HYCM is a forex broker site that has been in operation since 1977 and has its major offices in London, uk. Being a forex broker, it is able to connect traders around the globe to different trading platforms where they can execute their trade upon depositing some funds to their trading account.
HYCM is well regulated by different financial watchdogs across the globe thus making it safe for traders. Some of the financial watchdogs is FSA(Financial Conduct Authority),CYSEC(Cyprus Security and Exchange Commission) and CIMA(Cayman Islands Monetary Authority) .
DEPOSIT AND WITHDRAWAL METHOD
HYCM provides several ways of depositing and withdrawing funds in their platform. Some of them are neteller, skrill,, visa card, perfect money and bitcoin. Deposit can take up to 1 hour while withdrawal takes several hours or up to 7 days . Traders can deposit as little as $20 to their trading account.
In HYCM platform, there are two trading platforms being offered to traders. That is MT4 and mt5. Traders can use both webtrader as well as they can download the app to their computer or their mobile devices.
CATEGORY OF ACCOUNTS
In HYCM platform, there are three categories of standard accounts being offered. There is fixed, classic and raw. The different between the three is the minimum fund that a trader can deposit as well as the spread being charged . In fixed and classic account , traders can deposit a minimum of $100 as well as they are charged 1.8 and 1.2 pips respectively whenever they open a position while in raw account, the minimum to deposit and trade is $200 while the pip charged is 0.2.
This is the transaction cost that is being charged by brokers whenever a trader opens a certain position. It is the difference between the buy and sell. In HYCM, there will be a 1.8 1.2 and 0.2 pip charged whenever a position is being opened for fixed, classic and raw account .
MINIMUM LOT SIZE
In forex trading, lot is the amount to be executed by a trader. 1 lot is equivalent to 100,000 units in forex trading. The minimum lot size for both the fixed, classic and raw account that a trader can open in HYCM is 0.01 lot.
This is the borrowing ratio that gives the trader the power to open positions. The maximum leverage that a trader can use in HYCM is 1:888. That is, if the trader has $100 in their account, then he/she can be in a position of opening a position size of up to $88,800 if he chooses to use the leverage of 1:888.
OPENING A TRADING ACCOUNT
Now that you have an idea about HYCM broker, it is time to open a trading account with them. You can simply follow the link from below and open an account and make sure to upload the required documents in order for your account to be verified;