|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.
|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.
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.
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.
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.
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.
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.
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.
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:
|Strong regulation||MM model|
|Competitive fixed spreads||No ECN environment|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|UK, Bulgaria||FCA, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|