To be clear, this is a HYCM Review.
HYCM (or HY Capital Markets) is an online forex broker that was created back in 2007. Obviously, it has a number of years of experience in this domain. It is also part of Henyep Capital Markets LLC, a financial institution with more than forty years of activity. This could all point to the fact that HYCM is a reputable and trustworthy broker that doesn’t get involved in the sketchy business.
Unfortunately, in today’s HYCM review, we will be talking about some of the things that make us NOT RECOMMEND it to traders. Even if the aforementioned financial group has a huge reputation in this industry, that doesn’t make HYCM more trustworthy. There is a huge number of negative reviews and testimonies from former clients that speak otherwise. Here are some of the most important reasons why we think you should avoid trading with HYCM, especially if you are a beginner.
More about HYCM
The specialization of HYCM is online trading and investing using stock markets and international currency. There are a lot of useful tools that this broker offers to its clients. Some of them include currencies, commodities, stocks, indices, energy carriers, and precious metals. Their customer support system works 24/7 (or so they claim) in multiple languages, they supposedly offer loyalty programs, hold competitions, and offer PAMM-accounts. Some of HYCM’s features on their platform include a news section, graphics, an economic calendar, and a currency converter.
This may all sound great for a forex broker. If all of the above were true, it would have been great. Unfortunately, HYCM is not what it markets itself to be. For example, they say that beginners can take advantage of some free training materials on the website. In fact, these materials do not explain too much and still leave beginner traders with a lot of questions. If someone were to ask for help from their customer support system, they would most likely not receive any.
According to multiple testimonies, nobody bothers to answer the questions that come from users. If you are lucky, you might get a response after a few days when you probably no longer want anything to do with HYCM. This is a huge problem that makes us NOT RECOMMEND this broker! It also connects with a series of other issues that they want to take advantage of.
Withdrawal issues and platforms
New traders might be attracted to HYCM thanks to their multiple trading platforms that they market themselves with. However, apart from the popular MetaTrader 4 that everybody knows, this broker uses its own trading platforms. This can be a huge problem because these platforms are especially created to trick users and put the broker in advantage.
So, their HY Webtrader, HY MT4 Webtrader, HY Pro Trader, as well as their respective mobile trading apps can sound attractive. In reality, they represent a way of making clients lose more money than ever by drawing them in and not explaining how to use these platforms.
Then there are countless testimonies from former clients that condemn the HYCM withdrawal procedure. Firstly, the minimum required deposit is only $100 which is a big red flag. No reputable broker will put such a small required amount if they are not desperate to attract clients.
You can supposedly deposit and withdraw your funds using your credit /debit card, bank transfer, or electronic payment systems. You can only have a EUR or USD account. According to them, a withdrawal usually takes between four and eight business days to be completed. Besides the fact that this is a lot of time, the money usually never reaches the client’s bank account.
They have a habit of sending fictitious wire transfer proves to clients. They also delay withdrawals indefinitely or simply close people’s accounts without asking. There are also multiple failures and delays of the terminal, and many other issues. The bottom line is that HYCM does everything it can do NOT send you your money.
Last but not least, the mother company of HYCM holds a plethora of regulations from all bodies in the world, which is certainly sketchy. It should make people wonder how many, if any, of those are real? This is another huge red flag and one of the main reasons why we DON’T RECOMMEND working with HYCM.
All in all, apart from the smart marketing campaign that piggybacks the reputation of its mother company, we found in this HYCM review that broker is like any other scam broker out there. They only want your money and nothing else. We don’t recommend signing up for this broker when you have a multitude of other respectable online brokers to pick from. Don’t fall into their trap and choose another service that will not trick you instead.