Been Scammed By This Broker? We Can Help!
HYCM is a regulated broker whose parent company, HenYep, was founded in 1977. It is regulated by the UK Financial Services Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC). The fact HYCM is regulated and has been around for a long time are good signs, but is HYCM a legit broker? This review is a full evaluation of HYCM based on our research and customer feedback.
Have you lost money to an online broker? If so, you are not alone. Billions of dollars are lost every year to fraudulent investment schemes. Trader Defense Advisory will be there for you and will provide solutions for locating the fake brokers and set in motion the process to retrieve your funds. We put our expertise to work to support victims of broker scams.
So even though a broker is regulated, that doesn’t necessarily mean that they are 100% legit, but it is a good sign. Is HYCM the real deal or is it a fraud?
The result of our findings is that HYCM seems to be a legitimate broker. It is fully licensed and it has reasonable fees, support, and education for clients. However, there are some caveats. The website is out of date and there is a fee for no activity.
Also, HYCM only trades Forex and CFDs, and it was found that 71% of traders lost money when they traded CFDs with this broker. However, this might reflect the large number who lose money with CFDs with any broker since CFDs are known to be risky.
HYCM, as mentioned is a regulated broker, and has licenses from both the FCA and the CySEC. The broker is also notable for its low fees for trading. It is relatively easy to set up an account in just a few minutes and there is customer support.
There is a reasonable plan for withdrawals with those under $300 carrying a $30 fee and those of $5,000 or more with a 1% fee with Skrill or Neteller. There is a relatively low minimum deposit of $100. On HYCM, you can open accounts in multiple currencies, which eliminates the need to convert currencies.
HYCM clients can trade using the powerful Metatrader 5 platform with customizable features. It also features mobile trading that is user-friendly and provides notifications. This broker gives its clients charts and technical information about investments as well as webinars and education on trading.
Customer service is prompt and thorough and is available by telephone or chat. Those who lose money in trades have negative balance protection to cut down on losses.
Fill in your details and one of our representatives will contact you within 1 business day.
HYCM does have two licenses, but it should be noted that it can’t protect investors outside of the US and the EU. This means that it cannot take clients from the United States, Asia, and some areas of Canada as well as Belgium or France. Clients from these areas will not be protected by HYCM’s regulations and they do not sign on clients from these countries.
HYCM does have low fees, but it does charge a relatively high inactivity fee of $10. Although HYCM offers the Metatrader 5 platform, it is outdated in several ways and doesn’t have a two-step login. Its website is mediocre, although it is adequate for most purposes. Customer service is good, but the email communication is just so-so.
The biggest disadvantage of HYCM, aside from the fact that those from many areas of the world, including the US and parts of Canada are not protected is that it only offers Forex and CFD trading. There is no possibility to trade regular stocks, commodities, and ETFs. Forex and CFDS are inherently risky trades, and if you want to trade other asset classes, focus on other brokers.
Despite a few drawbacks, HYCM is a legitimate broker that can help its clients make money as long as they live in the U.S. and UK and are happy trading forex and CFDs. Its fees are low, and although its website is not state of the art, it provides webinars and financial education to help clients make good investment choices.
Although HYCM is not a perfect choice for every investor, it is certainly legitimate, licensed, and is likely to be a good choice for some traders. The following, however, are signs of a scam broker:
If you have signed up with a broker and they do any of the things mentioned here, contact Trader Defense Advisory and find out what to do about it. If brokers are not regulated, reporting them to a regulatory agency is not enough. You need solutions to track down the scam.
If you have sent your deposit only to have it locked without any possibility of withdrawing it or if you suspect your broker is fake, do not wait another day. Contact Trader Defense Advisory today.
It may seem like it is hopeless to get your money back. You may feel that the money is gone forever. It is important not to give up hope. If you act fast with the right advice and strategy you may be able to catch the scammer and be on the path to retrieving your funds. Talk to our experts today and we will investigate your case and find strategies to track down the scammers.