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HYCM (Henyep Markets) Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 80% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

While its storied history is impressive, when it comes to forex and CFDs trading in Europe and its surrounding countries, HYCM fails to impress.

Top Takeaways for 2019

After spending several hundred hours testing 28 forex brokers over six months for our third annual forex broker review, here are our top findings on HYCM:

  • Founded in 1977, HYCM is regulated by two tier-1 regulators, making it a safe broker (average-risk) to trade forex and CFDs with.
  • Compared to pricing leaders CMC Markets and FOREX.com, HYCM is expensive and not a good choice for discount trading.
  • HYCM is a plain-vanilla MetaTrader broker. Compared to industry leaders such as IG, Saxo Bank, and Dukascopy, HYCM left us unimpressed.
  • HYCM scored poorly for customer service, finishing 21st (out of 23) in our national testing from locations across the United Kingdom.
  • HYCM offers little to no market research and overall scores poorly compared to research leaders Dukascopy and Saxo Bank.

Overall Summary

FeatureHYCM
Overall 3 Stars
Trust Score80
Offering of Investments 2.5 Stars
Commissions & Fees 3.5 Stars
Platform & Tools 1.5 Stars
Research 3 Stars
Mobile Trading 2.5 Stars
Customer Service 2.5 Stars
Education 3 Stars

Is HYCM Safe?

help 80
Trust Score

HYCM is considered average-risk, with an overall Trust Score of 80 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 one tier-3 regulator (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

FeatureHYCM
Year Founded1977
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses2
Tier-2 Licenses2
Tier-3 Licenses1
Trust Score80

Commissions & Fees

The forex trading costs at HYCM depend on the type of account established, ranging from the Fixed, Classic, or Raw account type. 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.

Compared to its EU-based brands, HYCM offers lower margin rates through its entities regulated by the CMA in the Cayman Islands, and by the DFSA in the UAE.

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Fees Comparison

FeatureHYCM
Minimum Initial Deposit$100
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - ActiveN/A
Active Trader or VIP Discounts Yes

Platforms & Tools

HYCM is a MetaTrader-only broker offering the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite but falls short compared to the best MetaTrader brokers.

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 provided across all the firm's entities, including HYCM.

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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)

Research

HYCM provides slightly more than the bare minimum for forex traders to conduct FX market research. For example, HYCM provides customers access to Trading Central – a popular service for automated technical analysis – available as an MT4 indicator, a daily newsletter, as well as via access to a dedicated web portal. The broker also streams daily market analysis videos and provides access to an economic calendar on its website.

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Mobile Trading

Since Henyep is a MetaTrader-only broker, it provides both the standard iOS and Android versions of the MT4 app. No proprietary mobile app is offered.

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Offering of Investments

Rank: 27th (of 28)

The following table summarizes the different investment products available to HYCM clients.

Offering Comparison

FeatureHYCM
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)69
CFDs - Total Offered225
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Final Thoughts

HYCM 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 leaders such as IG and Saxo Bank, there few reasons to open an account with HYCM.

About HYCM (Henyep Markets)

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 MetaTrader broker offering over 200 instruments to its retail forex and CFD traders. The broker's 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.

HYCM Trading Features

FeatureHYCM
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform No
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

HYCM Research Features

FeatureHYCM
Daily Market Commentary No
Forex News (Top-Tier Sources) No
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar Yes

HYCM Mobile App Features

FeatureHYCM
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies30
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

2019 Review Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about 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.


Steven Hatzakis

About the author: 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.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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