HYCM Review

HYCM
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Overview

A Forex broker HYCM was founded in 2007. It’s a member of Henyep Capital Markets LLC, which is one of the oldest financial institutions.

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Details

BrokerHYCM
Website URLhycm.com
Founded2007
Headquarters3rd Floor 28 Throgmorton Street, London EC2N 2AN, United Kingdom
Support Number+44-208-816-7812, +44-207-990-9499
Support TypesChat, phone, skype, email
Minimum 1st Deposit$100
Minimum Trade Amount1$
BonusBonus up to 25%
Leverage1:200
Spreadfrom 0.2 points
Free Demo Account Open Demo
Regulated Yes
RegulationFCA (№ 186171)
Deposit MethodsCredit and debit cards, bank transfers, PayPal, Skrill, WebMoney
Withdrawal MethodsCredit and debit cards, bank transfers, PayPal, Skrill, WebMoney
Number of Assets100+
Types of AssetsForex, CFD, stocks, indices, futures, metals
Account CurrencyUSD, EUR
US Traders Allowed No
Overall Score3/10

Full Review


A Forex broker HYCM (HY Capital Markets) was founded in 2007. It’s a member of Henyep Capital Markets LLC, which is one of the oldest financial institutions, successfully operating in international markets for up to forty years. For such an impressive period of activity, the holding has reached a leading position in terms of the number of clients and the turnover of trading operations.

Of course, you’d like to know whether HYCM is another fraudster or it’s worth your trust. We’ll try to find it out here below.

The 40-year successful experience of the holding makes it possible to consider it a leader in the market, so the financial group has an impeccable reputation. A crucial factor in its success is the constant development, the use of innovations, high quality service. As a subsidiary of the holding company, HYCM specializes in online trading and investing using international currency and stock markets.

The platform users are offered a variety of investment tools: currency pairs, energy carriers, precious metals, stocks, indices, commodities. Traders can take advantage of 24-hour qualified support in several languages, loyalty programs, competitions, competitions, trust management, PAMM-accounts. You can utilize the economic calendar, news, graphics, Currency converter.

For the beginning players of the exchange free training materials are provided on the website. The company offers a wide range of trading platforms: the popular Metatrader 4; their own product: HY Webtrader (with a powerful information-analytical section and the function of deposit replenishment); HY MT4 Webtrader (an advanced MT4 platform); HY Pro Trader (for professional traders and investors, it provides direct access to stock quotes), as well as their mobile versions. To test the broker’s capabilities, you can use a free demo account.

 

Replenishment and withdrawal of funds

HYCM offers not so many ways of withdrawals and replenishment of funds. In order to replenish the account for trading, it is necessary to go through the registration procedure with the broker, deposit the amount, choosing a convenient method of transferring funds (the minimum deposit is $100). To deposit funds traders can also use up-to-date payment systems – from conventional bank cards to electronic payment systems:

  • Bank transfer;
  • Credit bank cards;
  • Electronic payment systems Skrill, PayPal, Webmoney.

The account is opened in USD or EUR. The money is immediately available on the account for trading after the payment is made. The withdrawal of funds is possible only for authorized traders, it’s carried out within 4-8 business days (bank transfers) or instantly (electronic payment systems). All payments through electronic payment systems are carried out without commissions. The bank transfers have commissions, but on the official website you can find a list of partner banks, cooperation with which will reduce these costs.

 

Complaints about HYCM

HYCM is represented on the Russian market not so long ago, therefore, there are still few comments, but they are diverse enough. Some traders positively note the reliability of the company, which is in a holding with such a long work experience, the convenience of the trading platform, the real help of training materials and trade signals, prompt support and timely withdrawal of funds.

There are also negative moments actively discussed in the network: disadvantageous terms of trade and bonuses, discrepancies in quotes, the support service does not always respond to requests, permanent failures and delays of the terminal, which lead to significant losses, part of the information on the website is presented in English, limited means of withdrawal. To avoid negativity while working with the broker, completely verify the account, ask the personal manager for the features of using bonuses and the withdrawal procedure.

You can say that HYCM is quite successful in the financial services market, it has the most serious intentions. Despite the fact that there aren’t many Russian-speaking reviews, there is something to pay attention to, and like any broker, HYCM has negative moments in its work. We hope that the company plans to track them for the purpose of improving its service.

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Is HYCM a scam?

HYCM has been operating in Russia not so long ago, therefore it is noticeably inferior to the market leaders. Holding Henyep Capital Markets LLC, to which the broker belongs, exists on the market for 40 years, and it’s rightly considered to be one of the most experienced and professional companies. It keeps working successfully, taking into account modern trading trends. The company is represented all over the world. It has a large base of traders and continues to develop. It definitely increases trust in HYCM and clearly indicates that we aren’t dealing with a one-day broker or a fraudulent structure.

One of the greatest advantages of HYCM is the provision of quality service: trading is possible both in the reliable terminal of Metatrader 4 and in its own convenient web trading platform. The development of its own platform is a serious step, which needs significant investment, so it proves that HYCM plans to enter the market firmly and to find its audience. However, you should pay attention to the fact that the Internet currently offers different feedback on the platform: both positive and negative. With few reviews it’s early to make concrete conclusions as for the convenience of the service. Additionally, it makes sense to be more careful and also to test the system beforehand for probable glitches.

We also note again that the minimum of comments can be explained by the recent arrival of the company on the Russian market, which means that traders still have to become acquainted with the broker’s capabilities. Another advantage is the availability of a high-quality informative website (the license with reference to the regulator, terms of trade, the company’s history, its awards, training materials, etc.), its Russian version, bonuses, partner programs – all of this demonstrates the company’s serious intentions in this sphere. Sure, it’s not typical to scammers. The organization has several licenses, which makes working with it safer and safer.

Do you still considering it to be a scam? At the moment, the answer would be negative. Belonging to a serious financial holding, which has traders around the world, proves it. If you want to avoid problems with the broker, work with the personal manager properly. You need to specify the necessary information about the rules of the system, the features of using bonuses, the procedure for withdrawing funds.

 

The broker’s regulator

HYCM is a member of Henyep Capital Markets LLC, which provides financial and investment services on the basis of a license from the UK Financial Regulation and Supervision Authority (FSA, license No. 186171). The broker is also accredited by other financial supervisory authorities: SFC (AAD534), MiFID and CySEC (259/14), which is substantial evidence of its transparency. It guarantees reliability and security of trade.

Check the HYCM license on the FSA website
Check the HYCM license on the CySEC website
Check the HYCM license on the SFC website

 

Bonuses in HYCM

Each trader of the company can receive 2 types of bonuses:

1) The 25% bonus

It’s a special broker bonus for deposit replenishment. To take part in the action, it is necessary to replenish the account by at least $1000. Newcomers can join this program. Be sure to specify the conditions for participation in the program from the personal manager.

2) The program “Refer a friend”

The program was developed by HYCM in order to reward customers for support of the company and active referring it to their friends. So, if a friend after the recommendation will actively work on the platform, open a real account and start earning, the trader will receive a bonus of up to $250.

 

Conclusion

HYCM successfully provides online trading services. It’s a member of the largest financial organization Henyep Capital Markets LLC, which has been operating for about 40 years. Special attention should be paid to the professionalism and impressive experience of the holding, its representation around the world and the availability of a large base of traders.

HYCM is licensed. It provides a quality web-product, unique services. The company keeps developing, following modern trends in trading in financial markets. Now there are not enough Russian-speaking reviews about the broker on the web, which is explained by the recent access to the Russian audience. Besides positive reviews, there’re also negative ones, and it indicates that the company has something to work on.

HYCM presents itself as a true professional, so at the moment we won’t treat it as a fraudulent company. However, the responses of the traders we are waiting for this review will not only affect the ratings of the broker on the web portal, but also warn market players of various problems.

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