HYCM is a leading forex broker based in the United Kingdom. Previously, HYCM was known as HY Markets. They are owned and managed by a company known as Henyep Group. The group is into the management of various financial services. HYCM is highly regulated and fully licensed by the United Kingdom’s Financial Conduct Authority. Investors are assured of a quality trading platform because the teams behind HYCM have over 30 years’ experience in the industry. So let’s do HYCM Forex Review through this article.
HYCM offers its customers the opportunity to trade in several trading instruments such as currencies, stocks, forex, metals, oil and gas, and commodity. Traders that are registered on the platform are guaranteed of top-notch educational resources, several assets, and detailed analysis of the market trend. In addition, HYCM’s trading platform is the popular MT4 trading platform that offers investors real-time analysis, news, and movements in the market.
This review intends to explore the features of HYCM and its benefits, as well as, provide readers with all the essential information to enable them to make an informed decision whether or not to register on the trading platform.
The HYCM platform is highly regulated most especially by the UK’s Financial Conduct Authority and Cyprus’s Security and Exchange Commission with license number 186171 and 259/14 respectively. What this means is that traders funds are safe and secure. The Financial Conduct Authority is a reputable agency that is strict in terms of regulation through the world. Users of the platform can complain through the Financial Conduct Authority whenever there is a bridge of the trading right. Most of the users’ complaints and queries are resolved when it is still in its early stage.
Further, if the company becomes insolvent, the regulatory agency has put in place the Financial Services Compensation Scheme with a view to protecting the interest of traders.
HYCM has three types of trading accounts which her customers can choose from. The trading account includes micro account, standard account, and VIP account. Each of the accounts has its own unique features. For instance, potential traders can open a micro account with $100 as initial deposit. All you need to do is to fill an account opening form simply. There is an availability of 50 products to trade, while the leverage on the micro account is around 200 and the spread is 1.8. On the other hand, operating a standard account mean that you must have $1000 as your initial minimum deposit. Traders will have the advantage of trading about 120 assets. Then the VIP account is meant for professional investors. The minimum deposit for a VIP account is $10,000
HYCM is designed with cutting-edge software. The trading platforms available on the HYCM platform are the popular MT4 platform and the PrimeTrader platform. The MT4 platform is also mobile compatible. The platform comes with a lot of benefits such as top-notch indicators and scripts, chart benchmark, variety of markets trading, availability of expert advisor, favorable trading volume, and leverage. Other benefits include one-click trading, full market coverage, real-time trading, advanced charting, and easy to use interface. On the other hand, the PrimeTrader platform appears to be a new trading platform. The platform offers traders advanced charts, integrated multiple pricing, and online management account.
Deposit and withdrawals
Potential traders are to note that at least $100 is required for them to open an account. While doing HYCM Forex review, we saw that the platform accepts a deposit in the following merchants;
- Wire Transfer
- Visa Electron
Traders using the Wire Transfer option should note that it may take up to 3 days before your deposit reflects on your account online. All the deposit methods are safe and secure with cutting-edge financial security tool like the SSL technology.
Traders can also use the following methods to withdraw their earnings without restrictions;
- Wire Transfer
- Visa Electron
The HYCM market involves several instruments such as CFDs, currencies, stocks, forex, metals, oil and gas, and commodity. All the information regarding how to trade these instruments is provided on the website, as well as, technical components like order execution policy, margin requirements, and investor compensation fund, among other information. Each of these instruments comes with top stocks, tradable assets, currency pairs, commodity, available bonds, and major averages.
Bonuses and promotion
The HYCM platform offers traders a bonus of 25% when they make their first initial deposit on a live account. Please note that the initial deposit must be at least $500. In addition, traders are awarded a bonus of up to $1000, but on the condition that over 30 standard lots must be traded between 60 days.
HYCM is one of the leading forex brokers that offers trader top-notch educational services. The platform has a lot of instructional materials and trading tools that potential traders can leverage on to learn all the nitty-gritty of the platform.
A lot of trading tools can be deployed by interested traders to learn about the movements in the market. In addition, the HYCM platform offers exclusive library containing quality tutorial videos to sharpen the skills of traders.
Furthermore, there is an availability of Global Financial Calendar which trader can leverage on to know the market trends, as well as, upcoming events that would impact the forex market.
Traders on the HYCM platform can register their complaint and queries through the customer service desk. The customer service works 24/5 to ensure that investors get an instant response.
The security and safety of investors’ funds are guaranteed due to the cutting-edge technology deployed to secure the platform. As a matter of fact, HYCM places a premium on the safety of investors’ funds. All the three trading accounts are also secure with cutting-edge encryption protocols. Therefore, traders can trade with confidence knowing that their funds are in safe hands. In addition, considering the fact that HYCM is being regulated by FCA and CySEC, the agencies would leave no stone unturned in ensuring that traders’ funds are safe.
Ease of use
The HYCM platform is user-friendly and always ready to use. Potential and experienced traders can learn all the features of the platform, their functionality, as well as, all the available trading tools when they leverage on the instructional materials available on the platform. Also, forex trading and CFD trading videos are available to guide traders on how to trade successfully. Traders can also trade on the go via their smartphones using the MT4 Mobile platform.
Benefits of HYCM Forex
The HYCM platform has a lot of benefits some of which are;
- The Operation is highly regulated by relevant authorities.
- A secure, efficient, as well as, seamless withdrawal experience
- Three types of trading account to choose from
- Availability of the MT4 trading platform.
- Excellent customer service experience with quick response time to users’ complaints
- Availability of account managers
Conclusion and our words on HYCM Forex Review
If you are interested in the trading of CFDs, currencies, stocks, forex, metals, oil and gas, and commodity, HYCM is a platform of choice. The platform will get you started on these trading instruments. HYCM makes use of cutting-edge technology to secure the funds of traders. In addition, novice traders have nothing to worry about due to the fact that the website boasts of several instructional materials and training videos they can rely on to harness their train acumen.[/vc_row]
Trading carries risk