Having the right Forex broker in your corner when you start trading is imperative. The problem comes when you try to find the right one. Quite honestly, there are so many to choose from it can be very difficult, especially if you’re new to this form of investment and really don’t know what to look for. We’ve already suggested you spend some time reading various reviews, and here we’ll be looking at one of the very few brokers with decades of experience, in our HYCM Forex broker review.
HYCM is one of a small minority when it comes to history
Based in London, HYCM also has a presence in other countries such as Kuwait, the United Arab Emirates, and Hong Kong. It was previously known as HY Markets, and is part of an international conglomerate known as the Henyep Group. As it has more than 3 decades of experience it’s obvious this broker is going to be well regulated. It has licenses from the Financial Conduct Authority in the UK, the DFSA in Dubai, and the SFC in Hong Kong. Operations are provided in accordance with MiFID, making them authorized to operate throughout Europe. If you want to vary your investment portfolio HYCM aren’t about to disappoint you. There is a wide range of tradeable instruments including foreign currencies, metals, indices, oil and gas, stocks and commodities. But this isn’t the only reason for them to be considered an industry leader. Sections of the site are devoted to customer education, there is a good range of account types, top quality customer service, low spreads, MT4 trading platforms to suit a variety of customers, and a whole lot more.
HYCM offer MT4 as well as their own trading platform
In order to cater to as wide as audience as possible HYCM have decided not only to offer MetaTrader 4 but also HYCM mobile along with their own proprietary platform. MT4 is currently one of the most popular trading platforms and will be one of the reasons a number of traders choose HYCM. PrimeTrader is a brand new multi-asset platform developed by HYCM and certainly offers more than enough for those of you looking for something different. And if you prefer to trade when away from your desktop there is HYCM mobile that’s compatible with any tablet or mobile device.
Three HYCM accounts to choose from but sadly no demo account
HYCM offer three trading accounts for those ready to start trading, but sadly there is no demo account that will allow you to try the broker’s services before investing real money. Therefore, if you think you like the sound of this broker but aren’t absolutely sure we’d advise you to start with small investments and trades. If you’re convinced that HYCM is the one for you there are the following options:
Micro account – This account requires a minimum deposit of $100, with the offer of 50 tradeable instruments. Leverage is up to 500:1 and fixed spreads start from 1.8 pips. Mobile trading is possible and there is the option of an Islamic account.
Standard account – If you’d prefer a larger selection of tradeable products this account offers 120, for a minimum deposit of $1,000. Fixed spreads start from 1.5 pips and leverage is up to 300:1. Again it is possible to trade using a mobile device and there is an Islamic option.
VIP account – For a more sizeable deposit of $10,000, you can take advantage of the VIP account. Fixed spreads start from 1.5 pips and the leverage is up to 300:1. Mobile trading is an option along with an Islamic account. In order to open this type of account, you will have to contact HYCM advisors and make an inquiry.
A number of different payment methods are accepted including WebMoney, wire transfer, Visa and Mastercard. USD and EUR are the only currencies accepted as base currencies. HYCM make no charge for deposits and withdrawals but minimum requirements are applicable.
HYCM rewards loyal customers with an HYCM Loyalty Program
It seems that there is little need for an HYCM bonus, as their reputation obviously brings in plenty of new clients. However, there is an HYCM Loyalty Program that rewards regular traders with an exclusive rebate of up to $3 for every lot traded. This is deposited into a trading account on a monthly basis. There are three levels in the program, silver, gold and platinum. In order to qualify you have to keep trading and meet the requirements for lots traded.
There is also a refer a friend program that offers up to $250 once the referral opens an account, makes a deposit and starts trading.
Customer service is of the highest quality
As you would expect from a broker with such experience in the industry the customer service is top notch. From 23.00 on Sundays to 21.00 on Fridays, there is someone available to help. And you can get in touch via email, telephone or by using the online chat facility.
HYCM also believe in the importance of educating clients and there are a variety of eBooks and online videos for beginners as well as more advanced traders. From a very basic introduction to the world of trading up to more complex subjects such as trading psychology, capital management, trading strategies and market analysis it won’t be long before the complete novice is brought up to speed. And for those who are new to MT4, there is a helpful guide available online.
If you’re looking for a broker with an excellent reputation you’d be wise to give HYCM a try. However, you will have to start with a live account as there is no option for a demo account. That being said, we found very few negative reviews when we were undertaking our research which speaks volumes for the good name of this particular broker.