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Written by: András I. Updated: Dec 2022
Expert verified
Recommended for
  • Investors and traders globally
Trusted broker
Regulated by top tier financial authorities
Popularity
440 people chose this broker in the last 6 months
BrokerChooser Score
4.2/5

HYCM review summary

HYCM is a global forex and CFD broker regulated by many financial authorities globally, including the top-tier FCA. HYCM has low forex and CFD trading fees. It offers a wide selection of quality educational tools. The account opening is easy and fully digital. On the flip side, HYCM's product portfolio is limited to forex and CFDs. Popular asset classes, such as real stocks, are missing. The broker uses MetaTrader trading platforms that have a slightly outdated design. Additionally, HYCM charges a $10 inactivity fee per month after 90 days of inactivity. BrokerChooser gave HYCM a 4.2/5 rating based on analyzing 500+ criteria and testing via opening a live account.

HYCM is a regulated broker, it is overseen by top-tier financial regulators in multiple countries . HYCM is also covered by investor protection in selected jurisdictions. We at BrokerChooser always test brokers with real money, including the withdrawal process.

You can't open an account at HYCM if you live in United States. See the best alternative available in your country.

HYCM pros and cons

Pros Cons
Low forex and CFD fees Only forex and CFD products
Great educational content Trading platforms have outdated design
User-friendly account opening Inactivity fee

HYCM main highlights

🗺️ Country of regulation UK, Cyprus, Dubai, Cayman Islands
💰 Trading fees class Low
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $100
🕖 Time to open an account 1 day
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 6
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto

HYCM review
Fees

3.9
HYCM has low forex and CFD trading fees. It's also great that the broker charges no deposit and withdrawal fees in most cases. On the negative side, there is a quite high inactivity fee.
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HYCM review
Account opening

5.0
The account opening at HYCM is seamless and fully digital. Our account was verified within one business day. The minimum deposit is also low: $100 for Classic and Fixed accounts and $200 for Raw accounts.
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HYCM review
Deposit and withdrawal

4.5
HYCM offers free and fast deposit and withdrawal options, including traditional methods such as bank transfer and credit card funding as well as various e-wallets. On the other hand, the number of available account currencies lags behind some of HYCM's competitors.
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HYCM review
Web trading platform

2.8
HYCM's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages and has a clear fee report. On the other hand, the platform lacks a two-step login or price alerts and its design is outdated.
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HYCM review
Mobile trading platform

4.3
HYCM has its own mobile trading platform, HYCM Trader, and also offers a platform by MetaTrader. HYCM Trader is well-designed and user-friendly with a good search function. However, it lacks a safe login.
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HYCM review
Desktop trading platform

3.4
In design and functionality, HYCM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
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HYCM review
Markets and products

2.1
At HYCM you can only trade with forex and other CFDs (commodities, stock indices, futures, and share CFDs). Popular asset classes, such as real stocks, bonds, mutual funds and options are missing.
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HYCM review
Research

3.5
HYCM provides trading ideas based on technical analysis and a great economic calendar. On the negative side, the charting tools and the newsfeed could be improved.
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HYCM review
Customer service

4.3
HYCM offers several customer service channels and we found the live chat to be the fastest and most relevant. Emails are typically answered within 24 hours, but the answers are not always complete or on the subject. Lastly, we missed the 24/7 support.
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HYCM review
Education

5.0
HYCM has great educational content. You can test the waters with a demo account and learn through videos and webinars.
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HYCM review
Safety

HYCM is regulated by several financial authorities, including the top-tier FCA. On the negative side, clients outside the EU and the UK are not covered by any investor protection.
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HYCM review
Bottom line

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HYCM review
FAQ

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Author of this review

András Iván

Author of this review

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

András Iván

Broker Analyst

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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76% of retail CFD accounts lose money

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