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HYCM Review
HYCM is an online forex and CFD trading platform. They provide traders with access to key markets such as currencies, indexes, commodities, and stocks. HYCM is one of the few brokers that offers cryptocurrency CFDs to traders interested in cryptocurrencies such as Bitcoin.
Pros
- Segregates client funds
- Established in 1977
- Regulated by Financial Conduct Authority, CySEC
- Min. deposit from $1
Cons
- Doesn’t offer VPS (See alternatives)
- Inactivity Fee
- Limited range of instruments
- Not ASIC Regulated (See alternatives)
A minimum deposit of $1 is required to establish a live account. Alternatively, HYCM Markets has a demo account that you may use to experiment and become acquainted with their platform.
Regulated by the Financial Conduct Authority in the United Kingdom (FRN: 186171) and CySEC (license number: 259/14), HYCM places all customer money in segregated bank accounts with tier-1 institutions. HYCM has been in business since 1977.
Before we get into the specifics of HYCM’ spreads, fees, platforms, and trading tools, you may want to open their website in a new tab by clicking the button below to get the most up-to-date information directly from them.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are HYCM’s spreads & fees?
HYCM, like most brokers, charges a fee based on the spread, which is the difference between the buy and sell price of an asset.
The commissions and spreads shown here are based on the HYCM website’s minimum spreads.
| Forex | HYCM | City Index | XTB |
| EUR/USD(Average: 0.7 pips) | 0.2 pips | 0.7 pips | 0.1 pips |
| GBP/USD(Average: 1.1 pips) | 0.4 pips | 1.7 pips | 0.1 pips |
| USD/JPY(Average: 1.1 pips) | 0.2 pips | 0.6 pips | 0.1 pips |
| AUD/USD(Average: 0.8 pips) | 0.7 pips | 0.6 pips | 0.2 pips |
| USD/CHF(Average: 2.3 pips) | 0.7 pips | 2.3 pips | 0.2 pips |
| USD/CAD(Average: 2.9 pips) | 0.6 pips | 0.5 pips | 0.3 pips |
| NZD/USD(Average: 3.6 pips) | 1.1 pips | 2.8 pips | 0.3 pips |
| EUR/GBP(Average: 2.4 pips) | 0.3 pips | 0.5 pips | 0.1 pips |
Spreads are dynamic and are for informational purposes only.
As you can see, HYCM’s minimum spread for trading EUR/USD is 0.2 pips – which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with HYCM vs. similar brokers.
How much does HYCM charge to trade 1 lot of EUR/USD?
If you bought one standard lot of EUR/USD (100,000 units) with HYCM at 1.1719 and then sold it the next day at the same price, you would most likely pay $15.1. Here’s a quick summary of the costs and how they compare to XTB and AvaTrade.
| HYCM | XTB | AvaTrade | |
| Spread from: | $ 2.00 | $ 2.00 | $ 7.00 |
| Commission: | $4.00 | $0.00 | $0.00 |
| Total cost of a 100k trade: | $ 6.00 | $ 2.00 | $ 7.00 |
| $4 less | $1 more | ||
| VISIT HYCM | VISIT XTB | VISIT AVATRADE |
All fees/prices are for informational purposes and are subject to change.
What can you trade with HYCM?
HYCM provides over 100 different trading products, including over 70 currency pairings. To compare, we’ve summarised all of the different types of instruments offered by HYCM, as well as the products offered by XTB and AvaTrade.
| FX / Currencies | HYCM | XTB | AvaTrade |
| # of forex pairs offered | 71 | 48 | 59 |
| Major forex pairs | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes |
| Exotic forex pairs | Yes | Yes | Yes |
| Cryptocurrencies* | No | Yes | Yes |
| Commodity CFDs | HYCM | XTB | AvaTrade |
| # of commodities offered | 10 | 21 | 16 |
| Metals | Yes | Yes | Yes |
| Energies | Yes | Yes | Yes |
| Agricultural | Yes | Yes | Yes |
| Index & Stock CFDs | HYCM | XTB | AvaTrade |
| # of stocks offered | 10 | 1606 | 99 |
| UK shares | No | Yes | Yes |
| US shares | Yes | Yes | Yes |
| German shares | No | Yes | Yes |
| Japanese shares | No | Yes | Yes |
| SEE HYCM’S INSTRUMENTS | SEE XTB’S INSTRUMENTS | SEE AVATRADE’S INSTRUMENTS |
What’s the HYCM trading experience like?
1) Platforms and apps
HYCM provides the well-known MT4 forex trading software. See our MT4 broker comparison for a list of the best MT4 brokers. HYCM also provides a bespoke HYCM platform.
They now provide mobile apps for Android and iOS, making it easy to monitor and make transactions while on the go.
Still not sure?
Open a practice account & learn to trade
2) Executing Trades
The minimum and maximum trading criteria at HYCM vary based on the trader and the asset.
As a market maker, HYCM may have lower entrance criteria than an ECN broker, who usually has greater capital and minimum trading requirements due to a higher number of transactions. Market makers usually have a lower minimum deposit and a lower minimum trading requirement and no commission on trades.
Margin requirements, like those of other brokers, vary based on the trader, account, and instrument. The most recent margin requirements may be seen on their website.
Finally, we’ve included a list of some of the most common financing options that HYCM provides its traders below.
Trading Features:
- Allows scalping
- Allows hedging
- Low min deposit
Accounts offered:
- Micro account
- Mini account
- Standard account
- Islamic account
Funding methods:
- Credit cards
- Bank Transfer
- PayPal
- Payoneer
3) Client support
English, Chinese, Arabic, and Russian are just a few of the languages supported by HYCM.
4) What you’ll need to open an account with HYCM
Because HYCM is regulated by the Financial Conduct Authority and CySEC, every new customer must go through a few simple compliance checks to verify that you understand the risks of trading and are permitted to trade. When you establish an account, you will most likely be asked for the following information, so have it handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to prove your trading expertise, so allow at least 10 minutes to finish the account opening procedure.
While you may be able to browse their site immediately, it is essential to note that you will not be able to execute any transactions until you pass compliance, which can take several days, depending on your situation.
To start the process of opening an account with HYCM you can visit their website here.
79% of retail investor accounts lose money when trading CFDs with this provider.
