HYCM: objective broker review and client feedback
The HYCM company has been operating in the market since 2007 and was previously known as HY Markets. Over the years, it has gained the trust of many users interested in trading currencies, indices, commodities, and coins. In 2016, the platform underwent rebranding, which, according to client feedback, had a positive impact on the company’s performance.
Regulatory oversight: organizations overseeing operations
HYCM operates in compliance with European legislation requirements and is regulated by several organizations:
- FCA, license No. 186171
- CIMA, authorization document No. 1442313
- CySEC, licensing No. 259/14
User reviews confirm the reliability and transparency of the company’s operations, although it is worth noting that HYCM does not work with traders from the USA.
Registration on HYCM
To register on the hycm.com website, you need to fill out a form, providing your mobile number, name, email, date of birth, country of residence, and address. You will also need to choose the leverage size, base currency, account type, and trading platform.
Verification on the HYCM platform
To verify your account, you will need to provide scanned copies of documents verifying your address and identity. After submitting the documents, a quick verification process is carried out, confirmed by positive user feedback.
Deposits and withdrawals
HYCM offers several methods for depositing and withdrawing funds, including bank transfers, MasterCard and VISA cards, and electronic payment systems. Minimum amounts and processing times depend on the chosen method.
Types of trading accounts
HYCM offers various types of trading accounts: Fixed, Raw, Classic, as well as the option to open a demo account for beginners.
Trading platforms
Traders are offered the MetaTrader 4 and MetaTrader 5 platforms, available for both desktop and mobile devices on Android and iOS. Clients have a wide selection of trading pairs and CFDs on cryptocurrencies.
Education
The HYCM platform offers a variety of educational materials for traders of all levels, from strategy descriptions to online classes and training sessions.
Broker reviews
Overall, reviews of hycm.com are positive, with users noting favorable trading conditions and the company’s reliability. However, there are occasional complaints about the mobile application.
HYCM Pros and Cons
Pros: trading with various currencies, diverse deposit/withdrawal methods, demo account, favorable trading conditions, support for popular platforms, education, and intuitive interface.
Cons: slow customer support, training conducted in foreign languages, technical glitches, high entry threshold.
Review summary
HYCM offers favorable conditions for successful trading, but it has some shortcomings, such as application instability. When choosing this broker, consider both the pros and cons of the company.
Author: Anastasiia Chabaniuk
HYCM is a brokerage service that has received mixed reviews, with some clients praising their honesty and others expressing concerns about their customer service efficiency.