HYCM Forex Broker Review
HYCM was previously known as HY Markets and is based in the UK in the city of London. This licensed forex broker is FCA regulated, so investors can rest assured that when they choose this broker they can benefit from the complete protection and security that financial bodies that are regulated by the Financial Conduct Authority offer. This reputable and trustworthy broker is part of the Henyep Group, a global conglomerate who have more than 30 years of experience in the financial services industry. Leading the market, HYCM offer access to a wide range of different trading markets, from currencies to commodities and stocks. They also cater for the needs of both advanced and novice traders, offering educational resources to assist traders at all levels to improve their skills and knowledge and a choice of account types that meet the need of beginners and professionals alike. Anyone looking for all the information that they need to inform their final choice of forex broker can discover all the essential facts in this review to help them to make up their minds.
Assets and Trading Platforms Offered by HYCM
HYCM offer several trading platforms that have been designed to suit the needs of all kinds of traders. Perhaps their best known and most popular trading interface is the famous MetaTrader 4 trading software which is well known as a market leader in the industry. Thanks to its user friendly interface and clear visuals, this leading platform offers users a host of benefits including automated trading via Expert Advisors, advanced technical analysis charts and tools and live streams of news from the financial markets to ensure trades are as informed as possible. As well as offering MetaTrader 4, HYCM also offer their investors their flagship PrimeTrader platform which is also easy to use and offers advantages including multi-asset capabilities, individual pricing to suit requirements and capabilities for advanced charting. For anyone who likes to trade on the go, HYCM also offer a mobile trading platform for all account types. This cutting edge platform is compatible with most devices, being able to be accessed from Apple and Android tablets and smartphones. Mobile trading allows users complete access to all of their account facilities at any time and in any place on the move. There are numerous assets available for trading through HYCM, including forex and CFDs. There are up to 120 different tradable assets to pick from including oil, commodities, metals, indices, shares and forex. Leverages vary depending on account but can be as high as 400:1. HYCM have also formed a partnership with Pro Daily for cutting edge trading signals, but those who wish to use MetaTrader can also add free trading signals to their account.
Account Types and Customer Services Available at HYCM
There are 3 different accounts on offer to HYCM’s traders, designed to meet the varying needs of investors from beginners to professionals. Their basic level account is the Micro account, and this requires a low ,deposit of only $100 to get started. This basic account offers a range of 50 different assets for trading and leverages can be obtained of up to 1:500. The fixed minimum spread on this account type is 1.8. While this account is ideal for those who are embarking on their first trades, those with a little more experience will probably prefer the better spread of 1.5, leverage of up to 1:300 and comprehensive choice of 120 different tradable assets offered by HYCM’s Standard account. This account requires an initial deposit of $1000, while the VIP account that is tailored towards professional traders requires a high deposit of $10,000. All three account types have the option of accessing trading via mobile and there is the possibility of opening an Islamic account in any of the three account varieties. Customer service is important to HYCM, and therefore they have a support team who can be contacted between 23:00 GMT on a Sunday right up until 21:00 GMT on a Friday. The team can be contacted in writing, but for added convenience there is also a telephone helpline and five different email addresses offered on the website to help users contact the correct department. For the ultimate convenience, there is a live chat option through the website which can be used 24 hours a day on week days.
Banking Options and Educational Resources Offered by HYCM
Education is an important part of choosing a broker, and HYCM have offered a comprehensive selection of articles, ebooks and tutorials to help beginner traders to take their initial steps into trading. There is a comprehensive range of information given which offers an insight into all areas of trading such as market psychology, charting techniques and capital management skills. Not only is the advice applicable to beginners, but experienced traders can also find guidance with tutorials that cover advanced analytical techniques to help them to maximise their gains. There are several deposit methods available by which a trader can place sums of money into their account. Traditional methods like credit cards and wire transfers are also joined by WebMoney and UnionPay which gives a good choice to investors. Most types of deposits can be instantly processed, although a bank transfer may take up to five days before funds appear in a trading account. There are numerous currencies which are accepted by HYCM including USD, EUR, SAR, RMB, AED and KWD. To withdraw funds, a trader can action a withdrawal by the same method as the one chosen for deposit, and withdrawals are generally processed in less than five days, or seven days if credit cards, WebMoney or UnionPay are selected. There is no fee charged on withdrawals except in the case of wire transfers, where a $30 fee is levied on withdrawals under $300.
Anyone seeking a trustworthy and reputable broker to begin their trading experience would do well to select HYCM. Licensed and fully regulated by the FCA, HYCM guarantee the security of investors’ personal and financial data, and their selection of user friendly interfaces makes them suitable for both experienced and novice traders.