Written by: András Iván
Recommended for: forex trading 4.2/5
Trusted broker: Top-tier regulation in the UK, Long track record – founded in 1977
Updated: DEC,2022
Popularity: 4,220 people chose this broker in the last 6 months
BrokerChooser Score: 4.2/5
HYCM review summary
HYCM is a global forex and CFD broker regulated by many financial authorities globally, including the top-tier FCA. HYCM has low forex and CFD trading fees. It offers a wide selection of quality educational tools. The account opening is easy and fully digital. On the flip side, HYCM’s product portfolio is limited to forex and CFDs. Popular asset classes, such as real stocks, are missing. The broker uses MetaTrader trading platforms that have a slightly outdated design. Additionally, HYCM charges a $10 inactivity fee per month after 90 days of inactivity. BrokerChooser gave HYCM a 4.2/5 rating based on analyzing 500+ criteria and testing via opening a live account
Is HYCM a legit broker?
See how HYCM is regulated and whether you should have any concerns using it.
HYCM pros and cons
Pro
Cons
- Low forex and CFD fees
- Great educational content
- User-friendly account opening
- Only forex and CFD products
- Trading platforms have outdated design
- Inactivity fee
HYCM main highlights
| Country of regulation | UK, Cyprus, Dubai, Cayman Islands |
| Trading fees class | Low |
| Inactivity fee charged | Yes |
| Withdrawal fee amount | $0 |
| Minimum deposit | $100 |
| Time to open an account | 1 day |
| Deposit with bank card | Available |
| Depositing with electronic wallet | Available |
| Number of base currencies supported | 6 |
| Demo account provided | Yes |
| Products offered | Forex, CFD, Crypto |
Fees
HYCM has low CFD, but average forex trading fees. It’s also great that the broker charges no deposit and withdrawal fees in most cases. On the negative side, there is a quite high inactivity fee.
Account opening
The account opening at HYCM is seamless and fully digital. Our account was verified within one business day. The minimum deposit is also low: $100 for Classic and Fixed accounts and $200 for Raw accounts.
Deposit and withdrawal
HYCM offers free and fast deposit and withdrawal options, including traditional methods such as bank transfer and credit card funding as well as various e-wallets. On the other hand, the number of available account currencies lags behind some of HYCM’s competitors.
Web Trading platform
HYCM’s web trading platform is provided by MetaTrader. It is highly customizable, available in many languages and has a clear fee report. On the other hand, the platform lacks a two-step login or price alerts and its design is outdated.
Mobile Trading platform
HYCM has its own mobile trading platform, HYCM Trader, and also offers a platform by MetaTrader. HYCM Trader is well-designed and user-friendly with a good search function. However, it lacks a safe login.
Desktop Trading platform
In design and functionality, HYCM’s MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Markets and products
At HYCM you can only trade with forex and other CFDs (commodities, stock indices, futures, and share CFDs). Popular asset classes, such as real stocks, bonds, mutual funds and options are missing.
Education
HYCM has great educational content. You can test the waters with a demo account and learn through videos and webinars.
Research
Capital.com has great charting tools and market analyses on its website. The broker also provides a great news feed, which is available under the Discover menu icon.
Customer service
HYCM offers several customer service channels and we found the live chat to be the fastest and most relevant. Emails are typically answered within 24 hours, but the answers are not always complete or on the subject. Lastly, we missed the 24/7 support..
