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Is the GBP/USD spread low at HYCM?

Your expert
Krisztián G.
Fact checked by
Tamás D.
Updated
2w ago
Personally tested
Data-driven
Independent

Understanding HYCM GBP/USD spreads

Are you looking to trade the GBP/USD? Making sure your broker's spread is competitive should be as self-evident as checking menu prices in a restaurant.

The spreads for GBP/USD are average at HYCM. But judging a broker by their spreads alone is like buying a phone just because it has the best camera. Always check commissions and financing rates to get the full picture. We looked at all these and found that forex trading fees at HYCM are low.

Average spreads may not tell the whole story
Krisztián
Krisztián Gátonyi
Forex • Market Analysis • Algo Trading

We've thoroughly tested HYCM's services and we put our money where our mouth is: made real trades with actual money. After looking closely at their platform (and consuming way too much coffee in the process), here's what we think you absolutely need to know:

  • The GBP/USD spread is 1.3 at HYCM versus the market average of 0.92
  • Keep an eye on two key costs that can drain your profits: commissions and financing rates
  • Always check the non-trading fees, which at HYCM are low
  • See how HYCM stacks up against our selection of the lowest GBP/USD spread brokers or head over to our FX fee calculator - it's smarter than you think
Overall score
4.1/5
Minimum deposit
$20
FX fee
Low
Index CFD fee
Low
Withdrawal fee
$0
Account opening
1 day
Visit HYCM

73-76% of retail CFD accounts lose money

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HYCM's GBP/USD spreads: solid, not spectacular

So how do forex spreads work? They're actually not that different from what you'd see at an airport money exchange booth. The 'We buy' quotes you see on the screen are the equivalent of 'bid' prices on the forex market; and those in the 'We sell' column are the same as 'ask' prices. The difference between the two is what the money changer earns for providing the service.

For every FX trade you make (be it GBP/USD or any other currency pair), you will need to pay this cost, which is also known as the bid-ask spread or buy-sell spread. This is how brokers earn money on the spread:

  1. They pass on the raw market spread (typically meaning narrower spreads) but then add their own little markup (usually in the form of a commission).
  2. They offer their own spread, which already includes their fees. In this model, the spread tends to be higher/wider.
At HYCM the GBP/USD spread is 1.3 while the average spread is 0.92 for the same currency pair at over 50 brokers reviewed by BrokerChooser.

We compared broker spreads using Raw accounts where available, otherwise using Standard accounts for our analysis.

Two more thing about spreads: at most brokers the size of your trade will affect the spread. The larger your trade, the wider the spread wil be, especially if there isn't ample liquidity in the market. In addition, spreads tend to widen during off-peak trading hours when market activity is lower.

You can check the current price of the GBP/USD currency pair in the chart below.

Check out this table for forex spreads charged by HYCM for major currency pairs.

Spreads for major FX pairs at HYCM
Currency pair Spread Low / Average / High
EURUSD 1.2 High
GBPUSD 1.3 Average
AUDUSD 1.3 Average
EURCHF 1.8 Average
EURGBP 1.5 Average

Data updated on January 30, 2025

You've surely come across 'zero-spread brokers' that claim there's no difference between buy and sell prices (0 pip spread) on forex pairs or other instruments if you trade with them. The thing is, though, that true 0 spreads can't really exist in real markets all the time. What these brokers do is they simply absorb the market spread and charge you differently, usually through commissions or other hidden costs.

Bottom line: read the fine print as you will most probably face hidden costs.

Meet your profit's enemies: commission and overnight fees

Lower spreads are obviously awesome for your wallet. But before you start celebrating tight spreads, we need to talk about commissions.

Some brokers have super-slim spreads but add a commission to each trade, while others pack everything into a wider spread. The real pro move? Grab your calculator (or let's be real, your phone) and crunch those numbers before committing.

Does HYCM charge a commission for trading GBP/USD?

No, there is no FX commission at HYCM. All FX fees are built into the spread.

Check financing rates at your broker unless you're a day trader

Ever wonder what happens to your leveraged forex trades after you go to sleep (unless you closed your position the same day you opened it)? Enter financing rates (also known as swap rates or overnight rates). Think of it as the hotel room rate you pay when visiting a place for a few days rather than just going on a day trip.

If you trade on a very short time horizon (i.e. scalping or intraday trading), the spread will be your most important consideration and you won't need to worry about financing rates. If, however, you're holding onto a trade overnight, your broker's either charging you or paying you interest, depending on which currency you're buying or selling. Pro tip: these rates can add up fast, so keep an eye on them if you're planning to hold positions longer than a day.

Here's our verdict on GBP/USD financing rates at HYCM based on a comparison of more than 50 global brokers: HYCM has low financing rates for this currency pair.

Look at non-trading fees and service features to get the full picture

Just when you thought you had all these forex fees figured out, our analysts (who've made more trades than we care to count) have some extra wisdom to share: keep an eye out for 'non-trading fees' such as deposit costs and withdrawal fees (yes, you sometimes need to pay to get your own money back), and other conditions like minimum deposit requirements.

We have packed all these details and more into one table below. After all, life's too short to spend hours clicking through broker websites.

Brokerage fees and service highlights at HYCM

💸 Minimum deposit $20
💰 Deposit fee $0
💰 Withdrawal fee $0
💳 Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller, PM, AstroPay, WebMoney, PayTrust, fasapay, ZOTAPAY, Lipi
💸 Account base currency EUR, USD, GBP, AED, JPY
🗺️ Country of regulation UK, Dubai, Cayman Islands, Saint Vincent and the Grenadines
🎮 Demo account provided Yes
📋 Read more Check out our HYCM review for 2025

Looking for the lowest GBP/USD spread FX brokers?

Done with paying too much for your GBP/USD trades? Same here! So we rounded up the absolute champions of low-spread GBP/USD trades. We've tracked down fully reliable brokers that won't eat up your profits with hefty fees and which offer excellent service on all fronts.

If you are ready to level up your forex game, check out our handpicked collection of the lowest GBP/USD spread brokers.

Want to know where to get the tightest spreads and best fees for any forex trade? You must see our forex fee calculator, it'll blow your mind. Go ahead and put it to the test, don't just take our word for it.

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

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Further reading

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.

author
Krisztián Gátonyi
Author of this article
I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.
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Visit HYCM 73-76% of retail CFD accounts lose money