HYCM Review – financial instruments, platforms, accounts and more
HYCM is a Forex trading platform that offers the ability to trade in different capital markets around the world. The HY Group of companies is one of the most established firms in the financial industry that has been around for more than 30 years. Although the broker only started offering brokerage services way back in 1999, HYCMcan be considered as one of the pioneers in the financial markets. HYCM has its headquarters in major financial capitals of the world, including London, Singapore, and Dubai.
HYCM Forex Features
- HY MT4 Mobile
- Loyalty Program
- Commission-free Trading
The broker is regulated by multiple regulatory agencies such as FCA (UK), DFSA (Dubai), and SFC (Hong Kong), which makes it the perfect brokerage for traders who are looking for a reliable and regulated trading platform. HYCM is also one of the few brokers in the Forex markets that are truly devoted to offering a no-nonsense attitude towards FX trading by maintaining a professional and customer-oriented approach.
HY Forex Trading
HY Forex trading is the most popular product in the company’s brokerage arsenal. Traders can start trading at HYCM with a small investment capital of $50 (EUR accounts are also available) and by using a maximum leverage of 1:300. The broker is focussed on reducing the risk of traders and does not entertain high leverage, which can be a bit of a disadvantage for traders who are looking for higher margin trading.
Traders can choose from a wide variety of FX currency pairs and enjoy extremely tight spreads on all the major currency pairs. ECN account holders can further reduce their spreads to as low as 0.5 pips. However, the company does not guarantee zero spreads even though several ECN competitors guarantee a zero spread during quieter trading sessions. We are yet to witness zero spreads in the HYCM Forex trading platform, which we anticipate the broker to look into shortly.
Trading Other Financial Markets Through HYCM
HYCM excel in bringing the most exhaustive collection of financial instruments that not only includes Forex currency pairs but also includes commodities, stocks, indices, and other products through their global network of trading servers. The entire list of financial instruments is accessible through a single account, which offers great convenience and trading flexibility for traders to diversify their investment portfolio.
HYCM guarantee the safety of their clients’ funds by keeping them in segregated accounts, which is the standard procedure adopted by regulated brokers. Being regulated by different regulatory bodies also require the broker to adhere to stringent guidelines and regulations that include third party audits, protection against legal issues, insurance of client funds, and of course, providing a fair and honest trading environment for their clients.
What Are The Different HYCM Trading Platforms?
HYCM has kept it simple and efficient by adopting the traditional and tested MT4 platform for all desktop as well as mobile trading platforms. Traders can either download the MT4 platform for trading on their computers or use the MT4 WebTrader for accessing their accounts on the move. The MT4 desktop platform performs exceptionally well during most market conditions, but the platform is prone to slippages and delayed order executions during high volume trading sessions. Overall, the MT4 platform performs as expected, and the connection speed to the servers are acceptable.
The web-based Star Financial platform is also available for those who prefer it over MT4.
How Is The HYCM Mobile Trading Experience?
There are two different mobile trading platforms available with HYCM. The HYCM MT4 mobile interface is a standard affair that offers an MT4 trading platform for all mobile users. However, the newly developed HYCM mobile trader is a great tool that offers additional features and functionalities over the traditional MT4 mobile trading platform. The newly designed interface helps traders to access the entire list of financial instruments, get streaming quotes, open and close orders, manage pending orders, and manage a trader’s personal trading account through a smartphone or a tablet.
The proprietary mobile platform also enables a trader to perform analysis of the markets by offering a detailed charting feature, which is a revolutionary concept in mobile Forex trading. Usually, it ‘s hard to perform extensive technical analysis on devices with a small screen, but HYCM has been proactive in their design approach to incorporate this feature into a mobile trading interface to help traders to enjoy a desktop trading experience on their smartphone or tablet.
HYCM bonus structure is not exactly industry leading, as traders can only qualify for either a 15% cash bonus on the initial deposit or a 25% trading credit. The bonus is restricted to clients who make a minimum deposit of $500, and can avail a maximum of $5000 in bonuses. Bonus funds come with a lot of trading conditions, and the 25% trading credit will expire within 60 days of receiving them. The trader will also have to satisfy several trading conditions if they are supposed to reap the benefits of availing the bonus.
Is HYCM Restricted For Professional Traders?
HYCM is highly suited for all types of traders, both beginners as well as professionals. HYCM is a broker that ensures the welfare of its clients, and even offers training as well as useful resources to help traders learn the ropes of trading the financial markets. The greatest advantage of the company is that they have a lot of exposure in the markets, and have withstood the test of time by consistently outperforming their competitors to become established as an industry leader.