HYCM Broker ReviewMinimum Spread : From 0.2
Foundation Year : 1977
Min Deposit $ 100
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HYCM Broker Review – A Multi-Regulated Broker: HYCM is very entrenched and has been offering its types of assistance, including exchanging services for around 40 years. This broker completely manage under more than one body, including the FCA and CySEC. They have unquestionably tried to remain on the ball by offering MT4 and MT5 just as a substantial assortment of tradable instruments.
Overview on HYCM Broker Review
HYCM Account Types
HYCM offers 3 account types: Fixed, Classic and the Raw account. Just the Raw account is charged commission expenses of $4 per part, per exchange, per side. Islamic account forms are additionally accessible for every one of the 3 account types.
HYCM offers both MT4 and MT5 so customers can decide to exchange on whichever they like. One may pick the web-based version or the mobile (iOS/Android); however, they see fit.
This broker is heavily regulated, and a possible downside to this, is that leverage caps are not particularly generous. The maximum leverage allowed is 1:30. This does not allow clients to stretch profits very far, especially when depositing small, and trading low volume.
Minimum trade sizes are the same for all 3 account types, which is 0.01 lot. This allows some freedom for traders, and perhaps beginner traders who may be apprehensive about placing large trade sizes.
The only account that charges trade commission fees is the Raw account, which has the lowest spreads. The Raw account clients must pay $4 per lot, per trade, per side. Although having said that, consider this fee to be average in comparison to alternative brokers. Swap fees vary in percentages depending on the account type clients choose and which single pair they are trading. A full list is available on the website.
With HYCM clients may trade Foreign currencies, Stocks, Commodities, and Indices.
- Fixed account: fixed spreads from 1.8 pips.
- Classic Account: variable spreads from 1.2 pips.
- Raw account: raw spreads from 0.2 pips.
The minimum deposit for the Fixed and Classic account is $100 while the Raw account requires a minimum of $200.
Deposit Methods & Costs
One may deposit into their HYCM account without being charged any processing fees. The clients may choose to use: Card, bank wire, Neteller or Skrill.
Withdrawal Methods & Costs
This methods are the same as the funding methods and do not carry any charges by the broker.
Withdrawal Processing & Wait Time
The financial brokerage firm processes withdrawal requests within 1 business day. This can then take 1 to 5 days to reach your account depending on your bank or credit card company.
Bonuses & Promotions
The financial broker does not offer any bonus or promotion schemes.
Educational & Trading Tools
The broker does offer webinars, seminars, and forex education reading material. There is ample free educational material, all of which are free and available on the website for clients.
Customer service operates on a 24/5 basis via live chat, telephone, and email. Quality of customer service is also high, which makes communication more efficient. The broker customer service adds peace of mind for the clients, especially in the case of a complicated trade query.
The clients may open a demo account with brokerage services to see if their service meets clients expectations. Alongside this, one has a handy ‘Help Center’ as well as an FAQ page at their disposal. A demo account is a terrific way to learn about the broker in an in-depth way. It also allows one to practice and develop their trading skills before moving on to a live account.
All countries other than residents outside the European Union and European Economic Area are allowed to trade with this broker.
Conclusion – HYCM Broker Review
This broker is very transparent with their offerings and does offer reliable service with quality customer support. They also provide a wide variety of instruments to trade on either MT4/5.
Deposits as well as withdrawals are fast and are not to be complained about. Overall, this broker is competitive with other brokers in the industry at the moment.
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