HYMC Review

HYCM was founded in 1977 in Hong Kong and has been heavily involved in financial markets ever since. Currently with its headquarters in London, HYCM is regulated by the FCA and is a trusted broker.

Main Tradable Cryptos

BTC
ETH
XRP
BCH
LTC

Pros

  • Established and trusted forex broker
  • Great customer support
  • Demo account available

Cons

  • Charges interest for both long and short cryptocurrency trades
  • High spreads compared to other brokers

Accounts

Creating an account with HYCM is straightforward. You can create a demo account without giving any additional personal or financial information outside of your name and phone number.

There are various different account types depending on your needs and financial situation, including a VIP account.

When signing up with a live account, the standard operation of providing ID, proof of address and a form of payment are required. The sign-up process is industry standard with no surprises.

When you open a live account you have seven days to provide the above information.

The minimum deposit is $100 on a micro account. There are tiered minimum deposits depending on the account type you have chosen.

HYMC is not available to those who live in: Japan, United States, Afghanistan, and Belgium.

Cryptocurrency Range

HYCM started its cryptocurrency offerings in 2017 with Bitcoin. Currently, they offer a range of 5 cryptocurrency pairs that you can trade against the dollar: Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash.

The spreads on offer by HYCM are not the most competitive which will increase your trading costs. Further to this, you will be charged interest on both short and long trades. Some brokers don’t charge interest when you short cryptos so HYCM may not be the best choice if you are looking for lower trading costs.

There are also overnight fees and a monthly expiry date on trades with cryptos.

Platform

HYCM runs on the industry standard MetaTrader 4 (MT4) platform. This platform can be overwhelming for new traders but it is used by almost all brokers.

They offer MT4 on their website which you can trade directly from. HYCM do not have a dedicated mobile app, instead relying on the standard MT4 app on both iOS and Android systems.

Earlier in 2018 HYCM had planned to release their own trading platform called Prime Trader. It appears to have been shelved for now wich leaves MT4 as the only platform option for traders to use.

Customer Support

HYCM offers great customer service, with live chat agents available 24/5. The response times are quick and generally good in terms of knowledge. The support page is very easy to find and all the necessary contact information is also on this page.

The site itself is available in over 10 languages which makes it one of the more accessible brokers. They have an extensive FAQ and help center as well as an education center, though this would benefit from having more information.

When you open a live account you will be helped by an account manager, as is the industry standard with forex brokers.

Overall, the customer support offered by HYCM is thorough and easy to navigate. They have put in effort to make your experience as smooth as possible.

Conclusion

HYCM is an established broker that is competing with many similar companies in offering cryptocurrencies. When compared to similar brokers, HYCM does not stand out from the crowd.

The current spreads and interest charges mean that trading cryptos with HYCM will be more expensive than your average broker.

HYCM provides a good web-based experience for its users. However, if you are looking for a broker to trade cryptos with HYCM has some improvements to make before it can compete.

Below we have outlined the pros and cons for HYCM. Have a read through and if you think you’d like to trade with this broker, you can sign up here.

We have other broker reviews available, so if you’d like to check out a few different ones, check out the menu to the right.

Pros

  • Demo account available

Cons

  • No U.S. clients

Pros

  • Mobile app available as they use MT4

Cons

  • Not for beginners

Pros

  • Established and trusted forex broker
  • FCA regulated

Pros

  • Fast and reliable

Cons

  • High Spread
  • Charges interest on both long and short cryptocurrency trades

Pros

  • Extensive information available on the site
  • Quick response times
  • Multiple methods of contact

Cons

  • Not available on weekends

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