HYCM Review – Best UK Regulated forex brokers Review

HYCM minimun deposit

To open up an account with Henyep, you can begin trading with as little as $100. In fact, you can use either the Fixed or Classic accounts with just the initial $100 deposit. To get a Raw account, you need to open up with $200.

Henyep allows deposits through bank wire, Visa, Neteller, Skrill, Mastercard, and WebMoney. There are no fees to deposit, or withdrawal. However, it should be noted that bank wires need to be at least $250. The other deposit methods can be as little as $20.

HYCM Account types

Henyep offers three different account types, all offering the opportunity to trade in micro lots. There is the Fixed account, the Classic account, and the Raw account. There are also Islamic swap free accounts available as well.
Trading conditions and deposits

Spreads and commissions

The Fixed account offers fixed spreads, with spreads being as low as 1.8 pips. The minimum trade volume is 0.01 lots, allowing for micro lot trading. The Classic account offers variable spreads, with spreads on currency pairs as low as 1.2 pips, and the ability to also trade micro lots. Beyond that, there is the Raw account, which offers the tightest spreads, but charges a commission of four dollars per lot. It also allows you to trade micro lots.

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Leverage

Henyep allows 1:200 leverage, which is a reasonable ratio. However, keep in mind that there are brokers out there that offer much more, but understand that leverage isn’t necessarily a good thing if you don’t know how to use it properly. While it does allow you to multiply the profits on a small account, it also allows you to blow up that small account much quicker.

Security of funds and company information

Henyep has been in the trading business since 1977, making it one of the oldest brokers that you will run across. It is also highly regulated, from its initial days at the Hong Kong Gold and Silver Exchange Society, to the year 1998, when it got its FCA license and the United Kingdom. Since then, it has gone on to be regulated in Cyprus as well.

Range of markets

Henyep offers a wide range of financial instruments to trade, including Forex, Stocks, Indices, Commodities, and Cryptocurrencies. The Forex pairs that they offer include all of the usual suspects such as the Euro, but also offers such exotics as the Indian rupee. The stock offerings are a bit slim, but they do allow you to trade the CFDs on companies such as Facebook and Google. It should also be noted that stocks trade with leverage rated at 1:20. The indices include US and British ones, while the Crypto markets include the four most popular coins. Gold and silver are both offered in the US dollar and Euro denominations. All of these are available on Metatrader 4.

Added values

Henyep offers some of the usual Forex trading tools such as economic calendars and market opinion, as well as a knowledge base and the occasional webinar for their online classroom.