HYCM Forex Brokers Reviews
I think the forex offering should be enough for most forex traders. HYCM offer the online brokerage industry standard MetaTrader platforms. Most trading brokers have these platforms which makes them one of the most popular choices. I personally don’t mind that they don’t have their own proprietary platform since most traders don’t use those anyway.
For example, there is a $30 fee for wire transfers under $300. As for other payment solutions, such as Skrill and Neteller, there is a 1 percent fee for withdrawal. As for other payment solutions, there are no fees charged for them. While working on this HYCM review, we found that among many assets available on HYCM are commodities. These assets have been very popular among traders for a very long time.
Other deposit techniques you can adopt are Neteller, Skrill, Rapid Transfer, and iDeal. Besides online banking, wire transfer is a possibility as well, even though it takes about 4-7 days. This HYCM review breaks down each of the relevant non-trading fees for you in detail. The first kind of charges to look out for are trading charges. Whenever you make an actual trade, like buying a stock or an ETF, you’re charged trading charges.
Once you are done with the demo account, you can choose from the three available live trading accounts that are offered by HYCM. The name of this account is derived from the fact that those who open this account will have to pay fixed spreads of 1.5 pips. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
HYCM Trading Platform Review
In addition, its advanced technical analysis options include 38 technical indicators, 44 analytical objects, and unlimited charts. As for my words that it’s “universal” I mean that it caters to both scalpers and long-term traders. Here you can scalp with the tightest possible spreads or trade in the long term with wider spreads. For this purpose, you can choose an account with fixed spreads. This broker seems very advantageous for nearly any trader. It offers to choose between fixed and tight floating spreads and doesn’t offer unproven products such as mediocre customized platforms.
- Many traders are looking for opportunities and I think brokers like HYCM can help.
- Both of these trading platforms were created by the same company called MetaQuotes.
- Today I work with MT5 – it’s a fast and functional platform, and the number of assets corresponds to my preferences.
- The broker has CFD on key types of indices – American, European, and also indices of the largest Asian economies – China, Japan, Hong Kong, India, etc.
Unfortunately, only the clients of HYCM’s EU and UK entities are covered by investor protection. Yes, it isregulated by several financial authorities globally, including the top-tier FCA. Changing the leverage is a very useful feature when you want to lower the risk of your trade. HYCM has clear portfolio and fee reports.You can easily find your profit-loss balance and the commissions you paid under the ‘History’ tab. However, the platformfeels outdatedand some features are hard to find.
Author of this review
You can make transfers between accounts opened in the same currency. Numerous regulations make Hycm broker one of the most reliable companies that provide brokerage services out there. At the end of the day it’s the requirement that every reasonable trader needs. Metatrader 4 and 5 are not the easiest platforms in the world, so you need some time on the demo account to learn how to use it. MetaTrader 5 is a widely used trading platform for Forex and especially CFDs.
As we can see, the advantage of the Raw Account is evident, which is why this account type is best suitable for active trading. With 5-year experience of working in the financial markets. He also has experience of working on Forex, stock and futures markets. In the course of our review, we will compare HYCM with IC Market and City Index to help the readers see where HYCM offers better or worse conditions. Fund withdrawals can be completed using the same payment methods used to make the initial deposit. Following a successful withdrawal, your funds will be sent back to the original source from which they were received.
For a very long time, stock trading has been one of the most popular markets around the world. Individuals globally use stocks as a way to make short-term as well as long-term profits depending on their wants and needs. In order to avoid such scenarios, the broker has adopted a negative balance protection policy. This ensures that when you are trading on leverage, your positions are closed automatically whenever your account balance reaches zero.
So my opinion is that a broker is suitable for more experienced traders, as well as with traders who have no experience at all. I like to trade in hycm, I have a big dynamic here and it is much easier for me to control the situation, I think it’s time to invest more money. This is indeed great and very recommended for beginning traders especially, since together with good education and research tools you have good chances for a good trading path. HYCM has also included Mobile Application – HYCM Trader, for the traders who prefer to trade on the go, which allows trading at anytime and anywhere.
This includes quick trade execution speeds with minimal slippage, tight spreads and competitive trading costs. You can access the global markets via user-friendly yet powerful trading platforms for all of your devices. I would put them up there with some of the best trading brokers for reasons that we will explore in detail throughout this review. HYCM account types include three accounts Fixed, Classic and Raw Spread Accounts that are different models accounts. HYCM uses either a fixed spread model with slightly higher spread, means commissions are not charged on trades.
Compare Brokers Similar To HYCM
Few e-payments systems, CC and bank wire, that’s basically it. HYCM or formerly HYMarkets is rightfully considered one of the leaders among forex brokers and at the moment shares more than 40 years of experience in the market. Find out what this online broker is capable of by reading our latest coverage. We’ve made sure to cover all aspects of this platform so that you are able to figure out if it’s the right broker for you. Read up about their dynamic trading platforms, comprehensive support, and low spreads today.
It has a built-in ticket feature that allows traders to click on the price and instantly send an order to buy or sell. HYCM may require copies of your credit card before approving a withdrawal request. Traders should consult the banking section of the HYCM website for more details.
This enables us to give an impartial and reliable broker rating. You can read more about https://broker-review.org/ our broker review process here. HYCM does offer a sign-up, welcome bonus offer of 10%.
This can help to generate prospective trading signals while also being valuable if you have an open position that you are monitoring. Education is a strong tool for traders, which is why they value it at HYCM. HYCM’s educational seminars and workshops are designed to provide you with practical information and put you on the fast hycm review road to achieving your financial objectives. Help future customers by talking about customer service, price, delivery, returns & refunds. There is a special VIP account for clients who actively trade larger volumes. The VIP account comes with lower spreads, a dedicated account manager and comprehensive market analytics.