HYCM makes money through spreads, commissions, and other trading fees. The broker may also earn from swap fees for positions held overnight. Most clients are satisfied with the support, although there are some negative reviews. The provided communication channels are extensive and available at times convenient for most clients.
How to Register an Account
These MT4 and MT5 platforms are well known as having some of the most well-resourced selections of charts and tools. Overnight fees are charged at HYCM just as they are at every broker offering CFDs. For overnight fee rates you can check them with the broker at the time you are making the trade since they are fluid and vary depending on the market at any given time. The spread on this account type starts from 1.2 pips with no commission charged, and you can use the EAs feature of your MetaTrader trading platform on the Classic Account. If hycm review you miss a live webinar, you can view past webinars right on the HYCM website.
Withdrawals
There are applications from the Apple App Store and the Google Play Store. HYCM offers negative balance protection to all clients unless otherwise stated. This is a standard feature that helps you to mitigate risk and provides peace of mind.
They also have regular webinars, workshops, and seminars which you can attend that provide a great deal of value and can help you continue the learning journey even as a more experienced trader. With that said, they do offer a direct ECN style connection to their network of liquidity providers if you are trading through a Raw account. After 90 days of inactivity, a fee of $10.00 is charged every month until your account is showing some trading activity again. Again there are no withdrawal fees to consider from the HYCM side if you withdraw more than $300 through a bank wire transfer, though there could again be fees from the bank side.
The broker’s commitment to providing diverse instruments ensures that traders can adapt their strategies based on market conditions and their risk tolerance. The Raw account is designed for professional traders and offers interbank spreads starting from 0 pips. Instead of spreads, traders on this type of account pay a commission for executing trades. The Raw account is ideal for scalpers, those who prefer to trade on short-term timeframes, and those who use automated trading systems or expert advisors. The Classic account offers variable spreads, fluctuating depending on market conditions. This type of account suits experienced traders who prefer flexibility and can adapt their trading strategy to market changes.
- With research, the broker supports a number of features and functions that can provide you a good degree of market insight.
- Clicking on this gives you the option to simply click to contact support via Intercom (messages), Facebook Messenger, Telegram, WhatsApp, Viber, or Skype.
- HYCM transfers funds back to the original source you used to fund your account (otherwise via wire transfer only directly into your bank account).
- The Account Base Currencies accepted by the broker are, the USD, EUR, GBP, RUB, AED, and CAD.
Top Features
HYCM provides excellent customer support available through multiple channels, including live chat, email, and phone. The support team is highly responsive, with a fast response time for queries. The broker also offers support in several languages, ensuring that traders from different regions can get the help they need in their preferred language. HYCM is known for its competitive commission structure, which is designed to be transparent and straightforward.
HYCM (Henyep Markets) continues to solidify its reputation in 2024 as a leading brokerage firm known for its robust trading infrastructure and comprehensive service offerings. Established with a commitment to transparency, reliability, and client satisfaction, HYCM has amassed a substantial global clientele. HYCM is a reputable broker offering a range of trading instruments, competitive spreads, and maximum leverage. The broker provides a user-friendly trading platform, excellent customer support, and various educational resources to help clients improve their skills and trading experience. On the other hand, the ECN accounts, while they do include a commission fee, provide significantly tighter spreads and enhanced execution speeds.
TopBrokers.com would like to remind you that the data contained in this website is not necessarily real-time nor accurate. HYCM requires a $100 minimum deposit before you can begin trading. After that, $20 must be deposited as a minimum before using e-Wallets or Visa/MasterCard to top off your account.
- In some cases, depending on the type of brokerage account you choose, you may be required to make a minimum deposit as high as 6500 GBP or USD.
- The Raw Account minimizes costs for traders focused on tighter spreads and high-frequency trading.
- Both the MetaTrader 4 and MetaTrader 5 trading platforms are available as iOS or Android application.
- HYCM offers margin calculators, trailing stops to secure profits, and negative balance protection, ensuring traders cannot lose more than their account balance.
Can I practice trading with HYCM?
Your demo account will remain active for 14-days though you can open more than 1 so it is effectively unlimited. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. HYCM’s trading academy is a group of dozens of videos of varying lengths.
Tradable instruments
Henyep Groups also has business ventures in financial services, direct investment, property, education, and charity. Our HYCM broker review team confirmed that HYCM stores client funds in segregated accounts, as is required by most of its regulatory bodies. HYCM takes this a step further and stores those funds in Tier-1 banks, providing you with additional peace of mind. Do note, however, that if your account has a balance of zero, it will be considered dormant. Dormant accounts do not incur fees, so it’s a good idea to clear your account if you think you will not wish to trade for a while.
Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. It seems to me that this is not true, because I personally know a lot of people who are responsible for the market, and I can’t say that they came here for some quick money, etc. And in general, the original motives are not so important, the key is how a person will relate to it over time when he personally sees what the market is and how to work with it. Knowing your broker’s services, finding a secure platform such as this one, which has regulation, financial regulations, clear user agreement, etc., is a good help in this. Traders can also benefit from educational videos, blogs, and articles that provide valuable insights into market trends and trading tips. Additionally, HYCM hosts regular webinars led by industry experts, offering real-time analysis and practical guidance on navigating the markets.
What account types does HYCM offer?
Most of the posts include detailed charts that include trend lines and other indicators drawn into place, as well as the use of specific figures. You should also pay attention to the Market Outlook page, as this gives you a great overview of what’s going on daily. Within the MetaTrader 4 and MetaTrader 5 platforms, you can easily make use of trading signals as well as indicators. There are a variety of indicators that can be overlaid onto the charts. Our review of HYCM reminds you that you will need to have the following information and documents on hand to verify your account with this Forex broker. It is worth noting that if you withdraw less than $300 via wire transfer, HYCM will charge a handling fee of $30.
HYCM supports bank transfers, cards, and e-wallets like Skrill and Neteller. The minimum deposit is $20 for most methods, giving new traders easy access. Cryptocurrency deposits are also available, with processing times of up to three hours.
Its international reach, multilingual support, and focus on transparency make it a solid choice for traders worldwide. HYCM gives its clients access to the leading MetaTrader 4 and MetaTrader 5 online trading platforms. 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. The demo account looks like the live account, and traders get the same functionality, except the ability to trade real funds.
200 Main Ferozpur Road Lahore, Pakistan