How is customer service at HYCM?
When using an online broker, you may sometimes need assistance to locate a feature or sort out a problem. In such situations, it's good to have prompt and helpful customer service on hand.
HYCM offers OK customer support across multiple channels, but occasionally you can run into long waits or less-than-helpful responses. Read on for details and comparisons.
I've tested dozens of brokers over the years, which often included contacting their help desks over various issues. HYCM has decent customer service but I saw room for improvement:
- You can reach HYCM customer service via several channels.
- HYCM's help desk is a hit-and-miss when it comes to response speed.
- HYCM customer support is sometimes helpful, sometimes less so.
- Looking for better treatment? See how HYCM compares to its rivals.
Disclaimer: 73-76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Before we begin, let's see if HYCM is available in your country
Visit broker
73-76% of retail CFD accounts lose money
73-76% of retail CFD accounts lose money
Reach customer service via several channels
Like most companies, online brokers typically offer customer service via several channels. Phone support is usually best if you need to quickly sort out a complicated problem or emergency, while more and more users prefer live chat for simple queries. Meanwhile, email support remains your best friend if you're an introvert, or for more complex questions that aren't so time sensitive.
You will likely face many types of issues during trading, so choose a broker where you can reach all three modes of support. Here's how you can get in touch with HYCM:
- Live chat
- Phone
Unfortunately, you can't reach HYCM customer support 24/7, so keep that (and your time zone) in mind before reaching out for help with an issue that needs immediate attention.
Our first-hand customer service experience at HYCM
The live chat at HYCM is usually fast and manned from 5 am GMT until 6 pm GMT on weekdays. When they're offline, you can leave a message. Additionally, you can chat with customer support on Telegram, Skype, Viber, WhatsApp, and Facebook Messenger as well. The relevance of the answers was OK although some questions were not properly addressed at first and we had to ask the same questions again to get an answer.
The phone support at HYCM was average-speed, we received relevant answers and customer service representatives were helpful.
Customer emails are typically answered within 24 hours and this was where we missed relevant answers the most. Some questions were left unanswered, in other cases the response was not relevant to the question.
We also missed 24/7 availability. You can contact them Monday to Friday during UK business hours.
Visit broker
73-76% of retail CFD accounts lose money
User forums as an alternative to customer service
Whatever your question or problem is, you're probably not alone. This makes online forums of traders a great source of info about brokers in addition to (or even instead of) official customer service. RandomUser1234 won't be able to help you restore your account, but they can probably offer good tips on platform usage or tell you whether a certain stock is available at a broker.
Some brokers have their own community forums on their trading platforms or websites; alternatively, you can always turn to well-known forum aggregators such as Reddit. Many popular brokers have their own dedicated subreddits. Just post your question, or browse previous threads to see if it's been already answered.
Always exercise caution when taking advice from other forum users. Some information may be incorrect, outdated, or reflect the subjective judgment of a user. Also, do not share sensitive data or other material, such as screenshots that reveal your personal or financial information.
Help desk response times at HYCM are mixed
When testing the overall quality of customer support at HYCM and its competitors, we paid special attention to response speed. Because let's face it, we're all very busy; so when faced with a ten-minute wait to get connected to an operator, most of us would rather jump on a Reddit forum for answers or figure out a solution to our problems on our own. So this is how we rated brokers:
- In the case of phone and live chat support, we considered waiting times of less than one minute as great, and waiting times exceeding five minutes as poor. We scored anything in between as mid-range; including brokers where responses were sometimes swift but sometimes too slow.
- When it comes to email support, a response within 24 hours is considered great in our book; while we believe it is poor service to keep you waiting for more than two or three days for a reply.
So why all the hurry? A little hold music won't hurt anyone, right? Perhaps not, but there may be situations where customer service speed can make a huge difference. Imagine you noticed that someone has broken into your account and started to withdraw your money from it. Or maybe you want to sell a free-falling stock but the order panel won't display properly. In such cases, swift customer support can potentially save you hundreds or thousands of dollars.
Visit broker
73-76% of retail CFD accounts lose money
Customer support quality at HYCM is average
Promptly picking up the phone is one thing, but it's just as important to give answers that are clear, comprehensible, sufficiently detailed and relevant to your problem. In addition to response speed, we also rated brokers based on the quality of replies and assistance we received.
- Brokers we rated as 'great' here gave us all the necessary information and assistance.
- Those we rated 'poor' left us scratching our heads and looking for alternative sources of information.
- We gave a 'mid-range' score to brokers where the quality of support was inconsistent or where assistance was often less than useful.
Here's how HYCM compares to its main competitors when it comes to the helpfulness of live chat, phone and email support.
Compare HYCM with its rivals
Do you fancy using HYCM's services but not sure you'd get the level of customer service you deserve? Try our broker comparison tool, where you can size up 100+ brokers side by side and filter for many criteria including high-quality customer support.
Want to see how HYCM fares in other respects such as trading fees, funding options or platform quality? Read our full review of HYCM for 2024.
Visit broker
73-76% of retail CFD accounts lose money
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
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.
