Welcome to our latest HYCM review. This online broker has a compelling new customer offer as well as over 300 trading instruments. Creating an account is extremely straightforward and we don’t see a reason why not to.
What is HYCM? Find out what this online broker is capable of by reading our latest coverage. We’ve made sure to cover all aspects of this platform so that you are able to figure out if it’s the right broker for you. Read up about their dynamic trading platforms, comprehensive support, and low spreads today.
Whether you end up reading our Forex.com review or this HYCM review, we’re confident there’s a couple of things on your mind; one being the possibility of a new customer bonus. Fortunately, you won’t be disappointed if you sign up with HYCM. This online broker has a 10% deposit bonus on offer. If you deposit a minimum of $100, you’ll receive a 10% bonus up to $5,000. The offer is credited to your account instantly and enables you to take the market by storm. Dormant account holders can also reactivate their accounts and receive a $50 no deposit bonus for their efforts.
The platform is exceptionally easy to use. It must be noted that the mobile app for iOS and Android are the culmination of HYCM’s process of streamlining their operations. Here, you’ll have a trading platform that is slick, intuitive, and practical. Instant access to your account and the latest market news will ensure that you are always on top of developments that concern your trades. Our HYCM review awards this broker top marks for their overall design and application relating to their platform.
There are three different account types on offer; Fixed, Classic, and Raw. As the name suggests, a Fixed account has fixed spreads from 1.8 pips. HYCM won’t take any commission when you use this account. A minimum deposit of $100 applies while you can utilise a minimum trading volume of 0.01.
A Classic account has variable spreads starting at 1.2 pips where no commission is charged. The minimum trading volume and deposit is the same as the Fixed account. A Raw account is recommended for advanced traders. Here, you’ll have spreads starting at 0.2 plus $4 per round. The minimum deposit is $200 while the minimum trade volume is also 0.01. If you are unsure of which account to choose, you can fill out the online questionnaire provided by HYCM so as to identify the best account for you.
You’ll be able to make use of the MetaTrader 4 or MetaTrader 5 platform. Whichever you decide on, you’ll need to download it for desktop or download the app (for iOS or Android). Our HYCM review did not find a platform that runs in your web browser. However, this isn’t necessarily a bad thing. The latest MT4 and MT5 platforms have utilised the latest technology and incorporated intuitive trading tools.
Both platforms are robust and are compatible with expert advisors and trading robots. Analytical and fundamental analysis are the cornerstone of the MT5 platform and clearly define it as a prominent electronic platform for trading. Both of these platforms are easy to install and will allow you to trade round the clock, five days a week.
You can make a deposit using online credit/debit card payments, Skrill, Neteller, Webmoney, China Union Pay, Interac, or wire transfer (depending on your region). You can also use several virtual cards as long as you provide the correct information. Minimum deposits are capped at $100.
You can withdraw funds to your bank account. You’ll be required to enter your details in the Client Portal. Bear in mind that withdrawals of less than $300, a fee of $30 will apply. Withdrawals should be processed in one business day but can take between 3 and 7 days to clear.
Fees – Take advantage of commission-free trades
How does our latest HYCm review compare to our Prime XBT review in terms of fees? Well, there’s only one way to find out. There are no account fees when opening an account. Plus, you won’t be charged any deposit fees when using HYCM. There is a processing fee of $30 for smaller withdrawals – find out more in our payments section of this HYCM review. Commission is charged to all Raw account holders ($4 per round). You will also be charged interest fees for positions held overnight. However, these fees depend on the current interest rate, size of trade, and open price. You can use the built-in HYCM calculator to ascertain these fees.
It’s imperative that an online broker has the ability to attend to all issues that may arise from customer accounts. You will find that there is 24/5 support on the platform. You can make use of the latest live chat feature and the FAQ section as your first port of call. Between these two features, you should be able to resolve most of your issues (if ever required). You can also contact the team using one of four email addresses – specific to your query or problem – as well as getting in touch via telephone.
You will find that the platform is regulated in a number of territories across the globe. This means that the online broker is authorised to provide services, not only in good faith, but because it has been vetted. HYCM is authorised and regulated by the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission in the EU, the Cayman Islands Monetary Authority, the Dubai Financial Services Authority, as well as being licensed as a business in Saint Vincent and the Grenadines.
Our HYCM review wouldn’t be complete without assessing additional features that make this platform stand out from the crowd. This online broker has taken the liberty of creating an all-inclusive learning environment. We really enjoyed the fact that there are live seminars on offer as well as workshops and webinars. This will only serve to improve customer outlooks and trading expertise.
Plus, the broker has been around for four decades, proving that it provides a consistent service where loyal customers continue to support the brand. Our HYCM review also found that the broker has received 15 global awards over the years and has the ability to process 25,000 orders a day. It’s no wonder this broker continues to thrive 40 years after its conception.
It is with great triumph that we round up our latest HYCM review. This online platform may not be the biggest or most elaborate out there, but they certainly have a knack for providing a stellar brokerage service. There are plenty of contracts for difference on offer while crypto CFDs have taken center-stage on the site. You’ll even be able to claim a thrilling bonus as a new or old (dormant) account holder. It’s definitely a good platform for those starting out as well as those who wish to utilise a more advanced online site.
Take a look at our other reviews, such as the WazirX review to compare and contrast competitors in the field. You’ll get a better idea of what is out there and this enables you to narrow down your selection in order to find the best online trading site for you.