HYCM Analysis 2024: Can You Trade Safely With This Firm? We Review Their Track Record

HYCM Analysis 2024: Can You Trade Safely With This Firm? We Review Their Track Record

To get started, go to the Apple App Store and download the Metaquotes MetaTrader 4 app for nothing. The financial markets are available to HYCM customers immediately, and they have the option to manage their portfolios entirely from their mobile devices. Our review of HYCM found that this broker does not offer social trading.

Several types of accounts adds a bit of competitiveness, hence stimulates traders to trade a lot and develop their skills and gain plenty of experience. In clonclusion, I want to add to this hycm review the detail about the velocity of deals’ execution. It’s the fastest I’ve ever met and I’m really glad that I have an opportunity to trade with this broker. The Classic Account offers variable spreads starting from 1.2 pips, making it suitable for traders who prefer a more flexible spread structure that adjusts to market conditions.

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We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Keep in mind that if you withdraw less than $300 by wire transfer, HYCM will charge you an additional $30 processing fee on top of your deposit.

This includes a range of tutorials, courses, and e-books on all manner of trading topics that newer traders in particular will find very useful. One of the most impressive elements around the HYCM Raw Account is the fact you can open it with a minimum deposit of just $200. HYCM is a CFD broker meaning they trade solely in CFDs on all assets. When it comes to currency pairs they have a good selection of 69 available and include major, minor, and exotic choices. Any forex review will likely praise the range of currency pairs available from the broker, along with its spreads and clear pricing.

Desktop platform

• HYCM’s MT4 platform allows you to trade 100 different instruments.
• I appreciate that HYCM takes safety of client funds, transparency and fair practice very seriously.
• Accounts stay active for 14 days, but clients can open as many demo accounts as they wish over an unlimited time period.
• I can not say that I quickly resolved this issue, in fact, it took me some time to figure out what a broker should be and what conditions it should provide for its clients.
• There are always new horizons and here you can always change your decision drastically and see the situation from a new side.
• Then, they select the deposit method of their choice, fill in the required information, and click “Submit“.
• Given the broker’s 40-year history, this is a particularly impressive feat that should increase your trust in them.

I personally don’t mind that they don’t have their own proprietary platform since most traders don’t use those anyway. With the exception of brokers such as AvaTrade who have their own proprietary platforms for you to trade on. MetaTrader was developed by software company MetaQuotes and has continued to grow over the years, often the go to platform for new traders. Filippo specializes in the best Forex brokers for beginners and professionals to help traders find the best trading solutions for their needs.

You can easily upload the relevant documents via the client portal. This process allows HYCM to meet KYC (Know Your Customer) guidelines. KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices, such as money laundering. Our HYCM review team was unable to find any major scandals or scams in the history of the broker. Any discussion of potential scams or scandals in other reviews or from clients always reinforces that HYCM has not had these problems.

Non-trading fees

You should never invest money that you cannot afford to lose. In order to register, you must submit personal information about yourself, like your name, residential address, email address, etc. After email verification, you can proceed to create a demo account for yourself. If you know the login and password for your live trading account, click Login to Trade Account, and select the Henyep-Live server. Then enter the login hycm review and password for your live trading account. The Android HYCM MetaTrader 4 allows traders to use a variety of advanced trading capabilities that would enable them to monitor and trade Forex fast, quickly, and safely while on the go.

• I got interested in trading a few years ago, but I didn’t immediately decide to start trading.
• We’d also love to see HYCM extend services to traders based in the United States.
• It also supports 6 types of pending orders, offering greater flexibility for executing trades under specific conditions.
• Fund withdrawals can be completed using the same payment methods used to make the initial deposit.
• Through InvestinGoal, Ucchino helps users navigate the world of online investing and trading by providing trading guides, best brokers rankings, broker reviews, and broker comparisons.
• Spreads vary by account type and market conditions, with options for both fixed and variable spreads.
• The website is available in 12 languages, helping the global audience that HYCM aims to attract.

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Also, each broker has its own set of withdrawal restrictions that limit how you can get money out of your account. This is because each brokerage business will have varied withdrawal options. Each issuing bank may charge different transfer processing costs, have varying processing timeframes, and charge a currency conversion fee. In some cases, depending on the type of brokerage account you choose, you may be required to make a minimum deposit as high as 6500 GBP or USD. Some brokers are willing to go as high as 10,000 GBP/USD on some exchanges.

Trading Fees

It includes the range of trading platforms, account tiers, list of CFD products offered, customer service, demo accounts, and regulatory status. With HYCM trader can focus on his work and stop struggling to beat broker’s tricks. Every trader knows some brokers use all kinds of manipulations to provoke traders to lose money. I find it very nice of HYCM though that they’ve offered three different types of accounts with different approach to commissions. Depending on your trading style you can choose the plan that will be the most favorable for you. If you can’t decide yourself what will work best for you, I recommend using the test offered at the official HYCM website at Accounts sections.

Trade hundreds of the most popular assets in the global markets with HYCM, one of the leading forex brokers in the world with more than 40 years of experience. MT4 and MT5 mobile apps offer the same features as included on their desktop versions. Additionally, HYCM clients can access Primetrader – a mobile app build by HYCM experts with complete trading functionalities. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.