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Founded in 1977, the Henyep Group (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 regulation with Britain’s Financial Conduct Authority (FCA) where it remains regulated under Henyep Capital Markets (HYCM), after rebranding from Henyep Investment Limited in 2010 to its current name.
That same year the group invested in one of Japan’s largest social trading networks, as part of a joint venture, and then invested in the stock market-focused social network Caiku in 2012.
In addition, Henyep Capital Markets (DIFC) Limited is regulated by the Dubai Financial Services Authority (DFSA), and since 2004, Henyep Securities Ltd has been regulated by the Securities Futures Commission (SFC) of Hong Kong. In 2018 Henyep also acquired regulatory status in the Cayman Islands, further expanding the number of brand licenses.
In Cyprus, following its acquisition of FTSL Financial Trading Solutions, which is regulated by the Cyprus Securities and Exchange Commission (CySEC), the entity rebranded to HYCM Europe Ltd. in 2015. Henyep is primarily 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.
Most recently, in 2017, Henyep expanded its cryptocurrency CFDs offering on popular digital assets to five total: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple. Cryptocurrency CFD trading is only available to UK clients.
Trust Score
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of Henyep (HYCM).
| Henyep | |
|---|---|
| Year Founded | 1977 |
| Publicly-Traded Company (Listed) | No |
| Regulated in Major Hub | Yes |
| Regulated in Emerging Hub | Yes |
| Authorised in the European Union | Yes |
Offering of Investments
The following table summarizes the different investment products available to Henyep (HYCM) clients.
| Henyep | |
|---|---|
| Currency Pairs (Total Forex pairs) | 38 |
| CFDs - Total Offered | 47 |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | Yes |
Commissions & Fees
The forex trading costs at Henyep Capital Markets (HYCM) depend on the type of account established ranging from the Fixed, Classic, or Raw account type.
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.
| Henyep | |
|---|---|
| Minimum Initial Deposit | $100 |
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or Premium/VIP | Yes |
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 research content from in-house staff as well as news content from third parties, and various pip and margin calculators. The firm’s economic calendar and news section is powered by FXStreet, and in-house staff produce a daily report with technical charts and fundamental news analysis across eight popular currency pairs, metals, and indices, as well as a weekly market recap and daily video market updates.
Further premium news content and trading signals are provided via Trading Central – a popular service for automated technical analysis – to help traders analyze opportunities. HYCM provides a good range of research options for its clients, combining several in-house resources with multiple channels for content and tools from external providers.
There is, however, more room for Henyep to expand its research offering by extending the array of services available from Trading Central beyond just the Trading Central MT4 indicator.
| Henyep | |
|---|---|
| Daily Market Commentary | No |
| Forex News (Top-Tier Sources) | No |
| Weekly Webinars | No |
| AutoChartist | No |
| Trading Central (Recognia) | Yes |
| Delkos Research | No |
| Acuity Trading | No |
| Social Trading / Copy-Trading | Yes |
| Social Sentiment - Currency Pairs | No |
| Economic Calendar | Yes |
Platforms & Tools
HYCM is a MetaTrader-only broker when it comes to its forex and CFD products, offering the MT4 desktop and web platform developed by MetaQuotes Software Corporation, branded as HY Trader. To learn more about MT4, read our MetaTrader Guide. The firm also advertises its flagship PrimeTrader platform, but this was not available at the time of our review.
While MT4 comes standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.
Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between HYCM’s available MT4 platform setup and the default MetaTrader experience:
- Doesn’t offer MT4 Web Terminal
- Offers Trading Central indicator
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.
Lastly, it’s worth noting that the Prime Trader flagship platform had still not yet been fully released as of 2018. Traders should expect the platform to complement HYCM’s offering and provide a net benefit to the client experience. For now, however, Henyep remains an MT4-only broker.
| Henyep | |
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | No |
| Desktop Platform (Windows) | Yes |
| Web Platform | No |
| Social Trading / Copy-Trading | Yes |
| MetaTrader4 (MT4) | Yes |
| MetaTrader5 (MT5) | No |
| cTrader | No |
| Charting - Indicators / Studies (Total) | 51 |
| Charting - Drawing Tools (Total) | 31 |
| Charting - Trade From Chart | Yes |
| Watchlists - Total Fields | 7 |
| Order Type - Trailing Stop | Yes |
Mobile Trading
Since Henyep is a MetaTrader-only broker when it comes to its forex and CFD offerings, iOS and Android versions of the MT4 app come standard and are available for download from the Apple iTunes store and Android Playstore for each app respectively.
| Henyep | |
|---|---|
| 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 / Studies | 30 |
| Charting - Draw Trend Lines | Yes |
| Charting - Trend Lines Moveable | No |
| Charting - Multiple Time Frames | Yes |
| Charting - Drawings Autosave | No |
| Forex Calendar | No |
Other Notes
HYCM launched cryptocurrency CFD trading on Bitcoin in 2017 and later expanded its offering to include Bitcoin Cash, Litecoin, Ripple and Ethereum. Crypto contracts come with a one month expiration and fees range from 1% - 4%, depending on the pair traded, with leverage ranging from 1:4 to 1:10 (margin requirements of 10% to 25%, respectively).
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.
Clients of the DFSA-regulated entity in Dubai have their funds held by Henyep’s FCA-regulated entity, based on a tri-party agreement with Henyep’s related entities. In terms of margin requirements, the maximum leverage is capped according to trade size, with the first reduction starting at +500,000 units (over five lots), as seen in the excerpt below from HYCM:
Final Thoughts
Henyep brings over 30 years of operations to its company brands, and owns a diverse range of businesses, helping to maintain its reputation across Eurasia as a multi-asset broker for retail self-directed traders, along with wealth-management solutions for global investors. This helps boost its Trust Score here on ForexBrokers.com.
Adding variable spread pricing helped diversify its offering beyond just fixed spreads available for forex, making it more flexible for cost-sensitive traders looking for variable pricing; meanwhile, those with execution-sensitive strategies may find fixed spreads more useful. The addition of variable spreads in 2018 helped balance out Henyep’s account offering.
Finally, with the exchange-traded offering segmented in a different platform and brand, we’d like to see these products integrated alongside the 38 forex pairs and 42 CFDs available from HYCM to help centralize the broker’s multi-asset offering as these two currently remain isolated from each other. Launching the broker’s PrimeTrader platform would also boost HYCM’s rating.
Pricing and offering aside, HYCM’s years of operation make it a viable option for MT4 traders looking to access a broker with multiple regulatory licenses across the globe, which include its most recent license obtained from the Cayman Islands Monetary Authority (CIMA) in 2018 for one of its brands.
Methodology
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.
Reviewed by 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.
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Ratings Overall
Summary
Commissions & Fees
Commission Notes
Trading costs at HYCM depend on the account type opened where spreads are fixed on the Micro, Standard, and VIP accounts, as outlined below, using the EUR/USD pair as an example:
- Micro: Fixed spreads of 2.0 pips on the EUR/USD. Minimum deposit required: $100.
- Classic: Variable spreads of 1.2 pips on the EUR/USD. Minimum deposit required: $100.
- Raw: Variables spreads of 0.2 pips on the EUR/USD plus $4 per round-turn commission. Minimum deposit required: $200.
