HYCM, otherwise known as HY Markets has been in business since 1977, and is regarded as one of the most trusted brokers as time has shown. Regulated by several commissions, HY Markets provides a great service for every type of trader.
Customer Service
Lots of 5-stars are given on their customer support review page. A lot of traders like this broker, but there are a few poor ratings. Some of those bad reviews include accounts not getting set up because of jurisdictions that HY Markets doesn't provide. Usually, you see several reviews on a brokerage site where customers are upset about losing their funds, but not for HY Markets. This broker has been very good at helping traders get back their lost funds and reimbursing them when something goes wrong with the account. A lot of unregulated brokers can cause trouble and keep the funds, so it is important to research your broker and make sure that there is some overhead on the company. A lot of people like customer support for HY Markets. My rating: 4/5
Commissions and Fees
HYCM has three accounts to choose from: Fixed, Classic and Raw.
With nearly a 2 pip spread on the fixed account and no EA available, it almost seems better to use their raw account. For very accurate trades, raw is the best, but there are commissions. There are no commissions on the fixed and classic accounts, and if you don't care too much about the spread, these accounts look the best. A 1.8 pip spread is not as tight, but it works well for swing trades where entries are not so pivotal. My rating: 3/5
Platform, Tools & Education
Like most brokerages, HY Markets uses the latest versions of MetaTrader as well as previous versions. Their tools include a pip calculator, currency converter and margin converter where you can calculate profits in pips, money and other ways. They also provide a market outlook where analysts give their opinion, along with news updates and economic calendars to keep their traders up to date on current events. Sections of their education include seminars, webinars and basic forex education. Although they don't provide scanners like other brokers, their education section is very helpful. My rating: 3/5
Regulation
They are regulated by several entities including the FCA in the UK, CySEC, and CIMA. They are also considered a safe broker with average risk. My rating: 4/5
Offer of Investment
When using any one of their accounts, you will have access to stocks, indices, commodities, currencies, CFDs, and ETFs. Some brokers don't provide anything other than pairs and commodities, making HY Markets a great place to trade. They use 5 base currencies to trade with, negative balance protection (very important), and are a tier-1 client fund security, meaning they are great at protecting your funds which is what most people want from a broker behind its regulation. My rating: 4/5
Thanks for reading! If you are interested in joining our trading community, we have chat rooms, trade alerts from our top traders, and educational content. You can join using the link below, and get a discount on your membership.
Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.
A1 Edgefinder
Smart Money Tracker
See where big money is flowing with the A1 Edgefinder's smart money tracker! With one click, see where the biggest money flows are entering and exiting through COT data.
Today, Fed chairman Jerome Powell spoke on the labor market and inflation. While we don't know what the future holds for the equities and currency market, we can derive certain conclusions from investors' interpretations. Here are some powerful takeaways from Powell's remarks this afternoon. Key takeaways Market Impact This caused the dollar and equities to […]
Today at 2:00 pm EST, the Fed will announce their latest interest rate decision. Estimates suggest a smaller hike of 25 basis points this time around. Here are some things to consider before the FOMC decision later today: The Fed has struggled to tighten their grip on inflation without causing too much disturbance in the […]
With the holiday season lingering on and a new year on the cusp of arrival, traders may glance at the calendar and notice there is not much economic news to anticipate on Friday to cap off a light week. In situations like these where there can be lulls in bullish and bearish momentum due to […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here