HYCM Fees and Spreads
HYCM Fees and Spreads
HYCM fees spreads and commissions start from $4.00 per round with spreads from 0.2 pips.
HYCM has a low and incredibly competitive spread when compared to what other brokers offer by offering a spread list which starts from 0.2 pips along with commissions charged from $4 per round when using the Raw Account.
HYCM trading fees are according to the type of account that the trader chooses and the options along with the spread list, leverage, minimum deposit required, and commissions are as follows:
- Fixed Account – minimum deposit of $100, spreads that start from 1.8 pips and zero commissions charged on trades.
- Classic Account – minimum deposit $100, spreads that start from 1.2 pips and zero commissions charged on trades.
- Raw Account – minimum deposit of $200, raw spreads from 0.2 pips and commissions of $4 per round.
The leverage that HYCM offers traders will depend on the trader’s country of residence and thus the jurisdiction under which the account falls, UK and EU traders are subjected to a maximum leverage of 1:30 while traders from other countries qualify for more.
The maximum level of leverage is 1:500 and will be determined by the jurisdiction along with the type of financial instrument traded.
The minimum deposit that HYCM requires to open an account is $100 which is quite average when compared to other brokers.
Traders should note that certain financial instruments can only be traded during a certain time of the day, especially when considering different time zones, and additional fees may be charged should they hold these positions after they have closed.
Traders should always note that Overnight fees, otherwise known as swap fees or rollover fees, may be charged for positions held open for longer than a day.
HYCM offers the option of an Islamic account to traders who are of Muslim faith and who operate under the Sharia Law, traders can apply for this option regardless of the type of account they choose to open.
HYCM does not offer traders with spread betting and therefore spread betting fees are not applicable to this broker.
HYCM does not charge any deposit fees and withdrawal fees are only charged when withdrawals through Skrill or Neteller exceeding $5,000. Should this occur, there is a 1% processing fee that the trader is subjected to.
HYCM does not waive any additional broker fees such as inactivity fees or fees pertaining to account maintenance and management.
Traders are advised to ensure that there are no fees waived by their payment provider in terms of depositing funds from their bank account to their trading account in addition to transaction costs when withdrawing funds and having it transferred to their bank account.
Pros and Cons
|1. Tight and competitive spreads||1. None noted|
|2. Low minimum initial deposit amount|
|3. Fixed commissions on trades|
|4. Low commissions when compared to other brokers|
How many instruments can I trade with HYCM?
You can trade the following financial instruments:
- Commodities, and
Which platforms are supported by HYCM?
HYCM provides the following popular trading platforms:
- MetaTrader 4
- MetaTrader 5
Does HYCM offer leverage?
HYCM offers a maximum leverage of up to 1:30 to EU and UK traders while traders residing outside these jurisdictions have access to higher maximum leverage up to 1:500 depending on the jurisdiction and the financial instrument being traded.
What spreads can I expect with HYCM?
Spreads from as little as 0.2 pips.
Does HYCM charge commission?
Commissions are charged at $4 per round when using the Raw Account.
Is HYCM regulated?
Yes, HYCM is regulated by the highly reputed CySEC in Cyprus, the FCA in the UK, DFSA in Dubai, and CIMA in the Cayman Islands.
Is HYCM a recommended forex trading broker for experts and beginners?
Yes, HYCM caters extensively for both beginner traders and experts with its competitive and comprehensive trading conditions.
What is the overall rating out of 10 for HYCM?