Before we jump into account types and their terms let’s first say a few words about HYCM and see if it's a trustworthy broker.

HYCM has been on the Forex brokerage scene since 1977. When evaluating a broker, one of the main metrics is to see how well it is regulated. In the case of HYCM, five different authorities are overseeing the broker’s activities including:

• Financial Conduct Authority of the UK, FCA; 
• Cyprus Securities and Exchange Commission, CySEC; 
• The Cayman Islands Monetary Authority, CIMA; 
• Dubai Financial Services Authority, DIFC; 
• Registered in Saint Vincent and the Grenadines.

With this many trusty regulators, HYCM is a trustworthy and legit broker that can be trusted with client funds as it uses segregated accounts and employs negative balance protection. Deposits and withdrawals are free of charge. The only thing remaining is to see how attractive the trading conditions are. 

There are three account types in total offered by HYCM: Fixed, Classic, and Raw. The raw account offers the lowest spreads for a small commission on the volume traded. Spreads on major pairs start from 0.1 pips and there is a trading commission of 4 USD per round per 100k traded. Since it has low spreads, this account type is suitable for intraday traders who open several positions during the day to target small movements. Scalpers are also very dependent on low spreads as they target many small profits during the day. For each trade, the total fee will be $2 (0.1 pips per side = 1 USD when 100 000 USD are traded which is 1 standard lot) + 4 USD round turn = $6. Because of this value, the Raw account is very attractive for scalpers and intraday traders who rely on small spreads for their profits. The minimum deposit requirement is 200 USD and the minimum lot size is set to 0.01 lots. With this combination, trading becomes very flexible and gives opportunities to traders. The maximum leverage offered is capped at 1:500 which enables traders to control 500 times the amount of their trading account. EAs, or Expert Advisors, which are trading robots, are allowed on HYCM Raw accounts and it supports Islamic accounts as well. 

Other account types offered are Fixed and Classic accounts. They are suitable for day traders and swing traders who trade in middle-term periods and are not solely dependent on spreads. The Fixed account has fixed spreads from 1.5 pips and requires 100 USD as a minimum deposit. For average traders low commissions are more important than spreads. Fixed accounts’ fixed spreads are very suitable for day traders but do not allow for the use of EAs. There are several advantages to fixed spreads, they offer a more stable environment for traders who want to trade without commissions, especially during times of high volatility where standard spreads are volatile and may increase several times. For news and other major fundamental trading activities, fixed spreads offer the ability to make huge profits without paying several times higher spreads. Similarly to a Fixed account, a Classic account also offers a commission-free trading experience with variable spreads from 1.2 pips and EAs are allowed for this account type. The Classic account is suitable for general trading where lower spreads are more of a priority during general market conditions without extreme volatility. Both fixed and classic accounts offer swap-free accounts. HYCM also offers a free demo account where traders can test their skills or newly developed trading strategies. Leverage for all three account types is set to 1:500 and should be more than enough to trade with substantial lot sizes with relatively small accounts.