Best Forex brokers in Canada
HYCM may be a plain-vanilla MetaTrader broker that gives terrible customer service. Compared to industry leaders like
- CMC Markets,
- Saxo Bank,
HYCM left us unimpressed.
Is HYCM Safe?
Henyep is taken into account average-risk, with an overall Trust Score of 84 out of 99. HYCM isn’t publicly traded and does operate a bank. Henyep is authorised by two tier-1 regulators (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust). HYCM is authorised by the subsequent tier-1 regulators: Securities Futures Commission (SFC) and Financial Conduct Authority (FCA). Learn more about Trust Score.
Commissions & Fees
The forex trading costs at HYCM depend upon the sort of account established, starting from the Fixed, Classic, or Raw account type. Offerings include its Raw and Classic account types from its UK entity. Meanwhile, the spreads on the EUR/USD at 1.8 pips for its fixed spread account are above the Raw and Classic accounts, which have more competitive pricing, with 0.6 pips average spreads for August 2018.
Compared to its EU-based brands, HYCM offers lower margin rates through its entities regulated by the CMA within the Cayman Islands , and by the DFSA within the UAE.
Platforms & Tools
HYCM may be a MetaTrader-only broker offering the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite but falls short compared to the simplest MetaTrader brokers.
Henyep Securities offers a separate platform for its Hong Kong and China exchange-traded securities offering, although we didn’t test that platform for this review because it isn’t provided across all the firm’s entities, including HYCM.
Henyep provides slightly quite the bare minimum for forex traders to conduct FX marketing research . for instance , HYCM provides customers access to Trading Central – a well-liked service for automated technical analysis – available as an MT4 indicator, a daily newsletter, also as via access to a fanatical web portal. The broker also streams daily marketing research videos and provides access to an economic calendar on its website.
Since Henyep may be a MetaTrader-only broker, it provides both the quality iOS and Android versions of the MT4 app. No proprietary mobile app is obtainable .
To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the united kingdom . For our 2020