Pros
- Commission-Free Trading
- Trade Bitcoins with Leverage
- Competitive Fixed Spreads
- Strong Regulation
- 24/5 Customer Support
- Low Minimum Deposit Requirement
Cons
- No demo account
- Poor equipped education library
- Uncompetitive spreads
HYCM Crypto Broker Review
HYCM has launched trading on many popular cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. More recently adding Bitcoin Cash and Ripple to their cryptocurrency line-up.
HYCM is a leader in providing retail and investors with access to foreign exchange and other capital markets. At HYCM, traders can trade forex, cryptocurrencies, metals, energy products, indices, stocks, and commodities, all from a single integrated account.
HYCM, which is part of the Henyep Group, has over 40 years of operational history. It is easy to open accounts at HYCM Crypto and to begin trading all the major markets with security and comfort.
Tradeable Assets
The brokerage offers more than 120 tradeable assets to traders. Even though this is an impressive amount, it is not as many as some of the other mainstream Forex brokerages. They offer the majority of the popular trading assets, from forex, cryptocurrencies, indices, commodities, metals, and stocks. However, there is a low number of stocks, which prevents traders from investing in a varied asset portfolio.
Account Types
HYCM Crypto offers three basic account types; each one has a different initial deposit amount. The account types are Mini, Standard, and VIP. The accounts all offer leverage of up to 1:400, fixed spreads, and the opportunity to trade in micro lots. Also, there are Islamic accounts, which are swap-free. The Islamic accounts are ideal for those who don’t want to earn interest for religious reasons.
Regulation
HYCM is operated by Henyep Capital Markets UK Ltd. It is authorised and regulated by the UK Financial Conduct Authority (FCA) FCA LICENSE NO.: 186171. In additions, it has a Cypriot unit which is regulated by the CySec No: 259/14. The subsidiary which is based in Hong Kong is licensed by the SFC, a local regulator.
Platforms
When trading at HYCM, you can trade with the well-known MetaTrader 4 platform. The MT4 platform is preferred by most traders, since it allows the clients to automate their trades by Expert Advisors (EA) fully and to let the program do the work. HYCM also offers its in-house web-based PrimeTrade platform. This platform is a new multi-asset web platform that has a user-friendly interface, and it provides integrated multiple prices, complete online account management, and advanced charts.
HYCM Crypto Mobile Trading
Traders can access the markets via their Mobile app. The app is accessible for both Android and iOS.
Bonuses
HYCM offers traders a welcome on-deposit bonus of 25% (up to $5,000) for all live account holders who have deposits of at least $500. In addition to this bonus, there is also a Refer-a-friend program. All depending on the initial deposit amount of the friend you referred, you can get up to $250.
Deposit Options
The deposit options available include credit/debit cards (Mastercard or Visa), wire transfers, WebMoney, and Skrill. The trade accounts are available with base currencies in USD and EUR. Traders can also make deposits in KWD, AED, and SAR, and it will be converted to USD for trading.
Withdrawal Methods
Withdrawals can be done via credit/debit cards, wire transfers, WebMoney, and Skrill. The withdrawal; requests are handled promptly, as long as all the legally required documentation is up-to-date and on file.
Customer Support
The customer support department at HYCM is available 24 hours a day, on trading days. The ways to reach the support department is via phone, fax, live chat, or email. Support is available in several languages, including Chinese, Arabic, Russian, Hindi, and Urdu.
Ease of Use
HYCM has not forgotten the smaller scale, retail traders. This can be seen from the fact that it is easy for everyone to open a live trading account, with just a small initial deposit of $100. The site is easy to navigate. All the information is easily accessible.
Why Trade at HYCM Crypto
HYCM has a global reputation for both excellence and professionalism. It is heavy on compliance, especially when protecting the deposits of their customers. There is customer support that’s available to anyone who needs it.
To see how HYCM ranks against other industry-leading cryptocurrency trading platforms see our comparison charts. Read user reviews, see ratings and compare the best online trading platforms, features, fees, and more.
Risk Warning: Users should be aware that all investment markets carry inherent risks, and past performance does not assure future results. Trading of any kind is a high-risk activity, and you could lose more than you initially deposited. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 73-89% of retail investor accounts lose money when trading CFDs. Please be sure you thoroughly understand the risks involved and do not invest money you cannot afford to lose. Your capital is at risk. Advertiser Disclosure: TopBrokers.Trade is an independent professional comparison site funded by referral fees. The compensation TopBrokers.Trade receives is derived from the companies and advertisements featured on the site. Due to this compensation, we can provide our users with a free comparison tool. Unfortunately we are unable to list every broker or exchange available, however, we do our best to review as many as possible.
