HYCM, or Henyep Markets, is legitimate broker that offers average trading conditions and is accessible enough for all types of users. Read the review to get a general idea of this one.
The broker’s holding company, Henyep Capital Markets group, holds the following daughter companies:
Henyep Capital Markets (UK) Limited is authorized and regulated under the Financial Conduct Authority;
HYCM (Europe) Ltd is regulated by CySEC
Henyep Capital Markets (DIFC) Limited (www.hycmdifc.com) by the Dubai Financial Services Authority;
HYCM Ltd (also www.hycmdifc.com) authorized by the Cayman Islands Monetary Authority;
The legal documents section offer also legal papers on St. Vincent and the Grenadines, which is both odd and irrelevant since the small island nation does not regulate forex brokers, but does offer an easy way in for companies to get incorporated.
This will be a review of HYCM Europe, hence forth referred to as HYCM.
HYCM is strictly regulated by the FCA in the UK. The FCA strives to enforce strict industry standards, requires detailed reports from the company, and generally oversees that FXCM Limited’s activities are within the boundaries of the law. Because it is regulated by the FCA HYCM is a member of the Investors Compensation Fund allowing for client compensations of up to €85 000 if the broker cannot meet its financial obligations to the trader.
HYCM is also regulated by CySEC. As one of the world’s top regulatory bodies, CySEC has made a name of itself as a reliable protector of trader’s rights, as well as insuring brokers are operating within the laws that govern their operations. HYCM is also a member of the Investors Compensation Fund allowing for client compensations of up to €20 000 if the broker cannot meet its obligations to the trader.
This broker is limited to a maximum leverage of up to 1:30, as sanctioned by ESMA.
When registering an account, we were presented with three account options, each with a different spread (no assets disclosed). The Fixed account offers a spreads from 1.8 pips, the Classic Account offers spread from 1.2 pips, and the Raw account grants spreads from 0.2 pips but charges a $4 commission per round.
We tried to open a demo account with the MT4 platform (classic account), and even though we succeeded, the web based MT4 did not respond to our registration details. The reason for this is unknown.
Users can trade with Forex Pairs, Stocks, Indices and Commodities. For a double-regulated broker the list of instruments is rather disappointing. The obvious missing links are cryptocurrencies.
Users can access the website in English, French, Spanish, Arabic, French, German, Italian, Spanish, Czech, Polish and Swedish.
The broker offer the MT4 and the MT5. Both platforms can be accessed on web-browsers, as a desktop trader.
One thing to note is that the Raw account comes with a $4 commission on trades per round which we assume is per side. If a $4 commission per side is issued that means that there is a $8 fee per trade, which increase any spread by 0.8 pips. So users who pick the Raw account be aware!
Coming with all necessary tools for the best trading possible, the MT4 is a staple in the industry. Expert Advisors, VPS, Autochartist to help you identify new opportunities and lets you monitor multiple markets at the same time, and a plethora of add-ons that ensure a boost in your trades.
The Metatrader 5 trading platform has certain advantages over its older brother (MT4) that, although cannot change the contents of your wallet as much as you would like, can still make a difference. MT5 features more technical indicators, a larger number of graphical objects and increased time frames. As always MetaTrader 5 does not fall short on the important inclusion of Expert Advisors.
HYCM MINIMUM DEPOSIT
The minimum deposit is $20 by all deposit means save for wire transfers ($250).
Wire Transfer deposits are processed within 7 days, while all other methods take up to 1 hour.
There are no depositing fees.
There is an inactivity fee that charges $10 per month, if an account has been left dormant for more than a month.
HYCM WITHDRAWAL TIME AND FEES
Withdrawal methods are the same as the depositing ones. One difference is in the minimum withdrawal amount for Wire Transfers, which in this case is $300. For all other methods the minimum remains $20.
All withdrawals are said to be processed with a day. And there are no fees, except for those issued by the payment providers.
HYCM is a fine broker that won’t waste your time. The interface is accessible, the important information is stacked in the right place, and the trading conditions are what we call “average”. Overall a great experience!