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Henyep Capital Markets (HYCM) Review

Steven Hatzakis

Steven Hatzakis | September 2nd, 2019

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.

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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

Rank: 27th (of 28)

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?

help 80
Trust Score

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 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

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

Commissions & Fees

Rank: 21st (of 28)

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.

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Further Reading

Fees Comparison

FeatureHenyep
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

Rank: 28th (of 28)

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.

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Further Reading

Tools Comparison

FeatureHenyep
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

Customer Service

Rank: 21st (of 28)

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

Rank: 25th (of 28)

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.

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Further Reading

Research Comparison

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

Mobile Trading

Rank: 26th (of 28)

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.

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Further Reading

Mobile Apps Comparison

FeatureHenyep
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

Offering of Investments

Rank: 27th (of 28)

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

Offering Comparison

FeatureHenyep
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)38
CFDs - Total Offered47
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

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

Rank: 27th (of 28)

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.

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 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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