- MetaTrader 4 platform compatibility
- Established firm with 40 years experience
- Islamic Trading accounts available
- Detailed education center for new traders
- Lower spreads reserved for different account tiers
HYCM are a global provider of CFD and online forex trading services. With over 40 years of financial services experience, the broker has developed a reputation for best in class trading technologies and all round customer satisfaction. Their ultimate aim is to offer clients a complete solution which combines research, analysis and execution in one convenient package.
Regulated by the FCA and CySEC, this broker allows clients to trade on over 100 financial instruments including major FX pairs, commodities and indices. Education is a clear focus area for the London based firm, who recently rolled out a brand new education suite for new traders to explore.
At a first glance, the combination of experience and market leading support makes Henyep Capital Market a solid choice. In our HYCM review, we’ll take a close in depth look at their offering, the types of accounts they offer and recommend whether you should trade with this broker or not.
Spreads and Fees
There are a total of three HYCM forex accounts to choose from, each geared at varying levels of trading experience. The first account is the Micro forex account, which could be considered the most basic of the three. This account requires a minimum deposit to open and will let you trade on 50 instruments total. The minimum fixed spread is 2.0 pips, which is a little high compared to other brokers. With this account, you do not get access to trading signals but you can take advantage of mobile trading.
Next we have the standard account, requiring a much higher deposit than the Micro account but more than doubling the number of tradable instruments available. Within this account, you get access to the trading signals and can trade with a more cost efficient fixed spread at 1.8 pips. The final account on offer is the VIP account; this account comes with the biggest deposit and gives you the lowest spreads at 1.5 pips. Aside from these two difference, this account is virtually the same as the standard account.
It’s worth nothing that all of these accounts have an Islamic option for Muslim traders; to register your interest in an Islamic account, you will need to contact their support directly. There is also a max leverage available of 1:200, which is considered higher than average.
At the time of writing, HYCM did not offer a flagship desktop or web based trading platform; but they do offer the extremely popular MetaTrader 4 developed by MetaQuotes software. The platform is one of the most widely used in the industry and is packed full of features for experienced and beginner traders. In terms of differences to other brokers offering MT4, there’s not much changed; you still get access to the same deluxe suite of charts and technical indicators, the same electronic advisor functionality and the ability to create automated trading strategies. And by choosing MetaTrader 4, you also get access to the MetaTrader Market, where you can access one of the world’s biggest selection of trading applications, featuring hundreds of robots and indicators to download.
HYCM may not offer a custom built desktop trading platform, but they do offer a proprietary mobile application available on both the Apple App Store and the Google Play Store. The app is loaded with what you would expect from a functional mobile trading app; you get access to real time charts, a range of analysis tools and a livestream of up to date market news. The app integrates with your existing trading account so you can continue scouting out exciting trading opportunities on the go. For more reflection on past trades and deeper analysis, you can also view a complete trading history. Best of all, the app is free to download!
One of the most exciting areas of the Henyep Capital Markets website is the newly revamped education section. This gives new and aspiring traders access to a wide variety of learning materials including ebooks, numerous help guides and even tutorial videos on how to use the MT4 platform. In terms of research tools, with MetaTrader 4 you have an excellent range of options including the latest news from Reuters; you can even create notifications based on important market developments to help you stay ahead of upcoming opportunities.
HYCM offer a large selection of depositing options including wire transfer, credit/debit card and e-wallets like Skrill or Neteller. Most of these depositing options are credited instantly accept wire transfer, which usually takes 1 to 5 working days to process. In terms of withdrawals, the same methods can be used to transfer funds with a 7 day processing time on most payment methods. On wire transfer withdrawals, you may be subject to a fee with a larger minimum withdrawal limit.
We were very impressed with the support we received while conducting our HYCM review; while we searched for information, we were kindly approached on live chat if we needed extra assistance. The advisor was of the highest quality, dealing with our issue quickly and efficiently. Live chat can be accessed in all areas of the website; there’s also an FAQ available and also the knowledgeable MQL5 community if you are struggling with the MetaTrader platform.
HYCM promise to offer a comprehensive package for all types of traders and we would have to validate this statement. There’s something for every kind of trader here; access to a globally renowned platform, a detailed education center and advanced mobile trading are just some of the key features. Sure, the spreads aren’t as low as some competing brokers - but you can choose a more premium account to benefit from more cost efficient spreads. All in all, a fantastic broker.