A global CFD and forex broker is called HYCM or Henyep Markets. Henyep, the parent business of HYCM, was founded in 1977. Globally, the low spread forex brokers is governed by several financial regulators, including the Cyprus Securities and Exchange Commission and the UK Financial Services Authority (FCA) (CySEC).
The UK operation of HYCM is regarded as secure because of its established track record and top-tier FCA regulation. Trading costs at HYCM Trading costs at HYCM are minimal. For the various account kinds, there are varying cost structures. We put the Classic account’s fees to the test in this review.
We are aware that comparing trading costs between CFD providers is challenging. We compare brokers by adding up all the costs associated with a typical deal for products.
We’ve selected well-liked instruments from each asset class:
CFDs for stock indices: SPX and EUSTX50
CFDs for stocks: Vodafone and Apple
AUDUSD, EURCHF, GBPUSD, EURUSD, and EURUSD
A typical trade entails purchasing a position with leverage, holding it for a week and then selling it. We decided on a position size of $2,000 for the stock index and stock CFDs and $20,000 for the FX trades in terms of volume. Our method of leverage was:
For stock index CFDs, 20:1
for stock CFDs, 5:1
For forex, 30:1
Spreads, commissions, and financing expenses are all included in these all-inclusive benchmark prices for brokers. Let’s see how the HYCM fees turn out.
Awards
With a long history of operation, numerous clients from around the world, and a trading community made up only of HYCM traders, HYCM maintains a professional trading environment. The HYCM trademark enjoys high regard among traders and investors in the financial sector, as evidenced by its recognition at international competitions.
How are you secure?
Basic sense, strict regulation ensures that customers are protected and that deposits are never mixed up with corporate cash or used for HYCM’s own personal or professional purposes. The company’s clients also participate in the FSCS compensation program specific to that organization.
Customers may receive a payment if HYCM is unable to provide additional financial services due to specific situations. However, regulations differ depending on the company, just as conditions and audit guidelines do.
Leverage
Leverage may be used by HYCM is one of the best forex apps depending on the laws and regulations that apply to the trading account. Each country is subject to different rules and laws; thus, other leverage limits and trading restrictions may also be applicable depending on where you live.
1:500 for accounts in Dubai and CIMA
1:30 for the traders from the UK and Europe
As a minimal initial deposit will cover margins, the high leverage up to 1:500 opens the door to smaller retail traders. Still, this level is only permitted for Dubai accounts and those who adhere to specific regulations.
Depending on the type of account, fixed spread conditions always provide a somewhat greater spread but stability. At the same time, the reduced spreads in the Classic Account with Variable Spreads will fluctuate in line with market volatility. Finally, skilled traders might use the 4$ trading cost built into the commission per round by using the raw spread.
Pros
- Provides at least 20 MTE-Media video courses that are organized by expertise level.
- The HYCM YouTube channel has a list of webinars available.
- Access to Trading Central’s third-party research modules (Analyst Views, and Economic Calendar).
- Headlines from the streaming MetaTrader platform for trading news.
- Henyep Securities, a distinct platform, offers exchange-traded securities (non-CFD).
- A Best in the Class score for Commissions & Fees in our 2022 Annual Review was given to HYCM for its Raw account due to its cheap pricing, which results in an all-in cost of roughly 0.6 pips for the EUR/USD (after commission).
Cons
- Only its offshore entities can offer CFDs on cryptocurrencies (Cayman Islands and SVG).
- Written content is scarce in educational content.
- HYCM’s research lags behind that of its competitors, despite advancements to its product.
- The mobile app developed by HYCM serves as a customer portal; trading is not supported (only used for client portal and analysis).
Summary of HYCM
After all, the HYCM forex apps enjoys a solid and trustworthy reputation in the financial industry. The timed broker provides traders professional services while highly acknowledged and regulated.
