Access Global Capital Markets with HYCM – But First Read our HYCM Review
HYCM is one of very few Forex brokers with an impressive history. Formerly known as HY Markets it has been around for more than 30 years. It is part of an international conglomerate known as the Henyep Group that are renowned for providing financial services. The reputation of this brokerage firm spreads across the globe and there aren’t many brokers that have such an impressive pedigree.
The base of operations for HYCM is London but it also has offices in a number of other countries including Cyprus, Kuwait, Hong Kong, and the United Arab Emirates. Regulatory compliance is not an issue as HYCM is licensed and regulated in a number of different countries including the UK, Hong Kong, and Dubai. Operations are also in compliance with the latest European Directive MiFID which means it is authorized to offer its services across all EU member countries. Traders can take advantage of a number of different tradable assets including stock, commodities and currency pairs as well as being offered low spreads, a range of account types, top quality customer service and much more.
Such a good reputation means there is little need to offer tempting HYCM bonuses
HYCM is able to draw on its association with the Henyep Group to attract new customers, rather than having to rely on a tempting HYCM bonus. It does, however, choose to reward customers who stay loyal to the brand. The HYCM Loyalty Program rewards regular traders with a rebate of up to $3 per lot traded. This is paid directly into a trading account on a monthly basis. A certain number of lots have to be traded on a month by month basis and there are three different levels of membership. There is also an HYCM Refer a Friend Program which can bring inasmuch as $250. Payment of the bonus does require the referral to sign up for an account, deposit funds and start trading. This particular HYCM bonus is for trading purposes only and cannot be withdrawn.
The main HYCM platform is MetaTrader 4
Like many other Forex brokers, HYCM has decided to stick with the popular MetaTrader 4, which is available in the usual versions. However, HYCM also offer their own exclusive trading platform known as Prime Trader. There are endless possibilities with an HYCM mobile app that is compatible with all mobile devices. It is possible to access a number of ground-breaking trading tools along with lots of special features and widgets whichever platform you choose to use.
An HYCM deposit of just $100 will get you up and running
There are a number of different account options if you decide you like what HYCM have to offer but we were disappointed to discover there is no HYCM demo account available. However, this shouldn’t be seen as a reason to cross them off your list as the minimum deposit for a Micro account is just $100. The other account types are Standard and a VIP account which are all available in mobile versions as well as the option of opening an Islamic account. Let’s look at each account option in a little more detail.
Micro account – Minimum deposit $100, leverage up to 500:1, 50 tradeable instruments and fixed spreads starting from 1.8 pips.
Standard account – Minimum deposit $1,000, leverage of up to 300:1, 120 tradeable products, and fixed spreads starting from 1.5 pips.
VIP account – A more sizeable deposit is required for this account and is currently $10,000. Leverage is up to 300:1 and fixed spreads start from 1.5 pips. The process for opening this account is slightly more complex and requires interested parties to contact an HYCM advisor.
When you’re ready to start trading it is quick and easy with a number of payment methods accepted including wire transfer, Visa and Mastercard and WebMoney. Making an HYCM deposit can only be done in USD and EUR and minimum requirements do apply, although there are no charges. All financial transactions are safe and secure as HYCM servers make use of 128-bit key encryption.
This HYCM review awards a gold star for customer service excellence
As you would expect from a broker with such a prestigious history the customer service is professional and quick to respond. From 23.00 on Sundays right through to 21.00 on Fridays there is someone to help at the end of the phone. It is also possible to send an email or get an instant answer by using the online live chat option.
HYCM understands the importance of customer education too as it provides a good selection of educational material for both new and experienced traders. All the basics and more complex subjects such as trading psychology, market analysis, capital management and trading strategies, can be studied via a range of online videos and eBooks. There is also a very helpful MetaTrader 4 guide for those who have never encountered this particular trading platform before.
HYCM is a sensible choice if you’re looking for a trustworthy and reliable broker you can sleep soundly knowing your funds are safe and secure and your trading experience is covered by all the necessary licenses. With MetaTrader 4 as the main HYCM platform, top quality customer service, a wide range of tradeable instruments, low deposit requirements and plenty of other benefits for both novice and experienced traders, there is nothing we can say that will stop you from considering this broker.