71% of retail CFD accounts lose money. You should consider whether you can afford to take the high risk of losing your money.
81% of retail CFD accounts lose money
Your capital is at risk
HYCM is a multi-regulated Forex & CFD trading platform that has been providing services to its members worldwide for more than 40 years. It allows users to trade a wide range of assets across different classes like forex, cryptocurrencies, indices, commodities and stocks. HYCM trading platform is regulated by the Financial Conduct Authority of the UK (FCA), Cyprus Securities and Exchange Commission (CySEC) and Cayman Islands Monetary Authority (CIMA). HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited.
Your capital is at risk
The CFD trading platform has offices in multiple locations and provides services to the residents of more than 140 countries worldwide. In order to provide the utmost protection for its clients’ assets, it keeps their funds in segregated Tier-1 bank accounts. Moreover, HYCM has stated that it doesn’t use the clients’ funds for investment, hedging or other purposes in order to comply with the FCA’s client money protection rules.
At the time of writing, HYCM offers a portfolio of 300+ trading instruments on its advanced MetaTrader 4 (MT4) platform. The trading platform is user-friendly to traders of all skill levels, together with advanced technical analysis, live forecasts/pricing charts. It is available in 10+ languages including French, Italian, Swedish, German and Spanish. For mobile-savvy users, MetaTrader 4 is available as an Android/iOS app for trading on the go. Traders can choose between MetaTrader 4 and MetaTrader 5 trading platforms. The platforms are compatible with desktop, web, and mobile devices. The firm offers its customers a wide variety of trader research and educational tools such as webinars and workshops besides video-based and article-based education and market analysis.
The following review analyses several aspects of HYCM, whilst providing you with an all-rounded detailed overview of the trading platform and its services. Although Cryptimi does its best to provide you with accurate information, whilst aiming to update it on a regular basis, we strongly recommend that you visit their site for any important updates which might occur after this review is published.
Being a fully regulated platform, HYCM thrives to protect its clients’ assets by following rigorous security measures. All transactions on the trading platform are encrypted and secured with dynamically generated 128-bit keys. Not only that, it protects all the personal and account information of its clients with Verisign issued 128-bit SSL certificates.
The CFD trading platform has partnered with Tier 1 banks like Barclays Bank and Eurobank to securely keep its clients’ funds in segregated bank accounts. Apart from that, it protects its clients’ money with Investors Compensation Fund (ICF) so that they can get their funds back in case the company is unable to settle the same.
HYCM allows users to trade CFDs of all the leading cryptocurrencies including Bitcoin, Ethereum, Litecoin and Ripple. Apart from cryptos, HYCM offers CFD trading in forex, commodities, indices and stocks. To get the full list of financial instruments available on HYCM, check out their website.
HYCM operates three different accounts. You can choose an account that suits your needs. While you won’t find a demo account, the low minimum applicable deposit means you can only risk so much at the beginning. The three available accounts are Fixed, Classic, and Raw. There is a Premium account for the VIP Personal Dealer Service that’s loaded with cutting-edge services to access all markets.
If you are just starting, the Fixed Account is best for you since the minimum deposit is a paltry $100. The Classic Account requires a starting deposit of $100 and is recommended if you have a little experience. Clients in the UK and EEA can enjoy 1:20 leverage in line with ESMA regulations while the rest can enjoy 1:200 leverage.
Even though the web trading platform (MetaTrader 4/MetaTrader 5) has advanced charting tools, graphs, it should not be difficult for a novice trader once they get used to the platform. Moreover, HYCM has bagged multiple awards like Best Forex Broker Europe, Best Mobile Trading Platform, Best Global Professional Trading Platform, Best Global Broker and more.
HYCM also offers a mobile app (Android / iOS) to help users when trading on the go.
HYCM trading platform offers three types of accounts: Fixed, Classic and Raw. While some features are the same for all accounts, things like spread fee, minimum deposit amount will vary depending on the account type. The trading platforms offer both demo and live account.
Follow the below steps to create your account on HYCM.
Congratulations! You have successfully created your account on HYCM.
To log in to your account, follow the below steps:
Now, you will be logged on to your account dashboard. In case you have forgotten your password, you can reset that by clicking ‘Restore password’ link.
In order to verify their account, users must upload the following documents within 7 days of opening a trading account with HYCM. Otherwise, their accounts will be suspended:
Follow the below steps to buy or sell Bitcoin CFDs on HYCM trading platform. Before starting to place your order, make sure that you have deposited funds in your account.
These are the other crypto wallets we recommend you could try in combination with HYCM’s services:
Follow the below steps to deposit funds on your account. The minimum amount of deposit is 100 USD.
With the exception of Wire Transfer which will take 1-3 days, funds deposited via other payment methods will get instantly credited to your account.
Now, to buy/sell CFDs on HYCM follow the below steps:
To view your trading history, click Funds Management->Transactional Statement.
HYCM allows users to withdraw funds to the original payment method used for depositing funds. A flat fee of 30 USD is applicable for all withdrawals less than 300 USD.
Even though HYCM processes your withdrawal request within 1 business day, it might take 3 to 7 days for the funds to get credited to your account. The processing time varies depending on your bank or credit card company.
Check out our recommended crypto casinos where you can deposit and play with Bitcoin and other cryptocurrencies, once you withdraw from HYCM:
Currently, HYCM supports trading the following cryptocurrency CFDs:
BTCUSD, LTCUSD, ETHUSD, XRPUSD, BABUSD, BTGUSD, BTCEUR, DSHUSD, ETCUSD, IOTUSD, XMRUSD, NEOUSD, QTMUSD, ZECUSD.
To get the latest list of cryptocurrencies supported by HYCM, kindly check out their website.
HYCM accepts members from over 140 countries worldwide to trade CFDs.
HYCM offers its services to almost all countries in the EEA (European Economic Area) including Austria, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and United Kingdom.
HYCM doesn’t accept residents from the following countries:
Afghanisthan, Belgium, Botswana, Cambodia,Canada (British Columbia, Quebec, Saskatchewan), Ethiopia, France, Ghana, Hong Kong, Iraq, Japan, Lao PDR, North Korea, Panama, Sri Lanka, Sudan, Syria, The Bahamas, Trinidad & Tobago, Tunisia, Turkey, USA, Vanuatu, Yemen
Every CFD trading platform has its own fee structure and limits.
The payable fees are determined by the type of account you’re running and the underlying financial instrument. The company collects a lot of data from trusted third parties, which are received from exchange feeds. HYCM retains the right to increase or decrease spreads at a very short or no notice; you want to always refer to the official website for the latest applicable ranges and fees. They communicate the exact charges through their platform in a bid to remain transparent.
With the exception for the Raw account, HYCM doesn’t charge a commission for Fixed and Classic account holders. However, it does charge other types of fees such as overnight and spread fees.
HYCM doesn’t charge any fee to deposit funds on to your account. However, your bank might charge a transfer fee. For withdrawals, a flat fee of 30 USD is applicable if the withdrawal amount is less than 300 USD.
The Spread Fee on HYCM varies depending on the account type and cryptocurrency chosen. For example, the minimum spread for BTC EUR is 3500 (Fixed account) and 2500 (Classic/Raw account). To find out the spread for all cryptocurrencies, check out their website.
HYCM will deduct or credit an overnight interest fee for any rolling contract. These fees depend on current interest rates, trade size and the open price of the trade. The calculation is made as follows: Interest rate (%) x Contract value (contract value is equal to daily close price multiplied by contract size) / 360 = Overnight finance fee.
The minimum amount of deposit is set to 100 USD. Even though there is no limit set for withdrawals, a fee is applicable if the withdrawal amount is less than 300 USD. For Cryptocurrency CFDs, it offers a leverage of 1:20.
HYCM supports a wide range of payment options with five fiat currencies (EUR/USD/GBP/AED/RUB) which are listed below:
Unlike most of the CFD trading platforms, HYCM doesn’t provide two-factor authentication protection for its accounts. Nevertheless, since it follows rigorous security standards and has been considered a trusted platform for more than 30 years, users can feel confident about the security of their assets.
HYCM provide live chat support to its customers 24 hours a day, from Monday to Friday. Apart from that, users can contact their support team with other communication apps like Viber, WhatsApp, Skype, Messenger and Telegram. For general queries, users can refer to the knowledgebase articles or the FAQs section on its official website.
Even though both these are regulated trading platforms, Trading212 lists more instruments (1800+) than HYCM (300+). Both HYCM and Trading212 keep customers’ funds in segregated bank accounts and provide investor compensation fund. Trading212 doesn’t charge any fees for deposits/withdrawals, whereas HYCM charges a flat fee if the withdrawal amount is less than the minimum limit. Trading212 supports a number of payment options more than HYCM.
Both trading platforms are regulated and allow users to buy or sell all leading cryptocurrencies including Bitcoin, Ethereum, Litecoin and Ripple. Like HYCM, Investous also offers Investor Compensation Fund so that its clients’ will get their money back in case the platform is not able to repay them. Investous and HYCM don’t charge any fee to deposits whereas a withdrawal fee is applicable depending on the amount or payment method. Overall, HYCM is considered more trustworthy than Investous as is relatively a new trading platform.
HYCM is a fully regulated trading platform whereas DAXBase is not regulated by any organisation. Unlike HYCM, DAXBase doesn’t provide any Investor Compensation schemes to protect its clients’ money. When compared with HYCM, the sign-up process on DAXBase is relatively simple and less time-consuming. Regarding security, HYCM is considered better as it follows rigorous security standards to protect its clients’ data and assets. The only good thing about DAXBase is that it offers a huge bonus for first time or initial trading deposits.
HYCM CFD trading platform is an ideal choice for anyone who prefers a fully regulated platform. With more than 30 years of experience, it offers users to create a diversified portfolio with different types of assets. It provides a bunch of features such as multiple payment options, demo account, low fees, investor compensation. However, users should always remember the fact that CFDs are complex financial instruments which always carry a high level of risk since leverage can work both to your advantage and disadvantage. Therefore, you cannot eliminate the possibility of losing your funds.
HYCM makes use of transaction monitoring and has a risk-management system to protect its clients from any losses exceeding the amount of their original investment.
Withdrawals from HYCM are processed differently, but it takes 2-5 days on average.
HYCM’s MT4 trading platform can be downloaded directly from the website in just a few minutes, and will facilitate your journey with HYCM trading.
eToro is one of the leading, fastest-growing, multi-asset trading platforms that offer trading in stocks, cryptocurrencies, commodities, and more. Only cryptos are available in the US. Highly volatile unregulated investment products. No EU investor protection. 71% of retail CFD accounts lose money.
75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Highly volatile unregulated investment products. No EU investor protection.
Trading212 is one of the leading CFD trading platforms that offer CFD trading for more than 1800 financial instruments over different classes like forex, commodities, stocks, indices and cryptocurrencies.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.