4.5/5

Your capital is at risk

    Available Countries
  • United Kingdom, Australia, Canada, South Africa (Show More)
  • Deposit Methods
  • Credit Card, Debit Card, Bank Transfer (Show More)
  • Cryptocurrency CFDs
    Platform Type
  • CFD Trading Platform (CFD)
  • CFD Instruments
  • Crypto, Indices, Forex, Commodities
Margin Trading
  • Yes
  • Built In Wallet
  • No
  • Compensation Scheme
  • Yes
  • Regulated
  • Yes
  • Minimum Deposit
  • Varies, $100
  • Deposit Fees
  • Free (Show More)
  • Withdrawal Fees
  • Free, Varies, $30 USD fee if amount less than $300 (Show More)
  • Trading Fees
  • Free, Variable Spread , Swap (Show More)
  • Limits
  • Varies, No deposit/withdrawal limits. Up to 1:20 leverage for crypto CFDs (Show More)
  • Verification
  • KYC Verification (Show More)
  • Jump to page contents

    HYCM Platform Review

    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.

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    HYCM Review - landing page

    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.

    Is HYCM Safe?

    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 Trading Platform

    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.

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    Types of Accounts

    HYCM Review - account types

    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. 

    The Fixed Account

    • Minimum deposit $100
    • 50 tradable products
    • Minimum order size 0.01 lots
    • Leverage up to 200:1
    • Minimum fixed spread 1.8 pips
    • Trading signals available
    • Mobile trading supported
    • Islamic account an option

    The Classic Account

    • Minimum deposit $1,000
    • 120 tradable products
    • Minimum order size 0.01 lots
    • Leverage up to 200:1
    • Minimum fixed spreads 1.5 pips
    • Trading signals available
    • Mobile trading supported
    • Islamic account an option

    The Raw/VIP Account

    • Minimum deposit $10,000
    • 120 tradable products
    • Minimum order size 0.01 lots
    • Leverage up to 200:1
    • Minimum fixed spreads 1.5 pips
    • Trading signals available
    • Mobile trading supported
    • Islamic account an option

    User Friendliness

    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 Account

    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.

    How to Sign up with HYCM Trading Platform

    Follow the below steps to create your account on HYCM.

    HYCM Sign Up Screen

    1. Navigate to their site and click ‘Open An Account’.
    2. Enter your first name, last name, email, phone number and click ‘Next’.
    3. Next, enter your date of birth, address and click ‘Next’.
    4. Select a trading platform (MetaTrader 4/MetaTrader 5), account type (Fixed/Classic/Raw), currency (EUR/USD/GBP/AED/RUB), leverage and click ‘Next’.
    5. Then, choose a strong password and click ‘Next’.
    6. After agreeing to the terms, click ‘Submit’.

    Congratulations! You have successfully created your account on HYCM.

    How to Log in with HYCM

    To log in to your account, follow the below steps:

    HYCM Log In Screen

    1. Navigate to their site and click ‘Log in’.
    2. Enter your username, password and click ‘Sign In’.

    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.

    Verification Requirements

    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:

    • Copy of passport or National ID card
    • Proof of address (a bank statement or utility bill issued within the last 3 months)
    • A photocopy of the front of your card (while making the initial deposit)

    How to Buy or Sell Bitcoin CFDs with HYCM

    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:

    The Ledger Nano X is the latest hardware crypto wallet offered by Ledger and it is designed to be the Bluetooth enabled Ledger Nano S on the go.
    Launched in 2015, KeepKey Wallet is one of the oldest and most secure hardware wallets. Today it is run by the ShapeShift Exchange and ranks as the third-best wallet brand in the world.
    If you are looking for one of the most secure hardware wallets, capable of storing a wide variety of cryptocurrencies and offering increased functionality, Trezor is definitely your go-to wallet.

    How to Deposit Funds on HYCM

    Follow the below steps to deposit funds on your account. The minimum amount of deposit is 100 USD.

    HYCM Deposit Funds

    1. Log in to your account and click Funds Management->Deposit.
    2. Select your payment method from the list of options shown (Credit/Debit card/WebMoney/Skrill/Neteller/Wire Transfer).
    3. Enter the deposit amount.
    4. Click ‘Proceed to Payment’.
    5. Follow the on-screen instructions to fill in all the required fields related to your payment method.

    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.

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    Now, to buy/sell CFDs on HYCM follow the below steps:

    1. Login to your account and navigate to the ‘Market Watch’ window on MetaTrader.
    2. Select ‘New Order’.
    3. Enter the volume you would like to buy and adjust other parameters to set your trade size.
    4. Click ‘Buy by Market’ or ‘Sell by Market’, based on the direction of trade.

    To view your trading history, click Funds Management->Transactional Statement.

    How to Cash Out on HYCM

    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.

    HYCM Withdraw Funds

    1. Log in to your account and click Funds Management->Withdrawal.
    2. Follow the on-screen instructions to provide details related to your bank account.
    3. Enter the amount of withdrawal and place your request.

    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:

    TrueFlip casino offers an exciting welcome bonus pack containing plenty of free spins and match bonuses. Join True Flip today and benefit from the fantastic promotions this stunning Bitcoin casino has on offer!
    CasinoFair is a blockchain powered cryptocasino. If you're looking to spice up your game, CasinoFair offers new slots, table games and instant withdrawals!
    CasinoBTC has one of the most mouth-watering, jaw-dropping, mind-blowing bonuses we've ever come across. It offers 5 deposit bonuses that could grant you €5000 for your bankroll!

    Supported Cryptocurrencies

    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.

    Supported Countries

    HYCM accepts members from over 140 countries worldwide to trade CFDs.

    Supported

    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.

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    Excluded

    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

    Platform Fees & Limits

    Fees

    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.

    HYCM Fees
    Screenshots are shown for illustration purposes only. Actual product may vary.

    Trading Fees

    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.

    Deposit/Withdrawal

    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.

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    Spread Fee

    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.

    Swaps

    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.

    Limits

    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.

    Supported Payment Methods

    HYCM supports a wide range of payment options with five fiat currencies (EUR/USD/GBP/AED/RUB) which are listed below:

    • Credit/Debit cards
    • Neteller
    • WebMoney
    • Skrill
    • Bank Transfer

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    HYCM Security

    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 Customer Support

    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.

    Top Competitors

    HYCM vs. Trading212

    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.

    HYCM vs. Investous

    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 vs. DAXBase

    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.

    Conclusion

    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.

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    Rating Score

    4.5

    Pros

    • Fully Regulated platform
    • Investor compensation scheme
    • No fees for deposits
    • Multiple payment options
    • Live chat support

    Cons

    • Don’t provide 2FA protection
    • Supports only a limited number of Cryptocurrencies

     

    Does HYCM provide tools to help me with risk management?

    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.

    How long does a HYCM Withdrawal take?

    Withdrawals from HYCM are processed differently, but it takes 2-5 days on average. 

    Will I need to download any software before I start trading?

    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.

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