HYCM Review


HYCM is a Forex broker that offers its services through MetaTrader 4. It has a pretty large portfolio variety, and it is a global broker. Formerly known as HYMarkets, the company has over 40 years of experience on the market, and it is commonly known as one of the Forex broker leaders.

The broker is good in many ways and seeing that it has so much experience, you may want to settle for this platform. Still, there are many things you should know about it before using it. Luckily for you, we already did the research and were able to create a detailed review where you can find all the relevant information. Let’s see what HYCM has to offer!

Who Is HYCM for?

First of all, this broker is great for people who like trading Forex and CFD. It has a selection of these products so investors can pick the right options. Because it only offers these products, it focuses more on them, and this is why traders will love it.

Secondly, HYCM can also be amazing for beginners in trading through its educational tools. There are lots of materials that Forex and CFD traders can use to boost their knowledge and turn into better traders, being on their way to become professionals.

HYCM is a wonderful platform for individuals who want to trade with a good, popular platform as well. It offers trading through the famous MetaTrader 4, which is praised by many investors in the industry. What’s even better is that all of HYCM’s platforms are provided through MetaTrader 4, including the mobile one.

Things We Like

What caught our attention was the fact that the CFD and Forex fees are very low. This way, you don’t have to pay a lot of money, which is great. It works in the favor of people with less money, something that we admire a lot.

Then, we were also happy to see that there is enough quality educational content. Users can browse through the different materials and learn new things about the trading world or increase their basic knowledge.

Opening an account is very smooth and fast, and it’s user-friendly. We think that this is an important thing since most people want to start trading almost immediately.

The fact that HYCM has been operating for so long is also a thing that left a good impression on us. That means that they have a lot of experience and know how things work. It makes them more trustworthy overall and shows that they must do something right if they have been on the market for so many years.

Things We Don’t Like

We don’t like how there is an inactivity fee for accounts, as it may end up taking money from people who perhaps want a break from trading for personal or financial reasons. Also, their product selection is limited due to the fact that only CFD and Forex alternatives are offered. It can be off-putting for individuals who would like to trade something else.

Moreover, the design of the trading platforms is quite outdated. It doesn’t work as well as it should. Unless HYCM works on the platform and improves it, it will be hard to use and won’t work as smoothly as people want it to.

Pros / Cons
  • Great educational content
  • User-friendly account opening
  • Low forex and CFD fees
  • Trading platforms have outdated design
  • Only forex and CFD products
  • Inactivity fee

Safety and Regulation

Safety is probably the most important aspect when it comes to a trading platform because you want to make sure you are protected. If you’re worried about the safety of your funds, here is some relevant information about HYCM:

Who Is HYCM?

HYCM used to be known as HYMarkets. HYCM, or Heynep Markets, offers Forex and CFD trading. Heynep, the parent company of the trading platform, was founded in 1977. Since it has more than 40 years of experience on the market, it is considered one of the leaders. Also, the Heynep Group has its headquarters in London, UK. The official website of the broker is available in 14 languages, allowing people from multiple countries to use the platform without any issues.

Is HYCM Regulated?

HYCM is regulated by some of the best financial authorities in the world. Its regulation is offered by the Cyprus Securities and Exchange Commission and by the UK Financial Services Authority.

HYCM Licenses

  • HYCM Ltd – authorized by the Cayman Islands Monetary Authority registration number 1442313
  • HYCM (Europe) Ltd – authorized by CySEC registration number 259/14
  • Henyep Capital Markets (DIFC) Limited – authorized by DFSA registration number F000048
  • HYCM Limited – authorized by FSC (SVG) registration number 25228 (IBC 2018)
  • Henyep Capital Markets (UK) Limited – authorized by FCA (UK) registration number 186171

Is HYCM Safe or a Scam?

HYCM is considered safe for the most part due to having a lot of experience on the market, but also because it is regulated by top-tier authorities. It also has negative balance protection, which adds even more safety.

But there are a few concerns too. Investors outside the EU and UK have no investor protection. Besides, the company is not listed on the stock exchange, and the financial information is not available publicly either.

Countries It Accepts Clients from

The platform is available for people from more than 140 countries. Some of these countries include Australia, India, Malaysia, Indonesia, and Singapore.


Since it’s been around for such a long time, it would only make sense that HYCM won a lot of awards. Some of the awards it won include the Best Global Broker 2012 – Mena Forex Award, Best Mobile Trading Platform 2017 – World Finance Forex Award, Best Forex Broker Middle East 2018 – World Finance Forex Award, and Best Forex Broker 2019 – Global Brands Magazine award.

Range of Offerings and Products

Unfortunately, HYCM doesn’t have a wide selection of products. It only offers CFDs and Forex. They have 17 commodity CFDs, 64 cryptos, 20 ETF CFDs, 65 stock CFDs, 28 stock index CFDs and 70 currency pairs.

People looking for real bonds, stocks, options, and mutual funds will have to find another platform to trade these products.

Leverage Offered

HYCM offers leverage, and the leverage for clients from the UK and EU is fixed at 1:30 for major Forex pairs and 1:20 for U.S. stock indices. Sadly, changing leverage levels is not possible.

Trading Platform

HYCM has MetaTrader platforms, and they offer a web, mobile, and desktop platform. The web one is pretty outdated in terms of design, it has no price alerts and no 2-step login. It does offer great customizability, order confirmation, and a clear fee report, though. The desktop trading platform is pretty much the same, with the only difference being that you can set price alerts.

The mobile trading platform is more user-friendly in comparison, and it has price alerts. The search function is pretty nice as well. But there is no touch/face ID login or a 2-step one.

Account Types

HYCM offers 3 main account types, respectively Fixed, Classic and Raw. The main differences between them are the minimum deposit and pricing structure.

Demo Account

There is also a demo account offered by HYCM, allowing you to try out the trading platform first.

Deposits and Withdrawals

Deposits can be done using bank transfers, cards, and e-wallets. There is no deposit fee, and you have 6 base currencies to choose from.

What Is HYCM’s Minimum Deposit?

The minimum deposit at HYCM is $100. This applies only for Fixed and Classic accounts, though. Raw accounts will require $200.


You can do withdrawals using bank transfers, cards, and e-wallets, just like you do with deposits.

HYCM Promotions

When you make your first deposit, you can get a 10% bonus from HYCM. It is automatically added to your account when you start trading. Also, if you invite friends, you can gain bonuses this way too. You get $200 for every referral.

Client Support and Education

In terms of education, HYCM is amazing. It has educational videos, webinars, platform tutorial videos, educational articles, and many other things. This way, people can learn and make informed decisions. This is great, especially for beginners. To make things even better, people can try out a demo account too.

The only downside is the fact that there are no tags for the videos, and they have no categorization either.

Verdict – Overall Rating

HYCM has a lot of experience and has won a lot of awards, so it is definitely one of the better brokers out there. It should work a bit on the trading platform and make it better but overall, this broker can be trusted.


All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.

The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.

What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.

Risk Disclaimer

There is a very high degree of risk involved in trading securities.

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.

There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.

Looking for more information on brokers and trading? Have a look at our trading guides:

Review Sources

  1. https://www.hycm.com/en

HYCM is a leading provider of contracts-for-difference (CFDs) and forex trading services with an operational history of over 40 years.

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