HYCM: What Do Consumers Say about it?

When choosing a forex broker, some traders may be more concerned about the trading conditions, while others may be more focused on technical support, and friendliness of features. But for most beginner traders or users who are entering into forex trading, reliability and legitimacy may be more important. While most of the information will be presented officially by brokers, there are many aspects that need to be verified by users, such as the broker's regulatory information which can be found in the appropriate regulatory body, and the user reviews which also play an important role in a trader's final decision, as they can reflect the user experience provided by a broker in several dimensions.

In this article, join BrokersView to see what users said about the leading forex broker HYCM, which will hopefully be helpful to some extent when you choose a broker.

About HYCM

Founded in 1977, HYCM is a reputable broker offering online Forex and CFD trading for retail and institutional investors. With over 40 years of experience in the investment industry, HYCM is also a multi-regulated broker regulated by several regulatory bodies including the FCA and CySEC.

HYCM offers a variety of accounts to satisfy investors of all experience levels. Fixed Accounts with fixed spreads of 1.5pips, Classic Accounts with floating spreads starting from 1.2pips, both of which are commission-free, and Raw Accounts with spreads starting from 0.1pips and a commission of $4+ each round turn. HYCM also offers demo accounts for its clients, as well as special accounts for its VIP and Corporate clients who make large-volume trades. The broker supports MT4 and MT5 trading platforms for investors to trade and monitor one of the largest financial markets in the world.

Users praise HYCM from multiple perspectives

Overall, HYCM has received the majority of positive reviews, with a very small percentage of negative reviews. We also found that these positive user reviews are very diverse, with HYCM being praised by users in multiple areas.

Diversity

L.kasun simply titled his review "Diversity", summarizing what he considered to be the diversity of HYCM in terms of trading instruments, accounts and trading platforms. According to him, there are a lot of diverse features that he didn't list.

Cutting-edge technology

Sabri Imran said that HYCM's team is full of top engineers and that he hadn't encountered any problems with the broker. Looking back on his trading journey, Elian Dobrev said that HYCM is equipped to meet the ever-changing needs of traders. Brian said that he was seeing HYCM make upgrades and improvements, and introduce new features.

User-friendly trading conditions

Quite a few users praised the trading conditions offered by HYCM, such as low spreads, no commissions, zero withdrawal fees, and a wide range of deposit and withdrawal options.

In addition, Cas Koster considered the two completely different stock trading modes offered by HYCM to be one of its absolute strengths, which is more complicated for beginners but fun to use. GANO GUIBORD considered HYCM to be a very worthwhile choice of broker to try out.

Reliability and Security

On the other hand, HYCM gives many of its users a sense of safety, making it a broker that users find trustworthy and reliable. Anze Perko mentioned that he takes the security of personal information very seriously, and he thought that HYCM did a good job of protecting the privacy of its clients.

A wealth of experience

HYCM is a well-established broker that already accumulated a lot of experience. One user called it an elite broker, while another praised its “legendary history” with a proven track record, providing quality service to clients and sticking to its mission consistently.

Useful education resources

According to Em. Su Ho, the market insights shared by HYCM's team of analysts resolved his doubts and their webinars provided valuable information, while Senior Lajoie praised HYCM's blog posts and the education foundation they create.

Areas for improvement

Some of the users pointed out what they regarded as slight shortcomings of HYCM. Damocles noticed some small delays in order execution during market volatility, but he still has confidence in HYCM's reliability. Fernando suggested that HYCM should develop a better chatbot, and DNori thought that the number of trading instruments offered by HYCM should be bigger.

User Augusta Chika Ude initially gave HYCM a poor one-star rating, but he later changed his rating to 3 stars. The problem he reported was occasional glitches in HYCM's trading app, his trades appeared unusual and he complained to the broker without receiving a response. However, several of his subsequent updates indicated that HYCM's trading app started working properly and he managed to receive his first withdrawal. He mentioned that the rating was only increased to 3 stars because HYCM has room for improvement.

Client' trading account was deleted for no apparent reason

Only a few users given HYCM one-star bad reviews, most of which were posted in previous years. We have selected the two most recent ones for reference. The first user said that HYCM is a scam and may lead to financial losses, but he didn't specify why. The second user reported that his trading account was deleted for no apparent reason and that HYCM neither gave him a prior warning nor froze his account. Re-verification of his account seems not to have been going well and he said that HYCM only intended to return the deposited amount to him and would not return the profit. HYCM did not respond to the comments and the user did not update his comment.

The above reviews were collected from the Internet on August 24th and August 28th.

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