The foreign exchange (Forex) market is rife with dishonest FX brokers and other market players who want nothing more than to separate you from the money you’ve worked so hard to earn. In addition, some brokers impose fictitious trading conditions and make empty assurances, all with the purpose of deceiving users who aren’t paying attention. On the other hand, HYCM Forex broker is a dependable and legitimate firm that only deals in fair and honest trading services that serve in the best interest of their customers. HYCM Forex broker is a company that has been in business for many years. Henyep Group, headquartered in Hong Kong, is the owner and operator of HYCM (Henyep Capital Markets). Henyep Group is a financial organization that has more than 35 years of experience operating in various financial markets throughout the world. The company that is today known as HYCM was once known as HYMarkets and can trace its origins all the way back to London in 1977.
Through its European headquarters in London and Cyprus, HYCM is supervised by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). As a result, HYCM has covered the entirety of the European foreign exchange market by obtaining direct licensing under the European MiFID derivative and the European Central Bank. A stringent set of regulatory rules provides European traders with multiple levels of protection against brokers and financial companies. These requirements are supplemented by investor protection funds that reimburse traders in the event that a broker is rendered bankrupt. Investors in the United Kingdom are safeguarded by the Financial Services Compensation Scheme (FSCS), whilst investors in Cyprus have access to protection through the Investor Compensation Fund (ICF).
The primary headquarters of HYCM may be found in Hong Kong, however the company also has overseas operations in both the Middle East and Asia. It is clear that HYCM has been successful in attracting different types of investors, including retail and institutional investors, as evidenced by the broker’s large number of wealthy clients hailing from oil-producing countries in the Middle East. Henyep does not limit its market exposure to FX trading and its allied products; rather, Henyep also focuses on other forms of markets and investments that have enabled the group to become a Global Conglomerate of businesses that possesses billions of dollars as its operating capital. Henyep does not limit its market exposure to FX trading and its allied products because Henyep does not limit its market exposure to FX trading and its allied products.
What Kind Of Experience Can I Expect To Have Overall With HYCM Forex Trading?
HYCM provides its customers with the ability to trade the foreign exchange (FX) markets with as little as one hundred dollars, which enables access to the most fundamental trading account offered by HYCM and provides Micro trading conditions. Although the Micro account has a number of trading limits in comparison to other HYCM accounts, this account is ideal for retail traders with a lesser trading volume who are interested in testing out the brokerage services offered by HYCM. The Micro account provides access to 50 different financial assets that may be traded with micro lots beginning at 0.01 lots per order. Despite this, the Micro account has the biggest HYCM spreads available, which begin at 2 pips. The second form of account is known as a Standard account, and it provides traders with access to 120 different financial assets along with somewhat improved trading conditions. These improvements include spreads that are 1.8 pips narrower. In addition, the Standard account is eligible for free trading signals, which might be an advantage for novice traders who do not yet have sufficient experience to tackle the markets on their own. The spreads on HYCM’s VIP accounts are reduced to 1.5 pips and a host of other account features, such as a dedicated account manager, preferential treatment, and personalized services, are available in exchange for a minimum deposit of $10,000. This option is available to larger traders through HYCM’s VIP account option. The maximum HYCM leverage for any account is 1:400, and there is also the option of opening an Islamic account, which removes the need for SWAP for traders who follow Islamic principles.
HYCM operates as a market maker and broker, internally matching client orders. Even though the company appears to have sufficient FX volumes to match their traders’ orders internally without connecting to a liquidity provider, we are still hesitant to trade with a broker that does not provide its customers with Direct Market Access. The broker requires a significant minimum deposit in order to open an ECN account, which is far higher than the criteria imposed by other rival brokers. If the broker had provided lesser accounts with less demanding trading criteria, we would have had a better understanding of their plan. However, it is quite evident that the company is going after wealthy customers with their VIP account offerings.
HYCM makes up for the deficiencies of its accounts by providing exceptional customer service to each and every one of its customers. The broker also offers an enticing HYCM bonus for deposits, which allows for a maximum bonus of $5,000 and delivers a deposit bonus of 25% of the amount deposited. A trader must make a minimum deposit of $500 in order to qualify for a bonus, however the trading conditions are difficult for the ordinary trader to meet. In order to satisfy the terms and conditions of the broker, customers are required to trade 30 normal lots for every $1,000 in bonus money received during the first 60 days after obtaining the bonus. Because of this requirement, it is best to avoid accepting bonuses when trading forex with HYCM. However, while delivering services to its customers, HYCM does not break from the regulatory norms that it has established, which ought to ensure that traders have a considerable deal of faith in the company.
Trading Platforms and Demo Account Options Provided by HYCM
PrimeTrader is HYCM’s brand new trading platform, which was only released not too long ago. It is a feature-rich alternative to the MT4 terminal, which was previously the company’s only option. MT4 is the default trading platform that HYCM provides for all of its customers; however, traders who wish to take use of a number of cutting-edge and branded features that HYCM has designed specifically for its flagship trading interface can opt to use PrimeTrader instead. Even while some traders may try out PrimeTrader because of the unique features it offers, the majority of experienced traders will typically use the MT4 terminal for all of their trading requirements. The popularity of the MT4 terminal can be attributed, in part, to the fact that it supports all of the functionalities that are available, including support for expert advisors (EAs), comprehensive charting capabilities, and a vast database of programs and other MQL4 support services.
If you want to trade using the HYCM mobile app, the broker supports mobile trading on the MT4 and PrimeTrader platforms, both of which can be downloaded from the Google Play and iTunes stores. The vast majority of customers won’t have any issues utilizing the HYCM apps for mobile or desktop trading because they provide flawless support for the MT4 trading platform on all major operating systems, including Windows, Mac OS X, iOS, and Android. Because of the individualized nature of the PrimeTrader platform, there is a possibility that it will have some initial kinks to work out, which could make your trading experience slightly less satisfying. Nevertheless, HYCM is quick to respond to any concerns raised by customers and ensures that these concerns are resolved in an expert manner.
If you are unsure about the quality of the broker’s services, you always have the option of opening a HYCM demo account so that you may become familiar with the various trading products offered by the broker. Demo accounts provide prospective customers with the opportunity to evaluate the usefulness of account package features and the dependability of trading platforms, which ought to provide a reasonable representation of how well these elements function in the actual marketplace. Demo trading is one of the most underutilized luxury in FX trading, despite the fact that it can bridge the experience gap between beginner and experienced traders.
In addition to providing its customers with market commentary, trading signals, and live updates, HYCM provides their customers with a wide variety of tools and informational materials. The continual market updates provided by HYCM should make available to all traders, regardless of the level of trading expertise or market knowledge they possess, a plethora of information. HYCM is subject to a number of the most stringent laws in the financial markets, which means that they are liable to some of the most prominent regulators. Because of this, you should have a fairly satisfying experience when working with HYCM, which is all that is required in order to trade successfully in the foreign exchange market (FX market).
