Experience and Knowledge Combined – An HYCM Review
Are you a trader looking for an online Forex broker to start your trading career? Are you considering a broker that also lets you trade cryptocurrencies just like many other financial assets? If yes is your answer, you are definitely going to love HYCM. HYCM is a well-known online broker with lots of experience of the trading world. The broker provides trading platform and features to traders from many countries of the world. There is no doubt that its experience of the market has taught it everything that makes it one of the best brokers. Let’s find out about HYCM in detail so you can take a well-informed decision just like thousands of other traders.
HYCM – Experience Is Better than Claims
The first area where HYCM beats many of its competitors is the experience. You will not find many other brokers that have served traders with trading services for as many years as HYCM. The company has been around since 1977 and since then it has maintained the highest standards in its services. Everything that you need to know about a broker before signing up with it has been covered excellently by this broker. The first thing that any trader worries about is the security of funds and safety of information. Any broker can claim to be safe and secure but claims don’t constitute as proofs.
It is an honor for HYCM that it is regulated by not one but many regulating authorities. Cayman Islands Monetary Authority, Cyprus Securities and Exchange Commission, and Financial Conduct Authority UK are the major authorities that regulate this broker. When you are dealing with a multi-regulated broker, you can have the peace of mind that your information and money is in safe hands. It is clearly stated on the website of the broker that it does not mix the funds of the clients with its own funds. Instead, it has separate accounts where all the funds deposited by traders are kept safe.
Any trader who signs up with HYCM can be proud of the fact that this broker has received several awards over the course of time. Its regulation and award-winning streak are the living proofs that HYCM is one of the safest and most worthwhile online brokers that traders can sign up with. The company has won five different prestigious awards just in 2017 alone. Let’s get into the details of its services to know what else makes it one of the best online brokers for cryptocurrency, forex, stock, and commodity traders.
Trading Platform – Tried and Trusted
If you research on various online brokers, you will find many different trading platforms. Yes, there are many amazing trading platforms but none of these platforms have been able to come even close to MetaTrader 4. This platform has been around for several years and it maintains its top position because of how easy it makes for traders to trade and the way it integrates many trading tools in one place. Once you know that the trading platform your broker is giving you is MT4, there is nothing else to worry about. Now, the second most important factor is the ease of use of the software.
When it comes to ease of use, the most important thing to look at is portability. It was a thing of the past when people used to sit in front of their computers for several hours keeping their eyes on charts to trade assets. Today, you want your platform to travel with you. The MT4 platform from HYCM is available in all the different flavors. First of all, you have the downloadable version of the software that you can install on your computer. This particular version of the software is not portable and is best for desktop computers only. However, you also have the mobile application.
The mobile application is available for the major operating systems e.g. iOS and Android. So, once you have signed up with HYCM, you don’t have to worry about the type of mobile you purchase. All the assets that you have available for trading are there in one place on the platform. You don’t have to switch platforms, devices or operating systems when you sign up with HYCM. That’s what you call truly user-friendly features.
Tradable Assets – Many Asset Classes to Choose From
You might be looking specifically for a cryptocurrency broker, but it is extra cool when you can trade other assets from the same platform. In total, you have six asset classes available that you can choose your favorite financial instrument from. You can trade forex currencies that include the major and minor pairs. You have indices that come from all the major financial markets of the world. Some of the major indices that you can trade on the HYCM platform include UK100 Index, US100 Index, Italy40 Index, etc. The spreads can differ from asset to asset within this category.
Some of the best stocks are also available for trading when you have signed up with HYCM. Some of the major and well-known companies whose stocks you can trade include Microsoft, Google, Facebook, Amazon, Twitter, etc. The lot sizes available in these stocks are 100 shares. However, you have the freedom to trade only 1 share if you want. You will also like the commodity section of HYCM because of how many commodities you can trade. You can trade gold, silver, cotton, sugar, cocoa, copper, US Oil, and many other financial assets in this category as well.
Of course, the most important category for you is the cryptocurrencies. Despite the volatility of this market, you have plenty of options available in cryptocurrencies when you open your account with HYCM. It won’t be wrong to say that HYCM does not have the biggest list of cryptocurrencies available for you to trade. However, this list definitely includes some of the best cryptocurrencies that have the highest demand in the cryptocurrency market. At the moment, you can trade Ripple, Ethereum, Litecoin, Bitcoin and Babcoin. The value per tick when you are trading cryptocurrencies can change from currency to currency.
Trading Features – Favorable Conditions for Traders
When you start trading with a broker, the first thing you will notice is the leverage. A lot of brokers like to talk about leverages. However, their claims are often bigger than the leverage they give their traders. However, HYCM does not disappoint you when it comes to leverages. You can enjoy some huge leverages when trading assets using an HYCM account. When it comes to Forex, you will be able to get up to 1:200 leverage on your trades. The margins are so small when you trade currencies with HYCM that even the smallest account deposit can allow you to control big trades.
Leverage of 1:200 is also available on indices. You have so many different indices to choose from and with a 1:200 leverage, you can take your profits up high as well. With stocks, you have smaller leverages of 1:20 but they are still big enough to control big trades. You will have to admire HYCM when it comes to trading cryptocurrencies because a leverage of 1:20 is something you don’t get with some of the biggest brokers online. That’s a huge leverage when you look at the value of cryptocurrencies. This leverage can be enjoyed on any of the five cryptocurrencies that you can trade with HYCM.
The next big thing that matters to the traders is the spread value. Of course, when you trade using a broker’s platform, you have to pay some money to the broker for its services as well. Some brokers will charge you a commission on your trade. In most cases, brokers have spreads that they use to charge you a fee on your trades. Spreads tell you if a broker is more serious with making money or giving you chances to earn big profits. When trading forex with HYCM, you can take advantage of spreads as small as 0.2pips. These are some of the most competitive spreads that let you make money and become a rich trader with successful trades.
An issue that many traders face when trading on the internet is the delay in their orders. When your orders experience delays, you end up with losses because you trading the asset at a price that is not what you see on the screen. On the other hand, trading with HYCM is as quick as 12ms. You also have about 30 indicators that help you make well-informed decisions.
Accounts – Ease of Starting an Account
Right on the website the broker claims that it has an account that suits almost any trader type that signs up with it. When you look at the account types, you have to agree with this statement. There are three different account types from which you can choose the one that meets your budget requirements and trading style. The three account types with HYCM are called Fixed, Classic, Raw. The minimum deposit that you need with Fixed and Classic accounts is only $100. That’s one of the smallest minimum deposits you need with any online broker. Even with the Raw accounts, you can start trading with a small deposit of only $200.
Fixed account is the most expensive in terms of spreads i.e. the minimum spread size is 1.8. With the Raw account, you have spreads that are as small as 0.2pips. However, you will have to pay a commission on your trades. The best thing is that you have an Islamic Account option with any of these account types. You can see that this broker pays attention to all the different types of traders and holds true to its statement.
Deposits and Withdrawals – Simplifying Money Transfer
The first thing you want to inquire about when you are signing up with a broker is how it keeps your money. It is important that your money is kept in separate accounts. HYCM abides by those rules and mentions it clearly on the website. Now, when it comes to depositing your money in your account, you want many different depositing methods to be available. HYCM allows you to use many methods of depositing money in your account including credit card and bank wire. You can also use many e-payment options to fund your account including the most famous Skrill and Neteller methods.
You can use the exact methods to withdraw funds from your account. The minimum amount of money you have to deposit in your account can change based on the method you choose. The best thing is that HYCM has taken it up on itself to afford the deposit and withdrawal fees. You don’t have to pay any fees for depositing funds in your account. The method that takes the longest time to transfer is bank wire. With the other methods, you can deposit funds in your account within one hour.
Customer Care – Giving Customers the Treatment They Deserve
Customer support from the company is available 24 hours a day five days a week. What you are going to love as a trader is that the website is available in a dozen of different languages. The live chat feature is there too. Just go on the website and get in touch with a representative by talking in a chat window. There is a phone number on the website that you can use to contact the company representatives. The best thing is that there are different phone numbers for different types of queries. The company has its offices in Dubai, Kuwait, Hong Kong, and Cayman Islands.
When you see the features offered by HYCM, you can sense a care for traders. That’s a living proof that HYCM is operated by people who have been a part of the trading industry for a long time. They understand the very needs of the traders and have created their account types, trading and platform features according to them. It is also clear that you have a big opportunity to make money through profits by using leverages and maintaining small margins when you trade with HYCM. In short, HYCM is a recommendable broker, which is a perfect place for new traders to start.