This HYCM review is meant to supply you better insight into the fine aspects of HYCM Forex operations including regulation, trading platforms, payment options, bonuses, and opening an account.
HYCM Account Requirements
HYCM trading accounts start from $100, and there are not any maximum limits prescribed by the broker regarding account equity. Clients are provided a Micro account for the $100 initial deposit, which comes with access to 50 tradable assets and a maximum HYCM leverage of 1:200. The HYCM spreads for the micro account is additionally above the opposite accounts, and starts from 1.8 pips.
The Standard account with spreads ranging from 1.5 pips are often opened employing a minimum initial deposit of $1000, and HYCM clients can trade on 120 different financial instruments. Traders also receive trading signals on the quality account; however, the utmost leverage is reduced to 1:200. A VIP account are often opened for initial deposits greater than $10,000 that features a similar set of conditions to the quality account, but traders can enjoy certain VIP privileges.
Account funding and withdrawals are often performed through wire transfer, credit cards, WebMoney, UnionPay, or through local funds transfer. HYCM should consider adding more payment options, especially e-wallets like Skrill and PayPal since modern-day traders are shifting their focus faraway from conventional sorts of payments.
Even though HYCM has been around for a couple of decades, they still don’t offer an ECN account, which may be a huge surprise. The minimum amount of deposit required for a Micro account is additionally above the traditional Micro accounts available with competing brokers, which may prevent small traders from choosing HYCM as their preferred FX trading partner. HYCM spreads also are significantly higher, especially since other leading STP and market maker brokers offer spreads ranging from 1 pip.
HYCM offers a branded trading platform referred to as the PrimeTrader that gives the whole 120 different assets through a strong and user-friendly trading platform for desktop users. The PrimeTrader was launched only recently, and therefore the platform remains in its initial phase of testing and implementation.
Being a replacement platform, PrimeTrader is sure to have a couple of bugs and issues. Therefore, it’s only recommended for traders who trade with alittle percentage of their equity and lower leverage, because it is straightforward to face significant losses if the platform freezes during high-volatile events.
For more stability in your trading, you’ll also choose the MT4 terminal because the HYCM platform, which is that the best choice for professional traders and scalpers without fear about the platform freezing up during a trade. MT4 may be a tried and tested platform, and there are rarely any issues with the software. HYCM mobile trading platforms are merely MT4 apps designed for the iOS and Android devices, as HYCM doesn’t offer any branded mobile trading platform. All trading interfaces are connected to fast and efficient servers, but being a market maker model, traders should expect re-quotes and slippages, also as extra wide spreads during both low volume and high-volatile sessions.
HYCM Customer Service
The broker wont to provide an HYCM bonus for traders making a deposit into their live trading account, but it seems that the broker not offers any bonus thanks to the conflict of interest with clients. Bonuses also make it difficult to form a withdrawal, as traders are required to satisfy all the terms and conditions of the bonus before initiating a withdrawal, and more often than not, traders and their brokers always get into a conflict regarding the applicable rules and policies. Nevertheless, HYCM is following the footsteps of other FX brokers by offering a loyalty program that gives a cash rebate by accumulating certain lot conditions. Such a loyalty bonus program is freed from any terms or conditions, which allows clients to withdraw their loyalty bonuses with none strings attached.
Clients can contact HYCM through three different sorts of customer support channels, direct phone, email, and live chat. HYCM has been within the business for an extended time and is conscious of the importance of improving customer satisfaction by taking note of their clients. FCA and CySEC regulation also ensures that brokers should resolve customer complaints during a professional manner consistent with the stipulated rules and guidelines. If you’re within the marketplace for a trusted and reliable Forex broker that gives the market maker model, HYCM may be a good selection .