HYCM Review

3.047 · 80 REVIEWS

Formerly HYMarkets.com

Updated: Jul 31, 2020 · HYCM.com  · Is this your company?

HYCM is a forex broker. HYCM offers the MT4 and Mobile trading currency platforms. HYCM.com offers over 30 currency pairs, cryptocurrencies, indices, stocks, commodities and cfds for your personal investment and trading options.

HYCM

2008-2013:  Multiple "client" reviews left from inside the offices of HY Markets.

2013-2014:  Large numbers of highly suspicious positive reviews submitted.

The FPA recommends caution dealing with this company.

Other websites of this company include HYOptions.com

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $100
Established: 1977
Address: 18 King William Street London, EC4N 7BP, United Kingdom
Contact: support@hycm.com, +357-25-24-5751
Regional offices:
Regulators: CIMA #1442313, CySEC #259/14, SVGFSA #25228 (IBC 2018), DFSA #000048, FCA #186171
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: Yes
Mobile Trading: Yes
Currencies: (65+)
Cryptocurrencies: (10+)
CFD: (300+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Other Commodities
MAM: Yes
PAMM: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill

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3.047 · 80 REVIEWS
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Traders Reviews

Malodir,
Singapore, Singapore,
Feb 10, 2020,
Guest

Very porfessional approach

Service use: Live

Length of use: 0-3 Months

I don’t have much experience in trading to claim that HYCM is the best of best brokers ever. However, you can tell this is a reliable partner from the first glance at their website. I was pleasantly surprised by the fact all the legal info is given at the bottom of every page and every potential customer can feel free to check the given licenses numbers and verify HYCM is regulated as stated by the most authoritative companies of the world. I’ve made sure all this information is truthful, because I was told thousand times that forex trading is only possible to be successful with a truly reliable brokerage. This is why I’m paying this much attention to these details.
Another good experience was that I left my email address through the contact form at their site and I only received the answer to my question by email, no further spam, which I appreciate a lot. If you have many question I would suggest contacting assistant through online chat during regular working hours (they only have a chat bot at night time and on the weekends). It’s much faster. Anyway, this was a very pleasant experience of opening an account and I hope my trading experience is not gonna be worse. All is good so far, but its only been 2 weeks since I’ve started, so too early to make final conclusions about that yet.
 
Himanshu Naidu,
Chennai, India,
Feb 7, 2020,
Guest

A+ regulators

Service use: Live

Length of use: 6-12 Months

I think the list of regulators that have approved HYCM speaks for itself. CySEC and FCA don’t risk their reputation for no reason. Broker is totally reliable and trustworthy. I also think that trading conditions on raw accounts are very nice here. The only problem that I’ve ran into was that live operator in support chat is not available 24/7, but if you don’t mind - I totally recommend HYCM for excellent spreads and regulations!
 
Dubai, United Arab Emirates,
Sep 30, 2019,
Registered user

Scam Broker - Not refunding my Proft

Length of use: 0-3 Months

This Broker is scam and after closing my account as I mentioned early without any notification and now saying we are not going to refund the profit, and will only refund the deposit amount what the hell is this if we are in profit they will not refund our money our asset.
Account Manager call and said this is company policy and do whatever you can do, company is a boss and we can close anyone account and can do anything. Please suggest what is a best platform to raise a complain against them for taking up my profit which is my asset they are holding and I have all the proves to share.

Sep 13, 2019 - 1 Star Suddenly deleted my account and refunded my amount, when I check with try to reach Account Manager he said now it is closed we cannot do anything.
It happened because my submitted and verified documents get old and they want the new verification documents. So it mean they want every year new documents to verify the client ???.
AM did not call me about the issue nor even send final email that we will close the account if you do not provide the documents by xyz date/time and they suddenly close my account and refund the amount. What the shit is this so unprofessional attitude
they do not even bought to suspend 1st and then delete/close account they directly close the account and attitude of AM is totally not supportive and accepting their mistake.
  1 trader has found this review helpful
Reply by HYCMTeam submitted Dec 11, 2019:
Dear Client,

We would like to bring to your attention the fact that, in order to comply with the applicable Laws and Regulations as well as the Company’s policies and procedures, the Company conducts an annual monitoring of its clients and may ask for additional documents to be provided where necessary.

When you registered an account with us, you accepted the Company’s Terms of Business, Customer Agreement as well as all Company policies. As per the Company’s Customer Agreement, the Company has the right to terminate this Agreement if the Client fails to observe or perform any provision of the Agreement.

Best regards,
HYCM Team
James,
Manchester, United Kingdom,
Aug 5, 2019,
Guest

Great Broker

Service use: Live

Length of use: over 1 Year

Have traded with HYCM for a few years now and have never had any problem with slippage, spread widening, or stop hunting (all subversive tactics many other brokers use and I have experienced with other brokers).

My account manager is super helpful and I have never had a withdrawal problem, which takes around 3 working days (I am in Europe). People complaining here about withdrawal times do not understand how banks work. Any broker will take 3-5 days to withdraw unless it is PayPal which most do not offer.
 
Toronto, Canada,
Jun 24, 2019,
Registered user

Scam broker

Service use: Live

Length of use: 0-3 Months

I can not get my withdrawal $2000 back to my Card therefor the they promise process within 7-10 working days.
They take your money very quickly within 1 minute, but when you withdrawal you will have a problem.
Spreads are really so high so not acceptable for trading.
I will never go back to HYCM so one is not reliable. I am not satisfied this broker.
Be aware from HYCM.
 
Reply by HYCMTeam submitted Jun 26, 2019:
Hello Alexkf,

I am sorry to hear you are having issues with you withdrawal. Please be aware withdrawals can take either up to 1 hour or 5 business days depending on your chosen method of withdrawal.

Please contact your Account manage and they will update you on the status of your withdrawal.

Many thanks,
HYCM Team
Mississauga, Canada,
Apr 8, 2019,
Registered user

Scam Broker

PLEASE ALL PEOPLE STAY AWAY FROM THIS BROKER. This broker does not keep winners. If you make good profit and once you get detected, they will close your account immediately and return your funds back without any explanation.

They did not have to say that they did not have to say that they did not have to answer. Its because there is no reason, they do not keep profitable traders.

I had to fight with them for days to get my balance back to my bank account. STAY AWAY from them.
 
Reply by HYCMTeam submitted Jun 24, 2019:
Hello SamGamage,,

Firstly, I am sorry to hear you feel this way. Please note that HYCM is a fully licensed and regulated CFD trading company as you can read on our website.

It sounds like your issue was resolved and you received your balance. If there is any outstanding issues please contact our Support team at support@hycm.com and they will gladly assist you.

Regards,
HYCM Team
PANOS,
Greece,
Mar 21, 2019,
Guest

I received the 50 euros via neteller. Maybe their skrill withdrawal processor has problem

Feb 4, 2019 - 1 Star its been 1 month they dont refund me about 50 euros providing as an excuse that the skrill number is not correct so they cannot process the withdrawal, and they are asking me again and again my already given correctly skrill details
 
Reply by HYCMTeam submitted Jun 24, 2019:
Hello Panos.

Has the issue with the 50 euros been resolved? If there is any outstanding issues please contact our Support team at support@hycm.com and they will gladly assist you.

Regards,
HYCM Team
Melbourne, Australia,
Nov 15, 2018,
Registered user

Scam Alert on this broker!

Made $11,303.84 USD profit with them only to have it wiped overnight with no explanation.

These were manual trades placed.

More. Community discussion of this issue >>

  1 trader has found this review helpful
Reply by HYCMTeam submitted Jun 24, 2019:
Hello Ixboston,

Please note that HYCM is a fully licensed and regulated CFD trading company, as you can read on our website. HYCM reserves the right to close client accounts without providing notice.

If you wish us to thoroughly review your case please contact our Support team, via chat on our website or email support@hycm.com, as we strive to improve our services and provide the best trading experience possible.

Best,
HYCM Team

Ukraine,
Nov 15, 2018,
Registered user

I get my money back.
6700951.

Thank you, i dont have any claims to the company now.

But I dont understand why my account was blocked. I didn't even have time to bargain

Nov 8, 2018 - 1 Star HYCM was close my account, and 2 week i cant get my deposit back.
2000USD.


MT4 username
6700951

HYCM, please, give me my money back!
 
Reply by HYCMTeam submitted Jun 24, 2019:
Hello SantaFe,

Please note, according to the customer agreement, HYCM reserves the right to close client accounts without providing a reason.
I’m glad to hear your issue was resolved in this case, and you received your deposit.
If you need anything else please contact our Support team at support@hycm.com and they will gladly assist you.

Regards,
HYCM Team
Russian Federation,
Nov 6, 2018,
Registered user

Terrible broker

Terrible broker. They disabled trading with EA on my account (FCA regulation) and closed my colleague's account without any reason (No regulation).
  1 trader has found this review helpful
Reply by HYCMTeam submitted Jun 25, 2019:
Hello Dzaga_2,

Please note, that according to the customer agreement HYCM reserves the right to close client accounts without providing a reason.

If your colleague would like us to thoroughly review their case they should contact our Support team, via chat on our website or email support@hycm.com, as we strive to improve our services and provide the best trading experience possible.

Regards,
HYCM Team

Frequently Asked Questions

Is HYCM regulated?

HYCM Group is regulated in 4 countries.

  • Henyep Capital Markets (UK) Limited is authorized and regulated under the Financial Conduct Authority with reference number 186171.
  • HYCM (Europe) Ltd is authorized and regulated under the Cyprus Securities and Exchange Commission under license number 259/14.
  • HYCM Ltd is authorized and regulated under the Cayman Islands Monetary Authority under reference number 1442313.
  • Henyep Capital Markets (DIFC) Limited is authorized and regulated by the Dubai Financial Services Authority with license number 000048.
HYCM Limited is also registered in Saint Vincent and the Grenadines with registration number 25228 (IBC 2018).

What is HYCM?

HYCM is an online forex broker. HYCM offers access to trade the following assets on MetraTrader 4 and 5.

  • Forex
  • Commodities
  • Precious metals
  • Shares
  • Indices

What is the minimum deposit for HYCM?

The minimum deposit to start trading on HYCM is $100 for Fixed and Classic accounts, $200 for Raw account.

What is the maximum leverage for HYCM?

The maximum leverage for HYCM varies depending on the assets.

  • Forex: the maximum leverage is 200:1
  • Stocks: the maximum leverage is 20:1
  • Indices: the maximum leverage is 200:1
  • Crypto: the maximum leverage is 20:1
  • Commodities: the maximum leverage is 133:1
  • EFTs: the maximum leverage is 20:1