After more than a month of hard trading, I finally made a profit. Until the first withdrawal in late May, HYCM said that I violated the rules, so they closed my account and deducted my profits. At present, I can't log in to my personal Center, I asked them for evidence, but I didn't receive a reply from them. I don't understand why they don't pay profit for normal transactions. Please stay away from this broker.
My impressions on how I chose HYCM broker account. I started to use EA in my trading, so I decided to choose appropriate one for me. I decided to open separate account specifically for EA to make it easier to track trade statistics. HYCM offers three account types to choose from. As it turned out, account 'FIXED' did not provide for using EAs in trading, so I decided classical account. In addition, minimum deposit to open this account is only $100! I can test EA without any risk
HYCM offers three types of trading accounts: fixed, classic or raw. But let’s see what type of traders can utilise which type of account. 1) Fixed. This account has wider spreads on instruments than other two and they are fixed. With its minimum deposit of $100 and min trading volume of 0.01 it potentially can be for newbies. 2) Classic. This account also has variable spreads, but much tighter than on the first one. Minimum deposit is also $100. There is one difference though, classic account can be used for algo trading. Algo trading is something that is for more experienced traders. But beginners are welcome too. 3) Raw. Raw account is a commission based account. You have to pay the commission for opening the order instead of spreads. On raw account commission is $4 for the whole lot, which is decent. This type of accounts are preferred by scalpers or traders that trade at a high rate, because spreads on these accounts at the lowest levels possible. Minimum depo is bigger,$200. All HYCM trading accounts are suitable for muslims and can be compliant with Sharia’s law on demand.
I am ready to entrust my money only to proven company. For me number and quality of broker's licenses is very important. When broker is controlled by financial institutions, security and quality of services are ensured.
When I came to HYCM I checked their licenses. Сompany is regulated by Financial Conduct Authority (FCA). Cyprus Securities and Exchange Commission (CySEC) also gave its license to HYCM. Here CIMA (Cayman Islands Monetary Authority) gave its license to broker. HYCM is also regulated by Dubai Financial Services Authoryty (DIFC).
This big list of licenses gives me confidence in quality of services. I focused only on trading
Cegar posted: Well, what can I say? I am pleased that I don't need to worry about the safety of my funds anymore. Finally, I have found a broker which I can confide in completely without having any doubts.
I know this feeling. I lost my money with previous broker and now im here and safe. Good that company use segregated accounts as well as compensation scheme and the investors compensation fund. It makes me feel calm
da best broker on forex and 4 me this company was always clear and fine 4 all trading stuff that you doing here. I'm old fashioned in trading but even so i opened demo first and then rush into real money account
I read some reviews on the forums and realized HYCM is not a scam. I think many people have seen reviews of forex scams. I haven't seen that about HYCM. I'm ready to pay more for broker services neither to get into scam, as I already got one time. 6 and a half monnth with HYCM, made couple of withdrawals, no problem met!
Shakashakar posted: I came to trading cuz I hated coming home knackered all the time. My full time job made me munted and it all should have been stopped long ago otherwise …. I could be scrapped. Mate, I was not very smart since my childhood and had to work hard on low-paying jobs to earn my living. Trading helped me to make it all better , um, I mean my well-being. It was not easy but and it me more than three years to properly understand how it all works and all my grieves paid off. Skills matter, year. They give a guiding light. I remember when I was starting out … I felt like stuck in the wop-wops, damn feeling, I wanna say, when you open chart and feels I have no idea what to do. Fortunately it all bad stuff gone and now I got other issues such as choosing good brokers. I tried this and even enjoyed. It reportedly belongs to the tried and tested group, veterans you know … but I’m gonna use it not only for manual trading. I wanna to trade alongside my mate on one account. I ain’t alone and with my mate can do more. So wanna open a joint account. So have a question for u. Can I open it?
Yes you can
google the faq via ''joint account hycm''
Don't hesitate to get in touch with customer service representative to ask for details. They respond ASAP
I choose HYCM classic account. I answered 5 questions and the website proposed me a classic account. I thought that it's great because the minimum deposit is just 100$, while the spreads are pretty tight for some assets.
However, I dunno when you need to choose the RAW account instead fixed and classic ones? I'm newbie, sorry =/
I should say I don’t pay much attention to brokers. I hate digging deep in them, making difficult comparisons, drawing conclusions and other boring stuff. I just trade. I don’t wanna say that I’m too careless. I just don’t want to stuff my head with extra concerns and worries. I do a simple thing. I trade with a broker for a while and I discover that it allows me to withdraw money it’s genuine in my eyes. I never care about its license because it’s somethings lawyers should be concerned with. I’m not so smart to take into account multiple nuances. Instead, I rely on practical experience. I traded with this broker for several months and it feels like it’s not a scam.
I came to trading cuz I hated coming home knackered all the time. My full time job made me munted and it all should have been stopped long ago otherwise …. I could be scrapped. Mate, I was not very smart since my childhood and had to work hard on low-paying jobs to earn my living. Trading helped me to make it all better , um, I mean my well-being. It was not easy but and it me more than three years to properly understand how it all works and all my grieves paid off. Skills matter, year. They give a guiding light. I remember when I was starting out … I felt like stuck in the wop-wops, damn feeling, I wanna say, when you open chart and feels I have no idea what to do. Fortunately it all bad stuff gone and now I got other issues such as choosing good brokers. I tried this and even enjoyed. It reportedly belongs to the tried and tested group, veterans you know … but I’m gonna use it not only for manual trading. I wanna to trade alongside my mate on one account. I ain’t alone and with my mate can do more. So wanna open a joint account. So have a question for u. Can I open it?
Ukkola posted: Lots of traders spend their time on seeking for a reliable and responsive broker, while I should claim that they have to pay attention to this one. It offers brilliant conditions, in my opinion, I like the process of choosing a broker, but when I met this one, I definitely decided to give upp further efforts to choose a broker and join the community here. I have been trading here not for a very long itime and still have couple of questions, maybe anyone knows how much time does it take for a wire transfer to withdraw my money?
Wire transfer is the slowest withdrawals among all of the brokers, however, speaking of hycm, the withdrawals speed is superfast. Wire transfer takes only one day or two. I doubt that it is an easy task to find a broker with such rapid withdrawals.
For me HYCM is a reliable and proven broker. The company has been on the market for many years and that's what builds real trustworthiness. I've been trading through it for the second year already, I do not see any critical moments. The spreads are average, but there are a lot of instruments, the website is excellent, there is a ready-made analytics. They don't have any specific restrictions, the entry threshold is low and accessible to everyone. I have no problems with withdrawal if I verify my accounts. A few terminals: choose whichever one you feel more comfortable with. The competent analytics and friendly support - they will always help in any question. I trade on RAW account with zero spreads and small commission. This account is optimal for me.... The broker constantly conducts webinars, you can register right on the website and take part.
HYCM was a fairly new and interesting experience for me. I tried working with fixed spreads. I can't say that it made my trading much easier, but in any case it helps me not to worry taht much anda always know what the speads are ...