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HYCM Review 2024

Written by
András I.
Fact checked by
Adam N.
Updated
2d ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
1,210 people chose this broker
Not available in United States; see best alternatives

Why choose HYCM

HYCM Capital Markets is a well-established, global brand providing forex and CFD trading via a group of individual entities in different jurisdictions, including that of the top-tier FCA in the UK.

HYCM has low forex and CFD trading fees. Its account opening is easy and fully digital, and it offers a wide selection of quality educational tools.

On the negative side, HYCM's product portfolio is limited to forex and CFDs. The broker uses MetaTrader trading platforms that have a slightly outdated design.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 4.1/5 rating after analyzing 600+ criteria and testing the broker's services by opening a live account.

BrokerChooser score
4.1 4.1 /5
Visit broker
70% of retail CFD accounts lose money
Pros
  • Low CFD fees
  • Great educational content
  • User-friendly account opening
Cons
  • Only forex and CFD products
  • Trading platforms have outdated design
  • Inactivity fee

HYCM at a glance

🗺 Country of regulationUK, Cyprus, Dubai, Cayman Islands
🛡️ Negative balance protectionYes
💰 Apple CFD fee$3.4
💰 S&P 500 CFD spread0.5
💰 Inactivity fee chargedYes
💰 Withdrawal fee$0
💰 Minimum deposit$20
💵 Available base currenciesUSD, EUR, GBP, CAD, RUB, AED
💵 Conversion fee of deposits in non-base currencyExchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation.
💳 Deposit with bank cardAvailable
👛 With electronic walletAvailable
🕖 Time to open an account1 day
🎮 Demo account providedYes
🛍️ Products offeredForex, CFD, Crypto
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Fees

Score: 3.8/5
HYCM has low CFD, but average forex 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.
Pros
  • No withdrawal fee
  • Low CFD fees
Cons
  • Average forex fees

We compared HYCM's fees with two similar brokers we selected, AvaTrade and XM. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of HYCM alternatives.

Average FX fees

All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 1.4.

Broker
EURUSD spread
FX commission per lot
HYCM
1.4
No commission is charged
AvaTrade
0.9
No commission is charged
XM
0.1
$3.50 commission per lot per trade on XM Zero accounts
HYCM forex spreads and commissions

Low index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.5.

Broker
S&P 500 CFD spread
HYCM
0.5
AvaTrade
0.5
XM
0.5
HYCM index CFD spreads and commissions

Low stock CFD fees

All stock CFD fees are built into the spread. The spread for Apple stock CFDs is 0.2.

Broker
Apple CFD
HYCM
$1.1
AvaTrade
$1.2
XM
$1.6
HYCM stock CFD spreads and commissions

Average inactivity fee, low withdrawal fee

It's great that no deposit or account fees are charged.

Broker
Inactivity fee
Withdrawal fee
HYCM
$0
AvaTrade
$0
XM
$0
HYCM inactivity, withdrawal and other fees

HYCM does charge an inactivity fee. It is $10 each month after 90 days of inactivity. A bit underhand for our liking.

Normally, HYCM does not charge a withdrawal fee. There are two exceptions:

  • withdrawals of less than $300 via bank transfer carry a handling fee of $30
  • withdrawals over $5,000 via Skrill or Neteller are subject to a 1% processing fee

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.
Pros
  • Negative balance protection
Cons
  • Not listed on stock exchange
  • Financial information is not publicly available
  • No investor protection outside the EU&UK
Read more

Deposit and withdrawal

Score: 4.4/5
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.
Pros
  • Credit/Debit card available
  • Free withdrawal
  • No deposit fee
Cons
  • Average account currency selection
Read more

Account opening

Score: 5/5
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.
Pros
  • Fast
  • Fully digital
  • Low minimum deposit
Cons
None
Read more

Mobile app

Score: 4.3/5
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.
Pros
  • User-friendly
  • Good search function
  • Price alerts
Cons
  • No two-step (safer) login
  • No Touch/Face ID login
Read more

Desktop platform

Score: 2.8/5
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.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Order confirmation
Cons
  • No two-step (safer) login
  • No price alerts
  • Poor design
Read more

Product selection

Score: 2.2/5
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.
Read more
“I recommend HYCM for forex and CFD traders who prefer the MetaTrader platform.”

FAQ

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Author of this review

András Iván
András Iván

András is a former broker analyst for BrokerChooser. He has 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 each client can find the best match.

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.

Visit HYCM 70% of retail CFD accounts lose money

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