- Country: UK, Cyprus
- Regulation: FCA, CySEC
- Type: Market Maker, ECN
- Markets: Forex and CFDs
- Minimum deposit: 100 USD
- Deposit methods: card, transfer, Skrill, Webmoney, Neteller
- Platforms: MetaTrader 4
- Spread: fixed and from 0 pips in ECN
- Commissions: $ 40 per million
- Scalping: allowed on Pro account
What is HYCM?
Before giving my opinion of this broker, let’s see its characteristics and trading conditions.
HYCM, formerly known as HY Markets, is an English Forex and CFD broker regulated by the British FCA. This broker is part of Henyep Group, a strong financial group with offices in Dubai and Hong Kong, the latter center having been its origin in 1977.
HYCM is subject to the strict procedures of the English regulator, having to undergo external audits with Moore Stephens. Also, this broker is under the FSCS umbrella which protects clients up to £ 50,000.
Likewise, as it is regulated in the CySEC for accounts registered with that subsidiary, it has protection of up to 20,000 euros per account, provided by the Cypriot State.
In both cases, the broker must keep the funds of the clients segregated.
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This broker does not accept clients from the United States.
The other subsidiaries of the group would be, HY Investments in the United Kingdom, the one of Cyprus, in Dubai, in China, the main one of Henyep in Hong Kong and another one in the Cayman Islands.
Contact with the client will be through:
- Chat online
- Email: email@example.com
- Telephone 24 hours 5 days
Open HYCM account
Opening an account with HYCM is quite easy as we will only have to enter our personal information on the broker’s website and wait for the confirmation email to be sent to us.
Once we confirm we can enter the broker’s platform we will have to validate our data for which we will send copies or photos of our identity documents (ID or passport) and residence (water bills, electricity or bank statements).
The minimum deposit with this broker is 50 USD for your basic account. Deposit methods are various, such as: card, transfer, Skrill, Paypal, PRC and WebMoney.
HY Markets products, markets and commissions
The platforms offered by HYCM are the well-known MetaTrader 4 and its mobile and web version.
HY offers trading in Forex and CFDs on stocks, commodities, indices, metals and bonds.
The leverage offered by HYCM is:
|Main Forex pairs||30: 1 or 3.33% margin|
|Main indices, gold and minor Forex pairs||20: 1 or 5% margin|
|Lower indices, commodities and exotic Forex pairs||10: 1 or 10% margin|
|Actions||5: 1 or 20% margin|
|Cryptocurrencies||2: 1 or 50% margin|
The accounts would be:
|Minimum deposit||100 USD||100 USD||200 USD|
|Lot size||0.01 lots||0.01 lots||0.01 lot|
|Spread||From 1.8||From 1.2||From 0|
|commissions||No||No||4 per lot|
The Classic and Raw accounts will be basically Forex, especially the Raw that will be the group’s ECN account.
The Fixed account is the one used for trading CFDs of stocks, indices, raw materials and cryptocurrencies.
Some of the main spreads that we can find are:
- DAX30 : 2
- SP500: 0.5
- IBEX 35: 8
- Gold: 0.4; 0.32 in Classic; 0.20 on Raw plus $ 5 per lot
HY Markets review
HY Markets is a fairly strong broker, which is headquartered in Hong Kong, being one of the major players in the South Asian equity and metal markets. This is perhaps its greatest advantage, being a company that has been in the international financial markets for more than 40 years. That, along with being fully regulated in the UK with the FCA.
CySEC regulation also helps on the security side. However, I do not understand why they bet on a second regulation in Europe, although in the case of total Brexit it would make some sense.
In recent years, it has changed its product offer a little, removing the Currenex platform and slightly increasing its minimum deposit.
It has also added cryptocurrencies with «average» conditions.
In my opinion, the broker’s trading conditions are acceptable, especially on the ECN account, although the $ 4 per lot is slightly higher than other competitors, as well as the spreads. Although it is better than the industry average, perhaps.
In recent years, it has also opted to translate its website into Spanish and serve the increasingly important Hispanic market.
There are better brokers on the market but also worse.
|HYCM Advantages||Disadvantages HYCM|
|Strong international base based in Hong Kong||Does not have too many products|
|Acceptable conditions in Forex on ECN account||Little-known broker in the Spanish-speaking region|
|Low and affordable deposit for modest clients||Little variety of platforms|
For more information, visit the website .