HYCM deposit bonus

HYCM deposit bonus

Bonuses in Forex trading can be a profitable boost when used wisely and when its terms and conditions are easily met. Some bonuses have complicated terms with large trading volume requirements. In contrast, others are easy to achieve and offer a good opportunity for new traders to test their trading skills without breaking the bank. In this guide, we will discuss the HYCM deposit bonus and decide if it is worth claiming. So let’s dive in. 


HYCM brief overview - Should you trust this broker?

Henyep Markets, or HYCM for short, has been on the Forex brokers scene since 1977 and is regulated in several countries by reputable regulators, including the UK’s FCA, Cyprus CySEC, CIMA, DIFC, etc. The broker is legit and offers competitive services to its customers all over the world. The minimum deposit starts from 100 USD and there are no fees for deposits and withdrawals. HYCM offers over 400 instruments in diverse markets including Forex, stocks, indices, commodities, cryptos, and ETFs. All accounts are under negative balance protection to prevent traders from going into negative balances in case they abuse the 1:500 leverage. HYCM is a solid broker in all categories including low spreads from 0.1 pips on major pairs and from 0.03 for cryptos. Since the terms and reliability of HYCM are this good, let’s discuss its bonus and see if it can have an impact on trading profitability. 

HYCM Deposit Bonus - How to get it

HYCM offers new clients a welcome bonus of up to 10% that any new trader can claim after registration. The bonus is added to the trading account automatically when a trader opens their first trading position. This bonus is open for clients under the Cayman Islands Monetary Authority (CIMA) jurisdiction and UK and European clients are not eligible for this welcome bonus. 

General terms and conditions

There are several important terms and conditions that apply to this welcome deposit bonus:

  • New clients who deposit funds in their trading account will get a 10% credit bonus on their first deposit. 
  • The minimum deposit for this bonus promotion is 100 USD
  • The maximum bonus deposit available under this bonus promotion is $5,000
  • Only one bonus can be activated at a time and this deposit bonus won’t be combined with other promotions
  • For every $1,000 bonus awarded, the client will be required to accumulate 30 standard lots within 60 days, otherwise, the broker will reverse the bonus

There are document verification processes before the client can operate an account with the bonus, including proof of identity and proof of address. For proof of identity, the client should upload a photo of their passport or official state ID. As for proof of address, a utility bill with a visible name and surname, address, and date of birth will be sufficient. It is required to upload a copy of the credit card’s front side if the deposit was made with a credit card.

HYCM Deposit Bonus Summary - Is it worth it?

Generally, bonuses should be used for profit-generating activities and not solely for withdrawing them. Since the trading volume requirement for each 1,000 dollars is 30 standard lots it will be difficult to achieve it within 60 days. But this bonus can be a wonderful boost for profitability and can be used to turbocharge trading by adding it to your available margin and increasing trading volume. All in all, this deposit bonus from HYCM is worth claiming as it offers a nice boost to your trading capital.