Which HYCM Account Suits My Trading Requirements?
HYCM trading accounts start from CA$ 350, and there are not any maximum limits prescribed by the broker regarding account equity. Clients are provided a Micro account for the CA$ 350 initial deposit, which comes with access to 50 tradable assets and a maximum HYCM leverage of 1:200. The HYCM spreads for the micro account is additionally above the opposite accounts, and starts from 1.8 pips.
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The Standard account with spreads ranging from 1.5 pips are often opened employing a minimum initial deposit of $1000, and HYCM clients can trade on 120 different financial instruments. Traders also receive trading signals on the quality account; however, the utmost leverage is reduced to 1:200. A VIP account are often opened for initial deposits greater than $10,000 that features a similar set of conditions to the quality account, but traders can enjoy certain VIP privileges.
Account funding and withdrawals are often performed through wire transfer, credit cards, WebMoney, UnionPay, or through local funds transfer. HYCM should consider adding more payment options, especially e-wallets like Skrill and PayPal since modern-day traders are shifting their focus faraway from conventional sorts of payments.
Even though HYCM has been around for a couple of decades, they still don’t offer an ECN account, which may be a huge surprise. The minimum amount of deposit required for a Micro account is additionally above the traditional Micro accounts available with competing brokers, which may prevent small traders from choosing HYCM as their preferred FX trading partner. HYCM spreads also are significantly higher, especially since other leading STP and market maker brokers offer spreads ranging from 1 pip.
Is My Trading Capital Protected With Good HYCM Regulation?
hycm mobileThe Henyep Group has its representative offices in several parts of the planet . HYCM is primarily situated within the UK, but its branches are scattered across countries like Cyprus, Hong Kong, Dubai, and Kuwait. HYCM is regulated by the FCA (in the UK) also because the CySEC (in Cyprus), which are two of the main regulatory agencies within the FX market. HYCM is permitted by the MiFID derivative to supply FX products and services in mainland EU and to the EEA contributors.
Therefore, HYCM may be a highly reliable broker that guarantees the security of its clients’ funds by keeping the cash in segregated accounts within the top banks of EU. HYCM also offers protection under the FSCS and ICF schemes that are designed to compensate traders within the event a broker faces bankruptcy or liquidation.
The FCA and CySEC are highly proactive in ensuring that each one member firms adhere to the simplest financial conduct to guard the integrity of the markets. Member companies of EU regulatory agencies also are required to possess sound financial statements and will perform routine audits through certified third-party organizations to make sure that the financial reports offer accurate insight into the broker’s financial transactions.
HYCM regulation is additionally enforced by DIFC in Dubai that’s mainly aimed to cater to the ultra-rich clientele from the center East. DIFC is one among the lesser known regulatory organizations that’s highly bent protecting the welfare of the center Eastern investors, which makes it a highly respected authority within the Gulf region.
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