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HYCM is one one of the oldest forex brokers commencing as HY Markets in 1977 with a worldwide presence including FCA, CYSEC and DFCA in Dubai. The CFD broker offers the choice of the MetaTrader 4 or 5 forex trading platform, three account types, strong customer support and reviews.
View the full 2020 HYCM review below.
By Justin Grossbard / Updated: Thursday, February 27th, 2020
Our team of industry experts at Compare Forex Brokers has conducted a comprehensive HYCM broker review assessing all the trading features that come with a live trading account, including the range of trading platforms, account tiers, list of CFD products offered, customer service, demo accounts and the regulatory status. Read the full HYCM review below.
HYCM ReviewHYCM represents the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited, all of which operate under one parent company – the Henyep Capital Markets group. Headquartered in Hong Kong, the Henyep Group operates a diversified portfolio of businesses across Asia, Europe and the Middle East.
Henyep Group operates a mixture of businesses and has professional expertise in the following fields:
As a Forex broker with 40 years of experience, HYCM has offices in 5 leading financial centres across the globe, including London, Limassol (Cyprus), Dubai, Kuwait and Hong Kong, provides services for institutional and retail customers in 140 countries and holds over 20 Global awards, including Best Forex Broker, Best Trading Platform and Best Customer Service.
Our team of industry experts at Compare Forex Brokers has also investigated the regulatory status and subsequently if it’s safe to trade with HYCM.
HYCM Licenses and RegulationHenyep Capital Markets (UK) Limited is regulated by the United Kingdom’s Financial Conduct Authority (FCA) under reference number 186171, while HYCM (Europe) Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 259/14.
Additionally, HYCM Ltd is regulated by the Cayman Islands Monetary Authority under reference number 1442313, while Henyep Capital Markets (DIFC) Limited is regulated by the Dubai Financial Services Authority (DFSA) under license number 000048.
Note* HYCM (Europe) Limited operates the www.hycm.com website.
With HYCM customers can take advantage of over 10 supported languages and trade over 100 financial instruments in 5 asset categories on popular cutting-edge MetaTrader 4 and MetaTrader 5 platforms by using a range of desktop and mobile applications.
HYCM is not an ECN broker, but a market maker, which matches client orders internally without the need to connect to a liquidity provider. Thus, it operates a Dealing Desk model and as such, it may take the other side of its clients’ trades.
Henyep Markets has not developed a proprietary trading platform but instead allows access to industry-leading software such as:
HYCM has won several international awards for trading platforms offered:
HYCM MetaTrader 4Launched in 2005, MT4 is the most widely used electronic trading platform, while its cutting-edge technology has turned the platform into a standard for Forex trading. MT4 offers an array of trading tools for traders of all skill levels, along with:
MT4 has a user-friendly interface and offers 3 types of forex charts, 9-time frames, 23 analytical objects, 30 built-in technical indicators, 4 asset classes and over 100 trading instruments. MT4 allows for lightning-fast order execution with an average execution time of 12 ms, while the probability for clients to experience slippage is kept at a minimum.
HYCM has also joined forces with Trading Central to provide its clients with extensive technical analysis, forecasts, daily newsletter, intraday trading signals as well as key levels of support, resistance, targets and stop pivots for an array of trading instruments.
Note* You can download MT4 on your desktop PC directly from HYCM’s website.
Launched in 2010, MT5 is a powerful multi-functional, multi-asset platform, which offers advanced technical analysis tools, fundamental analysis and flexible trading systems, while it is compatible with automated trading apps such as Expert Advisors.
Built on a more advanced MQL5 code compared to its predecessor MT4, MetaTrader 5 is an appropriate choice for professionals willing to conduct extensive back-testing and trade complex derivative instruments.
MT5 comes with an arsenal of advanced technical analysis tools such as:
Additionally, MetaTrader 5 allows traders to place 6 types of pending orders and take advantage of an integrated economic calendar for daily macroeconomic reports and other key events. The platform supports multiple languages, favouring a wider community of traders, and also allows access to the Trading Central tool.
Note* You can download MT5 on your desktop PC directly from HYCM’s website.
HYCM Mobile Trading
Both MetaTrader 4 and MetaTrader 5 platforms can be downloaded free-of-charge on mobile devices (smartphones or tablets), which operate on Android and iOS. With HYCM’s mobile apps you will have the ability to open, manage and close trading positions on the go anywhere on the globe while having complete control over your trading account.
MT4 and MT5 mobile apps offer the same features as included on their desktop versions.
Depending on HYCM’s clients trading experience and investment objectives, this UAE-based forex broker offers three types of trading accounts:
HYCM will not impose restrictions on customers to open only one live account. Several accounts can be operated simultaneously by HYCM customers, though the broker does not recommend such a practice, as trading activities may not be handled with efficiency.
Our team of experts will outline for UAE-based traders the trading conditions that come with the different account types offered by HYCM.
Fixed Spread Trading AccountsHYCM fixed spread account requires a minimum deposit of $100. Fixed Spread Accounts are an appropriate choice for UAE retail clients who prefer to trade smaller volumes. The broker will not charge any commissions and offers fixed spreads that start as low as 1.8 pips.
Compare the fixed spreads offered by HYCM below:
Note* HYCM took a negative point in our validation process because Expert Advisors EAs are not available for this forex trading account.
Fixed Spread Accounts also have a swap-free variation, thus, they can be a suitable choice for Islamic clients who are forbidden to earn or pay the interest due to their religious beliefs.
Similar to fixed spread accounts, a standard account can be opened with an initial deposit of as low as $100 and the minimum trade volume allowed is 0.01 lots. However, unlike fixed spread accounts, classic accounts allow for more competitive variable spreads starting from 1.2 pips.
Compare the variable spreads offered by HYCM below:
UAE traders can open a classic account, and also benefit from trading automatically with the use of Expert Advisors (EAs) while basing your trading decisions on timely technical analysis.
Additionally, HYCM offers the following advantages:
Dubai professional traders with sufficient trading experience can opt to open an HYCM Raw account. One notable feature of this account type is the tight spread, starting from 0.2 pips. Similar to classic accounts, on a raw account, you can trade with the use of expert advisors and are able to set this account to run either on the MetaTrader 4 or the MetaTrader 5.
Compare the raw spreads offered by HYCM below:
HYCM’s Raw Account offers the following advantages for the Dubai forex traders:
However, it is worth noting that forex trading on a raw account, HYCM charges a $4 commission per $100,000 of volume traded per side or $8 round-turn commission. Our team of FX experts has placed HYCM side-by-side with its competitors and we found this online CFD provider to have higher commissions (see CFD commission comparison below).
| Commission | Side-ways (Standard lot) | Round-turn (Standard lot) |
|---|---|---|
| Pepperstone | AUD$3.50 | AUD$7.00 |
| IC Markets | USD$3.50 | USD$7.00 |
| AxiTrader | USD$3.50 | USD$7.00 |
| Think Markets | AUD$3.50 | AUD$7.00 |
| HYCM | USD$4.00 | USD$8.00 |
To fund your HYCM account, you can use the following payment options:
Our team of industry experts has covered the three main advantages offered by HYCM to Dubai traders:
If you choose to deposit via Mastercard or Visa, HYCM will ask you to provide a copy of the front of the card used as a funding source. On the other hand, if you do not wish to disclose card credentials, you can choose to make anonymous payments by using e-wallets such as Skrill or Neteller.
HYCM will not charge any commissions on deposits made via supported methods. However, there might be bank fees charged, for example, if you choose to conduct a bank wire transfer.
Note* HYCM doesn’t support PayPal the most popular online payments system. This has weighted negatively into our star scoring system.
Fund withdrawals can be processed by using the same payment methods as with deposits. Upon withdrawal, your funds will be transferred to the original source, which you used to deposit. Though HYCM will process a withdrawal request within one business day, actual withdrawals may take between three and seven days to clear into your bank account, depending on the bank or credit card provider.
It is worth noting that if you withdraw less than $300 via wire transfer, HYCM will charge a handling fee of $30.
At HY Markets, UAE-based traders can choose from 6 base currencies including USD, EUR, GBP, RUB, AED, and CAD.
Note* Dubai FX traders can fund their accounts using the domestic currency United Arab Emirates Dirham AED. Deposits in local currency can help HYCM Dubai clients to save on the foreign exchange rate and the subsequent conversion fees.
Since HYCM is regulated by the FCA, the CySEC and the CIMA, it is committed to stern accounting and risk management frameworks. All client funds will be kept fully segregated into a special client account and will not be used to pay back creditors in case the brokerage goes bankrupt.
Additionally, client funds of up to £50,000 are protected by the Financial Services Compensation Scheme (FSCS), while funds of up to €20,000 are safeguarded by the Investors Compensation Fund (ICF). The FSCS and ICF represent compensation funds of last resort for clients of FCA and CySEC respectively, in case the brokerage does not manage to settle claims against it.
With HYCM clients are granted access to 5 asset classes:
Due to its 24/5 activity, high liquidity, volatility and low costs of trading, the Foreign Exchange Market remains a preferred segment for many UAE-based traders. HYCM provides access to the Forex market through the use of derivative instruments known as Contracts for Difference (CFDs). You can choose to trade:
The following snapshot visualizes more detailed specifications of some of HYCM’s Forex trading products.
With this brokerage, UAE traders will be able to trade large-cap stocks both on MetaTrader 4 and MetaTrader 5 by using maximum leverage of 1:20. The following snapshot visualizes more detailed specifications of HYCM’s Stock trading products.
Another asset class accessible for trade via CFDs includes global indices. HYCM grants access to major global stock indices from across 4 continents, including:
Note* HYCM clients can take advantage of maximum leverage of 1:100 on CFD indices.
Commodity markets provide a good opportunity for UAE investors to diversify their portfolios, as they could play the role of a “safe haven segment” in times of economic and political turmoil or force majeure events.
With HYCM you will be able to trade 10 different commodities (metals, energies and soft) via CFDs by using maximum leverage of 1:133. The broker will charge no commissions on Fixed Spread and Classic accounts, while Raw account holders will be charged an additional fee on top of the bid-ask spread.
HYCM has expanded its product offering with the addition of four cryptocurrencies: Bitcoin, Litecoin, Ethereum and Ripple. However, this asset class is available for trade only to clients of HYCM Ltd and Henyep Capital Markets (UK) Ltd.
UK-based clients are able to trade Bitcoin CFDs with a maximum leverage of 1:2, while non-UK clients – with a maximum leverage of 1:20, in accordance with CIMA regulation.
Leverage Offered by HYCM by RegionHYCM leverage offered is dependent on several factors:
The maximum leverage is determined according to local jurisdiction:
The different leverage ratios depending on the asset class, jurisdiction and trading platform are visualized below.
HYCM uses a dynamic forex leverage model, which is available only on the MetaTrader 4 platform. The general rule is that as the volume of a selected trading instrument increases, the client will be granted access to lower maximum leverage.
As a Forex broker with rich business history, HYCM provides professional customer support service available 24/5, five days a week. In 2012, the company was named Best Customer Service Provider by Forex Awards. HYCM delivers its client support service in 12 different languages:
Perhaps the most convenient way to contact a representative from HYCM’s customer support team is via the Live Chat option. You can also contact the brokerage over the phone by dialling +357 25 24 5751. HYCM can deliver fast customer service via the live chat. The HYCM forex specialists can be contacted live via 5 secure instant messaging services including:
Depending on the matter, about which you contact HYCM’s team, the brokerage has provided the following emails for your convenience:
Additionally, HYCM’s Help Center covers various topics, ranging from:
For Dubai FX traders with little or no trading experience at all, the Demo Account offered by HY Markets is a suitable way to get your first feeling of financial markets. The broker will allow you to open a Demo Account on its MetaTrader 4 platform either in Euros or in US Dollars. The account will be funded with $50 000 in virtual money, which will remain active for 14 days.
The HYCM Demo Account allows access to the same market environment as the Live Account. The difference is that you risk no real money when you trade on a Demo.
To open a Demo Account, you need to go through a brief registration process and log in to your Client Portal. In “Trading Account” section, simply go to “Create Demo Account”. HYCM will not require any documentation of you in order to trade via a Demo Account and you can use it for as long as you are willing to.
However, to open an HYCM live account you need to follow 3 simple steps:
The HYCM live trading account process can be done in three easy steps as highlighted in the figure below.
The brokerage meets regulatory requirements of three of the most highly respected jurisdictions across the globe. Business operations of Henyep Capital Markets (UK) Limited are authorized and supervised by the United Kingdom’s Financial Conduct Authority (FCA). The company obtained its UK license in 1998.
In 2014, HYCM (Europe) Ltd was granted a license by the Cyprus Securities and Exchange Commission (CySEC), allowing it to reach out customers based in several European countries. HYCM is authorized to offer services to clientele based in Austria, Belgium, the Czech Republic, Denmark, Germany, Hungary, Italy, Poland, Spain and Sweden.
Also, HYCM Ltd falls under the regulation of the Cayman Islands Monetary Authority (CIMA).
As a regulated entity in these jurisdictions, HYCM is authorized to deal in CFDs, Rights to Interests in Investments, Rolling Spot Forex and Contracts for professional and retail customers.
As we pointed out earlier, Henyep Capital Markets (DIFC) Limited is incorporated in the United Arab Emirates and falls under the regulation of the Dubai Financial Services Authority (DFSA). The company’s focus has been set particularly on high net worth clientele in the Middle East region and has enriched its spectrum of services to suit the preferences of this client segment. DFSA is a respected regulatory body in the Gulf area dedicated to preserving the welfare of local investors.
On the other hand, because of local regulatory restrictions, HYCM cannot service customers with permanent residence in Afghanistan, Canada, Iceland, Japan, Panama, Turkey, the Bahamas and the United States. In conclusion, HYCM is a multi-regulated, award-winning Forex broker with rich business history, which offers a variety of instruments, good trading conditions, industry-leading trading platforms and outstanding customer support. You can also compare HYCM with some forex brokers that offer bonus deposits and a variety of trading accounts.
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