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HYCM Review

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1 Minute Review

HYCM is 1 of the world’s leading forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.

HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the United States, it can be a great choice for residents of the other 140 countries where it offers service. 

Best For

  • Investors who want a customizable fee schedule
  • Traders comfortable using the MetaTrader platform
  • Islamic traders who need swap-free accounts that don’t build interest

Pros

  • Wide range of currency pairs available
  • Excellent selection of educational tools
  • $0 deposit and withdrawal fees

Cons

  • Not currently available to traders based in the U.S.
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Why HYCM Over Others?  

Who benefits the most from HYCM’s brokerage? If any of the following describe you or your trading style, HYCM might be the right choice for you:

  • Investors with varying fee needs. HYCM understands that fees aren’t a 1-size-fits-all matter. The brokerage offers 3 account levels with varying fee structures that you can customize to fit your risk tolerance and frequency of trades.  
  • Traders looking for comprehensive educational resources. HYCM offers a complete range of education and research tools to enhance your trading and learn more about how the world’s major markets move. Tune in with live webinars, take 1 of HYCM’s ebooks on the road with you while you travel, explore upcoming market events and their anticipated volatility and more for free with HYCM.
  • Islamic traders looking for religion-compliant accounts. HYCM offers swap-free accounts that do not accrue interest for each of its fee types. This allows Islamic investors to trade freely without worrying about being in conflict with their religious laws. 

Brokerage Quick Summary 

Tradable assetsStocks, forex, indexes, cryptocurrencies, commodities, ETFs
PlatformComprehensive; over 300 indicators
Also supports MetaTrader 4 and 5
Mobile appMetaTrader 4 app available; no proprietary mobile app 
Account minimumMinimum deposit varies depending on your type of account; between $100 and $200
Available account typesFixed spread, classic floating spread, raw spread accounts available 

HYCM Fees, Commissions, Margin Rates and Account Minimums

HYCM’s primary trading product is forex currencies, which means that commission works a bit differently than most brokers that trade primarily in stocks and ETFs. Instead of charging a flat-rate fee, forex brokers typically charge a spread between the bid price and the ask price of a currency.

When you invest in the forex market, you’ll typically see 2 prices listed: a bid price and an “ask” price. The bid price is the highest price that a buyer will pay for any unit of currency, while the ask price is the lowest price a currency holder will accept for a unit of the currency being bought. The difference between these prices is the spread, which goes directly to your broker in exchange for servicing your trade.

HYCM offers 3 levels of spreads. The right account for you will vary depending on when you trade, your base currency and whether or not you use an electronic advisor (EA) to assist your trades.

  • Fixed spreads: Fix spread accounts have a set spread range and no commissions. Fixed spreads are set by the broker and are unlikely to change as market conditions fluctuate. Spreads on fixed accounts start from 1.8 pips.
  • Variable spreads: Variable spreads have a varying spread range and no commissions. Spreads on variable accounts begin at 1.2 pips but may change more frequently.
  • Raw spreads: Raw spread accounts pay the pure difference between the bid and the ask price plus $4 per round. Spreads on raw accounts start from 0.2 pips but may change very quickly throughout the day.

HYCM also allows you to use leverage to trade. Leverage is a type of margin trading that allows you to compound your buying power in order to take more profits from your trades. Traders can access up to 500:1 leverage through HYCM depending on where you live and which currency pair you’re trading.

Account minimums with HYCM may vary depending on your base currency and the type of account you open. You should have at least $100 to $200 ready before you open an account.  

HYCM Usability

HYCM does an excellent job of making forex trading easier and more accessible, and the broker offers a very wide range of tools that both beginner traders and corporate investors will love. Let’s take a look at a few of our favorite easy-to-use features available from HYCM.

  • Account type comparison quiz: For a beginner trader, it can be tough to determine which type of spread will cost you the least amount of money. If you aren’t sure which type of account is right for you, use HYCM’s simple account type comparison quiz. Answer 5 questions about how you trade and your trading needs and HYCM’s system will recommend an account type for you.
  • Margin and currency calculators: Forex values can change at a moment’s notice. HYCM offers a variety of calculators that you can use to quickly determine how much you’ll pay in a spread and how much your current lot is worth. Flip between calculators with a single click to keep yourself focused and your trading on-track.
  • 5 base currencies available: Traders who choose HYCM can choose between 5 base currencies: USD, EUR, GBP, RUB, AED and CAD.
  • Quick and easy account opening process: Getting started with HYCM is easy — simply answer a few questions about where you live, how you’d like to fund your account and your contact preferences and get started in as little as 10 minutes.
  • $0 deposit and withdrawal fees: HYCM offers 5 deposit and withdrawal methods, each of which come with $0 fees on the vast majority of transactions. Minimum deposits and withdrawals are also as low as $20 for most money transfer methods. 

HYCM Education

HYCM offers a number of unique educational tools and calculators you can use to enhance your trading. Let’s take a look at a few of our favorite features below.

  • Economic calendar: If you’re a forex trader who primarily trades using a fundamental analysis-based strategy, you know having a finger on the pulse of international events is crucial. HYCM offers 1 of the most comprehensive international calendars we’ve seen, allowing you to sort by daily, weekly or monthly upcoming events. Each event also includes an estimated level of volatility for the base currency connected to the event, which allows you to plan your trades ahead of time. You can also filter news by country, date, the authority releasing the report and more.
  • Forex education center: If you’re a new trader, you’ll love HYCM’s forex education center, which includes a variety of free ebooks, videos and workshops you can use to enhance your trading. Some popular video lessons include “Trading Psychology,” “Types of Orders,” “Basic Technical Analysis” and more. There’s even a full course of videos explaining how to get started with the MetaTrader platform of your choice and how to use MetaTrader’s most popular features. All video lessons and tutorials are completely free, and you don’t need to already have an HYCM account to use them.
  • Webinars and online workshops: If you prefer to do your learning in a live environment, consider signing up for 1 of HYCM’s online webinars. Webinars are hosted on a weekly basis and include topics like the week ahead, planning your forex strategy in advance, live analyses of what is moving the value of the world’s currencies and more. Past webinars are also available on HYCM’s website, so you can watch them later if you aren’t able to make the session while it’s airing. 

HYCM Customer Support

HYCM offers a few different routes that customers can use to contact its support team. Assistance is available in a number of languages, which can be especially beneficial if your 1st language isn’t English.

  • Live chat: To contact HYCM using the live chat feature, visit HYCM’s website and click on the button labeled “Live Chat” in the top right-hand corner of the screen.
  • By phone: To contact HYCM by phone, call +442-08-816-7812.
  • Via WhatsApp: To contact customer service via WhatsApp, send a message to +357-972-5968.
  • By email: To contact HYCM via email, send a message to support@hycm.com.

Customer support is available 24 hours a day, 5 days a week. 

HYCM Offerings

HYCM offers 6 products: stocks, ETFs, indexes, forex, commodities and cryptocurrencies. Note that your access to each product may vary depending on where you live. 

HYCM Stocks, ETFs and Index Funds 

HYCM currently allows traders to buy and sell individual shares of 60 of the world’s leading companies, including Coca Cola, Tesla, Amazon.com, Alibaba and more. You can also invest in 28 indexes and 20 ETFs. Leverage trading of up to 200:1 is available for index trading and 20:1 when trading ETFs. Margin trading for stock purchases is available with rates beginning at 5%. 

HYCM Forex

HYCM’s primary product is forex currency trading. Choose from 69 individual currency pairs and take advantage of up to 200:1 leverage on many pairs. Margin rates begin at 0.50%, and you can choose to trade in 1 of 5 base currencies, no matter where you live and which currency your bank account uses. HYCM offers a variety of account types that allow you to customize your fee schedule to fit your unique trading style. Special swap-free accounts are available for Islamic traders who need an account that doesn’t accrue interest.  

HYCM Cryptocurrencies

HYCM offers traders access to 5 of the world’s most popular cryptocurrencies, and you can convert cryptocurrencies directly to fiat currency through HYCM’s platform. HYCM also offers leverage of up to 20:1 when trading cryptocurrencies. 

HYCM Commodities

Invest in precious metals and soft commodities like sugar and cotton using HYCM’s contract for difference (CFD) system. This system allows you to invest in these commodities and take advantage of price movements without actually owning the underlying commodity.  

HYCM Overall Rating

HYCM is an excellent choice for international traders looking for a 1-stop shop to get started investing. Its selection of varying account types is impressive — though new traders might have a bit of trouble determining which fee structure would be most beneficial for them. HYCM is licensed and has received numerous awards over the course of its 40 years of experience.

In the future, we’d love to see HYCM introduce a proprietary platform, as the MetaTrader system can be intimidating for new traders. We’d also love to see HYCM extend services to traders based in the United States. However, for now, HYCM remains a comprehensive choice for traders of all skill levels looking for affordable fees, high leverage availability and a choice of investment products.