Based in London, UK, HYCM is one of the oldest, best known Forex brokers in existence. They started off as HY Markets some 35 years ago and have been going strong ever since. Regulated and licensed in the United Kingdome, this is one platform you can really be confident of.
This HYCM Forex broker review takes a look behind the curtains and looks into different important aspects of their business: from their trading platforms to banking options, customer support, and the available HYCM bonus. It should provide you with all the necessary info to get you started right away if you choose so.
HYCM Broker General Features
Having the required experience in the industry, HYCM understands what customers want and need from a Forex broker. That’s why their offer is all-encompassing in every regard. They offer several top-notch trading platforms, there is an HYCM mobile app for all types of phones, and their support is available around the clock.
Whether you are just starting, or you’ve been in the trading business for some time now, they have options and possibilities to meet your needs. Keeping up with their customers’ requirements, HYCM has managed to maintain its status as one of the leading Forex brokers.
HYCM Trading Platforms
Whatever your preference may be when it comes to choosing a trading platform, HYCM is likely to meet your standards. They offer several well-known platforms making it easy on both, new customers and those transitioning from a different system.
- MetaTrader 4 is one of the best-known names in the industry. User-friendly and with an easy to navigate interface, it is suitable for all Forex traders. Equipped with Expert Advisors feature facilitating automatic trades, it is probably one of the best choices available on the market.
- The HYCM Mobile trading platform is state of the art, making trading on the go a breeze. In today’s day and age when people are used to doing everything on the move, this is one of the crucial features one must offer to make its customers happy, and the company is clearly well aware of the fact.
Leverages range from 50:1 all the way to 200:1, depending on the selected currency pairs.
One feature that many users will love is the access to free trading signals coming through MetaTrader interface. These signals are reliable and trustworthy, which means they will certainly help you make better trades.
Trying to cover all important details in this HYCM review, we looked into their banking options as well. You will be happy to hear that there is a range of available possibilities, from bank wire to all major credit and debit cards like MasterCard and Visa. A few of online wallets are supported as well, including UnionPay and WebMoney.
All these methods are also available for withdrawals. While deposits are instantaneous with all methods except for the bank transfer, withdrawals can take up to a week to process. On the bright side, there are no additional fees connected to withdrawing your money, so you will get the exact amount you requested.
The only exception to this rule is, once again, the bank transfer, as there may be charges connected to your bank’s processing fees.
HYCM Account Types & Resources
Depending on your trading needs, there are three different account types available on HYCM.
- Micro Account is best suited for new traders. The minimum required deposit is $100. Leverages go up to 1:500 and the minimum fixed spread is 1.8.
- Standard Account is for more experienced traders. With the minimum deposit o $1,000, Standard Account comes with leverages up to 1:300 and the spread of 1.5.
- VIP Account is designed for professional traders. It requires a deposit of $10,000 and comes with no limitations. All products and services are available to VIPs.
Islamic accounts are available for all three levels for traders compliant with the Sharia law.
If you have any problems finding your way around the site or trading in general, there is a wealth of information available. The HYCM educational center offers a lot of valuable knowledge for new and experienced traders alike, with different angles, predictions, and insights available.
For those requiring a more hands-on approach, the customer support is there for you 24 hours a day during the work week (Monday – Friday). Available methods to reach them include email, live chat, and even a telephone line. There are different email addresses for different inquiries, making problem-solving much more efficient.
HYCM Promos & Bonuses
Apart from the free-for-all knowledge base, there is a generous HYCM bonus for all new customers. You can claim 25% of your deposit up to a total of $5,000, giving you some extra money to trade with. In the volatile world of Forex trading, the extra cushion is always welcome.
This HYCM review tried to cover all the angles and answer most of the questions a potential customer could have. As you could see, there is plenty to love about this broker: the selection of trading platforms, HYCM mobile app, excellent educational center, as well as generous HYCM bonus.
With free trading signals and expert advice, the platform offers everything you need to get started. Regardless of whether you are completely new or an experienced Forex trader, you will likely feel at home with this broker.