Henyep Capital Markets (HYCM) Review
The ForexBrokers.com Annual Review (3 years running) is among the most cited in the industry. Our Head of Research, Steven Hatzakis, is frequently referenced as a leading analyst covering forex brokers and cryptocurrency. Learn more.
Founded in 1977, Henyep has a long-standing reputation for providing financial services across global capital markets, and it is an experienced member of multiple exchanges in Hong Kong, where it has its headquarters. In 1998, Henyep obtained European regulation with Britain’s Financial Conduct Authority (FCA) where it remains regulated under Henyep Capital Markets (HYCM).
HYCM is a MetaTrader4 broker for its forex and CFD offerings (a total 85 instruments) for retail traders, and its Hong Kong entity, Henyep Securities, provides retail and institutional stock market investors access to the Hong Kong Stock Exchange and regional exchanges in mainland China.
Review Summary
While its storied history is impressive, when it comes to forex and CFDs trading in Europe and its surrounding countries, HYCM fails to impress.
Benefits
- Long-standing company history.
- Regulated in multiple jurisdictions.
- Offers HK regional exchange-traded securities.
Considerations
- Product offerings segmented across brands.
- Bare bones trading experience powered by MetaTrader.
- Little to no forex market research offered.
Is HYCM Safe?
HYCM is considered average-risk, with an overall Trust Score of 78 out of 99. HYCM is not publicly traded and does operate a bank. HYCM is authorised by two tier-1 regulators (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust). HYCM is authorised by the following tier-1 regulators: Securities Futures Commission (SFC) and Financial Conduct Authority (FCA). Learn more about Trust Score.
Regulations Comparison
| Feature | Henyep | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Year Founded | 1977 | 1974 | 1992 | 1989 |
| Publicly Traded (Listed) | No | Yes | No | Yes |
| Bank | No | Yes | Yes | No |
| Tier-1 Licenses | 2 | 6 | 6 | 4 |
| Tier-2 Licenses | 2 | 4 | 1 | 2 |
| Tier-3 Licenses | 0 | 0 | 0 | 0 |
| Trust Score | 78 | 99 | 98 | 98 |
Commissions & Fees
The forex trading costs at HYCM depend on the type of account established ranging from the Fixed, Classic, or Raw account type.
Benefits
- None.
Considerations
- HYCM recently introduced variable spreads in addition to its fixed forex spreads. Offerings include its Raw and Classic account types from its UK entity. Meanwhile, the spreads on the EUR/USD at 1.8 pips for its fixed spread account are higher than the Raw and Classic accounts, which have more competitive pricing, with 0.6 pips average spreads for August 2018.
Gallery
Further Reading
Fees Comparison
| Feature | Henyep | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Minimum Initial Deposit | $100 | £250.00 | $2,000.00 | $0.00 |
| Average Spread EUR/USD - Standard | N/A | 0.750 | 0.900 | 0.744 |
| All-in Cost EUR/USD - Active | N/A | 0.363 | 0.600 | 0.744 |
| Active Trader or VIP Discounts | Yes | Yes | Yes | Yes |
| Commissions & Fees |
Platforms & Tools
Branded as HY Trader, HYCM is a MetaTrader-only broker when it comes to its forex and CFD products that fails to stand out against industry leaders.
Benefits
- None.
Considerations
- Only the desktop version of MT4 is offered.
- The firm also advertises a new flagship platform called Prime Trader, but this was not available at the time of our review. For now, however, Henyep remains an MT4-only broker.
- Henyep Securities offers a separate platform for its Hong Kong and China exchange-traded securities offering, although we did not test that platform for this review as it is not offered across all the firm’s entities, including HYCM.
Gallery
Further Reading
- Best Forex Trading Platforms 2019
- Best FX Brokers for Copy Trading 2019
- Best MetaTrader Brokers 2019
Tools Comparison
| Feature | Henyep | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | Yes | Yes |
| Proprietary Platform | No | Yes | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes | Yes | Yes |
| Web Platform | No | Yes | Yes | Yes |
| Social Trading / Copy-Trading | Yes | Yes | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes | No | Yes |
| MetaTrader 5 (MT5) | No | No | No | No |
| cTrader | No | No | No | No |
| Charting - Indicators / Studies (Total) | 51 | 22 | 47 | 81 |
| Charting - Drawing Tools (Total) | 31 | 17 | 17 | 24 |
| Charting - Trade From Chart | Yes | Yes | Yes | Yes |
| Watchlists - Total Fields | 7 | 12 | 12 | 8 |
| Order Type - Trailing Stop | Yes | Yes | Yes | Yes |
| Platform & Tools |
Customer Service
To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.
Results
- Average Connection Time: <2 minutes
- Average Net Promoter Score: 3.9 / 10
- Average Professionalism Score: 1.7 / 10
- Overall Score: 3.9 / 10
- Ranking: 21st (23 brokers)
- View Infographic
Research
HYCM provides the bare minimum for forex traders to conduct FX market research. There is ample room for improvement.
Benefits
- None.
Considerations
- Daily market recap videos are provided but they are outsourced, basic in nature, and provide no advantages over reading major publications such as Bloomberg.
- Although HYCM provides customers access to Trading Central – a popular service for automated technical analysis – just the MT4 indicator is offered, which is the minimum from this external provider.
Gallery
Further Reading
Research Comparison
| Feature | Henyep | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Daily Market Commentary | No | Yes | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes | Yes | Yes |
| Weekly Webinars | No | Yes | Yes | Yes |
| AutoChartist | No | Yes | Yes | No |
| Trading Central (Recognia) | Yes | No | No | Yes |
| Delkos Research | No | No | No | No |
| Social Trading / Copy-Trading | Yes | Yes | Yes | Yes |
| Social Sentiment - Currency Pairs | No | Yes | Yes | Yes |
| Economic Calendar | Yes | Yes | Yes | Yes |
| Research |
Mobile Trading
Since Henyep is a MetaTrader-only broker, it provides both the standard iOS and Android versions of the MT4 app.
Benefits
- MT4 is the industry standard and offers a reliable mobile experience.
Considerations
- No proprietary mobile app offered.
Gallery
Further Reading
Mobile Apps Comparison
| Feature | Henyep | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Android App | Yes | Yes | Yes | Yes |
| Apple iOS App | Yes | Yes | Yes | Yes |
| Trading - Forex | Yes | Yes | Yes | Yes |
| Trading - CFDs | Yes | Yes | Yes | Yes |
| Alerts - Basic Fields | Yes | Yes | Yes | Yes |
| Watch List | Yes | Yes | Yes | Yes |
| Watch List Syncing | No | Yes | Yes | Yes |
| Charting - Indicators / Studies | 30 | 26 | 41 | 23 |
| Charting - Draw Trend Lines | Yes | Yes | Yes | Yes |
| Charting - Trend Lines Moveable | No | Yes | Yes | Yes |
| Charting - Multiple Time Frames | Yes | Yes | Yes | Yes |
| Charting - Drawings Autosave | No | Yes | Yes | Yes |
| Forex Calendar | No | Yes | Yes | Yes |
| Mobile Trading |
Offering of Investments
The following table summarizes the different investment products available to Henyep clients.
Offering Comparison
| Feature | Henyep | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Forex: Spot Trading | Yes | Yes | Yes | Yes |
| Currency Pairs (Total Forex pairs) | 38 | 91 | 182 | 183 |
| CFDs - Total Offered | 47 | 15000 | 32999 | 9959 |
| Cryptocurrency traded as actual | No | No | No | No |
| Cryptocurrency traded as CFD | Yes | Yes | No | Yes |
| Offering of Investments |
Other Notes
HYCM launched cryptocurrency CFD trading on Bitcoin in 2017.
Like the rest of its entities under the Henyep brand, depending on where your account is established, the relevant regulations will apply, ranging from the UK’s FCA to CySEC in Cyprus, for forex and CFD trading.
Final Thoughts
Henyep brings over 40 years of operations and a lineup of global brands. Despite its respected history, the forex broker struggles to differentiate itself beyond a basic MetaTrader experience. Compared to industry leads such as IG and Saxo Bank, there is little reason to open an account with HYCM.
For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each FX broker was graded on 81 variables. How we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
