HYCM Henyep Markets Review
The HYCM was founded in 1977 and is regulated by two tier-1 regulators, making it a safe but average risked platform to trade CFDs and Forex. Compared to other platforms, HYCM is expensive and not the best choice when it comes to discount trading. Looking at customer service, HYCM also ranked poorly, finishing 21st out of 23 in national testing from locations in the UK. What else can we find in a Henyep Markets review?
Additionally, when compared to other leaders in the industry like Saxo Bank and IG, HYCM has also failed to impress as a plain, vanilla Meta trader. All of the signs point to the fact that HYCM has little or nothing to offer compared to leaders in the industry.
Safety
When it comes to safety aspect in the Henyep Markets review, HYCM is considered as an average risk company, having an overall trust score of 80 out of a possible 99. HYCM also operates a bank, but is not publicly traded and is authorized by two tier-1 regulators, two tier-2 regulators, and one tier-3 regulator. HYCM is guided by the following tier-1 regulators:
- Financial Conduct Authority (FCA)
- Securities Futures Commission (SCF)
Commissions and Fees
The type of account opened with HYCM determines the Forex trading cost. Account types range from the following:
- Classic
- Fixed
- Raw
Accounts offered from its UK entity, on the other hand, include its “Raw and Classic accounts”. Meanwhile, the spreads on the EUR/USD currency pair are higher for the fixed spread account compared to the Classic and Raw accounts, which have a more competitive pricing of 0.6 pips on average for its spreads. Compared to other brands, particularly EU-based ones, HYCM has low margin rates through its entities regulated by the DFSA in the UAE and the CMA in the Cayman Islands.
Features | HYCM |
Active trader or VIP accounts | Yes |
All-in-cost EUR/USD – Active | N/A |
Minimum Initial deposit | $100 |
Average Spread EUR/USD – Standard | N/A |
Fees comparison on HYCM
Instruments | Account types Min. Spread | ||
Fixed | Classic | Raw | |
EUR/USD | 1.8 | 1.4 | 0.2 + $4 per round |
USD/JPY | 2.3 | 1.6 | 0.6 + $4 per round |
GBP/USD | 2.5 | 1.8 | 0.8 + $4 per round |
USD/CHF | 2.8 | 2.2 | 0.9 + $4 per round |
HYCM commission and fees for different account types
Trading Conditions
The trading conditions encountered by clients in our Henyep Markets review when trading are as follows:
- Bonuses: There are no bonuses provided by Henyep Capital Markets UK and HYCM (Europe). This is because the regulators in these areas have banned the use of incentive bonuses because it makes people sign up on platforms they regularly would not. Nonetheless, a 10% bonus on the maximum of $5000 is provided by the HYCM limited based in Cayman Island.
- Execution Speed: The execution speed for the MT4 on HYCM is 12 minutes. However, the execution time could be delayed by slippage during high impact news.
- Leverage: The HYCM trading platform provides leverage of 1:200 for Forex for all CFDs – stocks, cryptocurrencies, and indices.
- Other Trading Conditions: Commissions are charged on Raw accounts. This is fixed at $4 for every round of trade entry as well as exit. The minimum trade size for every account is fixed at 0.01 lots with no promotions available on HYCM.
Tools and Platform
HYCM is a trading platform that makes use of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading tools only and, even with that, they still fall short compared to other MetaTrader Broker.
Customer Service
Support is available to all clients 24 hours a day, 5 days a week via the following channels:
- Live chat
- Phone: +442088167812
Note: the live chat is available only via the website and provides clients with instant support within its five days p/w of service.
More than 200 customer care phone tests were conducted over a month. Tests were carried out from different locations in the UK with results as follows:
- Average time of connection: less than 2 minutes
- Average Net Promoter Score: 3.8 / 10
- Average Score for Professionalism: 1.7 / 10
- Overall Rating: 3.8 / 10
- Overall Ranking: 21st out of 23 Brokers
Research
HYCM provides tools slightly above the minimum for traders to conduct Forex market research. The HYCM platform only provides access to the trading central – which is an MT4 indicator – access to a dedicated web portal, and a daily newsletter. The HYCM broker also streams daily videos on market analysis and provides traders with access to a website-based economic calendar.
Mobile Trading
Since the Henyep trading platform is a MetaTrader only broker, it only provides the Android and standard iOS versions of the MT4 app with no other proprietary mobile app offered.
Investment Offerings
The table below summarizes the different investment products available to HYCM clients and customers.
Feature | HYCM |
Cryptocurrency traded as CFD | Yes |
Social Trading / Copy Trading | Yes |
Currency Pairs (All Forex Pairs on Platform) | 69 |
Forex Spot Trading | Yes |
Cryptocurrency Traded as Actual | No |
CFDs – Total offered | 225 |
Investment products available to HYCM clients
Since its inception in 1977, HYCM has created a well-established reputation for providing financial services across the international capital market. Even with some of the challenges of the quality of services rendered, it is still an experienced and renowned member of many exchanges in Hong Kong, where the company’s headquarters can be found. In 1998, Henyep obtained European regulation with the FCA, Britain’s Financial Conduct Authority, where it is still regulated as Henyep Capital Markets (HYCM).
This MetaTrader broker offers more than 200 retail CFDs and Forex trader instruments with the Hong Kong entity of the company, Henyep Securities, providing institutional and retail stock market investors access to the regional exchanges in mainland China as well as the Hong Kong Stock Exchange.
Henyep has won many global awards for its brokerage services. Here are some of the popular awards:
- 2nd Saudi Money Award for Best FX Mini account provider, 2012
- 2014 FX Report Award as Best Broker in Northern Europe
- 2015 Best Retail Platform award by FX Report
- FXDailyInfo 2017 Award for Best Forex Broker Europe
- 2017 Best FX Broker Middle East and Best Mobile Trading Platform, both awarded by World Finance
- 2017 Global Brands Magazine Award for the Best Forex Broker Dubai
- 2017 Global Banking and Finance Review as the Best Forex Broker in the UAE
Deposits and Withdrawals
Deposits and withdrawals on HYCM can be performed using the following methods:
- China UnionPay – very good for users in Hong Kong
- E-wallets such as Neteller, Skrill, and WebMoney
- Wire Transfers
- Credit/Debit cards such as VISA or MasterCard. You can also make use of virtual cards and, for each method used, a picture – preferably a selfie – with each card to be used for withdrawal or deposit has to be submitted.
For all major methods of transactions, the minimum deposit is $100 except for wire transfers, which have a minimum deposit amount of $500 or 500 units of the currency used for that account. When you deposit or withdraw funds, HYCM charges no fees and transactions made using the card methods are faster than other methods. The next most rapid way of withdrawal is using the e-wallet and then the bank wires in that order.
The minimum amount for withdrawal is $100, and fees are not covered. As with deposits, withdrawals are faster with cards, better with e-wallets – 1 day – and slowest with bank wires – 3 -7 days. The credibility has been kept intact as there have been no delays or non-fulfilment of withdrawals on the platform.
Conclusion Following Our Henyep Markets Review
Although a lot has been said about this broker in terms of what is working and what is not, looking at the positive side, they have stood the test of time, and with credibility, they have been able to move forward at a rapid rate. There is more to be done in terms of improvement of services, but much has also been done over the past couple of years enabling our Henyep Markets Review to present them in a positive light. All signs indicate that with hard work, the will to improve, and consistency, there is a lot more still to come from this broker. HYCM is subject to many opinions based on personal experience, but it is hard not to see how much has been accomplished so far.
Trading securities involves a high degree of risk for off-exchange derivatives, margin-based foreign exchange trading, and cryptocurrencies, including creditworthiness, limited regulatory protection, leverage, market volatility or related instruments. It should not be assumed that the indicators, methods or techniques presented in these products will be profitable or not profitable.
The content provided here should not under any circumstances be taken as financial advice of any sort. The information here has been well researched and is certified to be true, however, any financial advice should be sought from your financial advisor based on your personal circumstances.
