Dive into our comprehensive comparison of FxPro and HYCM. We dissect their trading costs, platforms, execution speeds, and more to help you choose the best forex broker for your trading needs.
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FxPro and HYCM are both reputable forex brokers, but they differ in several key areas. FxPro offers a wider range of trading platforms and has a more extensive regulatory oversight, while HYCM offers a more diverse selection of account types and has a longer history in the industry.
When it comes to trading costs, both brokers have their advantages.
In terms of Standard Account Testing, FxPro offers competitive spreads that are ideal for traders who prefer a balance between cost and risk. On the other hand, HYCM provides fixed spreads that are slightly higher but offer the advantage of cost predictability.
When it comes to the average standard account spread by forex pair, both FXCM and HYCM have their strengths. For the EUR/USD, USD/JPY, and AUD/USD pairs, both brokers offer a competitive spread of 1.2 to 1.3, which is in line with the industry average. However, for the GBP/USD and USD/CHF pairs, FXCM’s spread is slightly higher than HYCM’s and the industry average, which could impact your trading costs if these are pairs you frequently trade.
In the case of the NZD/USD and USD/CAD pairs, HYCM offers a more competitive spread than FXCM, again aligning closely with the industry average. This suggests that HYCM may be a more cost-effective choice for traders who frequently trade these pairs.
| Forex Pair | FXCM | HYCM | Industry Average |
|---|---|---|---|
| EUR/USD | 1.3 | 1.2 | 1.2 |
| USD/JPY | 1.3 | 1.3 | 1.3 |
| GBP/USD | 1.7 | 1.5 | 1.6 |
| USD/CHF | 1.6 | 1.5 | 1.5 |
| AUD/USD | 1.2 | 1.2 | 1.2 |
| NZD/USD | 2.0 | 1.8 | 1.9 |
| USD/CAD | 1.5 | 1.4 | 1.4 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
Overall, while both FXCM and HYCM offer competitive spreads, HYCM seems to have a slight edge in terms of offering lower spreads for more forex pairs. However, it’s important to remember that spreads are just one aspect of trading costs. Other factors such as commission fees, account types, and trading platforms can also significantly impact your overall trading experience and costs. Therefore, I would recommend traders to consider these aspects as well when choosing a forex broker.
For traders who prefer the lowest possible spreads, both brokers offer RAW or ECN accounts. FxPro’s cTrader account and HYCM’s Raw account provide spreads as low as 0 pips. However, these accounts come with a commission per trade. You can check out our RAW Account Testing for more details.
FxPro charges a commission on its cTrader account, while HYCM charges a commission on its Raw account. The commission rates depend on the volume of trades.
Neither broker charges fees for deposits or withdrawals, which is a significant advantage for traders who frequently move money in and out of their accounts.
Other fees, such as inactivity fees or swap fees, are comparable between the two brokers.
Verdict: While both brokers offer competitive trading costs, FxPro’s lower standard account spreads and HYCM’s tight RAW account spreads make them equally attractive for different types of traders.
| Criteria | FxPro | HYCM |
|---|---|---|
| Standard Account Spreads | Lower | Higher |
| RAW Account Spreads | Higher | Lower |
| Commission Rates | Comparable | Comparable |
| Deposit & Withdrawal Fees | No fees | No fees |
| Other Fees | Comparable | Comparable |
Trust and regulation are crucial factors to consider when choosing a forex broker. Both FxPro and HYCM are regulated by multiple reputable regulatory bodies.
FxPro is regulated by the CySEC in Cyprus, the FCA in the UK, the FSCA in South Africa, and the SCB in the Bahamas. It also operates under the markets in financial instruments directive (MiFID) in the European Union.
HYCM, on the other hand, is regulated by the FCA in the UK, the CySEC in Cyprus, and the DFSA in Dubai. It is also a member of the Henyep Group, a global conglomerate with a presence in 20 countries.
Verdict:
Both brokers are highly regulated, which provides traders with a high level of trust and security. However, FxPro’s wider range of regulatory oversight gives it a slight edge in this category.
| Broker | Regulators |
|---|---|
| FxPro | FCA, CySEC, SCB, FSCA, FSCM |
| HYCM | FCA, CySEC, DFSA, CIMA |
Both FxPro and HYCM offer a range of trading platforms to suit different trading styles and preferences.
FxPro and HYCM both offer MetaTrader 4 and 5, the most popular forex trading platforms in the industry. These platforms are known for their advanced charting features, customisability, and automated trading capabilities. Check out our comparison of the best MetaTrader 4 forex brokers and the best MetaTrader 5 forex brokers for more details.
FxPro also offers cTrader, a platform known for its intuitive interface and advanced order capabilities. It’s considered one of the best cTrader forex brokers. HYCM does not offer cTrader but provides Trading Central, a leading provider of technical analysis.
| Criteria | FxPro | HYCM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | No |
| TradingView | No | No |
| Other Platforms | FxPro Trading Platform | No |
| VPS Services | Yes | Yes |
Both brokers offer social and copy trading features. FxPro offers FxPro SuperTrader, a platform dedicated to copy trading. HYCM offers HYCM Invest, a platform that allows you to copy the trades of successful traders. Check out our review of the best forex brokers for social trading for more information.
FxPro and HYCM both offer VPS services for traders who use automated trading systems. They also provide a range of other trading tools, including economic calendars, calculators, and market analysis.
Verdict: Both brokers offer a wide range of trading platforms and tools, but FxPro’s offering of cTrader gives it a slight edge for traders looking for advanced order capabilities.
Execution speed is crucial in forex trading as it can impact the price at which your orders are filled. Both FxPro and HYCM offer high execution speeds.
FxPro offers no-dealing-desk execution with no requotes. It also provides a range of order types, including market, limit, stop, and trailing stop. You can read more about no dealing desk forex brokers here.
HYCM offers instant execution on its Fixed and Classic accounts and market execution on its Raw account. It also provides a range of order types, including market, limit, stop, and trailing stop. Check out our review of the best forex brokers for scalping for more information.
Verdict:
Both brokers offer high execution speeds, but FxPro’s no-dealing-desk execution model gives it a slight edge.
| Broker | Execution Speed | Limit Order | Market Order |
|---|---|---|---|
| FxPro | Faster | 10 ms | 9 ms |
| HYCM | Fast | N/A | N/A |
FxPro and HYCM offer a range of account types to cater to different trading needs.
FxPro offers four account types: MT4, MT5, cTrader, and FxPro Edge (for spread betting). Each platform has its own account type with different features and benefits. Check out our review of the best forex broker demo accounts for more information.
HYCM offers three account types: Fixed, Classic, and Raw. The Fixed account offers fixed spreads, the Classic account offers variable spreads, and the Raw account offers raw spreads with a commission. HYCM also offers Islamic accounts for traders who follow Sharia law. You can read more about Islamic forex broker accounts here.
Verdict:
Both brokers offer a variety of account types to suit different trading needs. However, FxPro’s offering of a dedicated spread betting platform (FxPro Edge) gives it a slight edge for traders interested in spread betting.
| Broker | Account Types |
|---|---|
| FxPro | Standard, ECN, VIP |
| HYCM | Fixed Spread, Classic, Raw Spread |
Customer service is a crucial aspect of a forex broker. Both FxPro and HYCM offer excellent customer service with multiple channels of communication, including live chat, phone, and email. They also provide extensive educational resources to help traders improve their trading skills.
Verdict: Both FxPro and HYCM offer excellent customer service. However, FxPro’s customer service is available 24/5, while HYCM’s customer service is available 24/5 for trading issues and 5 days a week for other issues.
| Broker | Customer Service |
|---|---|
| FxPro | Excellent |
| HYCM | Superior |
There are several other factors to consider when choosing a forex broker.
FxPro and HYCM require the same $100 minimum deposits, making both forex brokers equally accessible for traders with smaller capital.
Both brokers offer a variety of payment methods, including bank transfer, credit/debit card, and e-wallets.
Both brokers offer a wide range of trading instruments, including forex, commodities, indices, and cryptocurrencies.
Verdict: While both brokers offer a wide range of trading instruments and payment methods, HYCM’s lower minimum deposit requirement makes it a more accessible choice for traders with smaller capital.
| Criteria | FxPro | HYCM |
|---|---|---|
| Minimum Deposit | Comparable | Comparable |
| Payment Methods | Multiple options | Multiple options |
| Trading Instruments | Wide range | Wide range |
| Forex CFD | 15 + 54 = 69 | 70 |
| Shares CFD | 2031 | No |
| Cryptos CFD | 28 | 28 |
| Commodities CFD | 8 Metals (3 x Gold) 3 Energies |
5 Metals (2 x Gold) (2 x Silver) 3 Energies 4 Softs |
| Indices CFD | 18 | 28 |
| Bonds/Treasuries CFD | No | No |
| Spread Betting (UK only) | Yes | No |
| Other Products | No | No |
| Shares (underlying) | No | No |
Best For Beginner Traders: HYCM, with its wide range of account types, and superior customer service, is our top pick for beginner traders.
Best For Experienced Traders: FxPro, with its advanced trading platforms, faster execution speeds, and wider regulatory oversight, is our top pick for experienced traders.
| Criteria | FxPro | HYCM |
|---|---|---|
| Beginner-Friendly | No | Yes |
| Advanced Features | Yes | No |
In conclusion, both FxPro and HYCM are excellent choices for forex trading, each with its own strengths. Your choice between the two will depend on your trading style, preferences, and level of experience.
HYCM is better for beginner traders due to its wide range of account types, and superior customer service.
FxPro offers faster execution speeds due to its superior technology infrastructure.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
