Each account type has different offerings. However, there are also many similarities. All three accounts allow traders to open accounts in 6 currencies: USD, EUR, GBP, RUB, AED, or CAD. Negative balance protection is provided, and professional customer support is available 24/5 via email, live chat, or over the phone.

FIXED account

This account type offers fixed spreads from 1.5 pips on EUR/USD, and there are no commissions charged on this account. This means that once a trading order is opened, trading fees will not change. Traders who like to know their risks in advance enjoy fixed spreads. In addition, fixed spreads can be beneficial for traders that trade during high market volatility or low liquidity periods. 

CLASSIC account

This account type is suitable for traders who don’t trade frequently. There are no commissions and spreads start from 1.2 pips on EUR/USD. When a trader places 1 or 2 trades per week or month, it’s perfectly logical for him to pay high spreads, while at the same time, saving on commissions. This account type can be attractive to the following traders:

• Swing traders: Swing traders open and hold positions for a couple of days to a couple of weeks. 
• Position traders: Position traders may keep orders longer than a couple of weeks and months. Position traders who purchase and keep assets longer than a year are considered to be investors. 
• Fundamental traders: Fundamental traders predict market movements based on economic and political data, and their predictions usually take time to work out. First market reactions are usually highly unpredictable due to various factors.

RAW account

The RAW account is made for active traders that place orders frequently. Spreads are low, starting from 0.1 pips on EUR/USD, and there are 8 USD round-turn commissions per lot traded. This account type is ideal for the following traders:

• Day traders: traders that buy and sell instruments within a day. They aim to profit from small price movements. 
• Scalpers: Scalpers take advantage of small price swings. For instance, a scalper may place multiple orders in a single trend, opening orders when the price returns to the trend and closing when a reversal starts. 
• Algorithmic traders: These traders usually place multiple orders within a day using trading robots. Algorithms can handle hundreds of trades simultaneously, and therefore, low spreads are critical when using robots. 

Both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are very popular platforms offered by HYCM. While both were built by MetaQuotes and have a lot in common, there are some key differences that you need to know about before making a decision: 

MT4 was built for trading currencies while MT5 is a multi-asset platform. Both platforms are highly reliable, however, MT5 offers more timeframes and advanced features compared to the MT4. It should be mentioned that most traders that solely trade currencies prefer MT4 due to its simplicity and reliability.