Best Choice! The leader in our ranking!
Perfect for beginners!
Free Demo Acc + Free Trading Education!
Good choice for experienced traders!
HYCM (Henyep Markets) Review
While its storied history is impressive, when it comes to forex and CFDs trading in Europe and its surrounding countries, HYCM fails to impress.
Top Takeaways for 2020
After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on HYCM:
- Founded in 1977, HYCM is regulated in two tier-1 jurisdictions and two tier-2 jurisdictions, making it a safe broker (average-risk) for forex and CFDs trading.
- Compared to pricing leaders such as CMC Markets and FOREX.com, HYCM is expensive and not recommended for discount trading.
- HYCM is a plain-vanilla MetaTrader broker that offers terrible customer service. Compared to industry leaders such as IG, CMC Markets, and Saxo Bank, HYCM left us unimpressed.
|Offering of Investments||3 Stars|
|Commissions & Fees||3.5 Stars|
|Platform & Tools||3 Stars|
|Mobile Trading||3.5 Stars|
|Customer Service||1 Stars|
Is HYCM Safe?
HYCM is considered average-risk, with an overall Trust Score of 84 out of 99. HYCM is not publicly traded and does operate a bank. HYCM is authorised by two tier-1 regulators (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust). HYCM is authorised by the following tier-1 regulators: Securities Futures Commission (SFC) and Financial Conduct Authority (FCA). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to HYCM clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||69|
|CFDs – Total Offered||225|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
Commissions & Fees
The forex trading costs at HYCM depend on the type of account established, ranging from the Fixed, Classic, or Raw account type. Offerings include its Raw and Classic account types from its UK entity. Meanwhile, the spreads on the EUR/USD at 1.8 pips for its fixed spread account are higher than the Raw and Classic accounts, which have more competitive pricing, with 0.6 pips average spreads for August 2020.
Compared to its EU-based brands, HYCM offers lower margin rates through its entities regulated by the CMA in the Cayman Islands, and by the DFSA in the UAE.
|Minimum Initial Deposit||$100|
|Average Spread EUR/USD – Standard||N/A|
|All-in Cost EUR/USD – Active||N/A|
|Active Trader or VIP Discounts||Yes|
Platforms & Tools
HYCM is a MetaTrader-only broker offering the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite but falls short compared to the best MetaTrader brokers.
Henyep Securities offers a separate platform for its Hong Kong and China exchange-traded securities offering, although we did not test that platform for this review as it is not provided across all the firm’s entities, including HYCM.
HYCM provides slightly more than the bare minimum for forex traders to conduct FX market research. For example, HYCM provides customers access to Trading Central – a popular service for automated technical analysis – available as an MT4 indicator, a daily newsletter, as well as via access to a dedicated web portal. The broker also streams daily market analysis videos and provides access to an economic calendar on its website.
Since Henyep is a MetaTrader-only broker, it provides both the standard iOS and Android versions of the MT4 app. No proprietary mobile app is offered.
To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.
Best Choice! The leader in our ranking!
Perfect for beginners!
Free Demo Acc + Free Trading Education!
Good choice for experienced traders!
- Average Connection Time: th (22 brokers)
HYCM brings over 40 years of operations and a lineup of global brands. Despite its respected history, the forex broker struggles to differentiate itself beyond a basic MetaTrader experience. Compared to industry leaders such as IG and Saxo Bank, there few reasons to open an account with HYCM.
About HYCM (Henyep Markets)
Founded in 1977, Henyep has a long-standing reputation for providing financial services across global capital markets, and it is an experienced member of multiple exchanges in Hong Kong, where it has its headquarters. In 1998, Henyep obtained European regulation with Britain’s Financial Conduct Authority (FCA) where, it remains regulated under Henyep Capital Markets (HYCM).
HYCM is a MetaTrader broker offering over 200 instruments to its retail forex and CFD traders. The broker’s Hong Kong entity, Henyep Securities, provides retail and institutional stock market investors access to the Hong Kong Stock Exchange and regional exchanges in mainland China.
HYCM Trading Features
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting – Indicators / Studies (Total)||51|
|Charting – Drawing Tools (Total)||31|
|Charting – Trade From Chart||Yes|
|Watchlists – Total Fields||7|
|Order Type – Trailing Stop||Yes|
HYCM Research Features
|Daily Market Commentary||No|
|Forex News (Top-Tier Sources)||No|
|Trading Central (Recognia)||Yes|
|Social Sentiment – Currency Pairs||No|
HYCM Mobile App Features
|Apple iOS App||Yes|
|Trading – Forex||Yes|
|Trading – CFDs||Yes|
|Alerts – Basic Fields||Yes|
|Watch List Syncing||No|
|Charting – Indicators / Studies||30|
|Charting – Draw Trend Lines||Yes|
|Charting – Trend Lines Moveable||No|
|Charting – Multiple Time Frames||Yes|
|Charting – Drawings Autosave||No|
2020 Review Methodology
For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.
- The brokerage does not accept traders from the United States.
- Only the MT4 platform is offered. There is no ECN offering.
- Asset index is quite limited when compared to other brokers.
- Bank Transfer
Henyep Capital Markets is the capital markets trading brand of the Henyep Group. With headquarters in Hong Kong and regional offices in Dubai, Cyprus and London, Henyep Capital Markets (HYCM) offers traders the opportunity to trade in forex, and CFDs on stocks, indices and commodities. The latest addition to the CFD class of assets has been cryptocurrency trading.
As required by the laws in the countries where it operates, Henyep Capital Markets has the necessary authorizations and licenses to operate. HYCM is therefore licensed and regulated in the UK, in Cyprus/Europe and in Hong Kong by the FCA, CySEC and CIMA respectively. It is also licensed by the DFSA in Dubai.
Henyep has won about 15 global awards for its brokerage services. Some of these awards are:
- a) 2 nd Saudi Money Award for Best FX Mini account provider, 2020.
- b) 2020 FX Report Award as Best Broker in Northern Europe.
- c) 2020 Global Banking and Finance Review as the Best Forex Broker in the UAE.
- d) 2020 Global Brands Magazine award for the Best Forex Broker Dubai.
- e) FXDailyInfo 2020 Award for Best Forex Broker Europe.
- f) 2020 Best FX Broker Middle East and Best Mobile Trading Platform, both awarded by World Finance.
- g) 2020 Best Retail Platform award by FX Report.
Henyep Capital Markets operates in English, Mandarin and Arabic languages. The website and trading platforms of Henyep can be considered to be user-friendly, with easy navigability and extra pages that explain many parts of the process of using the company’s services.
What trading conditions can clients of Henyep expect to encounter when they start trading with this broker? This is discussed below.
Execution speeds for the HYCM MT4 is 12ms. However, slippage during high impact news events could occur, which delays execution times.
HYCM provides leverage of 1:200 for forex pairs and 1:20 for all CFDs (indices, stocks and cryptocurrencies).
No bonuses are provided by HYCM (Europe) Ltd and Henyep Capital Markets (UK). This is because the regulators in those areas expressly ban the use of incentive bonuses. However, a 10% bonus (up to a maximum of $5000) is provided by the Cayman Islands-based HYCM Limited.
- Other Trading Conditions
Commissions are charged on the Raw account. This is fixed at $4 for each round of trade entry and exit. Minimum trade size on all accounts is pegged at 0.01 lots. No promotions are available on HYCM.
Traders on Henyep Capital Markets can choose from any of three account types:
- a) Fixed Account
- b) Classic Account
- c) Raw Account
The Fixed and Classic accounts can be used by beginners in forex and CFD trading. They both feature a $100 minimum deposit, while the Raw account features a $200 minimum deposit and has features more adapted for use by intermediary and advanced traders. The Classic account offers a spread of 1.2 pips for the EUR/USD. However, spreads are variable and widen during news releases. The Fixed account offers 1.8 pips as its lowest spread, while the Raw account offers spreads of 0.2 pips, but also comes with a commission of $4 for every round trade (i.e. $2 on trade entry and $2 on trade exit).
Broker products refer to the assets that can be traded on HYCM. The asset index is listed below:
Henyep offers more than 100 assets, split as follows:
- 47 forex pairs. This comes with a 1:200 leverage provision.
- 16 index CFDs with a 1:20 leverage provision.
- 10 stock CFDs with a 1:20 leverage.
- 5 Cryptocurrency CFDs, also with a leverage provision of 1:20.
- 4 Commodities
Henyep Capital Markets (UK) is where the capital markets division of the Henyep Group operates from as its headquarters. Other offices are found in Dubai and Hong Kong. These are the various licenses that are operated by the group.
a) Henyep Capital Markets (UK) Limited is licensed and regulated by the Financial Conduct Authority (FCA) with licence number 186171.
b) In Dubai, the company operates as Henyep Capital Markets (DIFC) Limited. It is licensed and regulated by the Dubai Financial Services Authority with license number F000048.
c) In Europe, the company operates as HYCM (Europe) Ltd. The European license is issued by the Cyprus Securities and Exchange Commission, with license number 259/14.
d) Recently, the company added another regulatory license to the existing ones, operating under the Cayman Islands Monetary Authority license number 1442313. Here, the company operates as HYCM Ltd.
Henyep offers its traders the MT4 platform with some unique features.
The HYCM MT4 comes in desktop, web-based and mobile versions. There is no multi-terminal for account managers. The MT4 comes with the following features:
- a) Execution speeds of 12ms.
- b) 9 time frames (M1, M5, M15, M30, H1, H4, D1, W1, M1).
- c) 30 technical indicators featuring trend, momentum, Bill Williams, volume and custom indicators.
- d) 23 analytical objects.
Other trading tools that can be used are:
- – EAs and custom indicators
- – Various trading tools and strategies from the MQL marketplace.
- – News feed from Trading Central
- – Charts
It is unknown if live news feeds are sent to traders on the platform.
The HYCM MT4 is easy to use and is adapted for use by traders at all levels, and most especially by beginners.
Henyep does not offer a proprietary platform for its retail traders. The MT4 platform is trilingual and is offered in English, Arabic and Mandarin.
The Henyep Group website is optimized for mobile use and can therefore be accessed on mobile devices such as tablets and smartphones. The MT4 has a mobile version which can be downloaded from the iOS and Google Play stores. The MT4 Mobile is unbranded and has shed some features to make it more mobile compliant. HYCM does not have a branded mobile platform.
Henyep Capital Markets offers its traders some of the most competitive spreads and commissions (Raw accounts only) in the industry. Spreads for the EUR/USD are as low as 0.2 pips on a Raw account, 1.2 pips on the Classic and 1.8 pips on the Fixed account.
Spreads tend to widen during very high impact news and this will affect the spreads on the Classic account, as these are variable and can widen during times of high volatility trading.
Deposits & Withdrawals
Deposits & withdrawals on HYCM can be performed using the following methods:
- a) Wire transfers
- b) Credit/debit cards (VISA, MasterCard). Virtual cards can also be used. For each method, a selfie with the card to be used for the deposit/withdrawal (with segments of the card numbers blocked out) is required.
- c) China UnionPay (works well for users in Hong Kong).
- d) E-wallets such as WebMoney, Skrill and Neteller.
The minimum deposit is $100, but for wire transfers, the minimum deposit is $500 (or 500 units of whatever base currency is used for the account). HYCM charges no fees for deposits and withdrawals. Processing times are fastest for the card methods, followed by the e-wallet methods and the bank wires, in that order.
Minimum withdrawal is $100. Fees are not covered. Withdrawals are fastest with cards (instant) and e-wallets (1 day), and slowest with bank wires (2-7 days). No complaints about delays or non-fulfilment of withdrawals have been made against the broker.
Trilingual support is available to all clients 24/5 via the following channels:
- a) live chat
- b) Email: [email protected] ; [email protected] ; [email protected] ; [email protected]
- c) Phone: +442088167812
- d) Live chat is only available via the website. Live chat provides instant support, while emails are generally answered within 1 business day. Customer support on Henyep is good.
Research & Education
HYCM offers trader education in the form of online webinars and offline workshops. Newbie traders will need to study other trading materials as well as not enough trader education provided by HYCM.
One standout feature offered by HYCM is the negative balance protection feature, which ensures that traders do not suffer losses on their account balance during extreme slippage. Furthermore, several calculators (currency converter and pip calculator) are available. Henyep has not been tainted by any cases of fraud, and no pending investigations have been reported.
HYCM has really upped its game and is competing with the big brokers that have traditionally dominated this space. Traders who use HYCM can be assured of trading under regulated conditions, which will ensure they get the best FX and CFD brokerage services possible.
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HYCM is one one of the oldest forex brokers commencing as HY Markets in 1977 with a worldwide presence including FCA, CYSEC and DFCA in Dubai. The CFD broker offers the choice of the MetaTrader 4 or 5 forex trading platform, three account types, strong customer support and reviews.
View the full 2020 HYCM review below.
By Justin Grossbard / Updated: Sunday, April 05th, 2020
Our team of industry experts at Compare Forex Brokers has conducted a comprehensive HYCM broker review assessing all the trading features that come with a live trading account, including the range of trading platforms, account tiers, list of CFD products offered, customer service, demo accounts and the regulatory status. Read the full HYCM review below.
HYCM represents the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited, all of which operate under one parent company – the Henyep Capital Markets group. Headquartered in Hong Kong, the Henyep Group operates a diversified portfolio of businesses across Asia, Europe and the Middle East.
Henyep Group operates a mixture of businesses and has professional expertise in the following fields:
- Capital Markets and Securities
- Financial Services
- Direct Investment
As a Forex broker with 40 years of experience, HYCM has offices in 5 leading financial centres across the globe, including London, Limassol (Cyprus), Dubai, Kuwait and Hong Kong, provides services for institutional and retail customers in 140 countries and holds over 20 Global awards, including Best Forex Broker, Best Trading Platform and Best Customer Service.
Our team of industry experts at Compare Forex Brokers has also investigated the regulatory status and subsequently if it’s safe to trade with HYCM.
HYCM Licenses and Regulation
Henyep Capital Markets (UK) Limited is regulated by the United Kingdom’s Financial Conduct Authority (FCA) under reference number 186171, while HYCM (Europe) Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 259/14.
Additionally, HYCM Ltd is regulated by the Cayman Islands Monetary Authority under reference number 1442313, while Henyep Capital Markets (DIFC) Limited is regulated by the Dubai Financial Services Authority (DFSA) under license number 000048.
Note* HYCM (Europe) Limited operates the www.hycm.com website.
With HYCM customers can take advantage of over 10 supported languages and trade over 100 financial instruments in 5 asset categories on popular cutting-edge MetaTrader 4 and MetaTrader 5 platforms by using a range of desktop and mobile applications.
HYCM is not an ECN broker, but a market maker, which matches client orders internally without the need to connect to a liquidity provider. Thus, it operates a Dealing Desk model and as such, it may take the other side of its clients’ trades.
The overall rating is based on review by our experts
Forex Trading Platforms
Henyep Markets has not developed a proprietary trading platform but instead allows access to industry-leading software such as:
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- HYCM Mobile Apps
HYCM has won several international awards for trading platforms offered:
- Best Forex Trading Platform, Middle East, 2020
- Best Mobile Trading Platform by Forex Awards, 2020
- Best Trading Platform, Dubai, 2020
- Best Retail Platform by FX Report Awards, 2020
- Best Retail Trading Platform by FX Report Awards, 2020
- Best Mobile Trading Platform by Foreign Exchange Awards, 2020
- Best Global Professional Trading Platform, 2020
HYCM MetaTrader 4
Launched in 2005, MT4 is the most widely used electronic trading platform, while its cutting-edge technology has turned the platform into a standard for Forex trading. MT4 offers an array of trading tools for traders of all skill levels, along with:
- Advanced technical analysis
- A variety of flexible trading systems
- And Expert Advisors.
MT4 has a user-friendly interface and offers 3 types of forex charts, 9-time frames, 23 analytical objects, 30 built-in technical indicators, 4 asset classes and over 100 trading instruments. MT4 allows for lightning-fast order execution with an average execution time of 12 ms, while the probability for clients to experience slippage is kept at a minimum.
HYCM has also joined forces with Trading Central to provide its clients with extensive technical analysis, forecasts, daily newsletter, intraday trading signals as well as key levels of support, resistance, targets and stop pivots for an array of trading instruments.
Note* You can download MT4 on your desktop PC directly from HYCM’s website.
HYCM MetaTrader 5
Launched in 2020, MT5 is a powerful multi-functional, multi-asset platform, which offers advanced technical analysis tools, fundamental analysis and flexible trading systems, while it is compatible with automated trading apps such as Expert Advisors.
Built on a more advanced MQL5 code compared to its predecessor MT4, MetaTrader 5 is an appropriate choice for professionals willing to conduct extensive back-testing and trade complex derivative instruments.
MT5 comes with an arsenal of advanced technical analysis tools such as:
- 38 technical indicators
- 44 analytical objects
- 21-time frames
- As well as unlimited charts
Additionally, MetaTrader 5 allows traders to place 6 types of pending orders and take advantage of an integrated economic calendar for daily macroeconomic reports and other key events. The platform supports multiple languages, favouring a wider community of traders, and also allows access to the Trading Central tool.
Note* You can download MT5 on your desktop PC directly from HYCM’s website.
HYCM Mobile Trading
Both MetaTrader 4 and MetaTrader 5 platforms can be downloaded free-of-charge on mobile devices (smartphones or tablets), which operate on Android and iOS. With HYCM’s mobile apps you will have the ability to open, manage and close trading positions on the go anywhere on the globe while having complete control over your trading account.
MT4 and MT5 mobile apps offer the same features as included on their desktop versions.
Trading Account Types
Depending on HYCM’s clients trading experience and investment objectives, this UAE-based forex broker offers three types of trading accounts:
- Fixed Spread Account
- Classic Account
- Raw Account
HYCM will not impose restrictions on customers to open only one live account. Several accounts can be operated simultaneously by HYCM customers, though the broker does not recommend such a practice, as trading activities may not be handled with efficiency.
Our team of experts will outline for UAE-based traders the trading conditions that come with the different account types offered by HYCM.
Fixed Spread Trading Accounts
HYCM fixed spread account requires a minimum deposit of $100. Fixed Spread Accounts are an appropriate choice for UAE retail clients who prefer to trade smaller volumes. The broker will not charge any commissions and offers fixed spreads that start as low as 1.8 pips.
Compare the fixed spreads offered by HYCM below:
- EUR/USD fixed spread of 1.8 pips
- GBP/USD fixed spread of 2.5 pips
- AUD/USD fixed spread of 2.5 pips
Note* HYCM took a negative point in our validation process because Expert Advisors EAs are not available for this forex trading account.
Fixed Spread Accounts also have a swap-free variation, thus, they can be a suitable choice for Islamic clients who are forbidden to earn or pay the interest due to their religious beliefs.
Classic Trading Accounts
Similar to fixed spread accounts, a standard account can be opened with an initial deposit of as low as $100 and the minimum trade volume allowed is 0.01 lots. However, unlike fixed spread accounts, classic accounts allow for more competitive variable spreads starting from 1.2 pips.
Compare the variable spreads offered by HYCM below:
- EUR/USD variable spread of 1.4 pips
- GBP/USD variable spread of 1.8 pips
- AUD/USD variable spread of 1.2 pips
UAE traders can open a classic account, and also benefit from trading automatically with the use of Expert Advisors (EAs) while basing your trading decisions on timely technical analysis.
Additionally, HYCM offers the following advantages:
- No commission trading (the only fees comes in the form of the markup spreads)
- Muslim clients can take advantage of the Islamic Account option
- Fast order execution speed (12 milliseconds average execution speed)
- Variable spreads, which fluctuates according to the market liquidity
Raw Trading Accounts
Dubai professional traders with sufficient trading experience can opt to open an HYCM Raw account. One notable feature of this account type is the tight spread, starting from 0.2 pips. Similar to classic accounts, on a raw account, you can trade with the use of expert advisors and are able to set this account to run either on the MetaTrader 4 or the MetaTrader 5.
Compare the raw spreads offered by HYCM below:
- EUR/USD raw spread of 0.2 pips + $4
- GBP/USD raw spread of 0.8 pips + $4
- AUD/USD raw spread of 0.6 pips + $4
HYCM’s Raw Account offers the following advantages for the Dubai forex traders:
- A specialized account for high-volume traders and active traders
- Dedicated account manager
- Reduced spreads compared to the other two account types offered by HYCM (but the average spread is still higher compared to other international forex brokers)
- A low minimum deposit of $200 – meaning it’s accessible to small traders as well
However, it is worth noting that forex trading on a raw account, HYCM charges a $4 commission per $100,000 of volume traded per side or $8 round-turn commission. Our team of FX experts has placed HYCM side-by-side with its competitors and we found this online CFD provider to have higher commissions (see CFD commission comparison below).
|Commission||Side-ways (Standard lot)||Round-turn (Standard lot)|
Deposits and Withdrawals
To fund your HYCM account, you can use the following payment options:
- Deposit via a debit card or a credit card (Mastercard, Visa)
- Deposit via Skrill, Neteller, Webmoney
- Deposit via wire transfer
Our team of industry experts has covered the three main advantages offered by HYCM to Dubai traders:
- Zero deposit fees
- Funds kept in segregated accounts with Tier-1 banks
- Quick deposit and withdrawal processing times
If you choose to deposit via Mastercard or Visa, HYCM will ask you to provide a copy of the front of the card used as a funding source. On the other hand, if you do not wish to disclose card credentials, you can choose to make anonymous payments by using e-wallets such as Skrill or Neteller.
HYCM will not charge any commissions on deposits made via supported methods. However, there might be bank fees charged, for example, if you choose to conduct a bank wire transfer.
Note* HYCM doesn’t support PayPal the most popular online payments system. This has weighted negatively into our star scoring system.
Fund withdrawals can be processed by using the same payment methods as with deposits. Upon withdrawal, your funds will be transferred to the original source, which you used to deposit. Though HYCM will process a withdrawal request within one business day, actual withdrawals may take between three and seven days to clear into your bank account, depending on the bank or credit card provider.
It is worth noting that if you withdraw less than $300 via wire transfer, HYCM will charge a handling fee of $30.
At HY Markets, UAE-based traders can choose from 6 base currencies including USD, EUR, GBP, RUB, AED, and CAD.
Note* Dubai FX traders can fund their accounts using the domestic currency United Arab Emirates Dirham AED. Deposits in local currency can help HYCM Dubai clients to save on the foreign exchange rate and the subsequent conversion fees.
Client Funds Protection and Security
Since HYCM is regulated by the FCA, the CySEC and the CIMA, it is committed to stern accounting and risk management frameworks. All client funds will be kept fully segregated into a special client account and will not be used to pay back creditors in case the brokerage goes bankrupt.
Additionally, client funds of up to £50,000 are protected by the Financial Services Compensation Scheme (FSCS), while funds of up to €20,000 are safeguarded by the Investors Compensation Fund (ICF). The FSCS and ICF represent compensation funds of last resort for clients of FCA and CySEC respectively, in case the brokerage does not manage to settle claims against it.
CFD Products Offered
With HYCM clients are granted access to 5 asset classes:
- Forex CFDs
- Stocks CFDs
- Indices CFDs
- Commodities CFDs
- Cryptocurrencies CFDs
Trading Forex with HYCM
Due to its 24/5 activity, high liquidity, volatility and low costs of trading, the Foreign Exchange Market remains a preferred segment for many UAE-based traders. HYCM provides access to the Forex market through the use of derivative instruments known as Contracts for Difference (CFDs). You can choose to trade:
- 69 Forex currency pairs (major, minor and exotic currency pairs)
- Available both on MetaTrader 4 and MetaTrader 5 platforms
- Utilizing maximum leverage of 1:500.
The following snapshot visualizes more detailed specifications of some of HYCM’s Forex trading products.
Trading CFD Stocks with HYCM
With this brokerage, UAE traders will be able to trade large-cap stocks both on MetaTrader 4 and MetaTrader 5 by using maximum leverage of 1:20. The following snapshot visualizes more detailed specifications of HYCM’s Stock trading products.
Trading CFD Indices with HYCM
Another asset class accessible for trade via CFDs includes global indices. HYCM grants access to major global stock indices from across 4 continents, including:
- 16 indices on the MetaTrader 4 trading platform
- 28 indices on the MetaTrader 5 trading platform
Note* HYCM clients can take advantage of maximum leverage of 1:100 on CFD indices.
Trading CFD Commodities with HYCM
Commodity markets provide a good opportunity for UAE investors to diversify their portfolios, as they could play the role of a “safe haven segment” in times of economic and political turmoil or force majeure events.
With HYCM you will be able to trade 10 different commodities (metals, energies and soft) via CFDs by using maximum leverage of 1:133. The broker will charge no commissions on Fixed Spread and Classic accounts, while Raw account holders will be charged an additional fee on top of the bid-ask spread.
HYCM has expanded its product offering with the addition of four cryptocurrencies: Bitcoin, Litecoin, Ethereum and Ripple. However, this asset class is available for trade only to clients of HYCM Ltd and Henyep Capital Markets (UK) Ltd.
UK-based clients are able to trade Bitcoin CFDs with a maximum leverage of 1:2, while non-UK clients – with a maximum leverage of 1:20, in accordance with CIMA regulation.
Leverage Offered by HYCM by Region
HYCM leverage offered is dependent on several factors:
- Local jurisdiction
- Trading instrument
- Trading platform
The maximum leverage is determined according to local jurisdiction:
- HYCM Ltd (CIMA) (for non-UK forex traders) offers leverage of up to 1:200 for major and minor currency pairs on MT5 and leverage of up to 1:500 for major and minor pairs on MT4.
- Henyep Capital Markets (UK) Ltd (FCA) (for UK-based forex traders) offers leverage of up to 1:30 for major currency pairs and up to 1:20 for minors and exotics traded on both MT4 and MT5 platforms.
- HYCM (Europe) Ltd (CySEC) (for EU-based forex traders) offers leverage of up to 1:30 for major currency pairs and up to 1:20 for minor and exotic pairs traded on both MT4 and MT5 platforms.
The different leverage ratios depending on the asset class, jurisdiction and trading platform are visualized below.
HYCM uses a dynamic forex leverage model, which is available only on the MetaTrader 4 platform. The general rule is that as the volume of a selected trading instrument increases, the client will be granted access to lower maximum leverage.
As a Forex broker with rich business history, HYCM provides professional customer support service available 24/5, five days a week. In 2020, the company was named Best Customer Service Provider by Forex Awards. HYCM delivers its client support service in 12 different languages:
- Chinese (Mandarin)
Perhaps the most convenient way to contact a representative from HYCM’s customer support team is via the Live Chat option. You can also contact the brokerage over the phone by dialling +357 25 24 5751. HYCM can deliver fast customer service via the live chat. The HYCM forex specialists can be contacted live via 5 secure instant messaging services including:
- Facebook messenger
Depending on the matter, about which you contact HYCM’s team, the brokerage has provided the following emails for your convenience:
Additionally, HYCM’s Help Center covers various topics, ranging from:
- Typically asked questions FAQs
- Forex basics
- And extensive educational materials
Forex Broker Demo Account
For Dubai FX traders with little or no trading experience at all, the Demo Account offered by HY Markets is a suitable way to get your first feeling of financial markets. The broker will allow you to open a Demo Account on its MetaTrader 4 platform either in Euros or in US Dollars. The account will be funded with $50 000 in virtual money, which will remain active for 14 days.
The HYCM Demo Account allows access to the same market environment as the Live Account. The difference is that you risk no real money when you trade on a Demo.
How to Open a Demo Account with HYCM?
To open a Demo Account, you need to go through a brief registration process and log in to your Client Portal. In “Trading Account” section, simply go to “Create Demo Account”. HYCM will not require any documentation of you in order to trade via a Demo Account and you can use it for as long as you are willing to.
However, to open an HYCM live account you need to follow 3 simple steps:
- Complete the registration form and then fill out the broker’s Questionnaire
- Fund your trading account by using the method of your choice
- Submit the required documentation and you can start trading
The HYCM live trading account process can be done in three easy steps as highlighted in the figure below.
The brokerage meets regulatory requirements of three of the most highly respected jurisdictions across the globe. Business operations of Henyep Capital Markets (UK) Limited are authorized and supervised by the United Kingdom’s Financial Conduct Authority (FCA). The company obtained its UK license in 1998.
In 2020, HYCM (Europe) Ltd was granted a license by the Cyprus Securities and Exchange Commission (CySEC), allowing it to reach out customers based in several European countries. HYCM is authorized to offer services to clientele based in Austria, Belgium, the Czech Republic, Denmark, Germany, Hungary, Italy, Poland, Spain and Sweden.
Also, HYCM Ltd falls under the regulation of the Cayman Islands Monetary Authority (CIMA).
As a regulated entity in these jurisdictions, HYCM is authorized to deal in CFDs, Rights to Interests in Investments, Rolling Spot Forex and Contracts for professional and retail customers.
As we pointed out earlier, Henyep Capital Markets (DIFC) Limited is incorporated in the United Arab Emirates and falls under the regulation of the Dubai Financial Services Authority (DFSA). The company’s focus has been set particularly on high net worth clientele in the Middle East region and has enriched its spectrum of services to suit the preferences of this client segment. DFSA is a respected regulatory body in the Gulf area dedicated to preserving the welfare of local investors.
Final Words – About HYCM
On the other hand, because of local regulatory restrictions, HYCM cannot service customers with permanent residence in Afghanistan, Canada, Iceland, Japan, Panama, Turkey, the Bahamas and the United States. In conclusion, HYCM is a multi-regulated, award-winning Forex broker with rich business history, which offers a variety of instruments, good trading conditions, industry-leading trading platforms and outstanding customer support. You can also compare HYCM with some forex brokers that offer bonus deposits and a variety of trading accounts.
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