HYCM – Is it scam or safe?
We should also mention the Refer-a Friend programme, which gives traders the opportunity to earn up to $250. As soon as the referral becomes an active https://forexarticles.net/ customer, makes their deposit and begins trading, the referral reward is credited to your account. However, this reward is for trading purposes only.
In 2015, HYCM got the CySEC regulation that was a milestone for the company to operate its business in Europe. HYCM.com, formerly known as HY Markets, is a member of the Henyep Group, an international conglomerate with more than 30 years’ experience in providing financial services. Choosing this broker guarantees peace of mind, as they have an international reputation for reliability and trustworthiness.
In addition, company clients are participants of the FSCS compensation program. Thus, in case HYCM by virtue of certain circumstances is unable to provide further financial services, customers may receive compensation. 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. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds.
The Henyep Group, the company that operates HYCM, is a privately held company. Stavros Lambouris is the CEO International of HYCM. As for cybersecurity, traders can feel secure using the HYCM platforms. The broker has implemented state-of-the-art technology and detailed processes to handle key areas such as user authorization, data protection and network communication.
Forex Peace Army
FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion. The MT4 is also supported by this broker, desktop, and mobile versions being offered. This platform is preferred by most traders, because it allows clients to fully automate their trades by Expert Advisors (EA) and let the program do all the work.
The company launched its second generation online trading platform HY Trader 4 in 2006 and its highly touted HY Markets Online platform in 2007. In 2016, Henyep consolidated its capital markets investment brands and launched its multi-platform online trading website HYCM.com. HYCM is backed by the Henyep Capital Markets Group, a global company with investments in property, financial services, charity, and education. It is regulated by internationally recognized financial regulators CySEC and FCA, and has representations in Hong Kong, United Kingdom, Dubai, and Cyprus. This solid background is what makes HYCM reliable so customers are assured that they are only getting the best trading solutions the forex trading industry can offer.
In some cases, if they can’t refund the excess profits back to the original source used to fund the account, they will transfer the funds to your identified bank account. This account needs to be in the same name as the account maintained with HYCM. HYCM charges a $30 withdrawal fee on wire transfers of less than $300.
This feature is not common to all forex brokerage companies in the world with most having a consumer protection fund of 0 to $20000. A review of the HYCM comments and reviews will give you a clear picture of the brokerage company.
- Customers are getting a better service from them, which makes their background robust and reliable.
- Compared to its EU-based brands, HYCM offers lower margin rates through its entities regulated by the CMA in the Cayman Islands, and by the DFSA in the UAE.
- Licensed companies are required to comply with certain rules and procedures covering client funds, order execution, minimum capital requirement, regular report filing, etc.
- The MT4 is also supported by this broker, desktop, and mobile versions being offered.
Read our HYCM Review and Discover the Merits of Choosing a Forex Broker with more than 3 Decades of Experience. Also, what you should consider is inactivity fee, meaning HYCM will charge 10$ per month in case trading account has no activity for a certain time. There are three primary account types at HYCM to suit the needs of any individual, defined as Fixed, Classic and Raw Spread Accounts. As it is obvious from the names, HYCM uses either a fixed spread model with slightly higher spread, means commissions are not charged on trades.
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However, if you are more comfortable with MT4, rest assured that HYCM has also aligned with Metatrader4 for its basic and web-based trading platforms. HYCM has also incorporated many innovative trading tools or widgets that can be accessed directly on its various trading platforms. HY Webtrader supports the iPhone, iPad and Android devices.
Customer service is much better than average, and the educational material available only adds to the experience. The lack of a demo account shouldn’t put many people off, as the low minimum deposit requirement means that new traders aren’t likely to get their fingers burnt. After all, HYCM brokerage company has a hycm forex strong and very reliable reputation in the financial market. The time timed broker, offering professional services to the traders while highly regulated. Moreover, apart from the strong positions,small retail traders can find their way to open a live trading account, as a very small deposit of only $100 allows so.
These are individual experiences and may not reflect the company’s overall performance in forex trading. Some previous traders cite the previous company name was better before being changed to HYCM, while some mentioned the length of time it takes to get the refunds. All of these are being addressed continually by HYCM through continuous service improvement plans.
HYCM has garnered a lot of accolades and awards for its excellent service. Two of the more recent ones are the Best Forex Broker award (UAE 2017) from Global Banking and Finance Review and Best Mobile Trading Platform (2017) award from World Finance. HYCM is recognized as an industry leaderand this has helped the company evolve into what it is today – the global traders’ https://forexarticles.net/ online broker of choice. PipTrade.com is one more website established in 2010 and functioned by HY Markets for trading numerous financial assets that comprise stocks, indices, commodities, oil, gas, foreign currencies and costly metals. Like its parental company HYCM.com, PipTrade provides an inclusive range of financial services in numerous countries around the world.
Newcomers can join this program. Be sure to specify the conditions for participation in the program from the personal manager.
The HYCM Mobile app is free to download and has complete trading capabilities, real-time news and charts. It provides traders with instant trade execution, trade history, live charts for all products and the ability to trade anytime, anyplace while managing their account and portfolio.