HYCM or Henyep Capital Markets is a brokerage firm regulated by several financial authorities globally, including the UK Financial Services Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). Forex and CFD trading fees offered by HYCM are comparatively low in the commission-based account. The company offers a wide selection of high-quality educational tools.
Pros and Cons

HYCM Review 2023

HYCM or Henyep Markets is a global forex and CFD broker based in London. It’s especially good for clients in the Middle East as it offers accounts with base currencies in AED and allows customers to have several accounts with different base currencies. HYCM is regulated by Britain’s FCA, among others, which gives it the FX world’s highest mark of safety. Spreads are a bit wider than usual in its two no-commission accounts, but all-in cost is low in its commission-based account. The selection of products available to trade is somewhat limited – no actual stocks, for example – but it does offer an unusual number of cryptocurrencies, and clients can access other products through other members of the Henyep group without opening another account. You can choose either of two commission-free accounts or a raw account that offers tighter spreads in exchange for a commission per trade. Traders can have several accounts with different base currencies under one profile. There are substantial educational resources, including live webinars and excellent research. There are no deposit or withdrawal fees. HYCM isn’t for the occasional trader – the inactivity fee kicks in after 90 days. MT4 and MT5 are the only trading platforms available and there is no capability for copy trading. The multilingual support team is available 24/5.

Is HYCM a good broker?

Yes, HYCM is a good broker for people who want to trade. Both new and experienced players looking to trade forex, CFDs, and especially cryptos will find a lot to like with HYCM. Pricing is good and it’s regulated by Britain’s FCA, the gold standard for FX regulation. It’s especially good for clients in the Middle East as it offers accounts with base currencies in AED and occasional seminars in Dubai and Kuwait, while Indian clients may be surprised to note that they can trade INR and a CFD based on the NSE Nifty 50 index, which few major brokers offer. Clients can trade most of the products that the average trader would want and can access more, including actual stocks, through other members of the Henyep group without opening another account. There’s a lot of educational information too. There are no deposit or withdrawal fees. The trading platforms are only MT4 and MT5, which may be an attraction (if you’re just beginning, or if you already know how to use them) or a disadvantage (if you’re accustomed to some other platform), depending on your circumstances. Downside: no copy trading options and no passive investment vehicles, such as PAMM or premade portfolios. HYCM is for traders, not necessarily for investors.

What is HYCM?

HYCM or Henyep Markets is a global forex and CFD broker based in London. It’s the online trading division of Henyep Capital Markets, part of the Henyep Group, a Hong Kong-based financial conglomerate. It launched its online trading platform in 2007. 

Broker pros and cons

  • You can have several accounts with different base currencies, including AED – an advantage for Middle Eastern clients
  • Regulated by Britain’s FCA, perhaps the strictest regulator for FX &CFDs
  • Large number of crypto assets available
  • Education and analysis are top-rate
  • Long history (in business since 1977) gives some confidence in the firm’s stability
  • Can use both MT4 & MT5
  • No actual stocks (although you can get them through another division of the firm)
  • Inactivity fee kicks in after 90 days
  • Copy trading isn’t available
  • No managed investment products

Is HYCM safe?

Yes, the firm seems quite safe as far as we can tell. It’s regulated by the UK FCA (among others), which is the “gold standard” for regulation in the forex world. The parent company is not listed on any stock exchange and no financial information is publicly available, but it’s a huge financial conglomerate that’s been in business since 1977, so it’s one of the oldest firms in the business and has weathered many storms. (But then again, Baring Brothers was founded in 1762 and went belly up 233 years later, so as always, past performance is no guarantee of future performance. This is not to say that I expect anything to happen to HYCM; I don’t, in fact. But I’m just saying that it’s not impossible.)

Is HYCM regulated?

Good news and bad news. On the one hand, HYCM is regulated by several financial authorities, including the top-tier FCA for UK clients and the second-tier CySEC for EU clients. Great! These clients get all the usual protection accorded to clients under those regulators, such as negative balance protection and an investor compensation scheme in the unlikely event that the company should go bust. 

On the other hand, clients outside the UK and EU are onboarded via HYCM's legal entity in St. Vincent & the Grenadines, which is regulated by the Cayman Islands Monetary Authority (CIMA). Accordingly its clients don’t get the same protection that UK and EU clients do.

A separate branch of the company, Henyep Capital Markets (DIFC) Ltd, is authorized and regulated by the Dubai Financial Services Authority. 

Is HYCM legal in USA?

No, HYCM does not accept clients living in the US, France, Hong Kong, Japan, Pakistan, Turkey, and some areas of Canada (British Columbia, Quebec, and Saskatchewan). Nor does it accept people with US or Hong Kong nationality no matter where they are (like me, alas).

Where is HYCM based

The headquarters are in London and another main office is in Limassol, Cyprus. There are offices in Dubai, Kuwait, and the Cayman Islands.

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