HYCM Broker Review 2021

HYCM Overview
Founded	1977
Platform	MT4, HYCM Mobile
Minimum account size	£100
Minimum lot size	0.01
Tradable assets	200+
Maximum margin	1:400
Spread on EUR/USD	2 pips
Payment methods	Credit Card, Neteller, WebMoney, Wire Transfer, Skrill, Other Local Payment Methods
Demo account	No
Accepts UK traders	Yes
Regulated	FCA (UK), CySEC (Cyprus)
Support	Email, Phone, Fax, Live Chat
Website	www.hycm.com

Visit hycm Site Pros

Regulated
Over 200 tradable assets
No slippages or requotes

Cons

Trading simulator valid for 8 days only but if you sign-up, you’ll get access to a lifetime demo account

HYCM has been in the forex business since 1977 and is currently licensed by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission.

Platform

The main platform that they offer is the industry leading MetaTrader 4 software where you can trade on all markets using just a single account. It comes with all the technical analysis tools, charts and graphs that you will need to assist you with your trading decisions. You can also trade via a mobile device that is running on Android or iOS by installing their mobile apps. Such technology deserves a Platform score of 10/10.

Design

Since they are offering the MetaTrader 4 platform, there’s not much of a difference on layout. Still, it is better than the overly designed platforms out there and for that they received a Design score of 4/5.

Minimum Deposit

After opening an account, you can start with an minimum initial deposit of £100. This amount is still at par with the market standards and based on our grading system, they got a minimum deposit score of 4/5.

Minimum Lot Size

If you’re the type of person who wants to trade with just a small lot size then it’s a good thing that the allowed minimum with this broker is 0.01. In this way the risks are much lower and proper fund management can be applied. This warrants a Minimum Trade Score of 4/5.

Tradable Assets

You can trade on over 200 products which includes forex, metals, indices, oil and gas, commodities, stocks and cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple. That’s a lot of markets to explore and for that they earned a Tradable assets score of 4/5.

Payouts

Different spreads are offered and this will be based on your account type. For example, the spread for the EUR/USD currency pair is 2 for Micro accounts, 1.8 for Standard accounts and 1.5 for VIP accounts. Still, their rates are competitive and for this reason they notched a Payouts score of 9/10.

Withdrawal Time

It only takes 1 day to process withdrawals for most of the banking methods except for Visa and MasterCard which could take just a bit longer at 1 to 5 working days. Overall, it is still faster than their competition and this definitely justifies our decision to give them a Withdrawal Time score of 8/10.

Deposit and Withdrawal Methods

Account funding can be done via credit cards (Visa and MasterCard), Neteller, WebMoney, Wire Transfer, Skrill and other local payment methods. Such coverage is the reason they were rated with a Deposit and Withdrawal Methods score of 5/5.

Customer Support

It’s easy to get in touch with their customer service team for questions, issues and other concerns. We had the opportunity to test out their phone and live chat support features and were able to get an agent on the line in just a few seconds. In terms of support customer service quality, we were very impressed on how professional and accommodating they are with any of our concerns which is why they notched a Support score of 13/15.

Quoting Accuracy

One of the strongest advantages of this broker is that their platforms are not prone to requotes or slippages. This is good news for those who trade on fast-moving markets that would require them to have access to real-time data. That being said, this broker got a high Quote Accuracy Score of 10/10.

Reputation

This brokerage has been in existence since 1977 and is licensed by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). These facts alone prove that they are a stable company so there’s definitely no question when it comes to their credibility. Add to that the numerous positive feedbacks from various traders across the globe including those from the UK where they have a huge client base. This kind of brand reliability earns a Reputation score of 15/20.

Conclusion HYCM offers user-friendly platforms that come with a lot of valuable perks and trading opportunities. Its regulation from the FCA and CySEC can give you a great deal of peace of mind knowing that your funds are in good hands. It would be wise to go trading with this forex broker. Final Score: 92/100 Visit HYCM Site