In contrast to the fixed account type, automated trading solutions are enabled in the case of the Classic account type. HYCM is 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. Concluding the HYCM review, we admit a strong and very reliable company in the financial market. The time-timed broker offers professional services to the traders while highly regulated and regarded by traders as well.
Brokerage Quick Summary
When you come to trading you need to use only free money, do not borrow money for trading in any matters! It goes against our guidelines to offer incentives for reviews. We use dedicated people and clever technology to safeguard our platform. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. You can withdraw money from HYCM to debit cards, credit cards, bank transfers, Payoneer, Paypal, and WebMoney, for example.
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I can not say that I quickly resolved this issue, in fact, it took me some time to figure out what a broker should be and what conditions it should provide for its clients. And then I got acquainted with the service, which HYCM provides. With HYCM you basically get everything you expected and you have no reason to worry about how the broker will influence your work. I have not seen any deals that are closed without my desire or any other situations that may affect my capital negatively. And for me this is the best confirmation that my broker is my partner, not the company that wants to take my money.
Why is it Important to Know Where Your Broker is Regulated?
These materials offer various subjects that are appropriate for traders of all skill levels. In order to handle higher trading volumes, the broker offers leverage for traders. However, financial leverage ratios are influenced by both the governing body and the asset class.
HYCM Alternative Brokers
The raw spread account requires a minimum deposit of $200 with variable raw spreads starting from 0.2 pips and $4 commission fee per round turn. HYCM offer the online brokerage industry standard MetaTrader platforms. Most trading brokers have these platforms which makes them one of the most popular choices. I personally don’t mind that they don’t have their own proprietary platform since most traders don’t use those anyway.
Stock Trading
Last but certainly not least on the list of potential alternatives to consider, XTB, as one of the world’s largest Forex brokers, can’t be ignored. This European broker was founded back in 2002 and is traded on the Polish stock market since 2016. Interestingly enough, the company gained 4% in value on the first day after doing so and currently has offices in 12 countries. The main advantages of the broker are they provide access to one of the best trading platforms currently available (Station 5) and the are very transparent with their fees and commissions. Since HYCM is a MetaTrader(only) broker, it features both the standard Android and iOS versions of the MT4 and the MT5 trading apps. However, the HYCM app individually only allows the registered traders to access the client portal; unlike other brokers (brokerage companies), HYCM does not support any proprietary trading app as such.
- The Henyep Group has its representative offices in several parts of the world.
- These platforms are available as mobile apps (iOS, Android), desktop versions, and web versions.
- As regards MT5, it has some of the industry’s most important features, such as one-click trading.
- And for me this is the best confirmation that my broker is my partner, not the company that wants to take my money.
Now I am totally sure that hycm deserves my trust.Firstly, it is due to numerous official regulations. It is of vital importance to know that there are third-party organisations which ensure that there are no criminal actions will take place here. I have already tried to withdraw the money and I should say that they are pretty fast. Everything because it seems to me that in this case my money are in safe. Of course, various payments platforms also protect money from being lost, nevertheless I tend to trust wire transfer only. This broker offers wire transfer from 250$ and it may take from one to seven days until my fund would be received.
Moreover, some of the instruments can be traded on MT4 while others on MT5, but neither platform consists of all of them. The chart is arguably the most important component of every platform. There are all kinds of traders looking for different types of signals, which is why a platform’s chart needs to accommodate a wide variety of styles.
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). MT4 and MT5 mobile apps offer the same features as included on their desktop versions. Additionally, HYCM clients can access Primetrader – a mobile app build by HYCM experts with complete trading functionalities. If you are looking for low spreads then you would want to consider the raw account where the spreads start from just 0.2 pips.
HYCM clients who want to access interbank spreads through the Raw spread account are required to make a minimum first deposit of USD 200. As for the funding methods, HYCM accepts credit/debit cards, bank transfers, Skrill, Neteller and Webmoney with no additional deposit fees. 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.
Trading Central is a financial research firm that provides technical strategies, analysis, and signals on a wide range of trading instruments. The Trading Central MT4 plugin is available for download on the HYCM website. HYCM has no fixed minimum deposit, as the minimum deposit depends on the trader’s preferred account type. Educational and training resources provided by the broker include webinars, video tutorials, e-books, Trading Central, and an economic calendar.
If you want to use the RAW spread account, you have to deposit at least $ 200. On deposits made using one of the supported ways, HYCM will not charge any commissions. However, if you opt to execute a bank wire hycm review transfer, you may be charged bank fees, which might be significant. HYCM Autochartist offers the world’s first Market Scanner accessible for MT4/MT5 based on an Expert Advisor script not used for trading.
128-bit SSL encryption is used to encrypt all data between clients and the broker’s servers. HYCM regulation is also enforced by DIFC in Dubai that is mainly aimed to cater to the ultra-rich clientele from the Middle East. DIFC is one of the lesser known regulatory organizations that is highly intent on protecting the welfare of the Middle Eastern investors, which makes it a highly respected authority in the Gulf region. Depending on the user’s preferred language, HYCM’s customer service support is available in Arabic, Chinese, French, German, Polish, Russian, and Spanish. The quality of HYCM’s trading services has won the broker numerous awards.
There is a number of deposit and withdrawal methods that you can use. I’ve withdrawn funds about a dozen of times and each time the money arrived with no delays or further questions from HYCM stuff. Withdrawals take a day or two to complete depending on the method you choose. HYCM Capital Markets is well-suited for a wide range of traders. Its low minimum deposit of $20 makes it accessible to beginners looking to dip their toes into the trading world without a substantial financial commitment. Seasoned traders will appreciate the competitive spreads and the variety of over 1300 assets available for trading, including cryptocurrencies.
We even immediately talked about the withdrawal procedure and other important points. And of course I felt incredibly important as a client, and I liked the fact that it was so easy. Nevertheless, professional and day trading https://forexbroker-listing.com/ traders would need a desktop platform which is a full version of the MT4 or MT5 platform offering a maximum of its trading capabilities. HYCM minimum deposit varies according to the chosen account and starts from $20.
I watched the market for a long time, traded on paper, followed the events and tried to find correlations and interconnections, I was very happy when my analysis was correct. And when I found that the percentage of profitable forecasts from my side became more than 65%, I decided to trade seriously and quite actively. And from that moment on I started searching for my company, where I could realize all my knowledge.