Forex Broker Review – HYCM
HY Markets has now re-branded and is known as HYCM, a FCA regulated broker that is based in London in the UK. Those who choose HYCM as their licensed broker can be assured that they will benefit from the security that is offered by selecting Financial Conduct Authority regulated broker and they can be confident that they have chosen a company that is reputable, reliable and trustworthy. HYCM are part of the global Henyep Group, a conglomerate that operates across several countries and which has been in the financial industry for over 30 years. Henyep are a market leader and ensure that their HYCM arm offers traders a comprehensive access to a wealth of trading markets from stocks and commodities to currency pairs. Geared towards the needs of novices and professional investors alike, HYCM have a section of their website dedicated to educational resources to assist both beginners and advanced traders and three different account types so that every trader can find one to meet their level of experience. Here, in this helpful broker review, you can find all the essential details that you will need to make an informed choice of broker with whom to register.
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HYCM’s Assets and Trading Platforms
HYCM take pride in offering a choice of trading platforms to suit all kinds of traders. One of the interfaces that they offer is the famous and ever-popular MetaTrader 4 trading platform which is well known to be leading the market in user friendly financial software. With an easy to use interface, this platform extends a range of benefits to users, including an Expert Advisor facility for automated trading, the option of using advanced tools and analytical charting and constantly updated live data streams of financial news so that investors can receive all the necessary information to inform their trades. Not only does HYCM offer MetaTrader, but they also have their own flagship software, the PrimeTrader platform. Simple to use and with its own excellent benefits which include capabilities for multi-assets, prices that can be individualised to suit requirements and the capability to use advanced charts. There is also a mobile platform which is ideal for traders on the go. Technologically advanced, this platform can be used on either an Apple or Android device and gives traders full access to their trading account at any time and from any location. Trades can be executed from this online platform, even when out and about. HYCM offer a wide variety of tradable assets with more than 120 to pick from. Traders can select their favourites from commodities, metals, indices, forex, shares and oil. Depending on the account type, leverages vary from 50:1 all the way up to 400:1. The broker’s partnership that they have formed with Pro Daily allows for the latest trading signals for account holds, however those using MetaTrader are also able to add on free trading signals if they wish to do so.
HYCM’s Account Types and Customer Services
HYCM have three accounts that are available to traders of all levels of experience. Beginners are sure to be satisfied by the basic level account, the Micro account, which requires just $100 in an initial deposit in order to make a start with trading. The Micro account as 50 assets to select from and offers a leverage of up to 1:500, with fixed minimum spreads being set at 1.8. For those who have a little more trading experience and who are ready to up their game, the Standard account is a good option, offering spreads of 1.5, leverages of up to 1:300 and a range of 120 tradable assets. There is also a higher level VIP account that requires a $10,000 deposit in order to be eligible, an this is ideal for the needs of the professional investor. Those who choose any of these accounts can benefit from the mobile trading facility and for those who require an Islamic account, this is also possible from all three accounts. HYCM believe in offering traders a good level of customer service and to that end, their contact centre is open between 23:00 GMT on Sundays until 21:00 GMT on Fridays. There are several contact methods available including in writing to the head office address, via one of the 5 email addresses supplied on the website or via the telephone call centre. Those who require a rapid response to their query on a weekday can enjoy the convenience of the live chat facility which is open 24 hours a day Monday to Friday.
HYCM’s Banking Options and Educational Resources
HYCM believe in educating their traders and enabling them to have the best possible chance of maximising their gains, and therefore they have produced a section on their website dedicated to resources such as tutorials, videos and ebooks which enable those who are new to financial trading to gain a grasp of the basics and those who are more experienced to learn even more advanced analytical techniques. HYCM have also made sure that there are plenty of ways to pay money into their trading accounts, with classic options like credit cards and bank transfers alongside more contemporary options like UnionPay and WebMoney. While bank transfers can take a little longer to process – up to five days in some cases, the other deposit methods are processed straight away so that trading can begin instantly. HYCM accept a broad range of currencies including AED, USD, EUR, RMB, KWD and SAR. Withdrawals are also easy, being credited back to the initial deposit method. When using UnionPay, WebMoney or credit cards as the withdrawal method of choice, funds will be received within 7 days, but bank transfer withdrawals will be processed in a period of 5 days or less. There will be no fee levied on any withdrawal except in the case of a bank transfer with a $300 withdrawal or less.
Traders who are searching for a new broker that is reputable and reliable would be making a sensible choice if they went with HYCM. Thanks to their FCA regulation and licensing, the security of financial and personal details is guaranteed, while they offer a good range of account types and interface options to suit all kinds of traders.
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