As more and more traders and investors use their smartphones for trading, it is increasingly important that brokers offer easy-to-use apps that can deliver the same services as desktop platforms.
In this article we'll check whether HYCM's mobile app ticks all the boxes.
Overall, we rate the user-friendliness of the app as better than average.
|Mobile app rating (5 is the best)||3.8 stars||3.8 stars||4.7 stars|
We're going to take a closer look at search functions, price alerts and order types, so all the little details that determine whether a trading app is user-friendly or downright cumbersome. If you want to read our full review, including fees, deposit options and other platforms (like web and desktop) then skip to the HYCM review.
Our main checklist for the HYCM app
Let's start with the search functions. Although most brokers do OK in this area, there are some bad apples out there. For example, if you start typing 'Emerging markets', will the software find all the Emerging markets ETFs for you, even if their name doesn't start with 'emerging'? If you only ever traded US stocks and start typing 'Apple', will the AI show you the Apple stock or the obscure Irish stock Applegreen?
HYCM got the green light, meaning its search functions are reasonably good.
|Price alerts in the app||Yes||Yes||Yes|
|Confirmation after successful trade||No||No||Yes|
We hear horror stories almost every month about accounts being emptied out by hackers - the easiest thing you can do to prevent these attacks is to make your account secure by enabling 2-step authentication. That is, if your broker offers this service. We think it is a must. As HYCM doesn't have this functionality, you might want to consider having a look at another trading platform.
We didn't like that you can't use biometric authentication to log in to the app. Most brokers have this function (e.g. via fingerprints or FaceID) to save you from having to type in your password every time, making it a convenient feature.
Checklist for nice-to-have features
For some people it might be a deal-breaker if you can't set up a trailing stop limit - we totally get that. Others couldn't care less and also don't get excited if the app is available in 25 languages. Anyway, here is our checklist of minor, nice-to-have features:
HYCM has these order types available in its app: Market, Limit, Stop.
At HYCM you can use the following order terms & expiry in the app: Good 'til canceled (GTC), Good 'til time (GTT).
The HYCM mobile app currently supports the following languages: Arabic, Chinese (Simplified), Chinese (Traditional), Czech, English, French, German, Greek, Hindi, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Portuguese (Brazil), Russian, Spanish, Thai, Turkish, Ukrainian, Vietnamese.
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Still unsure about your broker selection? Click here to see which free stock trading apps are the best.
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If you're not in the US or the EU you'll find this award the most interesting.
Let us know what you think in the comments section.