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HYCM Forex Broker Review 2022

About HYCM Forex

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 20 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.


History and Regulation

HYCM is a forex broker that was founded in 1998 and is based in the UK. It has been around for a while and has built up a strong reputation. The company offers its services to clients in over 100 countries worldwide, including the UK, USA, Australia and many others. It is regulated by a number of different bodies, including the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

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!

Product Range

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 etcetera,

HYCM offers leverage up to 500:1 (exceptions are EUR/GBP which is 50:1). This means that you can trade with a much larger amount than you actually deposited. For example, if you deposit $100 and use leverage of 100:1, then your account balance will be $10,000 because you have the right to trade $10,000 worth of currency for every $100 you deposited.

Spreads, Commissions and Fees

Commissions aren’t the only thing to consider when choosing a forex broker. Spreads are important too — especially if you plan on scalping or trading smaller time frames like 4H charts. You want to find a broker with tight spreads so that your trades don’t get filled at an unreasonable price point.

There are no zero commission accounts at HYCM, but you can get tight spreads as low as 0.1 pips. Commissions start at $4 per standard lot per round and go up based on the account type you choose. You’ll be charged an inactivity fee of $10 if you don’t trade for 3 months or more.

The spreads in FX markets vary considerably from broker to broker, so it is very important to compare them before opening an account. In our opinion, the best way to do this is by comparing the average spread across different asset classes such as forex and CFDs on major currency pairs like EUR/USD and GBP/USD.

Platform Support

HYCM offers traders the ability to access multiple platforms from a single trading account. Traders can choose from a range of platforms, Meta 4, Meta 5 and Trading Central (aka “The Trader Workstation”). 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!

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.

Deposits and Withdrawals

Deposits are fast, secure and free of charge. The process of depositing funds into your trading account is quite straightforward. You can either 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.

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. It also features an Economic Calendar with economic events from around the world that may affect global markets.

Customer Service

If a broker’s customer service is poor, it can be hard to trust them. Fortunately, 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.