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Score
United Kingdom
Above 20 yearsRegulated in United Kingdom
Market Making(MM)
MT4 Full License
Regional Brokers
Cyprus Straight Through Processing(STP) Revoked
Suspicious Overrun
High potential risk
Offshore Regulated
Influence
Add brokers
Comparison
Quantity 140
Exposure
Score
Regulatory Index8.11
Business Index9.33
Risk Management Index0.00
Software Index9.99
License Index7.97
Single Core
1G
40G
Danger
Danger
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Company Name
HYCM Limited
Company Abbreviation
HYCM
Platform registered country and region
United Kingdom
Company website
YouTube
Company summary
Pyramid scheme complaint
Expose
The deposit has not arrived, and the trading account has not been activated. Is it a scam?
They agreed that 350 will be issued when it arrives, but the commission did not be issued after it arrives, and the commission asked to a refunded.
Since Friday, all HYCM Investment’s customer service staff have lost contact, and withdrawals have not been made to the account for a week, and customer service staff on official website has also disappeared collectively.
Bai Hua from HYCM has been using activities to let me deposit, but the trading platform refused to close my position, causing me to suffer serious losses. Later, they tricked me into withdrawing the complaint and said they would give me cash. When I followed their request to withdraw the complaint, the official website customer service closed the online chat window without listening to what I had to say, making it impossible for me to contact them. This girl on Tencent also disappeared and refused to withdraw money. I have no choice but to expose the complaint and hope that the relevant regulatory agencies will strictly investigate and punish this untrustworthy platform.
The platform is scoundrelly. Customers have no money to trade and they do not withdraw money.
https://cn.hycm.co.uk/cn Henyep Markets owes its agents IB commissions and has not paid them $1711.50,Agent number: 10073771, please expose to return agent commission thanks
I requested withdrawal yesterday and they said within 24 hours it will complete and you fund will be withdraw and today is Friday and they said your withdrawal will be complete in monday the withdrawal process in HYCM broker are so slow and bad .
The salesman of the RHB Hong Kong Branch saw that I had a profit and wanted to withdraw money, so he said that I would submit a sum of 1.5000, and it would arrive in the account within 3 working days. After the account was received, I could submit the next withdrawal, only a sum of 5000. 2. Later I found out The salesman said that the orders I made were scalping orders, and those that were operated within half an hour were all ultra-short-term orders. If there were too many ultra-short-term orders, the account would be turned into an illegal account, and I had to continue to operate. It is only possible to dilute the head stripping order, and no money is given. 3. In the end, if you say no profit, you can let me pay the principal. 4. During the period, the transaction is delayed for 10-15 seconds and no operation is allowed, saying that there is a network problem
The IB agent cannot log in, and the agent cannot be contacted. Suspect that there is a problem with platform and run away.
After the remote customer service deposited funds, transactions could not be made. The customer service could not be contacted, and I did not know what was going on with HYCM.
Hycm company is a big scammer, they say they will send my withdrawal within 10 days, they cannot take the risk of a $ 200 investment, they do not send the withdrawal. Can't send 1000 dollars money Customer representative Ahmed asked me to lose the money
In January this year, the platform customer service said that there was a deposit activity, and gifts can be given after meeting the number of trading lots. After I deposited 10,000 US dollars, I reported to the customer service after meeting the number of trading lots in February. The customer service told me to wait and would send it to me immediately. Every time I asked them to deal with it, they said it’s processing. It has been delayed for half a year and no gifts are given to me. Now I asked the customer service and the they said that it was an event organized by an agent. But customer service who served me has always said that it is in platform, and it is still attracting investment. Now when I ask the customer service, they don’t respond to the message. Such a big platform does not keep its promises. Users meet the requirements but the platform does not want to give gifts. It is really a unscrupulous platform that cannot be entered. If you can't afford it, don't hold it to deceive people.
The agent didn't give rebates, the person in charge cannot be contacted, and the customer service does not solve the problem.
They deceived me into withdrawing the complaint and then refused to compensate me. They took advantage of the long establishment time and refused to close the position or handle the complaint.
Make money, don’t give money, deduct the profit directly, say you can’t use vpn and can’t use overseas ip, I’ve been doing foreign exchange for so many years, and I haven’t heard of one that can’t use vpn. It’s obvious that I don’t want to give money to make money. What a trash platform
I lost more than 71,000 US dollars on the HYCM platform, because they introduced me to the platform by tricking me into depositing money and giving gifts. As a result, there were no gifts, no bonuses, and the account manager was missing. They were very enthusiastic when they asked me to open an account on April 3rd. As a result, the account manager disappeared on July 20. It's a world of difference. In less than four months, I lost so much. It's all my hard-earned money all my life. I am already sixty years old, and I was cheated out of my life savings by a scammer. Later, I found the customer service on the official website of the platform and gave feedback on the relevant situation. The official website customer service not only did not solve the problem, but also forcibly closed the chat window. And they don't deal with my complaints. After I entered the HYCM platform, I traded a lot of orders. As a result, the position cannot be closed, resulting in a loss. They have various reasons to shirk responsibility. The relevant evidence is complete and cannot be uploaded in full. I hope that the relevant departments will strictly investigate and help me deal with it, thank you.
Registered in | United Kingdom |
Regulatory status | FCA of the United Kingdom, CYSEC of Cyprus and CIMA of the Cayman Islands |
Year(s) of incorporation | more than 40 years |
Market instruments | more than 40 currency pairs, precious metals, commodities, indices, stocks and cryptocurrencies |
Minimum initial deposit | $100 y $200 |
Maximum leverage | 1:500 |
Minimum spread | From 0.1 pips |
Trading platform | MT4, MT5 |
Deposit and withdrawal methods | bank transfers, credit and debit cards, Neteller, Skrill, perfect Money, etc. |
Customer Service | E-mail/phone number |
Fraud allegations | Not yet |
It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
Pros:
- Wide range of financial instruments available for trading.
- MT4 and MT5 trading platforms available, as well as a proprietary platform called PrimeTrader.
- A free demo account is available for traders to practice without risking their real money.
- Multilingual customer service available 24 hours a day, 5 days a week.
- HYCM offers an Islamic account for traders who require an interest-free account.
- Regulation by the FCA of the United Kingdom, CYSEC of Cyprus and CIMA of the Cayman Islands.
Cons:
- The minimum deposit of $100 may be high for some traders.
- The company does not accept traders from the United States.
Advantages | Disadvantages |
Registered and regulated by the FCA of the United Kingdom, CYSEC of Cyprus and CIMA of the Cayman Islands. | Registration and regulation in multiple jurisdictions can increase compliance complexity and costs |
A track record of more than 40 years on the market | Traders may prefer brokers that focus exclusively on the foreign exchange market, rather than offering a range of financial products. |
FCA and CYSEC regulation provides additional investor protection | Regulation does not guarantee security of funds and traders must do their own due diligence |
Compliance with regulatory requirements can increase transparency and accountability | Regulation may limit certain operations and trading strategies |
HYCM is a UK-registered forex broker and regulated by the Financial Conduct Authority (FCA), the Cyprus Securities Commission (CYSEC) and the Cayman Islands Monetary Authority (CIMA). With a track record of over 40 years in the market, HYCM has established itself as a leading broker in the foreign exchange trading industry.
In the following article, we will analyze the characteristics of this broker in all its dimensions, offering you easy and well-organized information. If you are interested, read on.
HYCM is regulated by three major financial regulatory bodies: the Financial Conduct Authority (FCA) of the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) and the Cayman Islands Monetary Authority (CIMA). They are all globally recognized regulators and have a high reputation in the financial industry. The FCA is known to be one of the strictest and most demanding regulators in the world, and its regulation is considered to be one of the most rigorous and reliable in terms of customer protection. On the other hand, CySEC is the financial services regulatory authority in Cyprus, a country known for its attractive regulatory and tax environment for investment firms. And finally, CIMA is the financial regulator for the Cayman Islands, a British overseas territory. Together, these three regulations offer strong customer protection and increased security for financial transactions conducted through HYCM.
Advantages | Disadvantages |
Offers more stable and fixed spreads | There may be a conflict of interest with customers |
Can offer faster execution | Prices may be less transparent |
Can provide greater flexibility in terms of leverage | There may be a risk of re-quoting |
Can offer protection against market volatility | There may be limitations in the trading strategy |
Offers a non-dealing desk account (Dealing Desk) | Prices may not reflect the true market |
HYCM is a Forex and CFD (Contracts for Difference) broker that offers access to a wide variety of financial markets through its online trading platform. As a broker, HYCM acts as an intermediary between its clients and the financial markets, allowing traders to buy and sell financial instruments without having to physically own them.
HYCM operates under a Dealing Desk, which means that bid and ask prices are set by the company itself. This can be beneficial for traders looking for more stable and fixed spreads, but it also means that HYCM may have a conflict of interest with its clients. To mitigate this risk, HYCM offers a Dealing Desk trading account, which allows traders to trade at direct market prices.
HYCM offers its clients a wide variety of trading instruments, which means that traders can trade in different markets and have a greater diversification of their portfolios. In terms of currency pairs, HYCM offers a selection of the major and most popular pairs, such as EUR/USD, USD/JPY, GBP/USD, and many others. In addition, traders can also trade a variety of precious metals, such as gold and silver, and commodities such as crude oil. A selection of indices is also offered, including the S&P 500, the FTSE 100 and the Nikkei 225. HYCM also offers its clients the possibility to trade stocks of some of the world's largest companies, such as Apple, Microsoft and Amazon. Finally, HYCM offers the option to trade cryptocurrencies, including Bitcoin, Ethereum and Litecoin. This means that traders can have access to some of the most volatile and exciting markets in the world, which can provide unique trading opportunities and potential profits.
1. HYCM charges variable spreads for its operations, which vary according to the type of account and trading instruments.
2. HYCM charges an inactivity fee of $10 per month after 3 months of account inactivity.
3. HYCM charges a commission of $4 per side for raw account transactions.
Advantages | Disadvantages |
Fixed Account: Offers floating spreads from 1.5 pips and does not charge commissions. | Spreads are less tight compared to the Raw account. |
Classic account: Offers spreads from 1.2 pips and does not charge commissions. | Spreads are less tight compared to the Raw account. |
Raw account: Offers spreads starting from 0.1 pips and charges a commission of $4 per lot traded. | It has a minimum deposit of $200, which can be inconvenient for traders who want to start with less capital. In addition, the commission can increase trading costs. |
Free demo account: Allows traders to practice and familiarize themselves with the trading platform before investing their real money. | There is no real risk involved in the demo account, which can make traders overconfident when trading with a live account. |
HYCM offers three types of trading accounts, with a minimum deposit of $100 for the classic/fixed account and $200 for the raw account. The available accounts are:
Fixed account: the Fixed account offers floating spreads starting from 1.5 pips, Min. position volume of 0.01 lot and allows trading more than 300 financial instruments, including currencies, commodities, indices and cryptocurrencies. In addition, a free demo account is offered for practice and learning, as well as an Islamic account.
Classic account: the classic account offers spreads starting from 1.2 pips and a commission of $0 per lot traded. The min. position volume is 0.01 lot and also allows trading of more than 300 financial instruments.
Raw account: the raw account offers spreads starting from 0.1 pips and a commission of $4 per lot traded. The main difference between the raw account and other accounts is that it has a minimum deposit of $200.
HYCM is also proud to offer a free demo account, allowing traders to practice and familiarize themselves with the trading platform before investing their real money.
HYCM's MT4 platform is one of the most popular and widely used in the world of online trading, with a large user base worldwide. With this platform, traders can access multiple technical analysis tools, customizable charts, technical indicators and expert advisors (EAs). In addition, traders can use the backtesting function to evaluate the effectiveness of their trading strategies and adjust them as needed.
On the other hand, HYCM also offers the MT5 platform for those who are looking for a more advanced trading platform. The MT5 platform is an enhanced version of MT4, with more advanced tools and features. The MT5 platform also offers the hedging function, which means that traders can simultaneously open long and short positions on the same instrument, which can be useful in certain trading strategies. In addition, MT5 also allows traders to access more markets and types of financial assets, including futures and options.
Advantages | Disadvantages |
Possibility of significantly increasing the potential benefits | Increased risk of loss |
Allows trading with a position of up to 500 times the initial capital. | Trading with high leverage can lead to rapid loss of funds |
It can be useful for experienced traders with well-defined strategies. | Can be dangerous for inexperienced traders or traders who do not manage risk well. |
Allows access to more markets and trading opportunities | It can generate a false sense of confidence and lead to over-operating. |
Allows trading large volumes with little capital | Good market knowledge and risk management are necessary for successful trading. |
HYCM offers a maximum leverage of 1:500 for currencies, which means that traders can trade with a position of up to 500 times their initial capital. This can significantly increase potential profits, but also increases the risk of losses.
Advantages | Disadvantages |
Wide variety of deposit and withdrawal options | Withdrawal processing times may vary depending on the payment method and the trader's banking institution. |
Low minimum deposit amount | |
No deposit or withdrawal fees | |
Fast processing of withdrawal requests |
HYCM offers a wide variety of deposit and withdrawal options, making it easy and convenient for traders to deposit and withdraw funds. Traders can make deposits using a variety of methods, including bank transfers, credit and debit cards, popular e-wallets such as Neteller and Skrill, and other online payment methods such as Perfect Money.
The minimum deposit amount is only $20, which is an advantage for those who wish to try HYCM without having to deposit large sums of money. In addition, HYCM does not charge any deposit fees, which means that traders can deposit any amount they wish without worrying about additional charges.
When it comes to withdrawals, HYCM processes withdrawal requests within 24 hours for some payment methods, which is a fast processing time compared to other brokers. Traders can withdraw funds using the same payment methods used to make deposits. There are no withdrawal fees at HYCM, which means that traders can withdraw their profits without having to worry about additional costs.
It is important to note that withdrawal processing times may vary depending on the payment method and the trader's banking institution. HYCM strives to process all withdrawal requests as quickly as possible, but there are factors beyond its control that may affect processing time. Overall, HYCM offers a wide variety of deposit and withdrawal options, as well as fast processing times and no additional fees, making it an excellent choice for traders looking for a reliable and convenient broker.
One of the additional advantages of HYCM is that it offers a wide range of educational tools to help traders improve their trading knowledge and skills. This includes live webinars, online seminars, trading guides, video tutorials and much more. HYCM is committed to helping its traders achieve their trading goals and maximize their earning potential.
HYCM offers 24/5 customer support in several languages, including English, Spanish, German, French and several other languages. Traders can contact the support team by phone, email and live chat. They also have a FAQ section on their website to help traders find answers to common questions.
E-mail: support@hycm.com
Overall, HYCM is a reliable and well-regulated forex broker that offers a wide range of trading instruments and trading platforms. With its focus on transparency and security of client funds, HYCM is an excellent choice for traders of all experience levels. In addition, its wide range of educational resources and exceptional customer service make HYCM an excellent choice for traders looking to improve their skills and knowledge in the Forex market.
Question: Does HYCM offer a demo account?
Answer: Yes, HYCM offers a free demo account for traders to test the platform and practice their trading strategies without risking their own money.
Question: What is the minimum deposit to open an account in HYCM?
Answer: The minimum deposit to open an account in HYCM is $100 USD.
Question: What trading platforms does HYCM offer?
Answer: HYCM offers a variety of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
Question: Does HYCM offer leverage?
Answer: Yes, HYCM offers leverage for traders. The maximum leverage offered depends on the trading instrument and country regulation.
Question: Does HYCM charge transaction fees?
Answer: On classic and fixed accounts, HYCM charges a spread fee for its trades, which means that it does not charge commissions per trade. But on the raw account there is a commission.
Question: Does HYCM offer educational resources for traders?
Answer: Yes, HYCM offers a wide range of educational resources for traders, including trading courses, live webinars, educational articles and trading strategies on its website.
Question: Is HYCM regulated?
Answer: Yes, HYCM is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CYSEC) and the Cayman Islands Monetary Authority (CIMA).
HYCM (Europe) Ltd surrenders its Cyprus Investment Firm (CIF) license, effectively exiting the Cypriot market as of June 10, 2024.
Gold has been gaining this week on a miss in the US JOLTS job openings print and a miss in the US consumer confidence print on Tuesday. A slowdown in the US job market aligns with the Federal Reserve’s objectives, indicating that the impact of interest rate hikes is beginning to cool the US economy. The miss in these two data points sent gold surging higher on Tuesday, as yields and the dollar fell.
The BoJ has said that it will not announce any tweak to its yield curve control policy ahead of any changes. They will just change it when it considers this the right time. So this has led some investors to long the JPY ahead of the BoJ meetings this year. However, is that view misplaced?
Last week, there were concerns about global economic growth. Tension between the US and China increased, and China’s Caixin PMI data was also lower than expected.
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