WikiFX Review: Is HYCM still reliable in 2024?

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of HYCM based on the facts.

What is WikiFX?

1. Evaluate the reliability based on its general information and regulatory status

A. General Information of HYCM

B. Regulatory Status

A. General Info of HYCM

About HYCM

This broker is a UK-registered forex broker with a track record of over 40 years in the market, HYCM offers its traders massive trading instruments, including precious metals, commodities, indices, stocks, and cryptocurrencies.

Leverage

This broker offers a maximum leverage of 1:500 for currencies. Traders, especially inexperienced traders, need to understand that high leverage can significantly increase potential profits, but also increase the risk of losses.

Spreads & Commissions

This broker charges variable spreads for its operations, which vary according to the type of account and trading instruments. HYCM charges an inactivity fee of $10 per month after 3 months of account inactivity, it also charges a commission of $4 per side for raw account transactions.

Trading Platform

HYCM offers its users the popular MT4 and MT5 trading platforms, which support both mobile and web versions.

Deposit & Withdrawal

HYCM supports deposit and withdrawal methods by bank transfers, credit and debit cards, Neteller, Skrill, Perfect Money, etc.

Account Types & Minimum Deposit

This broker provides clients with Classic accounts, Fixed accounts, and Raw accounts. The minimum deposit for classic accounts is $100, the minimum deposit for fixed accounts is $100, and the minimum deposit for raw accounts is $200.

Customer Service

Traders can contact this broker via E-mail/ phone call.

B. Regulatory Status

What is a Legitimate License?

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.
• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.
• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors in evaluating the reliability of forex brokers.
• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate license of HYCM

HYCM is a regulated broker. HYCM is regulated by FCA with license number: 186171.

2. Social Media Engagement

HYCM has an official account on X. It has official accounts on all major social media platforms, including Facebook and X. These accounts are used to regularly publish promotional activities, including lectures by industry experts.

3. Special survey about HYCM from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

HYCM has been given by WikiFX a decent rating of 7.66/10. Putting more effort into its management risk may be a good idea for its future engagement.

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers' physical addresses.
• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
• WikiFX did make an on-site survey on HYCM in September 2020 and successfully found their office. But failed to find an office based in the UK in 2021.

5. Conclusion

There is no doubt that HYCM is a solid regular broker with a great reputation in the forex market. It is over 20 years of experience contributes to its unshakable status in the forex industry. However, due to some weaknesses, we advise you to do more research and make yourself comfortable before you make a decision. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link (https://www.wikifx.com/en/download.html).