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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 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 80 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 that traders can trust is crucial to success. Forex fraud and scams are, unfortunately, 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 (higher the better) of overall trustworthiness, which we call, Trust Score. Is Henyep (HYCM) safe? Here’s our trust summary.
| Henyep | |
|---|---|
| Trust Score | 77 |
| Year Founded | 1977 |
| Publicly-Traded Company (Listed) | No |
| Regulated in Major Hub | Yes |
| Regulated in Emerging Hub | Yes |
| Authorised in the European Union | Yes |
| CFTC Registered (USA) | No |
| FCA Regulated (UK) | Yes |
| IIROC Authorised (Canada) | No |
| FINMA Authorised (Switzerland) | No |
| ASIC Authorised (Australia) | No |
| SFC Authorised (Hong Kong) | Yes |
| MAS Authorised (Singapore) | No |
| FSA Authorised (Japan) | No |
| FMA Authorised (New Zealand) | No |
| CySEC Authorised (Cyprus) | Yes |
Offering of Investments
The following table summarizes the different investment products available to clients of Henyep (HYCM).
| Henyep | |
|---|---|
| Minimum Initial Deposit | $100 |
| Currency Pairs (Total Forex pairs) | 38 |
| CFDs - Total Offered | 47 |
| Exchange Traded Securities: US | No |
| Exchange Traded Securities: International | Yes |
| 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 –the Micro, Standard, or VIP account.
All HYCM accounts for forex and CFD trading offer only fixed-spread pricing, with spreads on the EUR/USD 2.0 pips for the Micro Account, then 1.8 pips for the Standard Account, which requires $1,000 deposit, and spreads drop to 1.5 pips for VIP Account holders who deposit at least $10,000.
With its pricing limited to only fixed spreads, the Standard Account is the clear choice for those who aren’t ready to open a VIP Account, as the range of products is greater than in the Micro Account, which has wider spreads.
Meanwhile, traders looking for variable spreads on forex pairs at HYCM don’t have other options beyond fixed spreads, with the VIP Account having the lowest fixed-spread pricing.
| Henyep | |
|---|---|
| Average Spread EUR/USD - Standard | $1.80 |
| All-in Cost EUR/USD - Active | $1.50 |
| Active Trader or Premium/VIP | Yes |
Customer Service
For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.
Results:
- Average Connection Time: <1 minute
- Average Net Promoter Score: 7 / 10
- Average Professionalism Score: 5.8 / 10
- Overall Score: 6.2 / 10
- Ranking: 32th (43 brokers)
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, for example, by extending the array of services available from Trading Central beyond just the MT4 indicator.
| Henyep | |
|---|---|
| Daily Market Commentary | No |
| Forex News (Top-Tier Sources) | No |
| AutoChartist | No |
| Trading Central (Recognia) | Yes |
| Delkos Research | No |
| Acuity Trading | No |
| Social Trading / Copy-Trading | Yes |
| Social Sentiment - Currency Pairs | No |
| Client Webinars | No |
| Client Webinars (Archived) | No |
| Videos - Beginner Trading Videos | Yes |
| Economic Calendar | Yes |
| Calendar Includes Forecasts | No |
| Economic News Sentiment | No |
| Trade Ideas - Backtesting | 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
- 0-5 / 1:400
- 5-50 / 1:300
- 50-200 / 1:200
- >200 / 1:100
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 has still not yet been fully released as of early 2018. Traders should expect the platform to complement HYCM’s offering and a net benefit to the client experience. For now, however, Henyep remains an MT4-only broker.
| Henyep | |
|---|---|
| Virtual Trading (Demo) | Yes |
| Desktop Platform (Windows) | Yes |
| Desktop Platform (Mac) | No |
| Web Platform | No |
| Social Trading / Copy-Trading | Yes |
| Proprietary | No |
| MetaTrader4 (MT4) | Yes |
| MetaTrader5 (MT5) | No |
| cTrader | No |
| Currenex | No |
| ZuluTrade | No |
| MirrorTrader | No |
| Charting - Drawing Tools (Total) | 31 |
| Charting - Indicators / Studies (Total) | 51 |
| 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 |
| Charting - Draw Trend Lines | Yes |
| Charting - Can Turn Horizontally | Yes |
| Charting - Technical Studies/Indicators | 30 |
| Watch List Syncing | No |
| Trading - Forex | Yes |
| Trading - CFDs | Yes |
| Alerts - Basic Fields | Yes |
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).
Considering many forex brokers only offer CFDs on Bitcoin, Henyep has a reputable offering.
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:
Lots / Leverage:
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.
With only fixed spreads available for forex, the firm’s pricing is not as flexible and will be expensive for cost-sensitive traders looking for variable pricing; yet, those with execution-sensitive strategies may find fixed spreads more useful. Adding a variable spread option would balance out the options and help cater to cost-sensitive traders.
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.
Methodology
For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to foreign exchange trading, 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 currency pair. 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. Over the past 19 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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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.
- Standard: Fixed spreads of 1.8 pips on the EUR/USD. Minimum deposit required: $1,000.
- VIP: Fixed spreads of 1.5 pips on the EUR/USD. Minimum deposit required: $10,000.
