Can you trust HYCM Forex broker? What you need to know?
Financial brokers are emerging quite rapidly over the last few years, making it challenging for traders to identify the ones that suit better. There are a few things that traders take into considerations when deciding about the best Forex brokers to register with, and security and reliability can be on top of the list.
In the following, we will be taking a closer look at HYCM broker review, which has been around for almost 40 years, this might be a good sign, but not everything glitters is gold, so lets a look inside out.
What is HYCM about?
HYCM broker is headquartered in London, the UK, one of the most popular places for reliable financial brokers, it has initially existed as a gold dealership before transitioning into a full financial markets broker, licensed by top regulatory bodies such as FCA, CySEC, DIFC.
Offering 3 types of accounts that traders can choose from, with variable spread and leverage can go up to 1:500 on Forex and differs from one instrument to another, such as Forex, stocks, indices, commodities, and cryptocurrencies. While trades can be done using the Metatrader trading platform, both the MT4 and MT5
We can consider that HYCM can be trusted since it is a winner of more than 20 global awards regarding different aspects of financial trading, it also incorporates a well-structured education section at the traders’ disposal, besides clear-cut rules around depositing and withdrawal methods.
Opening your trading account
It is very straightforward to have your first account set, you only need to find the “Open your account” button in the red box, enter the information that you usually insert in any other registration process such as your name, email address, phone number. Afterward and once you verify your account, you will be asked a few questions to understand your experience and your expectations.
HYCM forex broker offers 3 types of accounts that a trader can choose from, and the difference lies in the minimum deposit required, the pips in the spread range, and the commissions charged by the broker. The interesting point here is that if you are unsure about the type of account that you want, you can take the optional questionnaire of 5 questions, and your answers will reveal the most recommended account that probably goes well with you.
The first type of accounts called the Fixed account, is the first stepping stone for new traders, it requires a small minimum deposit in the trading account, but imposes a wider spread range of 1.8 pips, while the minimum deposit required is $100. Similar to that is the Classic account which requires the same minimum deposit to start trading, but imposes a tighter spread of 1.2 pips, while the difference here is that this account offers an Expert Advice option.
The highest type of accounts, called the Raw account, offers maximum flexibility for the trader, with a very small spread range of 0.2 pips, and the first deposit of $200.
Noting that all the accounts types cater for the different religious beliefs, by offering the Islamic account type, making HYCM a reliable broker for traders who want to make money while taking into consideration the religious concerns around it.
The Islamic accounts enable traders to open positions in different markets, just in the same way as any other trader in the platform, while the Islamic accounts do not offer their traders to accumulate gains coming from interest rates and different non-trading activities.
Is trading with HYCM safe?
Over the course of 40 years, HYCM financial broker has managed to get licensed by different regulatory entities, earning its reputation around the globe and getting recognition in different geo-location to cater to different markets and their different needs.
HYCM broker is legit since it is regulated by the FCA, which could be called the best form of licensing, due to the strict rules imposed by the Financial Conduct Authority in the United Kingdom. Usually, any broker that holds that FCA license is given green light to offer its services to different markets, because this is a top-tier license, and the broker is proudly disclosing the license number on their number.
The FCA imposes very strict guideline that shapes the operations for all the broker working under its license, making it quite impossible for any broker to misbehave, because doing so will render their license revoked.
CySEC is another regulatory entity that governs the way HYCM offers its services to European traders, which puts straightaway rules for the way it is expected from the broker to perform, given the heavy auditing and screening the broker undergoes, which are designed to help in the fight against money laundering and financial crimes.
The above-mentioned licenses make it very clear that HYCM broker is safe for traders to indulge with. Additionally, HYCM broker is also regulated by CIMA, DIFC and is registered for doing business in Saint Vincent and the Grenadines islands, with disclosed registrations numbers and approval to conduct its business in different parts around the globe.
HYCM enables its trader to get involved in any financial market they like, to attract as many traders as possible, a huge collection of instruments from Forex, stocks, commodities, indices, cryptos, ETFs. And each of these assets features one of the best leverage ratios and spread also varies based on the type of account a trader is operating with.
One of the biggest financial markets if not the biggest of them all remains a favorite for the majority of traders, where pairs of currencies are traded against each other, and traders reap the gains from the difference between the buying price and the selling price.
More than 50 currency pairs are offered on the trading platform, with spreads starting from as low as 0.2 pips and maximum leverage of 1:500 maximum.
Trading on the most famous corporations is also possible on the HYCM trading platform, watching the stocks price movements based on the activities of these companies and the news around them.
Maximum leverage on trading with stocks is 1:20, and the swap range starts from only 5%
Probably one of the most original types of trading, that includes trading different types of commodities such as coffee, crude oil, and natural resources such as silver, gold, and many more.
Traders can trade contracts for these commodities using a leverage maximum of 1:133.
An index is the collection of many companies that usually operate under similar industries, these companies come together to form an index, such as the NASDAQ index and the S&P 500 index, where the price of the index is influenced by the price and the activities of the corporations listed.
More than 15 indices are offered with leverage that can reach a maximum of 1:200
The exchange-traded fund is one sort of trading instrument offered to the traders of HYCM, as many traders are starting to get involved in this market. HYCM ETF traders can use leverage up to 1:20
The most trendy and exciting financial market got this reputation due to the high volatility tied with trading in cryptos, Bitcoin, Ethereum, and more than 20 cryptocurrencies are traded with HYCM brokers.
The leverage here is different based on the cryptocurrency being purchased or sold, but the leverage could go up to a 1:20 multiplier.
Payment & Withdrawals
It is quite easy and very straightforward to deposit your money in your trading account, the same for withdrawing your money from your trading account. It is also safe as long as the broker follows the regulations of the license, indicating that HYCM broker is not a fraud and does not perform any illicit activities.
HYCM broker deposits have no commission at all, and the processing time and other fees are clearly stated as well.
Very classic with any other broker website, HYCM accepts most forms of transactions, starting from bank wire transfers, credit/debit cards whether it is Visa or Mastercard. In addition to that, traders can use faster forms such as e-wallets and crypto wallets, such as Skrill, Neteller, and Bitcoin wallets.
To fund your trading account using wire transfer, the minimum required amount is $250 or equivalent in EUR, GBP, and AED. Processing time can be from 1 to 7 days, while the broker does not charge are commission fees here, it only depends if the bank will charge their own fees.
Other forms of payments have different minimum deposit amounts, starting from $20 or $30 for bitcoin only, with a faster processing time of 1 hour and zero fees.
HYCM withdrawal method is quite similar to depositing, the same transaction channels, and zero fees over any selected method.
The only difference here is that in order to withdraw using wire transfer, the minimum amount shall be $300 or equivalent in EUR, GBP or AED, and the processing time goes between 1 and 5 working days.
HYCM offers a very reliable trading software Metatrader which is the most commonly used trading platform among traders, offering the most used versions as well the Metatrader 4 and the Metatrader 5.
HYCM MT4 and MT5 offering is a good sign that it is a safe broker because Metatrader is a reliable and global trading software which only partners with trusted brokers, and under this agreement, the broker cannot perform any illicit or suspicious activities.
Both versions of this trading software offer trading on more than 300 instruments, and are compatible on the mobile phone as well, for traders who like to trade on the go.
MetaTrader 4 is easy to install, does not require much memory and space in the device whether it is a PC/laptop, or a mobile phone, or a tablet, and does not require the interference of any third-party program.
There is a lot to check about when we discuss hycm.com reviews because the website is rich with content that covers everything a trader would want to see, other elements that we are going to see are the educational section, the awards the broker has won, and the news center.
The majority of reliable financial brokers care about keeping their traders informed about what is happening with their capital, and that is not bound to only telling them how their trades are going in the market, but to keep them educated about the terms used in trading and finances.
There are tutorials that illustrate how to open a position in the market for example, and how to install and use the HYCM MetaTrader4 software that the traders are using with HYCM financial brokers.
Besides that, there are e-books, podcasts, and courses that teach the new traders from the basics of tradings, to what is the best way to form your trading strategy to be a successful trader, where probably you can get some traders secrets in your hands.
HYCM FX broker keeps their trader informed about the latest trends in the financial markets by keeping up the news channel, and to do so, they incorporate the latest technologies that give the trader a quick glance at the latest news trends in a blink of an eye. For example, TC Market Buzz is a software that represents the market news in bubbles where the bigger the bubble the more important the news, or more trendy is the news.
Doing so, HYCM makes sure the trader has the tools to learn all about trading, and how to keep up with the trading trends as well.
It is really challenging for traders to find the ideal financial broker that keeps the traders’ capital safe and secure, traders seem to be on an eternal hunt for the best financial broker, and HYCM is a candidate to be called one of the best financial brokers.
The legal environment surrounding the broker indicated that HYCM broker is not a scam, since it is regulated by top regulatory bodies such as the FCA, CySEC, and DIFC is the first green light that every trader likes to see. Where the licenses represent a guarantee for the trader that the broker is not practicing any illicit activities, and in a worst-case scenario, the FCA has the compensations scheme that refunds the trader’s money up to 85,000 GBP.
Other than that, there is a variety of trading tools that are made available for the traders, the different account types the trader can choose from besides the easy depositing and withdrawal methods makes it very easy for the trader to consider HYCM a secured source of generating money from trading on different assets.