Tradeable Symbols (Total): 245

Year Founded:

Publicly Traded (Listed):


Its Raw account delivers competitive pricing, and traders gain access to third-party modules from Trading Central as well as exchange-traded securities (available through a separate platform).

For our 2022 Seven Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

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Pros 👍🏻

  • Offers at least 20 video courses from MTE-Media that are grouped by experience level.
  • HYCM’s YouTube channel offers a catalog of webinars.
  • Access to third-party research modules from Trading Central (Analyst Views, and Economic Calendar).
  • Streaming forex news headlines via the MetaTrader platform suite.
  • Exchange-traded securities (non-CFD) are available through separate platform Henyep Securities.
  • HYCM’s Raw account has competitive pricing, with an all-in cost of about 0.6 pips for the EUR/USD (after commission) — earning HYCM a Best in Class ranking for Commissions & Fees in our 2022 Annual Review.

Cons 👎🏻

  • Cryptocurrency CFDs are only available through its offshore entities (Cayman Islands and SVG).
  • Educational content has a lack of written material.
  • Though improvements have been made to its offering, research at HYCM falls behind industry leaders.
  • HYCM’s proprietary mobile app functions as a client portal — it doesn’t support trading (only used for client portal and analysis).


Trust score
Offering of Investments
Commissions & Fees
Platform & Tools
Mobile Trading

HYCM review summary

HYCM or Henyep Markets is a global CFD and forex broker. HYCM’s parent company, Henyep was established in 1977. The broker is regulated by several financial authorities globally, including the UK Financial Services Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

HYCM’s UK operation is considered safe because it has a long track record and it is regulated by the top-tier FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

How we ranked fees

We ranked HYCM’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees charged by HYCM for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared HYCM’s fees with those of two similar brokers we selected, XM and AvaTrade. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of HYCM alternatives.

To have a clear overview of HYCM, let’s start with the trading fees.

HYCM trading fees

HYCM’s trading fees are low. There are different cost structures for the various account types. In this review, we tested the fees of the Classic account.

We know it’s hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone

A typical trade means buying a leveraged position, holding it for one week and then selling. In terms of volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used was:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let’s see the verdict for HYCM fees.

CFD fees

HYCM has generally low CFD trading fees, they compare favorably to the fees charged by its main competitors.

HYCM CFD fees for a $2,000 long position held for one week
HYCM AvaTrade XM
S&P 500 index CFD fee $1.7 $2.6 $2.5
Europe 50 index CFD fee $0.8 $2.0 $3.1


Forex fees

HYCM forex fees are low and in line with its main competitors.

HYCM forex benchmark fees of a $20,000 30:1 long position held for one week
HYCM AvaTrade XM
EURUSD benchmark fee $14.3 $16.4 $17.5
GBPUSD benchmark fee $11.6 $11.3 $12.2
AUDUSD benchmark fee $14.5 $15.3 $14.5

In the case of Classic and Fixed accounts, the broker only charges spread costs. The Raw account has low spreads, but there is a $4 per lot per trade commission. The Raw account is favorable if you trade a high volume.

Non-trading fees

HYCM has average non-trading fees.

HYCM non-trading fees
HYCM AvaTrade XM
Account fee No No No
Inactivity fee Yes Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

It’s great that no deposit or account fees are charged.

Normally, HYCM does not charge withdrawal fees either. There are two exceptions:

  • withdrawals of less than $300 via bank transfer carry a handling fee of $30.
  • withdrawals over $5,000 via Skrill or Neteller are subject to a 1% processing fee.

Less conveniently, there is a $10 inactivity fee charged each month after 90 days of inactivity. A bit underhand for our liking.

Can you open an account?

Yes, you can open an account at HYCM if you live in Vietnam!

76% of retail CFD accounts lose money

HYCM accepts customers from all over the world with some notable exceptions like residents of the US, Belgium, France, Hong Kong, Japan. Quebec and Saskatchewan in Canada are also excluded. Furthermore, the following citizens cannot open an account regardless of their residence: USA, Hong Kong, North Korea, Sudan.

What is the minimum deposit at HYCM?

The required minimum deposit is $100 for Classic and Fixed accounts, while Raw accounts require a $200 minimum deposit.

Account types

If you want to explore the possibilities offered by HYCM, we recommend opening a demo account.

There are 3 main types of trading accounts at HYCM (Fixed, Classic and Raw), which differ in their pricing structure and the required minimum deposit. The key differences are shown in the following table.

HYCM account types
Fixed Classic Raw
Spread from 1.8 pips 1.2 pips 0.2 pip
Commission per round 0 0 $4
Minimum deposit $100 $100 $200

Besides, you can also open swap-free or Islamic accounts.  Instead of overnight interest, swap-free accounts have an administrative fee if you hold your leveraged position overnight.

How to open your account

Opening an account at HYCM is an easy and fast process, the client interface is very user friendly. Online registration takes only 5-10 minutes. Our account was verified within one business day. Follow these simple steps to open an account:

  1. Click on the open account button.
  2. Provide the required personal details, like your  name, email address, phone number, date of birth and physical address.
  3. Select your desired trading platform (MetaTrader 4 or MetaTrader 5), account type (Fixed, Classic or Raw) and currency. Bear in mind that you can also open additional accounts later. So for example, you can have a MetaTrader 4 account both in USD and EUR. You can make transfers between accounts opened in the same currency.
  4. Provide additional personal data required and answer a few questions on your financial status and trading experience.
  5. Verify your ID and residency. You can upload a national ID, passport or driver’s license for authentication. Utility bills and bank statements are accepted for residency verification. If you want to use a debit or credit card, you’ll need to verify those as well.


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