HYCM (HY Markets) Review

HYCM Review - Deposit, withdrawal, regulation and trading conditions
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98 REVIEWS

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Micro $100 0.01 1:400 2.0 pips on EUR/USD
Standard $1 000 0.01 1:400 1.8 pips on EUR/USD
VIP $10 000 0.01 1:400 1.5 pips on EUR/USD

 

This broker offers three basic account types, depending on the initial deposit: Mini, Standard and VIP. They all offer leverage up to 1:400, fixed spreads and the opportunity to trade in micro lots. Keep in mind that Trading Signals is not available to Micro account holders.

 

Besides, clients of HYCM who don’t want to earn interest for religious reasons may opt for Islamic accounts, which are swap-free.

 

The Company

 

Company Country  Regulation
Henyep Capital Markets (UK) Limited UK FCA
HYCM (Europe) Ltd. Cyprus CySEC
Henyep Securities Limited Hong Kong SFC

           

HYCM (formerly HY Markets) is a large forex broker offering trading more than 100 financial instruments: 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.

 

HYCM is part of the Henyep Group, a global conglomerate with various business activities spanning 3 continents and 20 countries world-wide.

 

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

 

Security of Funds

 

HYCM is operated by Henyep Capital Markets UK Ltd., a London-based company authorised and regulated by the UK Financial Conduct Authority (FCA). 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 – the SFC.

 

UK’s financial watchdog is famous for applying strict requirements to brokerage firms. Licensed companies are required to comply with certain rules and procedures covering client funds, order execution, minimum capital requirement, regular report filing, etc. UK-based brokers are obliged to hold at least €730 000 in order to prove their financial stability. The same minimum capital requirement applies to Cypriot brokerages.

 

In relation to security of clients` funds, we would also like mention that FCA-regulated companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person, in case the company goes bankrupt. In Cyprus, the coverage is up to $20 000 per investor.

 

Trading Conditions

 

Minimum Initial Deposit

Traders are required to deposit just $100 in order to open an account with HYCM, which is an average minimum initial amount. However, other EU brokerages require less – XM, for example, which also holds licenses from both CySEC & FCA, demands $5.

 

Average Spreads & Commissions

HYCM is a fixed-spread forex broker, and like most of them, charges no commissions. 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.

 

In fact, the spreads offered by HYCM are quite competitive, amounting to 1.8 pips on EUR/USD on Standard and even on VIP accounts. On average, fixed spreads amount to 2 – 3 pips.

 

Leverage

The maximum leverage levels with HYCM reach 1:400, which is considered a high ratio, however many other brokers provide similar or higher levels: XM, for instance, offers leverage up to 1:888.

 

Nonetheless, keep in mind that leverage is a double-sided coin: higher leverage involves higher risk, not only the probability of multiplied profits earned on a small deposit.

 

Trading Platforms

 

HYCM offers two trading platforms: its in-house web-based PrimeTrader and the renown MetaTrader 4.

 

PrimeTrader is a new multi-asset web platform with user-friendly interface and provides integrated multiple pricing, advanced charts and complete online account management. Guaranteed Stop/Loss are available.

 

The MT4 is also supported by this broker, desktop, and mobile versions being offered. This platform is preferred by most traders, because it allows clients to fully automate their trades by Expert Advisors (EA) and let the program do all the work. What is more, it offers a number of technical indicators and advanced charting package.

 

MT4 allows trading signals, but HYCM has partnered with Pro Daily which brings investors cutting-edge signals trading service.

 

Promotions

HYCM offers a welcome on-deposit bonus of 25% (up to $5000) to all live account holders with deposits of at least $500. For every $1,000 bonus awarded, clients will be required to trade 30 standard lots within 60 days. The broker also offers a Refer-a-friend scheme. Depending on the amount of the initial deposit of the referred client, the referrer can get up to $250.

 

 

Methods of Payment

 

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. Our main concern with this broker is that it uses a Market Maker model and there may be conflict of interest between the company and its clients. To sum things up, here are the advantages and drawbacks with regards to HYCM:

 

Pros Cons
Strong regulation  MM model 
Competitive fixed spreads No ECN environment
Commission-free trading  
MT4 available  
Bonuses available  

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

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Deposit/Withdraw

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Customer service

Pros

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Summary

Pros

Cons

 

 

Traders` reviews for HYCM Add review

HYCM is actually the 3rd broker i work with and its the first time when the mobile app workds properly and doesnt lag. Quotes here do not differ from the desctop mt4 so it works well

Badmoodfx 01/19/2017

Also good so far with HYCM, going good

Byperoni 11/30/2016

Hm, i m trading with 3 brokers including HY, dont see any differences with executions or slippage, i think you should deversify to illuminate bancrosy risks etc, but still hy is among most respected brokers

Sofa 11/27/2016

Got 100$ bonus money on a first deposit, now I can reduce the leverage and risks

Bunnypol 11/25/2016

Withdrawing 20% of profit each month for like 2 years already, so withdrawal works fine))

Tariz 11/23/2016

Cool that u dont face any tax problems working with a regulated broker, while its a huge problem in scam companies

Tranquil 11/06/2016

Received a welcome bonus, thanks

Precios 10/10/2016

During 4 years got no conflics with customer supper of other managers. Platform works perfect, quotes are exactly the same as market maker provides

Reichnamlet 09/13/2016

Want to join HYCM, do I have to provide all docs and verify myself before the first withdrawal? Can I trade at least on demo without verification?

Macrojet 08/25/2016

Had a lot of concerns while choosing a broker to trade with, chose Hycm and that was a good choice! Never though of changin a broker

Dublin 08/19/2016

Had a lot of concerns while choosing a broker to trade with, chose Hycm and that was a good choice! Never though of changin a broker

Dublin 08/19/2016

Love the new daily video reports on site, saved much time. Well done HY!

Loo3 07/26/2016

CS here is very welcome answering the client, highly recommend!

Lamster 07/17/2016

Did HY markets finally get a FCA license or i misread something?

Buxter 06/22/2016

Confidence is fine here, but tools for beginners are still very low. Just 1 welcome bonus, no training system, lack of video materials

Max 06/15/2016

Much more confidence here after trading with CIS brokers that close every month

Dandy 05/28/2016

Was comparing Oanda and Hy markets for a long time, traded in both at the same time, didnt fing much difference but chose HY markets in all

Wex 05/17/2016

Satisfied

Good service and trading conditions.

c1924465 05/10/2016

Webtrader

Dont usually writer reviews but here i want to thank Hy Markets for having a WEB TRADER - awesome thing that solves many issues if you are in office. Cant understand why not so many brokers have it

DonJuan 04/23/2016

is it possible to withdraw the welcome bonus after several trades? does any1 knows?

Buxter 04/14/2016

Hy pro trader was a great surprise for me, didnt see anything new on platform technology market, and this one is very noticeable!

Nachoes 03/25/2016

I never saw any delays and error messages during 5 years of trading with hym. Working on London session, mid term trades

Kenora 03/14/2016

Unreliable

Trading platform is unreliable with a lot of delays and error messages.
With high leverage that's a recipe for wiping out your account, if you can't be sure your trades will be executed.

Don't use it.

dukheil 03/10/2016

is this a good broker?

Is this a good broker? Looking for opinions?

Ana 02/25/2016

Does Hy markets have any affiliate program by the way? I could attract a few friends to trade here

Aff 02/17/2016

The guy below is just a person who will recommend you his affiliate link so dont pay much attention please)

Bunny 02/09/2016

oh my gosh i m trading with hy markets since 2004... its 12 years now, how long, the time goes fast:)

Blackskinned 01/16/2016

Opened account, been trading for about a week and proceeded my first withdrawal. Didn't meet any obstacles during the whole path

Erich 01/11/2016

Signed up on wave analysis! very informative

Bullitus 12/23/2015

Would be interesting to see if HY Markets would have attrackted some pro traders and created pamm accounts. Such a big company can do that for sure

Buddy 12/14/2015

The max leverage is a bit low for me, 1:1000 and so on would be cool

Positiveness 11/27/2015

Received a 100$ welcome bonus, already have profit from it!

APel 11/23/2015

Opened account with this broker after following hy markets daily market reports on some forex forum, very acccurate analysis and good company overall

wolfensteing_fx 11/12/2015

Was not easy to start studying the market trading, big thanks to HY markets and their daily market reports on stocks. My progress goes much faster with its help

Copro 10/29/2015

No real claims to HY markets, trading conditions are normal and allow professional to do their job and earn on it

Voker 10/28/2015

Returned into forex after 2 year rest, nice to know that my account wasn’t deleted, after a return I had a new personal manager, after a small talk I received some cool tips, hope now my trading greatly improved

Adjust 10/23/2015

Opened a pro account, after a week withdrawed 649$ profit, no calls or questions, got my profit without and obstacles

Bylitaria 10/21/2015

Missing some trading contestes and bonus money that i had with my previous broker, but in the end he bankrupted, and here i see the stable prospect for a long time further

Euls 09/30/2015

Not awesome for newcommers, great for big depos

I would recommend to trade with this company to those who don’t need free money on deposite, contest and other stuff for beginners

Evgen 09/29/2015

Nice to see HY markets experts on top arabic financial TV channel, that inspires!

Greg 09/21/2015

Opened account, earned my first money and instantly pushed a "withdraw" button. After 5 days money are on my bank account, so I m pretty happy

Passcan 09/16/2015

Are floating spreads permitted by regulators? Working with 3 top brokers including HY and never seem that

Surpass 08/17/2015

Hope that HY markets will turn to floating spreads in some nearest future, now on some currency pairs spread is too big

What_a_player 08/01/2015

Ye, but still for me the MT4 report has everything i need for analysis. Of course the company could do some more

Martin 07/28/2015

They still should work more at the website and a personal area, which lacks much analytical services and so on. Such a huge company can do much more for traders!

Vukes 07/28/2015

Want to admit the good attitude of my personal manager, solved a problem very fast, thx!

Peterburger 07/28/2015

Nice idea about an analytical addon!!

Poppy 07/17/2015

would be nice if hy markets would do some analytical addon for their trading tlatforms - something to make trader see where he mistakes and make him improve himself

Bolton 06/25/2015

gief hy pro!

want to try HY Pro but the required depo limit is too high for me(

Funn1k 06/17/2015

trading on HY Pro for 5 months, no troubles yet

Burgas 06/01/2015

Working with HY markets for quite a long time, don’t have any serious complains, never thought of changin broker

Pavelinsky 05/25/2015

Tried my skills on demo account, now moved to the real one. Feeling some stress, but going in 0 for now, hope to be profitable in june!

Kurwa 05/23/2015

Everything s fine, also offers stocks and indexes, which is very nice

Piettro 04/29/2015

Thanks HY Markets customer support with helping out with many theoretical questions for free, helped a lot

Bulletbeam 04/27/2015

BIg Win boyz!

I m so happy about closing my today trade that decided to write this review :) HY Markets rocks! Its my brokers, and i really earn money with it! Thanks for the service

Huel203 04/14/2015

Stopped working with HY markets because of high spread on eur usd, moved to other company, but then got back to Hy markets. It has not the best conditions in the market, but its definetely not a scum. Now i feel like paying increasing spread for my confidence about my money.

BillMurray 02/26/2015

informative analyics

i ve been reading HY analytics on one forum and later opened account in this company. For now i m satisfied with conditions they provide

tracingscalp 02/13/2015

Seems interesting to trade stocks, futures and forex on 1 account in 1 platform, gonna try hy markets!

Bracer 01/30/2015

The beginning of the year seems fun! That amazing movement on USD CHF, dollar growth and so on, i feel like getting rich with hy markets ))

Lurina 01/30/2015

Thanks for educational webinars on the site, many complicated things became clear

Bonka 01/23/2015

2014 was amazing

This autumn gave more profit than the whole previous year! Thanks HY services for stable work and safe withdrawals!

Paultrix 12/21/2014

loyalty

trying to count how much loyalty program gives, it actually comes out that i trade eur usd with 1,5 spread instead of 3!

Mantrina 11/23/2014

WM + Hy markets

Is it permitted to withdraw HY_markets profit via Webmoney? I m going to open account, need this info,thx

Lomany 10/29/2014

2 New promotions in september, WOW!

I feel happy the company i trade with finnally started making good promos. 2 New ones in september! Congrats HY Markets!!!

BannyManny 09/24/2014

This is the most reliable broker from all i have tested. I always attempt deversify my money among several companies, but HY Markets seems really safe, will keep working with them!

Maxima 09/23/2014

withdrawal is ok!

Tested the withdrawal. The withdrawal card was different from the deposit one, didn’t have any problem, so good news

Calmix 08/14/2014

Good payouts

Withdrawing 20% of profit each month for like 2 years already, so withdrawal works fine))

Piccola 07/29/2014

nice

I like how the company works, i am trying it for 5 month so far. no problems, platform works fine, recommend it to all

BullCrew 06/17/2014

MT4!

i cant agree with the proposal that HYpro is much better then MT4. For forex trading i would choose MT4 or MT5. Metaquotes upgrade it quite often and new builds solve many technical issues. Hy Pro has much less upgrades and its support is limited by HY markets technical crew, so i would choose it only for stock and futures trading

Nominal 05/28/2014

HY pro > MT4

i completely changed the trading platform to Hy pro. When analyzing i realized that it does have some functions as traling stop, but in general it works much better. MT4 is a past generation now

Comrad 05/12/2014

Also using HY pro, UI seemed unfamiliar first time, but its quite easy to use

VBJ 04/27/2014

Awesome trading platform

I rly ike the HYPRO trading platform. 6 years working with MT4 and now finally something new! It lacks some services, like traling stops, which i never used, but still interface and functionality are amazing

Yheu 04/21/2014

Got a letter from HY Markets from birthday congratulations, so nice)

Lonisart 04/14/2014

Nice to see my broker here, i dont need any advanced services, hope that execution broker services will not get worth, so i will always be able to earn, good luck in 2014!

Ion 03/30/2014

Last month i trade only with webtrader, it seems to me that maybe the speed of execution is a bit slower there, is it so?

Oroy 03/22/2014

i tryed to trade stocks, lost some money there and came back to currencies, dont think its brokers fault, its just another kind of market

fx2221 02/13/2014

oil?

i trade with another broker, but do you trade futures spot or cfd on oil in hymarkets? thx for answer

Ekego 02/10/2014

big choice

The best thing about hy markets is the variety of trading tools. Its like the only broker that gives an opportunity to trade metals, forex, stocks and indexes on 1 account, and thats, i think, the main advantage of this company

fx_genius 02/01/2014

if gbp will be lower tomorrow i ll fix 850$ profit and withdraw it) hope i will not have troubles with it

Wilz 01/22/2014

well i doesnt feel any much difference with the new revate since i trade long time intevals, not scalping, dont think scalping is a propper strategy for forex at all

Grughy 01/10/2014

Nice rebate, saw such rebate level in 1 russian broker, but conditions to get it there were more complicated, so good job with it!

Corra 12/17/2013

as i undersoon they are real, anyway even if the have some special conditions to withdraw, i ll fight for these money

Kruze 12/10/2013

Morris

30 000$ prize? are they bonus or real?

Paul 11/25/2013

My opinion about HY pro

Some people discuss HY markets' new platform here, i think its decent, but dont pray on it too much, MT4 had 999 updates and still there are bugs, so probably hy pro is not and ideal aswell, meanwhile trading forex and stocks in 1 window is cool

Jameson 11/14/2013

HY Pro is nice for stocks

Agree about HY pro, very nicely designed platform

Salihard 10/31/2013

HY Pro is decent

MT4 is a perfect trading platform for FOREX, but can say HY Pro is very well designed. Good enough for stock/futures trading

Candy 10/15/2013

Withdrawal works))

Just withdrawed 7500$ profit) Will go on with hymarkets

Sammmy1 10/10/2013

Not perfect but good for trading

Unfortuanetely for me company doesnt have much education resources, but stil its very comfortable to trade with. They give the biggest variety of trading instruments among all companies and thats great. I wish them to have more education courses for beginners!

Simon 09/17/2013

xilos

good broker to trade with

xilosx 05/20/2013

HY Markets: Stop losses are guaranteed against slippage

PROS:
Safety of FSA regulation (FSA #186171);
Long-term business commitment;
Well capitalized;
Client funds are segregated from company operating capital;
Staggering array of tradable instruments;
Ability to long and short any of the instruments available;
Stop losses guaranteed against slippage;
Swap-free accounts available to Islamic traders;
Deposits and withdrawals available by Visa and MasterCard;

CONS:
2 pips spreads for Mini and Standard accounts;
Mediocre swap rates;
Inflexible deal sizing for Premium accounts;

forexbrokerreviews.blogspot.com 04/26/2011

I recommend HY Markets to all

It's sad that some here didn't succeed to trade using their platform... But for me, you are the one who is controlling your money so everything you gain and you lose, it's your your way on how you trade online. I think next time we should be wise in trading and negotiating with others to gain more money.

I find HY Markets system good fast! So I recommend HY Markets to all those who want to start business in online trading! :)

But remember, be wise!

Aria Villafuente, Forexjustice 02/07/2010

I am very pleased with HY Markets as a broker

Hi, I am very pleased with HY Markets as a broker. Their online help is always responsive and is very easy to navigate through their site.

Not only that, but I also managed to go through the verification process easily.

And with drawing my money is easy and not to mention very fast.

Meowis, Forex-Ratings 10/02/2009

HY Markets: Speedy withdrawals and 24 hourrs customer support

So far my experience with HY Markets has been a great one.

With speedy withdrawals and 24hrs customer support. A great platform and easy to navigate website.

I give it a thunmbs up...

Meow, Forexjustice 09/15/2009

HY Markets: established for 30 years and regulated by FSA and DFSA

I don't understand why people always blame the broker when they loose the money they choose to invest. I personally lost money with 3 different brokers so far in my trading. These guys are not trading for me … I do all the trading on my own … so why would I blame them?

I am trading with HYMarkets for the last 7 months. I have positions that made money and positions that lost money. The market is very unpredictable these days … this crisis is affecting everything. This is not the brokers fault.

Companies like HY, that have been established for 30 years and are regulated by FSA and DFSA are actually the only ones anyone should feel comfortable trading with at these times.

This is an excellent broker, their customer service is great, they offer all types of tools and trading with them is a pleasure … even at those times when I loose money.

Ben Noori, Forexjustice 11/07/2008

HY Markets: trade forex, oil, and stocks with the same broker

HY Markets' trading platform is very easy to use. I started my account for like $50 USD anyways it was very quick and the customer service was very nice when i needed some help.

They let me use 2 trading platforums to trade forex, oil, stock and more. its great now i dont need to be using 3 different companies to trade with this is the all in one.

Anyways I got free money to trade with just for having my friend sign up. Can you imagine I was very surprised, not very often u find a good and respectiable broker to deal with.

Ashley, Forexjustice 09/24/2008

HY Markets are regulated by DFSA here in Dubai

HY Investment are regulated by the FSA and the DFSA here in Dubai. I traded with them and they have sent me my money on time both times that I did a withdrawal.

The only reason why a payment might be delayed is if you did not submit all your proper documents with them. In that case ... they are forced by the regulators to hold your payment untill you supply all docs.
Thats common practise with ALL regulater brokers.

Anyway ... their service is great and they offer all capital markets ... not just FOREX.

For me that makes HYmarkets.com one of the best platforms in the market.

Hussein Hassi, Forexjustice 07/02/2008

HYMarkets offer decent spreads and leverage

Very good site. Decent spreads and leverage. Excellent customer service.

I was particularly happy with the variety of products they offered.

Definitely a good site for people looking to go into a few different markets.

Chris Hinde, Earnforex.com 07/01/2008

HY Markets: spreads of 3 pips on majors and 7 pips on crosses

Recognized group..been for over 30 years..regulated by the FSA of U.K.

Nice trading conditions with spreads of 3 on majors and 7 on crosses. Offers fx, energies, metals, indices, commodities, and stocks.

Important of all, good withdrwal conditions :)

Thats all i want

EE, Forexjustice 02/25/2008