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HYCM, also known as Henyep Capital Markets, is a well-regulated Forex and CFD (Contract for Difference) broker operating globally. The broker is authorized and regulated in various jurisdictions, including in the Cayman Islands, Cyprus, the UAE, and the UK.
The company has been in the business of financial trading since 1977 and received a FCA (Financial Conduct Authority) license in 1998. The FCA of the UK is considered to be a top-tier regulator, and therefore, we can safely say that HYCM is a trustworthy broker.
HYCM offers access to trading currency pairs, CFDs on stocks, indices, cryptocurrencies, and commodities. The available trading platforms are MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and maximum available leverage is 500:1.
In order to meet the needs of different traders, the broker offers 3 account types: Fixed, Classic, and Raw. Let’s learn more about each account type below.
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.
|Spreads||Fixed Spreads From 1.5 pips||Variable Spreads From 1.2 pips||Raw Spreads From 0.1 pips|
|Commissions||0 USD||0 USD||8 USD per lot round turn|
|Minimum deposit||100 USD||100 USD||200 USD|
|Expert Advisors (EAs) are available||No||Yes||Yes|
|Min. Trade Volume||0.01||0.01||0.01|
|Swap free account||Available||Available||Available|
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.
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:
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:
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.