The Henyep Group, a global corporation with business in Asia, Europe, and North America, founded HYCM in 1977 as Henyep Gold Dealers and became a member of the Hong Kong Gold and Silver Exchange Society. After some time, the group created divisions Henyep Securities and Henyep Commodities and stretched its markets in Asia.
In 1980, Henyep added its New York firm and was approved as a member of the Commodity Exchange of New York. In the new millennium, the year 2000, Henyep Investments incepted CFD trading on energy and commodities and introduced an online stock trading platform known as Hotrade. It continued its pursuit of revolutionizing trading technology in the succeeding years until the year 2016 when Henyep launched its multi-platform online trading website.
HYCM has established its reputation as a long-standing multi-national brokerage company for trading forex and commodities. Today, it has headquarters in different parts of the world, including in London, Cyprus, Hong Kong, and Dubai.
If the broker’s ascendancy has not impressed you just yet, then scratch the surface some more and dig down sincere the HYCM brokerage service to unravel its thriving trading culture that might just perfectly suit your trade appetite.
HYCM brokers review
Forexbrokers.com gave an overall Trust Score of 78/99 for HYCM, which is considered to be an average-risk when considering an HYCM investment.
Regulated in multiple jurisdictions, HYCM is a legitimate and trusted brand in forex trading brokerage. But it also has minor issues such as not operating a bank and is not publicly traded. It also does not accept U.S. resident brokers as HYCM is also not allowed to work in the U.S.
HYCM account types feature the Fixed, the Classic, and the Raw. It has recently added variable spreads along with its long-existing fixed forex spreads.
Let us thumb through HYCM’s advantages and shortcomings as well as its overall staging as a forex broker.
- Available in more than 200 countries
- Has vast experience in providing forex trading
- Has an array of CFDs like forex, metals, indices, oil and gas, soft commodities, stocks, and cryptocurrencies (it launched its cryptocurrency trading on Bitcoin in 2017)
- Only offers MT4 desktop version (no web version) – its mobile trading platform however is fair enough as it provides both the standard and iOS and Android versions of the MT4 app
- Has limited trading tools (no Autochartist, Forex News, and Weekly Webinars) – though it offers trading tools like video courses about different facets of trading, beginner’s courses, tutorials, trading strategies, and e-books
- Has a limited offering in forex currency pairs with only 38
- Does not charge deposit fees to clients
HYCM’s solid foundation and more than 40-years of experience in providing brokerage service in forex and other commodities, it remains to be an ordinary MetaTrader broker that needs step its platform offerings up to a higher notch to keep at par with the leading brokers with the best trading platforms.
Besides, HYCM is a good match for experienced traders as the complicated features in its trading platform will be problematic for beginning traders.
HYCM stands as an accomplished and veteran brokerage firm (winning several citations as a forex broker in 2018) but has no other distinct offerings that would attract investors and experienced traders. Nevertheless, HYCM can be a steady and reliable trading partner that boasts its heritage in trading over the years.