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June 22, 2020

HYCM Broker Review

Frank Cabibi

Overall Rating: 4.5/5

Rating: 4 out of 5.
Customer Service4/5
Commissions & Fees3/5
Platform, Tools, and Education3/5
Customer Reviews & Regulations4/5
Offering of Investment4/5

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.

https://www.hycm.com/en/account-types

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

My Overall Rating

4/5

Featured Photo: https://www.forexbrokerz.com/news/hy-markets-hycm-primetrader-platform


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Disclaimer:

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.

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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
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