In this article, we will be talking about one of the best-known brokers in the forex trading industry. HYCM has two licenses and two offices, one in London and the other one in Limassol, and over the last couple of years they have certainly built up their reputation among traders. In this short analysis, we’ll present the results of our tests of this broker’s security because our team went in and created trading accounts in order to try everything this company offers! Want to learn more? Continue reading our “Is HYCM a Scam?” article and learn from our experience!
Is HYCM a Scam? | MT4 and Mobile Trading
We’ll start our “Is HYCM a Scam?” analysis with the most important part of the trading process on this website – the trading platform. We tested it very thoroughly and talked about it in our HYCM Review 2017, but in short we can say that it works perfectly. HYCM uses the MetaTrader 4 trading platform, probably the most popular trading platform in the industry which has many cool options and features you’ll certainly want to utilize in your trades. It also comes as an app, but in both cases you can count on superb execution and loads of data coming your way. We never saw the slightest trace of any kind of HYCM scam or fraud, so you can rest assured you will be in good hands every step of the way.
Is HYCM a Scam? | Regulation
The second important feature we have to mention is this analysis is regulation. It’s quite important to have a safe broker on your side, and HYCM definitely fits the description. Not only is it fully regulated, but HYCM is regulated by two different agencies – the Cyprus Securities and Exchange Commission and the Financial Conduct Authority of the UK! That’s why you can be 100% sure that everything that has to do with HYCM is completely legal.
Furthermore, the broker uses 128-bit encryption which ensures that all the data you share is perfectly safe. The broker has partnered up with VeriSign, the company that operates network infrastructure, so you can once again be sure completely safe. This ties in nicely with the final part of this article, so stay just a bit more.
Is HYCM a Scam? | Transactions
There’s only one more thing left to talk about: the monetary transactions. We’ve tried both to deposit and to withdraw more than once and can say that everything works perfectly once again. Our money was in our hands, and in our accounts in a very short period of time (a couple of working days) and we experienced no problems whatsoever. The company accepts various methods of monetary transactions and various currencies, so you’ll always have several options to choose from. We can conclude that it’s very easy to do business with this company and asking is HYCM a scam at this point seems completely unnecessary.
Is HYCM a Scam? | Conclusion
Is HYCM a scam? Well, we can honestly say that the answer is no and that we are very, very satisfied with this broker. You get everything it takes to be an excellent broker here. When you open an account, you’ll be trading on a very sophisticated MT4 trading platform that’ll provide you with the best possible trading experience, no matter if you’re trading from your computer or a mobile device. Furthermore, we need to say that HYCM’s support team is always at your disposal: they are reliable and quick in handling situations. It’s also very easy to fund an account here and the company is fully regulated and completely safe, so you definitely won’t regret choosing them as your broker. Trust us, open an account with HYCM and start trading here today!
The foreign exchange business has been growing rapidly over the last couple of years. Today, there are many brokerage companies trying to find their place in the sun. At the moment, one of the most important brokers is HYMC, one of the leading providers of online forex and CFD trading services. This company provides its clients with a complete and safe trading experience and is a regulated broker with many loyal traders from all around the world. In this comprehensive HYCM review, you will be able to learn literally everything you need to know about them. Our team has been testing this broker for quite some time now, and we are finally ready to show you the results of their work. Stay with us and see what you can expect here!
HYCM Review | How to log in
In order to become a trader, you have to have an account to trade from. To open an account with HYCM, you have to complete the login process. In other words, you have to enter some information about yourself and share them with the broker in order to get an account that’s going to be only yours.
The HYCM login procedure won’t take you more than a couple of minutes, and you don’t need any special skills to complete it. First, you have to enter some basic personal information: name, telephone number, email address and the date of your birth. Next, you have to choose your username and password, while the last step of the login procedure is choosing your currency and account type. When it comes to the currencies, you can choose between RUB, AED, GPB, EUR and USD. As for the accounts, there are three types of accounts you can choose between. More details on HYCM account types can be found in the next paragraph of our HYCM review, so keep reading!
HYCM Review | Account types
We said that you can become a holder of three different accounts with HYCM. The initial deposit can vary from $100 to $10,000, so we’re quite sure that everyone can find something that will suit them perfectly.
The most basic HYCM account type is called Micro and requires a minimum deposit of $100. This amount is more than fair because it allows pretty much anyone to become a member of HYCM’s big family. So if you’re a beginner, you don’t have to risk a lot of money to start your trading career. There are 50 tradable assets you can profit from with HYMC’s Micro account, plus the maximum leverage goes up to 1:400, meaning you can control 400 times more money than you invested. This, just like the minimum deposit, is better than the industry’s average and a pretty significant advantage this broker has over its competition.
The second account type is called Standard. It requires a deposit of $1,000 and is the most popular account among HYCM’s traders. With the Standard account, you’ll get many trading signals, which means you’ll always be warned of every significant trading opportunity. The last account from HYMC’s account offer is VIP. For this, you will have to deposit $10,000 because it was designed with professional traders in mind.
The last thing we’d like to mention in this paragraph of our HYCM review is that every account is also available as an Islamic account. In other words, every Muslim can open an interest-free account here.
In the next part of our analysis you can check out what platform you’ll be trading on once you set everything up. Stay with us!
Just like so many other brokers with good reputation in the field of foreign exchange, HYCM has also decided to make MetaTrader 4 platform a part of their offer. As you probably already know, MetaTrader 4 is the most popular trading platform in the world.
HYCM MT4 is well known for several important characteristics. First of all, there are powerful analytical tools which this platform provides. This toolbox consists of more than 30 indicators and more than 200 free custom indicators which will enable you to handle very complex trading situations. Apart from that, its design is very user friendly: you can use up to 9 timeframes at once and there are many charts you can use, as well.
As you can see, HYCM really does take care of their clients, but not only did they provide you with the best possible trading environment, they also enabled you to trade anytime you want! That’s right; you don’t have to sit in front of your computer all the time in order to trade. You can download HYCM mobile app and trade anytime you want! HYCM app is very simple to use and very quick, so you won’t be losing any time. Also, it has all the options the desktop platform has, so you practically won’t feel any difference. All you have to do is to find it on Google Play or on the App Store and you will be able to trade whenever you want. But this HYCM review has a lot more to show you, so stay tuned.
HYCM Review | Other Options
In this paragraph of our HYCM review, we’ll be discussing some other interesting trading features HYCM has to offer. First of all, we’d like to highlight one thing that we’ve mentioned earlier in the article when we were talking about accounts. It’s the option of receiving HYCM trading signals. You see, the platform provides you with literally all the information you need: rates of central banks, important political or economic events, change in business climate in a particular country… With HYCM, it’s very easy to track market changes from all over the world. Apart from news, however, there are also trading alerts. Alerts are the HYCM signals we mentioned and they tell you exactly what to do. You can receive them by email or even via your phone (SMS).
When it comes to tradable assets, you can choose between forex, metals, indices, oil/gas, commodities and stocks. Although this offer differs slightly from account to account, you’ll never trade some white label products. In other words, when it comes to stocks, for example, you can trade Alibaba, Apple, Tesla Motors, Twitter and so on. As for the trading options in the terms of time, you can choose between various timeframes. If you’re a more dynamic trader, you can set your timeframe to 30 or 60 seconds. On the other hand, on HYCM’s trading platform you can also trade with long timeframes (a couple of months, for example). There are really tons of options to explore and we will keep doing so in the rest of this HYCM review. Next we’ll show you how you can fund your account. Stay tuned!
HYCM Review | Deposit and Withdrawal
As we said at the beginning of our HYCM review, if you want to trade you have to fund your account. It’s pretty important that this part of the entire trading procedure goes without any problems because you certainly don’t want to work with a broker that has some complicated rules concerning money transactions.
Fortunately, with HYCM everything is extremely easy and quick. You can fund your account in just a couple of minutes and there are many options you can choose between when doing so. First, you can deposit your money by using credit/debit cards (VISA and MasterCard). Apart from that, you can also use various e-wallets: Skrill, WebMoney, Neteller. Thirdly, there’s also the option of using some local payments methods. Finally, the last HYCM deposit method you can use is wire transfer. While all other types of transfers are done instantly, using wire transfers can take up to 5 working days. We’ve already mentioned the currencies you can use, but what we didn’t mention is that you can also deposit your money in KWD and SAR. KWD, SAR and AED deposits will be converted to USD for trading. Allow us to emphasize once again that the minimum HYCM deposit is set to just $100.
As for HYCM withdrawal, you can use all the methods that are at your disposal for deposit. When it comes to processing time, wire transfer processing lasts from 1 to 5 working days, while all other withdrawal will be executed within 7 days. Keep in mind, though, that the funds you withdraw go back to the original source of deposit and in the same currency. Minimum HYCM withdrawal is very low and requires only 20$ in most cases (250$ for wire transfers), but that’s not the only good news here because HYCM also does not charge any withdrawal fees in most cases (wire transfers are the only exception here too, as their fees can go up to 30 USD).
And that’s pretty much all you need to know about HYCM money transfers, but there are still many interesting topics to discuss in this HYCM review, especially if you’re a beginner, so keep reading!
HYCM Review | Beginners Course
Although most brokers in the field of foreign exchange have some type of educational center, HYCM is the only one that has a comprehensive Beginners Course. When you’re starting with any new type of work, you will want to inform yourself the best you can. That’s especially important when it comes to money and money-related activities. In other words, the more you learn, the sooner you’ll start earning money out of trading forex.
There are five different presentations HYCM offers as a part of their Beginners course. The first one is Forex Advantage were you can learn all about the advantages of forex trading and why this field is growing so rapidly. Then there’s the one called Basic Forex Terms. As you can guess, here you can get to know the basics of forex trading terms, which is an excellent first step in trading. The third part is called Types of Orders where you can check out all the trading options and learn how to use the right type of order in the right time. Winning Tactic will help you develop your customized trading plan. In other words, you’ll find the trading tactic that suits you best. The last part is the Glossary of Concepts. With such an exhaustive Beginners course you’ll adapt to a new environment in no time. However, there is more to discuss and our HYCM review will show you all. Don’t go away!
HYCM Review | Other Education Options
Apart from what was already mentioned, HYCM has other educational features everyone can take the advantage of. These materials are divided into several sections: Trading Tools, Tutorial, Trading Strategies and E-books.
Trading tools allow you to check out some general stuff, such as overviews of the trading market and different financial instruments. Additionally, there are some other important lectures to read, e.g. like the lesson on trading psychology which will teach you how to understand the importance of emotional intelligence in trading and how to improve your trading behavior.
The Tutorials section consists of various materials about the usage of the trading platform. You can learn all you need to know about MT4 download and installation and how to work with its main features. Moreover, you can learn how to add indicators into diagrams and how to deal with the MT4 configuration.
Trading Strategies are a group of presentations divided into levels. With this feature you can learn pretty much everything one needs to know about strategies in trading forex. For example, the first lesson is about trend signals, and the last one is about semi-automatic strategies, so you’ll have all the knowledge on strategies in one place.
There are also e-books that can be downloaded for free: Forex e-book, Advanced e-book, Commodities and Futures e-book and CFDs and Stocks e-book. All in all, even if you’re a complete newbie, HYCM will teach you everything you need to know!
The next important thing we’ll talk about in our review of HYMC is their customer support. When you’re trading, and especially if you’re a beginner, you want to have a reliable support team on your side. We can confirm that the guys from HYCM support team are completely reliable, informed and very, very quick. We tested them a couple of times and they always helped us immediately. You can contact them by email or you can talk to them via live chat (Monday to Friday, 24 hours service). On top of that, you can call their offices in London and Limassol.
Apart from the fact that the broker is quite helpful, it’s very generous, as well. HYCM bonus policy allows you to get extra funds if you refer a friend to the company. The exact HYCM bonus amount depends on the amount your friend deposits and it can vary from $50 to $250! We also have to mention that there are no limits regarding the number of friends one can refer, so do your best! This is all completely safe and reliable, of course, as the last part of our HYCM review will confirm.
HYCM Review | A Few Words about Safety
As you all know, one of the most important things for every forex broker is its reliability. When you’re trading, you want to be completely sure that your broker is legit and that nothing illegal can happen. The best way to be sure that your trading will be safe is to choose a regulated broker as your partner.
Fortunately, HYCM is a regulated brokerage company. It’s regulated by two regulatory bodies: the Cyprus Securities and Exchange Commission and the Financial Conduct Authority of the UK. Furthermore, when it comes to the protection of data you share with your broker, HYCM uses 128-bit encryption. In other words, every piece of information you share on this website is completely safe and there’s absolutely nothing to worry about. If you would like to find out more on the broker’s safety measures, you should definitely check out our Is HYCM a Scam? analysis. Just stick around for the conclusion of our HYCM review before you go.
HYCM Review | Conclusion
There’s not much left to say at the end of our HYCM review, so we’ll repeat the most important things from our analysis. First of all, you can become a holder of an HYCM account extremely easily. There’s nothing difficult to deal with: you have to enter some information about yourself, choose currency and account, and that’s about it. There are three accounts you can choose between, and the simplest one requires only $100, so we can say that anyone can become a forex trader. When you create an account you’ll get an opportunity to discover all the options of the magnificent MT4 trading platform. Additionally, if you don’t know anything about trading, this broker will teach you everything you need to know. On top of that, their support team is always ready to help, so you’ll never be alone during trading. All in all, we’re extremely satisfied with this great company and we think you should definitely open an account with them. Join HYCM now and see how an excellent broker functions!