About HYCM

How do I download and use the HYCM Trader mobile app?

HYCM Trader is the new, streamlined trading app designed for ease of use.

Download it from the Apple Store or Google Play Store.

Once downloaded, you can open a new HYCM Trader account to buy and sell directly from the app, manage deposits and withdrawals, and execute internal transfers between accounts.

Note that this app operates independently but you can still access your existing MT4/MT5 accounts.

HYCM’s app features a modern, user-friendly interface designed for clarity and ease of navigation.

Stay updated with the top daily movers displayed on your dashboard, and never miss significant market opportunities with the help of an Economic Calendar.

Browse over 550 instruments in categories like Popular, Large Cap, and Big Tech.

Set price alerts, place various types of pending orders, and strategize intelligently with the comprehensive tools.

Is HYCM a regulated broker?

HYCM Capital Markets (UK) Limited is regulated by the FCA (ref no. 186171).

HYCM (Europe) Ltd operates under CySEC (licence no. 259/14).

In the Cayman Islands, HYCM Ltd is governed by the CIMA (ref no. 1442313).

Additionally, HYCM (DIFC) is regulated by the Dubai Financial Services Authority in the UAE.

These regulations authorize HYCM to offer services like CFDs, forex contracts, and more to both professional and retail clients.

Is trading with HYCM secure?

HYCM’s trading platform adheres to stringent international security standards, with over 40 years of secure operations.

HYCM employs advanced technologies for user authorization, data protection, and secure network communications.

All sensitive data is encrypted using 128-bit keys, and HYCM’s websites are secured with VeriSign issued 128-bit-SSL certificates, ensuring that all personal and account information remains confidential and secure.

How long has HYCM been in the financial services industry?

Based in London, HYCM is part of the HYCM Capital Markets Group, boasting 40 years of experience in financial services, property, and charity.

The company has received over 15 industry awards, including Best Forex Broker Europe and Best Mobile Trading Platform, demonstrating its longstanding reputation and excellence in financial services.

What are the benefits of trading with HYCM?

HYCM offers a comprehensive trading package that includes advanced trading platforms, a wide range of assets, educational resources, analytical tools, and demo accounts.

With over four decades of experience, HYCM is known for its transparency and fair trading practices.

Client funds are always segregated and stored in separate bank accounts to ensure safety and transparency.

Is it possible to lose more money than I deposited at HYCM?

HYCM’s robust risk management system prevents clients from losing more than their initial investment.

HYCM provides real-time margin monitoring and have policies in place to close out positions to prevent negative balance.

Specifically, when a client’s margin level falls below 55%, HYCM may begin closing positions starting with the least profitable.

If the margin level reaches or falls below 50%, all positions are closed automatically at current market prices.

Additionally, HYCM offers Negative Balance Protection, ensuring clients do not owe more than their account balances.

Go to HYCM Official Website

About Platforms, Products and Spreads

What products can I trade with HYCM?

HYCM offers an extensive array of trading options including currencies, commodities, metals, shares, and indices.

This variety enables clients to develop a well-rounded portfolio from a single integrated account.

Explore HYCM’s full range of assets here.

What trading tools does HYCM offer?

HYCM provides a suite of innovative tools integrated directly into the trading platform.

These tools help clients understand and analyze market trends, simulate market scenarios, and make informed trading decisions.

What is a Margin Call?

A margin call occurs when your account equity falls below the required margin level.

HYCM may close any or all open positions to mitigate risk. The margin call is calculated using the formula:

(Balance – floating profit) / margin requirement x 100.

It is crucial to monitor your positions regularly and maintain adequate funds to support your trades.

How soon can I start trading?

CIMA: Begin trading minutes after completing your account registration and funding your account.

FCA/CySEC: After registering, complete a suitability assessment.

If deemed suitable, verify your identity and other details.

Once verified, fund your account to start trading.

How do I place a trade?

To initiate a trade on MT4, right-click the desired currency in the Market Watch window and select ‘New Order’.

Adjust your trade parameters, such as volume, and execute your trade using ‘Buy by Market’ or ‘Sell by Market’.

Will I need to download any software before I start trading?

Download the MT4 platform directly from the HYCM website.

Follow the installation prompts and configure your trading account settings.

The setup includes options for creating desktop shortcuts and automatic launch post-installation.

Once installed, MT4 will automatically update and activate the price charts.

How can I view my trading history?

You can view your trading history in the Statements section within the Client Portal, providing a detailed record of your transactions.

How are swaps calculated?

Swaps are calculated based on the interest rate differential between the two currencies involved in a pair and the value of the position.

The formula used is:

Interest rate (%) x Contract value / 360 = Overnight finance fee.

The result reflects the daily charge or credit applied to your account for holding a position overnight.

For example, a sell position in EURUSD with a closing price of 1.1450 would calculate as follows for a 1 lot size:

1.25% x (100,000 * 1.1450) / 360 ≈ $3.98 credit per night.

What happens to my position overnight?

HYCM applies overnight interest fees for rolling contracts, which are calculated based on current interest rates, the trade size, and the open price of the trade.

To determine the specific fees applicable to your trade, please refer to HYCM’s Interest Rate Calculator available on the Products page.

Note that these fees apply only to non-Islamic accounts on spot positions.

Islamic accounts enjoy a fee waiver for the first 14 days a position is open, after which a standard storage fee of $5 per full contract per night is applied.

How does leverage work?

Leverage amplifies both potential returns and potential losses by allowing traders to borrow capital.

For instance, with a 2% margin requirement, or a 50:1 leverage ratio, you can control a $50,000 trade with just $1,000 in your account.

While this can increase potential profits, it also increases the risk proportionally, and high leverage ratios can lead to significant losses, especially for inexperienced traders.

How does margin work?

Margin is the initial deposit required to open a leveraged position, acting as collateral.

Different jurisdictions require different margin percentages, allowing traders to hold positions that are significantly larger than the trader’s initial investment.

For instance, a 1% margin requirement under CIMA regulation means you only need to deposit $1,000 to trade $100,000 worth of assets.

It’s important to maintain sufficient margin to support all open positions to avoid margin calls, where you may be required to deposit additional funds or close positions.

What are stop and limit orders?

You can set orders to execute trades at specific price levels that differ from the current market price.

Limit orders are set to execute at a price more favorable than the current price, such as buying gold at $1,350/oz when the current price is $1,400/oz.

Stop orders execute at a less favorable price, such as buying gold at $1,080/oz when the current price is $1,000/oz.

These tools help manage risk and enter the market at preferred price points.

What are HYCM’s spreads?

Details about HYCM’s spreads for various trades can be found on the Product Information page.

Please be aware that spreads may be adjusted due to market conditions with little to no notice.

Am I allowed to hedge on the platform?

Yes, HYCM allows hedging strategies on its trading platform.

This means traders can hold simultaneous buy and sell positions in the same asset to potentially offset losses or gains in one position by gains or losses in the other.

Does HYCM charge commission?

HYCM offers three account types, two of which are commission-free.

The Raw spread account incurs a commission of $4 per round turn.

HYCM prioritizes transparency, ensuring all traders are fully informed about any charges they may incur.

Go to HYCM Official Website

About Fund Deposit and Withdrawal

Are my funds safe with HYCM?

HYCM operates under stringent regulations enforced by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and Cayman Islands Monetary Authority (CIMA).

These guidelines mandate that all client funds not used for margin purposes are segregated in special client accounts, separate from HYCM’s company funds.

This ensures that client assets are protected and cannot be used to settle company debts, even in the unlikely event of HYCM’s insolvency.

How do I withdraw funds from my account?

HYCM provides a straightforward online withdrawal process.

To initiate a withdrawal, access the Client Portal, navigate to ‘Banking,’ and then select ‘Withdraw Funds.’ Funds are returned to the original source used for depositing.

If the withdrawal is profit, it must be processed via bank transfer to a bank account registered under your name.

Please note, a handling fee of $30 is applied for wire withdrawals under $300.

What is the minimum deposit and how do I fund my account?

HYCM allows you to start trading with a minimum deposit of $20.

You can fund your account through various methods for added convenience.

To deposit, log into your Client Portal, go to ‘Banking,’ and then ‘Deposit Funds.’

What do I do if I accidentally duplicate or make a payment by mistake?

If you have accidentally duplicated a payment, please contact your account manager to arrange a withdrawal.

This will be processed as a standard withdrawal, which may take up to 10 days.

If a payment was made in error, it will need to be withdrawn using the standard withdrawal procedures.

What happens if my card has been lost or cancelled while depositing or withdrawing?

If your card was lost or cancelled after making a deposit, the transaction will still proceed as the deposit is instantaneous.

For withdrawals, if your card is lost or cancelled, contact your bank immediately.

HYCM will process the withdrawal unless a stop is requested within 24 hours of the transaction.

What payment methods are available for funding my account?

Depending on your jurisdiction and the specific HYCM entity, you can fund your account via debit/credit cards (Visa, Mastercard), Skrill, Neteller, China Union Pay, Interac, or wire transfer.

For security, a copy of the front of the card used for funding may be required.

Virtual cards are also accepted with requisite documentation proving ownership.

Does HYCM offer a bonus?

HYCM offers a 10% Credit Bonus on each deposit over $100 with a maximum bonus of $5,000, exclusively available to clients of HYCM Limited in St Vincent and the Grenadines.

Please note, there are no bonus offerings for clients of HYCM Capital Markets (UK) Limited and HYCM (Europe) Limited.

How long does it take to withdraw funds?

HYCM processes withdrawal requests within one business day.

However, depending on your bank or card issuer, it can take anywhere from 3 to 7 days for the funds to appear in your account.

This timeframe allows for the necessary security verifications to ensure the safety of your funds.

Can I withdraw my rewards back to my credit or debit card?

HYCM processes refunds of your original deposit amounts back to the credit or debit card used for the deposit.

Profits or other funds are transferred to your bank account.

A completed funds withdrawal form is required to process these transactions.

Go to HYCM Official Website

Can I transfer money between my two HYCM accounts?

Yes, you can easily transfer funds between your HYCM accounts.

Simply log in to your Client Profile, navigate to the ‘Trading Accounts’ section, and initiate an Inter Account Transfer.

Select the accounts you wish to transfer funds between, and the transaction will be processed promptly.

Can I register multiple cards to my HYCM account?

You can register multiple credit or debit cards to your HYCM account.

For each card you wish to add, you must provide a photocopy and send it to your account manager for verification and activation before use.

Why was my transaction declined?

Transactions can be declined for several reasons: incorrect entry of information, expired cards, insufficient funds, or security flags such as reporting of the card as lost or stolen.

Additionally, ensure that HYCM accepts your type of card; if not, consider using an alternative payment method.

My transaction was declined, what should I do next?

If your transaction fails, do not attempt to deposit repeatedly as this could lead to your card being blocked due to security concerns.

Instead, contact your account manager or HYCM’s customer service through Live Chat for immediate assistance in resolving the issue.

Can I cancel a withdrawal?

You can cancel a withdrawal request within 24 hours.

Once cancelled, the funds will be credited back to your trading account within 48 hours, ensuring you have quick access to your capital.

Can I use someone else’s card to fund my account?

HYCM strictly prohibits the use of third-party cards or payment methods to fund your account.

Any attempt to use a payment method not registered in your name will be rejected to comply with anti-money laundering regulations.

Go to HYCM Official Website

About Account Opening

How can I open a demo account with HYCM?

Opening a demo account with HYCM is straightforward.

Simply register and log in to your Client Portal, navigate to ‘Trading Account,’ and select ‘Create Demo Account.’ You can set up your demo on the MetaTrader 4 platform with a choice of USD or EUR as the base currency.

Enjoy $50,000 in virtual funds for 14 days to practice trading under real market conditions without any financial risk.

No documents are required for a demo account, which you can use indefinitely and top up at any time.

How do I open a live trading account?

To open a live account with HYCM, follow the simple three-step process accessible through the website.

This process is designed to get you ready for trading in just a few minutes.

Documentation and approval are required to activate your account, ensuring compliance and security.

What types of accounts does HYCM offer?

HYCM provides various account types to suit different trading styles and experience levels, including Fixed, Classic, and Raw accounts.

HYCM also caters to VIP and corporate clients with tailored accounts for high-volume trading.

Compare account features and conditions easily on the website to find the best fit for your trading needs.

What base currencies are available at HYCM?

At HYCM, you can open a trading account in several major currencies including USD, EUR, GBP, AED, and CAD.

This flexibility allows you to trade in a currency that best suits your financial strategies.

The minimum deposit to start trading is $100, and you can fund your account via the Banking section in your Client Portal.

Does HYCM offer demo accounts?

HYCM highly values the benefits that demo accounts provide.

They are crucial for beginners to learn trading without risks and for experienced traders to test new strategies.

All registered clients have access to HYCM’s demo accounts.

Can I have multiple accounts with HYCM?

While HYCM allows clients to hold more than one trading account, for optimal management of your investments, HYCM recommends maintaining a single main account unless specific strategies or trading styles necessitate additional accounts.

How do I update my account information?

To update your account details, log in to the Client Portal and select ‘My Profile.’ Here, you can modify your personal information as needed to keep your profile up-to-date.

How do I obtain account statements from HYCM?

You can obtain detailed account statements through the Client Portal.

Simply go to the ‘Statements’ section, set your desired date range, and download your statement directly.

Which HYCM account type should I choose?

The best account type for you depends on your familiarity with trading CFDs and Forex.

Consider your trading experience, risk tolerance, and financial goals.

Your account manager is available to help guide you through the decision-making process to ensure you select the account that best meets your trading needs.

Do I need to provide any documents to trade with HYCM?

HYCM, in compliance with regulatory requirements, must collect certain documents from clients.

These are necessary for the following purposes:

• To prevent identity theft and fraudulent activities.
• To verify the origins of clients’ funds and prevent money laundering.
• To ensure clients are fully aware of the investment risks.
• To enhance overall client security.

Required Documents:

Please submit the following within 7 days of account opening to avoid suspension:

• A copy of your passport or national ID card.
• Proof of address, such as a recent bank statement or utility bill (issued within the last three months).
• A photocopy of the front of your credit card if it was used for the initial deposit.

For your security, HYCM recommends uploading these documents through your HYCM client portal.

If you encounter any difficulties uploading documents, please contact HYCM at accounts@hycm.com.

Include your username or account number in all correspondences. Detailed instructions for document submission can be found in the ‘My Profile’ section of your account after logging in.

Can someone else trade on my account?

It is against HYCM policy for anyone other than the account holder to conduct trading activities.

However, you may set up a joint account that allows operation by two individuals.

Each co-owner has full access to the account.

If you wish to convert your individual account into a joint account, please initiate and authorize the process through your account manager, who will guide you through the necessary steps.

I have forgotten my login details. What should I do?

If you forget your password, you can reset it by selecting ‘Forget Your Password?’ on the login screen.

Follow the prompts to enter your username and email address; a link to reset your password will be sent to you.

Should you encounter any issues during the reset process, please contact your account manager for assistance.

They can help reset your credentials and ensure you regain access to your account securely.

I wish to close my account. What should I do?

To close your HYCM trading account, please send a formal request to accounts@hycm.com and inform your account manager of your decision.

Your account manager will guide you through the closure process and help address any final account details or concerns.