Henyep Markets Review

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.

Fees comparison on HYCM

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
• Email
• 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.