Overview of HYCM floor
The forex and CFDs trading platform under the HYCM brand name is owned by Henyep Group, a Hong Kong-based financial group with over 40 years of experience. Founded in 1977, the group has become one of the members of the Gold and Silver Trading Association in Hong Kong. A year later, Henyep continued to be on the list of members of the Far East Stock Exchange. In 1981, Henyep's chairman, Louis Chiu, was approved to be a member of the New York Commodity Exchange and in the following years, Henyep continuously became a member of the major exchanges in Hong Kong. and other areas.
Henyep Group has 5 subsidiaries operating in different areas and all are licensed by reputable forex regulators.
- Henyep Capital Markets (UK) Limited is authorized and regulated by FCA - UK Financial Control Authority, license number 186171. Authorized by FCA, Henyep's investors are also protected by the Compensation Program Common Financial Services (FSCS) with compensation for successful claims or bankruptcy cases up to £ 85,000.
- HYCM (Europe) Ltd is authorized and regulated by CySEC - Cyprus Securities and Exchange Commission, license number 259/14. Similar to FCA, CySEC also allows brokers to participate in the Investor Compensation Program, with a compensation amount of up to 20,000 euros.
- HYCM Ltd is licensed and controlled by the Cayman Islands Monetary Authority, license number 1442313.
- Henyep Capital Markets (DIFC) Limited is authorized and regulated by FSA - Dubai Financial Services Authority, license number 000048.
- HYCM Limited is an international trading company registered in St. Vincent and the Grenadines, registration number IBC 25228.
Not only the reputation of the legal record but HYCM also demonstrates the quality of the floor for investors through dozens of prestigious awards in all 3 categories: Best broker, Best trading platform and Best customer service. Some of the prizes in the above 3 categories include: Best broker 2019 of the Global Brand Awards, Best Middle East trading platform 2019 of Global Forex Awards and Best customer service provider 2012 of the Forex Awards ...
With HYCM, perhaps you will not be too concerned about reliability, we will evaluate the conditions and trading platform of the exchange in order to consider whether HYCM is suitable for the needs and capital or not, from which the decision to open the best account.
HYCM offers a full range of trading products, including forex, indices, stocks, metals, commodities, cryptocurrencies and ETFs.
- Forex: offers up to 69 currency pairs, including major, cross and exotic currency pairs - pairs made up of a major currency such as USD, EUR and a currency of the economy small or emerging as TRY, SEK ... these pairs are often less interested because of the high spread, but if taking advantage of good opportunities, these pairs will bring great profits.
- Index: including 16 stock indices of many markets in the world, some famous indices such as US100, US30, JP225, HK40, AUS200 ...
- Share: providing more than 60 stocks of large and famous global companies such as Alibaba, Apple, Facebook, Google, Microsoft, Twitter ...
- Cryptocurrencies: HYCM supports investors to trade up to 13 coins. Including popular coins like Bitcoin, Ethereum, Litecoin, Ripple, Dash ...
- Metal: investors are trading the 5 most common metals, namely gold, silver, copper, platinum and palladium.
- Goods: including energy and agricultural goods. Energy has crude oil (US oil, UK oil) and gas; agricultural products with sugar, coffee, cocoa and cotton.
- ETF (Portfolio Exchange Fund): provide 20 ETF.
At HYCM, investors can register to open one of the following three types of accounts: Fixed, Classic and Raw.
Fixed Account and Classic 2 types of accounts suitable for new investors, little capital, not much experience in the market and can trade in small quantities. These two accounts are fundamentally different in spreads. Fixed accounts apply fixed spreads, while Classic accounts trade with floating spreads.
Raw Account: This account is for large, experienced traders who charge commission but offset the lowest spread.
Compare a few basic different trading conditions on 3 types of accounts:
HYCM provides investors with both MetaTrader's trading platforms, MT4 and MT5. These are also the two platforms that are most used by traders today.
Perhaps familiar to investors, including new traders, MT4 is considered an indispensable part when it comes to forex. With a friendly interface, easy to use and provides quite a full range of features necessary for a forex trading, MT4 gives users the best experience. Some basic features on MT4 software:
- Provides 3 types of price charts and 9 time frames
- Support 4 basic types of pending orders (Buy Limit, Sell Limit, Buy Stop and Sell Stop)
- More than 30 technical indicators and 20 drawing tools support chart analysis
- Provide daily economic news
- Support EAs transactions and test single-threaded strategies
As a software born after MT4, inherits all the features on MT4 and is developing a number of new features, maximizing for advanced transactions. Some new features on MT5 software:
- 21 time frames
- 6 types of pending orders (in addition to Buy Stop Limit and Sell Stop Limit)
- More than 80 technical indicators and analytical support tools
- Economic calendar directly on the software
- Trade EAs and test multithreading strategies
- The MQL5 programming language for generating EAs, custom indicators and transactional scripts
Both MT4 and MT5 are used on computers and mobile applications. In addition, when trading on MT4 or MT5, investors can use forex investment support services from MQL5 Community platform such as trading, exchanging indicators, EAs, strategies; buying and selling trading signals ...
In addition, HYCM also provides investors with a very effective analytical tool, which is Trading Central. This tool provides a lot of advanced technical indicators, technical analysis that is available on the chart and provides trading signals and alerts to help traders take advantage of good trading opportunities. You can download this plugin at the floor's website and integrate it into MT4 or MT5 software.
MT4 software interface on the computer
In addition, HYCM also organizes online classes and seminars via Webinars for new traders who want to learn more about forex and the knowledge related to forex investment. Come to these classes, you will be listening to lectures by experts of the floor, conveying their trading experience. HYCM is one of the very few floors that creates the most valuable online classes and seminars for investors.
Leverage, commission and spread
Each product will apply different maximum leverage ratio.
- Forex: maximum leverage is 1: 200, however, if trading on MT5, the ratio can be as flexible as 1: 500, exotic pairs will leverage only 1: 100.
- Crypto 1:20
- Commodity: energy is 1:67, agricultural product is 1:50
- Metal: gold is 1: 133, other metals are 1:67
- The stock is 1:20
- Index: 1: 100 (US, EU and other markets), 1:33 (India, China)
In addition, the leverage ratio depends on the trading volume, the higher the volume, the lower the maximum leverage used.
HYCM only applies commission on Raw accounts and charges forex, metals and commodity trades, specifically:
- Forex: $ 4 commission for one trade (opening and closing orders).
- Metals: $ 5 per transaction.
- Commodity: commission is only applicable to US crude oil and the fee is $ 5 per transaction.
Fixed and floating spreads are applied at this forex floor. Fixed accounts with fixed spreads, Classic and Raw accounts have floating spread. You can review the article What is spread? to better understand the advantages and disadvantages of each spread type and choose an account that suits you.
Minimum spread (pip) of some major forex pairs across all 3 types of accounts:
Forms of deposit and withdrawal
HYCM provides investors with a number of popular deposit and withdrawal methods such as wire transfer, Visa / Master cards and electronic wallets such as Neteller, Skrill and WebMoney.
- Minimum deposit for the first time is $ 100, the next time only from $ 20, Wire transfer separately $ 250.
- HYCM does not charge a fee for depositing, however fees may arise from the investor's bank.
- Recharge processing time is usually 1 hour, with Wire transfer from 1 - 7 days.
- The minimum withdrawal amount for Wire transfer is $ 300, the remaining forms are only $ 20.
- Withdrawals via Wire transfer under $ 300 will be charged, the remaining forms will not be charged when withdrawing, only Neteller and Skrill will be charged 1% for withdrawals over $ 5,000.
- Processing time is usually 1 hour, Wire transfer is from 1-5 working days.
Summary of pros and cons
- Licensed by the world's leading reputable forex regulators
- Diverse transaction products
- Diversified trading accounts, categorized by investors
- Good trading platform, support Trading Central tool
- Low spread on Raw accounts
- Provides many forms of deposit, withdrawal and no charge.
- Live chat 24/5, enthusiastic support staff, effective.
- The minimum deposit for the first time is high ($ 100), while many brokers only require a deposit of at least $ 10, even $ 5.
- Low maximum leverage ratio
- Commission forex and gold are charged commission (on Raw account)
- Spread on 2 accounts Fixed high and Classic
- Website and online classes, seminars do not support Vietnamese. This is a huge limitation for many Vietnamese traders.
Hopefully, through the above assessments, you will have a more detailed view of HYCM and can shorten the time to learn about the floor. With transparent and reliable legal documents, HYCM is considered as a reputable forex broker, you can safely open a trading account at this exchange. Or to be more sure, you can experience the conditions and trading platform of HYCM through Demo account, compare with a few other reputable forex markets and decide whether to open live account is not too late. .
You have just read the article: "Review of the latest HYCM floor 2020"
Author: Tin Nguyen
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