- 1 HYCM Basics
- 2 Our Opinion About HYCM
- 3 Key Features
- 4 Regulation And Safety
- 5 Regulations In Nigeria
- 6 Fund Safety
- 7 Trading Awards
- 8 HYCM: Legit or Scam?
- 9 Trading Assets
- 10 Trading Instruments
- 11 HYCM Account Types
- 12 Fixed Account
- 13 Classic Account
- 14 Raw Account
- 15 Demo Account
- 16 Islamic Accounts
- 17 PAMM Accounts
- 18 HYCM Leverage
- 19 HYCM Spreads
- 20 Commissions
- 21 HYCM Registration – How To Open A Trading Account
- 22 HYCM Registration – How To Verify A Trading Account
- 23 HYCM Bonuses
- 24 HYCM Payment Methods
- 25 HYCM Deposits
- 26 HYCM Withdrawals
- 27 HYCM Trading Platforms
- 28 Trading Tools
- 29 Trading Central
- 30 Research and Education
- 31 Trading Hours
- 32 Customer Service
- 33 Conclusion
- 34 HYCM Forex Broker Review FAQs
- 35 HYCM Broker Review – Similar Brokers
|🏛️ Based in||London, UK|
|⚖️ Regulation||CySEC, FCA, DFSA, FSCA|
|💰 Minimum Deposit||$100 (45,900 Naira)|
|💳 Deposit Options||VISA, MasterCard, Maestro, Neteller, Skrill, Bank Wire|
|💳 Withdrawal Options||VISA, MasterCard, Maestro, Neteller, Skrill, Bank Wire|
|📌Open an account||Start Trading with HYCM|
Our Opinion About HYCM
HYCM is a leading global forex broker and the world’s fastest-growing online FX brokerage. It was founded in 1998 with headquarters in London, UK. Since then it has expanded rapidly to become one of the largest forex brokers on the market today operating in over 100 countries globally with over 1 million accounts opened across its network of regulated entities.
With over 40 years of experience, HYCM is one of the most trusted names in the industry and offers a wide range of products and services including CFDs, stocks, commodities and cryptocurrencies along with forex trading. The company has also been awarded numerous awards including Best FX Broker by Online Broker Review UK for four years running (2016 – 2019).
HYCM offers access to the major currency pairs including the majors such as EUR/USD and GBP/USD as well as many others including commodities like oil, gold or silver. The company also provides live streaming prices alongside an easy-to-use trading platform that can be accessed via web browsers or mobile apps.
Regulation And Safety
HYCM’s parent company, Henyep Group, has been offering services for more than 40 years, starting as a gold dealer in Hong Kong in 1977. They later branched out into other areas including property, capital markets, investments, and forex trading. They then launched their first online trading platform in 2007. HYCM is a regulated forex broker with licences from some of the best financial authorities in the world, including the FCA, CySEC, and the DFSA. Here is a full list of their registrations.
- Henyep Capital Markets (UK) Limited is authorised and regulated under the Financial Conduct Authority with reference number 186171.
- HYCM (Europe) Ltd is authorized and regulated under the Cyprus Securities and Exchange Commission under license number 259/14.
- HYCM Ltd is authorized and regulated under the Cayman Islands Monetary Authority under reference number 1442313.
- Henyep Capital Markets (DIFC) Limited is authorized and regulated by the Dubai Financial Services Authority with license number 000048.
- HYCM Limited is an International Business Company registered in Saint Vincent and the Grenadines with registration number 25228 (IBC 2018).
Regulations In Nigeria
Nigerian traders can open a trading account with the HYCM Limited subsidiary, which is registered in St Vincent and the Grenadines (BVA FSC) .This is because Nigeria doesn’t have a local regulator. That said, HYCM has an excellent reputation for offering a safe trading environment across all of their entities and all of their traders benefit from a high level of client fund protection.
The company has segregated client funds, so your money is protected against any losses that might happen to HYCM itself. The company also has an insurance policy covering client losses up to £50 million, which means if the company goes bankrupt you will not lose your money. Any broker who doesn’t protect their customers’ funds with segregated accounts should be avoided!
HYCM is a reliable broker with a great reputation. Its most recent awards include:
- Best Forex Broker 2022 – Middle East (Forex Expo Dubai)
- Best Multi-Regulated Forex & CFD Provider 2022 – UAE (World Business Outlook)
- Best Forex Broker 2022 – UAE (World Business Outlook)
- Broker Forex Broker 2022 – UAE (Broker Trusted)
HYCM: Legit or Scam?
HYCM is a legitimate forex broker. They have been offering online trading services for many years and have an international client base. They are licensed by some of the best regulatory authorities in the world and offer good client fund protection. In terms of their services, they have a nice range of trading accounts and excellent online trading conditions. In our opinion, they are a legit forex broker.
HYCM has a broad offering of forex products, ranging from currencies to commodities to indices. You can trade stocks, ETFs, futures and even cryptocurrencies through HYCM.
Commodities currently available include oil (Brent crude oil), gold (by ounce), silver (by troy ounce), platinum (by troy ounce) and copper (by pound). Indices include FTSE 100 Index; Dow Jones Industrial Average Index; S&P 500 Index; Nasdaq Composite Index; Nikkei 225 Index; Hang Seng Index; DAX 30 index etcetera. The list continues with stock markets such as Tokyo Stock Exchange Topix index and Hong Kong Hang Seng Index etc.
HYCM Account Types
As part of our HYCM broker review, we took a close look at what account types are available. There are 3 main HYCM live accounts you can choose from: the Fixed Account, the Classic Account, and the Raw Account. There is also a demo account.
|Type||Spreads||Min. Deposit||Max. Leverage||Commission|
|Fixed||From 1.5 pips||$100||1:500||$0|
|Classic||From 1.2 pips||$100||1:500||$0|
|Raw||From 0.1 pips||$100||1:500||$4 per lot|
This is their beginner trading account. It is a great choice for new forex traders in Nigeria. It comes with fixed spreads from 1.5 pips and there are no commissions. It also comes with high leverage of up to 1:500, depending on your trading instrument. The HYCM minimum deposit for this account is $100 and the base currency is USD.
This is their standard trading account. It is a great choice for intermediate forex traders in Nigeria. It comes with variable spreads from 1.2 pips and there are no commissions. It also comes with high leverage of up to 1:500, depending on your trading instrument. The HYCM minimum deposit for this account is $100 and the base currency is USD.
This is their expert trading account. It is a great choice for more experienced forex traders in Nigeria. It comes with raw spreads from 0.1 pips and commission fees of $4 per lot. It also comes with high leverage of up to 1:500, depending on your trading instrument. The HYCM minimum deposit for this account is $200 and the base currency is USD.
HYCM also offers a demo trading account. With a demo account you can improve your trading skills and familiarise yourself with different trading strategies. You can get a feel for the market and for what forex trading is about. HYCM demo accounts operate using a virtual balance, and there are no minimum account requirements.
All of the HYCM accounts are available as Islamic Accounts, and you can choose this option when opening your online trading account.
HYCM does offer a PAMM service. PAMM accounts allow Nigerian traders to invest in proven strategies executed by expert traders and take a share of the profit. This service can be very helpful for new traders, as it means they can benefit from a fully-managed investment portfolio.
HYCM offers good leverage, in line with many other forex brokers. The leverage available depends on which trading instrument you choose. For example, you can get up to 1:500 on forex, 1:133 on commodities, and 1:20 on stocks, indices, ETFs, and cryptocurrencies.
HYCM has tight spreads, compared to other forex brokers. The spread available depends on which account type you choose. For example, you can get spreads from 1.5 pips on the Fixed Account, 1.6 pips on the Classic Account, and 0.1 pips on the Raw Account.
HYCM has low commissions, compared to other forex brokers. The commission fee depends on your trading account. For example, you can get commission fees of $0 on the Fixed Account, $0 on the Classic Account, and $4 per lot on the Raw Account.
HYCM Registration – How To Open A Trading Account
As part of our HYCM review, we looked at their account requirements. If you live in Nigeria, then you can open a trading account under the FSC business entity. Signing up for an account is easy. To get started, visit the HYCM website, fill in the registration form, and provide your personal details. Then, when asked, give them your preferred login details.
Next, they might ask you to complete a quick online trading quiz. This is so that they can see how much you know about forex trading, and decide if their services are right for you. If you get enough answers right, they will let you open an account. Next, you need to complete the KYC process, submit copies of your documents, and choose your preferred account type. This is so that they can confirm your identity and activate your account.
HYCM Registration – How To Verify A Trading Account
As part of our HYCM review, we looked at their verification process. To open a live trading account you’ll need to show One Royal a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is simple. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement.
HYCM is not running any promotions at the moment. As such, there are no new deposit bonuses, welcome bonuses, or trading competitions.
HYCM Payment Methods
As part of our HYCM broker review, we looked at what payment options are available. As HYCM has low minimum deposits, opening an account is fairly easy. They also offer a wide range of payment methods, including e-wallets.
HYCM deposit methodss are fast, secure and free of charge. The process of depositing funds into your trading account is quite straightforward. You can use an electronic payment system like Skrill or Neteller, which are popular online payment methods. Alternatively, you can make a bank transfer to one of the many banks that are on the list provided by HYCM. The list includes most major banks in Europe and Asia, as well as some more exotic ones. The minimum deposit amount for credit cards is $20. For bank transfers, the minimum deposit amount is $250.
The withdrawal process is similar to the deposit process and can be done via credit card, electronic wallets or wire transfers. The minimum withdrawal amount is $ 20 via card /e- wallets and $300 through bank transfers. HYCM does not charge additional fees on withdrawals if you withdraw $300 or more, but some banks might charge a fee for processing the withdrawal. Cashing out $5,000 or more to Skrill or Neteller will incur a 1% processing fee.
HYCM Trading Platforms
HYCM offers traders the ability to access multiple platforms from a single trading account. Traders can choose from a range of platforms, including MetaTrader 4 and MetTrader5. In addition to the above platforms, HYCM also offers a mobile app for Android and iOS devices. You can execute trades on any of these platforms without any extra fees. This is great for traders who are on the move and want to check their trading accounts from anywhere in real time!
- MetaTrader4 – MetaTrader4 (MT4) is one of the best trading platforms for new forex traders. It is user-friendly and comes with many built-in trading tools. You can use it to access popular trading instruments including forex, stocks, and indices. The HYCM MT4 trading platform has helpful charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects.
- MetaTrader5 – MetaTrader5 (MT5) is also a great trading platform for beginner traders. It has an easy-to-use interface and comes with some great trading tools. You can use it to trade all of your favourite markets including forex, shares, and indices. It is very easy to navigate. The HYCM MT5 trading platform also has other features including 6 order execution types, 38 indicators, and 37 analytical objects.
- HYCM Mobile Trading – The mobile app has all the necessary features that you can find on other platforms such as charts, news, market data, customizable alerts and others. You can even use it as a personal assistant to track your positions and profits/losses while you are away from your desk.
HYCM believes in empowering traders with the tools they need to trade profitably. When you open a live account, you can find a variety of helpful tools to assist with your trading. You can access market news and updates. You can also use their selection of free downloadable trading tools.
- Economic Calendars – They offer a free economic calendar to help you stay on top of market news. The economic calendar covers all of the most important economic data releases from around the world. It also includes detailed explanations and forecasts for each new data release.
- Trading Calculators – They have a range of trading calculators that you can use to plan your trades, manage your risk, and implement more effective trading strategies. The available trading calculators include a pip calculator, a currency converter, and a margin calculator.
As part of their efforts to offer world-class forex trading support, HYCM has teamed up with Trading Central to offer their forex traders even more trading tools. Trading Central is an established consulting firm that specialise in market analysis for the forex industry. They offer a fantastic suite of online trading tools including MT4 Indicators, daily market news, and in-depth technical analysis on over 8000+ trading instruments.
As one of the top industry providers, Trading Central is a reliable source of market analysis. They use a combination of advanced automated technology and expert analysis to provide you with detailed market research. They also present their analysis in a way that is easy for you to understand to use in your own trading strategies. Thanks to their partnership with HYCM, you can get all of their trading data completely free of charge when you open a HYCM trading account.
Research and Education
HYCM offers a wide range of research and education tools, including online trading courses, news feed, a dedicated trading academy and a trading blog. You can also access technical analysis through the broker’s proprietary Market Scanner tool that provides real-time data on price movements for EUR/USD, GBP/USD and USD/CHF.
HYCM operates during standard trading hours. You can open trades whenever the financial markets are open. Trading hours may vary on public holidays.
HYCM provides 24/5 service and offers multilingual support via email, phone and live chat. They also have an active presence on social media for those who prefer this communication method.
HYCM is a well-regulated broker, with many years of experience in the financial markets. Overall, HYCM is a reliable forex broker with a good range of services, including free trading and education material as well as reasonable spreads, depending on account type.
HYCM Forex Broker Review FAQs
Yes, HYCM in Nigeria is a good broker. They have a nice selection of account types, all of which have very low minimum deposits. HYCM has several hundred trading instruments including forex, stocks, indices, and commodities. They also offer high leverage, low trading costs, and fast trade execution.
Yes, HYCM is a legit broker. They provide a reliable online trading service, as well as cutting-edge trading platforms, helpful trading tools, free educational courses, and multilingual customer support. When it comes to client fund safety, they operate using strict client fund protection measures. They also offer convenient payment methods, no fee deposits, and fast withdrawals
HYCM is a regulated forex broker. They have licences from some of the best financial authorities in the world, including the FCA, CySEC, and the DFSA. They are also registered in the Cayman Islands and St Vincent and the Grenadines. Traders in Nigeria can open an account with the FSC entity, which is based in St Vincent and the Grenadines.
HYCM is a market maker.
In our opinion, the best account type is the Fixed Account. It is a great choice for new forex traders in Nigeria. It comes with fixed spreads from 1.5 pips and there are no commissions. It also comes with high leverage of up to 1:500, depending on your trading instrument. The HYCM minimum deposit for this account is $100 and the base currency is USD.
HYCM uses the standard KYC process, in line with many other forex brokers. Opening an HYCM forex account is easy but you do need to provide certain documents, as proof of ID and proof of address . You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement.
HYCM in Nigeria offers its clients the opportunity to close their accounts anytime. The company’s customer service department is available 24 hours a day and seven days a week to help you with any questions or concerns. Their customer service department can also help you understand any HYCM withdrawal limits or any withdrawal conditions.
HYCM is a good forex broker. They have compet trading accounts with low minimum deposits. They also have excellent trading conditions, industry-leading trading platforms, and useful trading tools. However, if you want to research other options, there are many other great forex brokers as well. We recommend looking at HotForex, FXTM, FXPro, FXPrimus, and Instaforex.
Ready to start trading? Open an account with HYCM.
HYCM Broker Review – Similar Brokers
HYCM is a great forex broker. However, if you want to look at all your options, there are also many other good brokers in Nigeria to choose from. Here are some brokers like HYCM.
Looking for more information? Check out some of our other forex broker reviews.