayman Islands
Regulation FCA, CySEC, DFSA, CIMA
Offices London, Limassol, Dubai, Kingstown, Camana Bay, Hong Kong, Kuwait
Broker type STP | ECN
Leverage up to 1:500 (1:30 for EU clients)
Deposit from 100 USD
Spreads mid  mid
Platforms MetaTrader 4 MetaTrader 5
Instruments Currencies Crypto Indices Metals Energies Softs Stocks ETFs
Funding methods Wire Transfer Credit Cards Skrill Neteller WebMoney Perfect Money Bitcoin

Company information

HYCM group includes 5 related companies.

HYCM UK - located in the United Kingdom, regulated by the Financial Conduct Authority (FCA).
HYCM CY - located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
HYCM UAE - located in the United Arab Emirates, regulated by the Dubai Financial Services Authority (DFSA).
HYCM SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
HYCM KY - located in the Cayman Islands, regulated by the Cayman Island Monetary Authority (CIMA).

Be aware, UK and CY companies have some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.

Availability

HYCM group accepts clients from all over the world, excluding USA, Hong Kong, Belgium, Japan and some other countries.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

70+ Currency Pairs Based on major and minor world currencies.
20+ Crypto Pairs Based on Bitcoin, Bitcoin Cash, Bitcoin SV, Cardano, Cosmos, Dash, Doge, Ethereum, Litecoin, Link Platform, Monero, Polkadot, Ripple, Stellar, Tezos, Tron, Zcash, Yearn.Finance, Uniswap, EOS, NEO.
28 Indice CFDs Based on baskets of different blue-chip stocks.
9 Metal CFDs Based on Gold, Silver, Platinum, Palladium and Copper.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
4 Soft Futures Based on Cocoa, Coffee, Sugar, Cotton.
150+ Stock CFDs Based on shares of US companies.
20+ ETF CFDs Based on exchange-traded funds containing various tradable assets.

Comprehensive review

HYCM, also known as Henyep Capital Markets, is an international forex and CFD brokerage with history going all the way back to 1977 when Henyep Gold Dealers came into business after joining the Hong Kong Gold and Silver Exchange Society. The company went on to become licensed by the UK’s Financial Conduct Authority (FCA) in 1998, and launched its first online trading platform in 2007 under the company name Henyep Investment UK Ltd.

The broker is today regulated by the four major regulatory agencies in the United Kingdom, Cyprus, Dubai, and the Cayman Islands. Among these, the Dubai and Cayman Islands-registered entities offer the most flexible trading conditions due to the influence of strict ESMA and FCA regulations on the Cyprus and UK-based entities, and ASIC regulations in Australia. In addition to the mentioned countries, HYCM also has offices in Kuwait and Hong Kong, as well as an entity registered in Saint Vincent and the Grenadines.

Although HYCM today is a global broker, it still does not accept clients from a range of countries for regulatory reasons. This includes traders from Hong Kong, Japan, France, Turkey, the USA, certain provinces of Canada, and some other smaller countries. The full details on this are available on the broker’s website.

In terms of its selection of trading instruments, HYCM has a pretty standard offering with around 70 currency pairs to choose from, nearly 30 international stock indices, gold, silver and a range of other commodities, stocks of more than 150 US-listed companies, as well as a pretty large number of cryptocurrencies such as Bitcoin, Litecoin, Ethereum and XRP.

For the most liquid forex and index CFDs, available trading leverage goes up to 1:500 for international clients outside of EU, FCA and ASIC jurisdiction. For traders in these jurisdictions, however, leverage is capped at just 1:30, in accordance with local regulations.

With HYCM, new clients can choose to sign up with either a Fixed, Classic, or a Raw account. The account names refer to the spread model the account follows, with the first account offering fixed spreads starting from 1.8 pips and commission-free trading, the Classic account offering variable spreads starting from 1.2 pips and commission-free trading, and the raw account offering the raw spreads from liquidity providers starting from just 0.2 pips along with a commission of $4 per round-trip.

In terms of platforms, HYCM is a MetaTrader-only broker, having chosen to focus on the MT4 and MT5 as its trading platforms. These are both platforms that are already familiar for many traders, having remained popular over many years due to their large selection of Expert Advisors and advanced technical analysis capabilities.

Deposits and withdrawals can be made through many different methods with the broker, including bank wire transfer, major credit and debit cards, as well as popular online money transfer services like WebMoney, Neteller, and Skrill. Additionally, deposits made directly in bitcoin are also accepted for clients of one of the offshore-registered entities. HYCM does not charge anything for deposits made with any of these methods, although withdrawals of less than USD 3,000 may be subject to a processing fee. For Skrill, Neteller, and WebMoney specifically, there is a 1% processing fee for withdrawals over USD 5,000, which means traders can avoid this by simply making their withdrawals in smaller increments.

Lastly, we appreciate the 24-hour customer support that is offered by HYCM, available via live chat and instant messaging apps like Skype, WhatsApp and Telegram, as well as by phone. The only thing currently not offered that we would like to see is a direct line to the trading desk for assistance with placing trades and checking the status of orders. All in all, however, HYCM is a broker we believe traders should take a closer look at, particularly for those looking to trade crypto and stocks with higher leverage on MetaTrader.

Reviews from traders

4.61/5
(31 votes)
5/5
Malaysia
Malaysia
5/5
Netherlands
Netherlands
No rating
Spain
Spain
5/5
Italy
Italy
5/5
France
France
4/5
Finland
Finland
5/5
France
France
5/5
Malaysia
Malaysia
5/5
Portugal
Portugal
5/5
Italy
Italy
3/5
Sweden
Sweden
5/5
Germany
Germany
5/5
Malaysia
Malaysia
4/5
Malaysia
Malaysia
5/5
Greece
Greece
5/5
Germany
Germany
5/5
Algeria
Algeria
4/5
Sri Lanka
Sri Lanka
4/5
Morocco
Morocco
4/5
Malaysia
Malaysia
5/5
Kenya
Kenya
5/5
Thailand
Thailand
4/5
Algeria
Algeria
5/5
Morocco
Morocco
3/5
Indonesia
Indonesia
No rating
Egypt
Egypt
4/5
Malaysia
Malaysia
5/5
Kenya
Kenya
No rating
Singapore
Singapore
5/5
Morocco
Morocco
5/5
Algeria
Algeria
5/5
Cambodia
Cambodia
4/5
Brazil
Brazil
5/5
India
India
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