HYCM Forex Broker

HYCM Review Summary Founded 1998 Registered Country/Region Hong Kong Regulation CGSE Market Instruments Forex, stocks, indices, cryptos, commodities Demo Account Available Leverage Up to 1:500 Spread From 0.1 pips Minimum Deposit $20 Trading Platforms MT4, MT5 Customer Support Phone, email, live chat, social media What is HYCM？ HYCM, founded in 1998, is a prominent online trading platform headquartered in Hong Kong. Regulated by the CGSE, HYCM offers a wide range of market instruments, including forex, stocks, indices, cryptocurrencies, and commodities. Traders can start their journey with a minimum deposit of just $20, benefit from competitive spreads starting at 0.1 pips, and leverage of up to 1:500. HYCM provides multiple trading platforms, including MT4, and MT5, ensuring flexibility and convenience for traders of all levels. Furthermore, the platform offers a demo account for practice and comprehensive customer support through phone, email, and social media channels, reflecting its commitment to assisting traders in achieving their financial goals. Pros & Cons Pros Cons • 40+ Years of Experience N/A • Professional Customer Support • Fast Executions • Regulated • Lower Minimum Deposit Pros: 40+ Years of Experience: HYCM boasts an impressive legacy of over four decades in the financial industry, signifying a deep understanding of market dynamics and effective service. Professional Customer Support: HYCM prioritizes professional and responsive customer support, ensuring traders receive timely assistance. Fast Executions: The platform emphasizes swift order executions, critical for capitalizing on fast-moving market opportunities. Regulated: Being regulated provides traders with assurance regarding compliance with industry standards and regulatory safeguards. Lower Minimum Deposit: A lower minimum deposit requirement enables a more diverse group of individuals to access and engage with financial services, breaking down barriers for those with limited financial resources. Is HYCM Safe or Scam？ HYCM, a reputable financial services provider, operates under the regulatory oversight of The Chinese Gold & Silver Exchange Society (CGSE) in Hong Kong. This regulatory authority is known for its stringent standards and oversight in the financial industry, ensuring that HYCM adheres to robust regulatory compliance, transparency, and ethical practices. As a result, traders and investors can have confidence in the integrity and security of HYCM's operations, knowing that their financial interests are protected within a well-regulated framework, and that the company operates in accordance with the established standards and regulations of the CGSE in Hong Kong. As with any investment, there is always some level of risk involved, and it is important for traders to do their own research and carefully consider their options before investing. Market Instruments HYCM boasts a comprehensive and diverse array of market instruments, catering to the varied needs of its global clientele. From traditional forex trading to innovative cryptocurrency CFDs, the platform provides multiple avenues for potential investment. Here are some examples of the instruments available: Currency Pairs Trading The Forex segment at HYCM features traditional instruments for this market, such as currency pairs. These pairs express the value of one currency in terms of another. World Indices CFD Trading Instruments in this category allow traders to engage with indices from leading stock exchanges. The pricing of these instruments is set in the local currency of each specific index. Online Stock CFD Trading This segment comprises CFDs on highly liquid stocks from companies listed on major global stock markets. Online Cryptocurrency Trading - Cryptocurrency CFDs Cryptocurrency CFDs enable traders to speculate on cryptocurrency values without directly owning the underlying asset. Cryptocurrencies are traded against standard currencies. Accounts HYCM offers its clients both live and demo accounts with a choice of different account types according to individual requirements. Fixed Account: Fixed spreads: 1.5 pips Trading Platforms: MT4, MT5 Base Currency: USD Minimum Deposit: $20 Expert Advisor: No Minimum Volume per Trade: 0.01 Variable Account (Classic): Variable spreads: 1.2 pips Trading Platforms: MT4, MT5 Base Currencies: EUR, USD, GBP, AED, JPY Minimum Deposit: $20 Expert Advisor: Yes Minimum Volume per Trade: 0.01 Variable Account (Raw): Raw spreads: 0.1 pips Trading Platforms: MT4, MT5 Base Currencies: EUR, USD, GBP, AED, JPY Minimum Deposit: $20 Expert Advisor: Yes Minimum Volume per Trade: 0.01 Spreads & Commissions HYCM offers different types of spreads and commissions depending on the trading account type chosen. They provide fixed spreads starting at 1.5 pips for their Fixed Account, while their Variable Accounts offer variable spreads as low as 1.2 pips for Classic and as low as 0.1 pips for Raw accounts. Additionally, HYCM mentions the availability of expert advisors for both the Classic and Raw accounts, which suggests that there might be commissions associated with trading on these accounts. Traders should consult HYCM's official website or contact their customer support for precise details on spreads and commissions for each account type. Trading Platforms HYCM offers three versatile trading platforms: MetaTrader 4 (MT4): Renowned for stability and automated trading using Expert Advisors, with extensive charting and analysis tools. MetaTrader 5 (MT5): An advanced successor to MT4, featuring expanded timeframes, more technical indicators, and broader asset class support. Choose the platform that suits your trading style and access a wide range of assets with competitive spreads, all in a secure trading environment. Deposits & Withdrawals HYCM provides its users with a diverse array of deposit and withdrawal methods, catering to the varied preferences of its global clientele. Deposit: Method Minimum Processing Fees Band Wire US $20 1 to 7 working days $0 Visa Up to 1 hour Netteller Skrill Bitcoin Up to 3 hours Perfect Money Up to 1 hour Withdrawals: Method Minimum Processing Fees Band Wire US $300 1 to 4 working days $0 Visa US $20 1 to 7 working days Netteller Within 24 hours Skrill Bitcoin US $30 Perfect Money US $20 Users should note that HYCM does not charge withdrawals above US $300, however there might be charges from the banks that are then deducted from the amount that you will receive. Customer ServiceClient Support: Email: support@hycm.com Working Hours: Available 24/5 Account Opening: Email: accounts@hycm.com Phone: +44 - 208 - 816 - 7812 Working Hours: Available 24/5 General Inquiries: Email: info@hycm.com Phone: +44 - 208 - 816 - 7812 Working Hours: Available 24/5 Complaints: Email: complaints@hycm.com Working Hours: 9:00 - 18:00 (GMT +3) HYCM's customer service is accessible through email and phone, with dedicated contact points for specific inquiries like account opening and general questions. They also provide extended support for handling complaints during specified hours. This approach ensures that traders have access to assistance and information whenever they need it, enhancing their overall trading experience and addressing any concerns or issues promptly. Moreover, clients could get in touch with this broker through the social media, such as Twitter, Facebook, Instagram and YouTube. Conclusion In conclusion, HYCM offers a variety of services and features to enhance the trading experience for its clients. They provide leverage of up to 500 times, allowing traders to significantly amplify their positions. HYCM's trading platform offers advanced tools and is available, catering to the preferences and convenience of traders across different devices. Overall, HYCM strives to provide a user-friendly trading environment for both novice and experienced forex traders, with the added advantage of substantial leverage to suit various trading strategies. Frequently Asked Questions (FAQs) Q 1: Is HYCM regulated？ A 1: Yes. It is regulated by CGSE. Q 2: How long has HYCM been established？ A 2: HYCM has a 40+ year background in businesses. Q 3: Does HYCM offer demo accounts？ A 3: Yes. Q 4: Do I have to pay tax on my rewards？ A 4: Yes, all tax arrangements are your concern. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.