What We Tested
- Account type: Raw Account ($500 starting balance for test)
- Platform: MT5 Desktop
- Trading period: 4 months, 100 trades executed
- Pairs tested: EURUSD, USDJPY, Gold
- Withdrawal tests: 2 successful (Credit Card, Skrill)
- Support tests: 4 inquiries via live chat
Testing focused on verifying the $4 RT commission on the Raw Account and assessing the execution quality under the broker’s Market Maker model.
Regulation & Safety
HYCM benefits from its parent group's long history and is regulated by multiple Tier-1 and Tier-2 authorities:
- FCA (UK) – Tier-1 regulation, FSCS protection up to £85,000.
- CySEC (Cyprus) – Tier-2 regulation, ICF compensation up to €20,000.
- DFSA (Dubai) – Tier-2 regulation for Middle East operations.
- CIMA (Cayman Islands) – International entity, offering higher leverage.
Spreads & Execution
| Pair/Asset | Raw Avg Spread | Classic Avg Spread | Commission (Raw) |
|---|---|---|---|
| EUR/USD | 0.2 pips | 1.2 pips | $4.00/lot RT |
| GBP/USD | 0.5 pips | 1.6 pips | $0 |
| EUR/USD (Fixed) | 1.8 pips | N/A | $0 |
Raw Account is ECN-style with commission. Classic/Fixed accounts are commission-free with markup.
Execution Model and Quality
- Execution Model: Market Maker (Hybrid DD)
- Raw Execution Speed: Ultra-fast (~12ms average execution speed).
- Requotes: Low occurrence on Variable Spread accounts.
- Slippage: Minimal. Execution is predictable.
The execution speed is highly reliable and competitive, despite the underlying Market Maker model. Raw Account execution feels like NDD/STP.
Institutional Longevity (Since 1977)
HYCM's association with the Henyep Group, operating since 1977, provides an extreme level of trust and stability:
- 40+ Years: Decades of operation in various financial markets, far exceeding most retail brokers.
- Institutional Stability: A long history implies deep financial stability and adherence to high-level compliance standards.
For long-term investors and large capital, this operational history is a powerful reassurance of safety and reliability.
Account Types & Fees
Raw Account (ECN/Low Cost)
- Min deposit: $200
- Spreads: From 0.2 pips
- Commission: $4.00/lot RT
- Best for: Scalpers and EAs.
Classic Account (Standard)
- Min deposit: $100
- Spreads: From 1.2 pips
- Commission: $0
- Best for: General traders and simplicity.
Fixed Account
- Min deposit: $100
- Spreads: Fixed 1.8 pips
- Commission: $0
- Best for: Volatility hedging and guaranteed spreads.
Other Fees
- Deposit fees: $0 (all methods)
- Withdrawal fees: $0 (all methods)
- Inactivity fee: $10/month after 90 days of inactivity.
- Swap rates: Standard overnight financing applies; Islamic accounts available.
Deposits & Withdrawals (Tested)
HYCM provides reliable, zero-fee funding, although the inactivity fee period is short:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Credit Card/Debit Card | $300 | 1 business day | $0 | Return to source policy. |
| Bank Wire | $1,000 | 2-5 business days | $0 | Broker covers fees. |
| Skrill/Neteller | $200 | Same day (4 hours) | $0 | Fastest methods tested. |
Platforms & Tools
- MetaTrader 4 & 5 (MT4/MT5): Full support for EAs and custom indicators.
- HYCM Trader: Proprietary mobile trading app (focused on usability).
- Tools: Dedicated market analysis and educational resources.
Our Take: Platform support is robust (MT4/MT5). HYCM focuses on reliability rather than platform innovation.
Customer Support (Tested)
HYCM offers multilingual 24/5 support:
- Live Chat: 24/5, highly responsive, professional staff.
- Phone Support: Dedicated global lines (high quality).
- Quality: Customer service is highly experienced due to the firm's longevity, providing detailed answers to complex inquiries.
24/5 support is reliable and knowledgeable, consistent with a Tier-1 regulated firm.
PROS
- Exceptional longevity (Henyep Group since 1977).
- Strong Tier-1 Regulation (FCA, CySEC).
- Raw Account offers very low commission ($4.00 RT).
- Zero funding fees (deposit and withdrawal).
- Multiple account types (Fixed, Classic, Raw) cater to different needs.
CONS
- Inactivity fee applies after a short 90-day period ($10/month).
- Operates as a Market Maker (conflict of interest).
- Fixed/Classic accounts have wide spreads (1.8 pips min).
- Limited in-house research and market analysis.
Who Should Use HYCM?
- Great fit: Traders prioritizing maximum longevity and safety from a veteran firm (FCA/CySEC). Low-volume scalpers benefiting from the $4 RT commission.
- Good fit: Traders seeking reliable fixed-spread options for specific volatility strategies.
- Not ideal: Traders who plan to be inactive (due to the 90-day inactivity fee) or high-volume ECN users who require guaranteed A-Book execution.
Final Verdict
HYCM is a stable, veteran broker, built on four decades of institutional experience. Its core value is the high degree of regulatory safety provided by the FCA and CySEC licenses.
The broker provides excellent value through its Raw Account, offering a highly competitive $4.00 RT commission, which places its cost structure on par with industry leaders for low-volume ECN trading.
The primary drawback is the Market Maker model and the unusually aggressive 90-day trigger for the inactivity fee, which penalizes casual traders.