Home » HYCM
  • Regulated by multiple top-tier authorities
  • Low minimum deposit
  • Low trading fees
  • No proprietary trading platform available
  • Limited product portfolio
  • No two-factor authentication

HYCM (also known as Henyep Capital Markets) is one of the older forex brokers operating in the UK, having over 40 years of experience in the market. The company is part of Henyep Group, founded in 1977. 

Upon conducting our HYCM review, we have found this forex broker to be safe, as it is regulated by top tier authorities, including FCA (Financial Conduct Authority) and CySEC (Cyprus Securities and Exchange Commission).

Disclaimer: Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high degree of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent expert advice if necessary and speculate only with funds that you can afford to lose. Please think carefully whether such trading suits you, taking into consideration all the relevant circumstances as well as your personal resources. 

hycm history

Country of regulationUK, Cyprus, Dubai, Cayman Islands
⚠️ Inactivity fee$10/month after 90 days
🧾 Withdrawal fee£0
💰 Minimum deposit£100 for the first deposit, £20 afterwards
🕖 Account opening timeUp to 1 day
💳 Deposit MethodsVisa, MasterCard, Wire Transfer, WebMoney, Neteller, Skrill
💱 Base currenciesUSD, GBP, EUR, RUB, AED, CAD
🎮 Demo accountYes
🛍️ Products availableForex, CFDs for Stocks, Cryptocurrencies, Indices, Commodities, ETFs

Opening an account 

HYCM has a fast and easy account opening process. Traders that want to open an account should follow these steps:

  • Fill in the registration form – traders will have to provide personal information, such as date of birth, address and their phone number;

hycm registration process

  • Choose their account type, trading platform, account currency and leverage level. These options can be changed later from the client portal;
  • Once the account has been verified, investors may have to provide documentation, such as proof of address and proof of identification;
  • Fund their account with a minimum of £100 for their first deposit, using their preferred deposit method.

Traders should keep in mind that the account verification process can take up to 1 day.

HYCM account types

  • The HYCM demo account: users can trade using virtual money and get familiar with the platform;
  • Fixed account: ideal for active traders, as it comes with no commissions and fixed spreads;
  • Classic account: designed for intermediate traders, it offers variable spreads and no commission is charged;
  • Raw account: the best option for professional traders, offering significantly smaller spreads while charging a commission for each trade.

hycm account typesIn addition to those listed above, the HYCM account types also include a VIP account, dedicated to professional investors who trade large volumes. The VIP account has tight spreads and comes with a dedicated account manager.

hycm vip accounts

Traders should keep in mind that the minimum first deposit is $100 for Fixed and Classic accounts and $200 for Raw accounts. Also, all types of accounts, except the demo account, offer the option of an Islamic account.

HYCM Deposit and Withdrawal

While conducting HYCM review, our team of experts found that this stockbroker offers a variety of deposit methods, while charging no deposit fees

Deposits made via credit/debit cards or e-wallets are processed instantly, although the ones made via bank transfer take between 1 to 3 working days for clients in the UK.

hycm deposit methods

Accepted payment methods

Traders can use a variety of methods to fund their account. The HYCM payment methods that are available in the UK are: bank wire transfers, credit/debit card, WebMoney, Neteller, Skrill. The minimum first deposit is £100, while subsequent deposits need to be higher than £20. Users that want to deposit funds via Bank Transfer should know that the minimum deposit for this method is £250.

hycm minimum deposit

Traders can choose between 6 base currencies when opening an account at HYCM: USD, EUR, GBP, RUB, AED, CAD

Withdrawal time

Withdrawals can be made using a wide range of methods: bank wire transfers, credit/debit card, WebMoney, Neteller, Skrill.

The HYCM withdrawal time depends on which of the HYCM payment methods are used: for e-wallets and credit/debit cards, the transaction is processed within an hour, but for bank transfers, it takes between 1 to 5 working days.

hycm minimum withdrawal

Traders should be aware that HYCM does not charge any fees for withdrawals above £300, however, there might be additional charges from the banks or companies processing the payment. Additionally, HYCM charges a 1% processing fee for withdrawals above £5000. This applies only for Skrill and Netteler.

Tradable Products

This forex broker’s variety of products is on par with the industry average. Users can trade Forex Pairs as well as CFDs for stocks, indices, commodities, ETFs and, in some markets, including the UK, cryptocurrencies. 

Investors should be mindful when trading CFDs on leverage, especially with high-risk products such as Cryptocurrencies – they should only invest what they can afford to lose.

Direct ownership of stocks or cryptocurrencies is not available with this online broker, unlike some of its competitors. Fractional purchasing of stocks is also not available – traders need to make transactions of at least 1 share.

Investors can choose to invest in stock CFDs from multiple markets: they can trade companies listed on American, French, German and Spanish markets with this provider.

Trading Platform

Our HYCM review found that while the provider offers a modern, user-friendly interface in the client portal, it does not provide any in-house trading platform. Traders can choose between MetaQuotes products, namely MT4 and MT5

The HYCM MT4 implementation runs smoothly, however, the broker does not provide any improvements to the platform. Beginners traders may see this as a disadvantage, but intermediate and experienced traders will find the MetaTrader4 and MetaTrader5 interfaces to be familiar. Traders can easily switch between the two platforms from HYCM’s client portal.

Traders should keep in mind that this provider offers a significantly larger variety of products for MetaTrader5 users.

Beginners can learn more about MT4 in our metatrader guide.

HYCM Login and Security

The HYCM login process is seamless, on both the client platform as well as the trading platforms. While all information is secure and SSH-encrypted, the broker lacks two-factor authentication, making it less secure. Traders should use a unique password and make sure nobody has access to it.

hycm login

HYCM Mobile App

HYCM’s client portal comes with a mobile app, available for both Android and iOS. The app enjoys high ratings on both platforms, with a rating of 4.4 stars on Apple’s app store and 4.5 stars on Google’s Play Store, however, the number of reviews is limited.

Users can also trade on the go using the MetaTrader4 or MetaTrader5 mobile apps, depending on which platform they choose. Experienced investors will find the mobile experience to be familiar, however, beginners may find MetaTrader to be slightly overwhelming, especially on a small screen. Once they get familiar with the tools available to them, the experience becomes quite intuitive.

HYCM Fees and Commissions

Trading fees

HYCM operates primarily as a spread-based broker. The spreads offered across account types are on-par with industry averages, starting with 1.2 pips for classic accounts with variable spreads or 1.8 pips for fixed accounts with fixed spreads.

Variable spreads depend on market activity – meaning that the more volatile the market is, the higher the spreads become. Investors that trade actively with lower volumes may prefer to opt for a fixed account, offering predetermined spreads.

High-volume traders may prefer a raw account for commission-based trading, with very tight spreads and commissions starting from £4 per round. HYCM doesn’t offer pure commission-based trading – all account types have spreads of varying levels.

Non-Trading Fees

This investment platform doesn’t charge any fees for depositing. Withdrawals can incur fees in some cases, specifically for withdrawals larger than £5000 made via e-wallets or for withdrawals lower than £300 made via bank transfers.

The HYCM inactivity fee amounts to a $10 or currency equivalent charge made every month after 90 days of inactivity. The broker may refund this fee, up to a maximum of 1 month’s worth. In order for this to happen, the trader must contact the broker expressing their intent to resume trading and, afterwards, make a minimum deposit. HYCM reserves it’s right not to refund the fee.

Licensing and Security

The HYCM forex broker is licensed by a high number of regulators, both top-tier and mid-tier regulators:

  • Financial Conduct Authority (FCA), with reference number 186171;
  • Cyprus Securities and Exchange Commission (CySEC), under license number 259/14;
  • Cayman Islands Monetary Authority (CIMA), under reference number 1442313;
  • Dubai Financial Services Authority (DFSA), with license number 000048.

After opening an account, traders can see which regulating authority is protecting their account, by accessing the client portal. 

Henyep Capital Markets, the company behind this online trading platform has been active in this industry for over 40 years and is trusted within the industry.

Research Tools

This broker offers in-house research which can be accessed in the news category. In addition, users also have access to a newsletter, which is provided in partnership with Trading Central.

The research tools are available on both MetaTrader platforms, as well as within the client portal. Fundamental data for forex trading is offered through a user-friendly economic calendar, however, data relevant for stocks is missing.

hycm economic calendar

Educational Resources

Users can benefit from a comprehensive selection of educational resources:

  • written content;
  • video tutorials;
  • ebooks;
  • courses.

hycm educational resources

These resources are easily accessible from the client portal. In addition, webinars, workshops and seminars are also available.

Customer Support

Investors can contact HYCM representatives via a variety of methods:

  • Live Chat
  • E-mail: support@hycm.com
  • Phone: +442088167812
  • Messaging platforms: Skype, Viber, Whatsapp, Facebook Messenger, Telegram

hycm customer support

The live chat is available 5 days a week, from 5 AM to 6 PM GMT. Responses are quick, with wait times being usually lower than 5 minutes. The answers were professional in general, however, for some queries, not relevant to the question.

HYCM strives to answer e-mails within 24 hours, however, in our tests, we found that some of the answers were not relevant to our query while in other cases no response was provided at all.

An overview of HYCM

HYCM is a MetaTrader only broker, generally suited for intermediate and experienced traders. They offer several account types, appropriate for multiple trading styles.

This provider charges no fees for deposits and offers a variety of payment methods and, in the case of withdrawals, fees are low or non-existent.

In terms of products, only forex pairs and CFDs are available. Some product types are missing, such as options, and traders do not benefit from direct ownership of stocks.

HYCM lacks two-factor authentication for the client portal as well as for accessing the trading platform. It can be considered a safe broker, as it is licensed in multiple jurisdictions and has a lot of experience on the market. The research and educational tools are average, and customer support, while easily reachable, may have difficulty in providing relevant feedback. 

HYCM Details

4.0 rating
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