HYCM Review: Regulation, Account Types and Trading Costs

Advantages and Drawbacks at a Glance

HYCM’s published terms for the first quarter of 2026 set out a clear pattern of strengths and weaknesses for this long-established broker. The comparison that follows takes the two live account types most often weighed against each other, Classic and Raw, a reference balance of 500 dollars, and the published cost of trading major currency pairs, gold and oil. The short summary comes first.

Advantages

• A record stretching back more than 47 years in the financial markets, since the Henyep group was founded in Hong Kong in 1977, which gives the firm operating experience that is rare in the brokerage industry
• Oversight from several tier 1 and tier 2 authorities: FCA in the United Kingdom, CySEC in Cyprus, DFSA in Dubai and CIMA in the Cayman Islands
• A physical office in Dubai (DIFC), which puts the firm geographically close to Arabic-speaking traders in the Gulf
• Order execution that the company puts at an average of 12 milliseconds on its own published figures
• Three account types spanning different needs, from the cautious trader to the active professional
• More than 300 tradable instruments, covering forex, shares, indices, commodities and digital assets
• Technical support available in Arabic throughout the trading week

Drawbacks

• A minimum deposit of 100 dollars on the basic accounts and 200 dollars on the Raw account, higher than at competitors such as Exness, which starts from 10 dollars
• Bank transfer is the main withdrawal route, with a 30 dollar charge on withdrawals below 300 dollars, which weighs on anyone moving small amounts
• An inactivity fee of 10 units of the account currency a month, applied after 90 days without trading
• The Islamic account is not automatic — it has to be requested through customer service — and it carries an administration charge in place of the swap
• The range of shares is relatively narrow, at around 150 US shares, next to multi-asset brokers

Taken together, the published terms suit a trader who values institutional stability, a long track record and oversight in more than one jurisdiction, and particularly anyone based in the Gulf states who prefers a broker with a physical presence in the region. HYCM is less likely to suit anyone looking for the lowest possible minimum deposit, or for a wide choice of withdrawal routes.

Company Information

HYCM traces its roots to 1977, when the Henyep group was founded in Hong Kong under the name Henyep Gold Dealers, later joining the Hong Kong gold and silver exchange society. That makes it one of the oldest financial groups operating in brokerage anywhere, with a trading history running to more than 47 years.

On the company information published as of February 2026, the group has grown from a local gold dealer in Hong Kong into an international financial group operating through several regulated legal entities across Europe, the Middle East, Asia and the Caribbean. It runs 6 offices worldwide — London, Limassol, Dubai, Kuwait, Hong Kong and the Cayman Islands — and offers its services in more than 140 countries.

The HYCM brand is the international name of the Henyep Capital Markets group, which comprises several separate legal entities: Henyep Capital Markets (UK) Limited in the United Kingdom, HYCM (Europe) Ltd in Cyprus, Henyep Capital Markets (DIFC) Ltd in Dubai, and HYCM Ltd in the Cayman Islands. Each entity answers to a different regulator and serves a defined group of clients by region.

Is HYCM a scam? The question turns up often in Arabic-language search. On the public registers, the answer is no. The firm has operated since 1977 and holds licences from four recognised authorities, among them FCA in the United Kingdom, which is one of the strictest supervisors anywhere. The group has collected more than 25 international awards in categories covering trading platforms and customer service. None of that makes trading with it free of risk: around 73% of retail trader accounts lose money trading contracts for difference. Anyone wanting to check a brokerage firm independently can start from the guide to avoiding trading scams.

Reasons to Consider HYCM

Several things set HYCM apart from other brokerage firms. They do not make it the right broker for everyone, but they do make it worth considering for particular kinds of trader.

History and institutional stability: Few brokerage firms have a record stretching back more than four decades. That longevity means the firm came through the Asian crisis of 1997, the global financial crisis of 2008, the Swiss franc episode of 2015 and the Covid pandemic of 2020. A record of that length is a reason for more confidence in the continuity of the business than a newer broker can offer.

Presence in the Middle East: An office licensed by DFSA inside the Dubai International Financial Centre (DIFC) matters for traders in the Gulf states. A local presence of that kind means the office can be visited in person if the need arises, which is not the case with many international brokers that serve the region remotely only.

Licensing in several jurisdictions: That HYCM is licensed by four authorities in four separate jurisdictions — the United Kingdom, Cyprus, Dubai and the Cayman Islands — adds layers of supervision. Which entity serves a given trader depends on their country of residence, though, and the regulatory regime that applies differs with it.

Execution speed: The average order execution time of 12 milliseconds that the company publishes is competitive on its face. It remains the broker’s own figure: fill speed and slippage on pairs such as EURUSD and GBPUSD during the London session are not independently measured here.

A choice of accounts: Three account types (Fixed, Classic and Raw) let a trader pick the one that fits their approach. The Fixed account suits anyone who wants to know the cost of a trade in advance, Classic balances cost against flexibility, and Raw is aimed at active professional traders. Anyone new to trading who wants to understand the differences between account types can start from the guide to opening a trading account.

Licences and Regulation

Each of the licence numbers HYCM gives can be checked directly against the register of the authority that issued it. On those registers as of February 2026, the firm holds four active licences from regulators in four separate jurisdictions, which is a level of multi-jurisdiction oversight that is uncommon among forex brokers.

Is HYCM genuinely licensed? Yes, and it can be checked independently. Open the register of the FCA in the United Kingdom (register.fca.org.uk) and search for reference number 186171: the entry returned is Henyep Capital Markets (UK) Limited. The CySEC licence, number 259/14, can be looked up the same way on the Cyprus securities regulator’s website, and the DFSA licence, number F000048, on the Dubai Financial Services Authority website (dfsa.ae). The detailed guide to licensing in the trading industry covers why these registers matter and how to search them.

What does that mean in practice for an Arabic-speaking trader? It depends on the country of residence. A trader in the United Arab Emirates may be onboarded to the DFSA entity in Dubai, which means the account sits with a locally supervised tier 1 entity. Traders elsewhere in the Arab world are more likely to be onboarded to the CIMA entity in the Cayman Islands or the CySEC entity in Cyprus, according to the geographical split the firm applies. Confirming which entity an account will be booked with before opening it is worth the effort, because the rulebook that applies differs materially from one entity to another.

One point deserves attention: the DFSA licence in Dubai is a category 4 licence, which means that entity is not authorised to hold client assets or client money directly. That takes nothing away from the licence itself, but it does mean the arrangements for handling money differ from the other entities. For comparison, the way other brokers handle regulation is set out in the Exness review, which covers a firm holding licences from comparable authorities.

Opening an Account and Verification

On the process published as of February 2026, account opening is orderly but runs to more steps than at some competitors. Initial registration goes through a form on the official website and takes around 5 minutes to complete the personal and financial details.

Once the account exists, identity-verification documents (KYC) are required before any deposit: an image of a passport, plus a utility bill as proof of address. How long that review takes is not published by the firm and is not assessed here. Brokers such as Exness differ on this point, allowing a deposit and trading before verification has fully completed.

The registration form at HYCM asks for detailed financial information, covering source of income, investment experience and financial objectives. That is a regulatory requirement, particularly for entities supervised by FCA, CySEC and DFSA, and it reflects the strict KYC standards those entities work under.

The account-opening steps, in short:

• Visit the HYCM website and fill in the registration form with personal and financial details
• Choose the account type (Fixed, Classic or Raw)
• Upload the verification documents (personal identification plus proof of address)
• Wait for the account to be approved (usually within one business day)
• Deposit, and pick the trading platform that suits (MT4 or MT5)

Account Types

HYCM offers three types of trading account, each built for a particular kind of trader. The differences between them are set out plainly in the firm’s own account schedule, which makes the choice reasonably straightforward to work through.

On the published terms, the Classic account is the most natural starting point. Its variable spread begins at 1.2 pips on the major pairs, which is reasonable against sector norms, and the absence of any commission keeps the cost of a trade simple to work out. The Raw account is the cheaper of the two on total cost at larger trade sizes, where the spread runs close to zero against a fixed commission that is known in advance.

The Fixed account offers one distinctive feature: the spread holds steady through most market conditions. That is particularly useful for news traders, who then know the cost of a trade in advance even in periods of high volatility. The fixed spread of 1.5 pips is naturally higher than a variable spread in ordinary conditions.

The Islamic account: HYCM offers swap-free Islamic accounts intended to comply with Islamic law. Unlike brokers that enable the Islamic account automatically, HYCM requires the client to contact customer service and request that the account be converted. The published terms state that an administration charge applies in place of the swap once a position is held open beyond a set period. Not every instrument is covered by the swap-free option, and the firm supplies the list of eligible instruments on request. A Muslim trader therefore needs to read the terms carefully before relying on this account type. For comparison, brokers such as Exness provide an Islamic account automatically, with no substitute administration charge.

Leverage: The maximum leverage available depends on the regulated entity. Accounts under the FCA or CySEC entity are capped at 1:30 on the major pairs, following ESMA’s European rules. Accounts under the CIMA entity can reach leverage of up to 1:500 on forex and 1:20 on shares and digital assets. High leverage has to be handled with great care, and especially so by a beginner. Anyone new to the subject should read the basics of trading before using leverage at all.

Fees and Trading Costs

Trading costs are the factor with the most direct bearing on a trader’s profitability over the long run. The comparison below sets the published spreads at different points in the trading day against those of three main competitors: Exness, Pepperstone and XM.

Spreads

Spreads on the Classic account are at their tightest during the overlap between the London and New York sessions and widen when liquidity thins, which is ordinary behaviour for variable-spread pricing. On the spread schedule HYCM published in February 2026, the Raw account is competitive through active trading hours, quoted at 0.1 to 0.3 pips on EURUSD in the London session.

The table below sets out the approximate average spread on the Classic account (no commission) for the most widely traded instruments, against three competitors. The figures are approximate and drawn from pricing published during the first quarter of 2026 by independent sources and on the brokers’ own websites.

As the table shows, the HYCM spread on the Classic account sits in the middle of the field: below XM on most instruments, close to Exness, and a little above Pepperstone, a licensed broker whose spreads are genuinely competitive — the accusation attached to its name in Arabic-language search comes up often and has no basis. Anyone whose priority is the lowest cost at HYCM will find the Raw account the better fit.

Commissions

The Fixed and Classic accounts charge no trading commission at all; the cost is built entirely into the spread. The Raw account charges a commission of 4 dollars per standard lot on the round turn (2 dollars per side). That undercuts the commission at Exness (7 dollars round turn) and Pepperstone (7 dollars) on their comparable accounts, which makes the Raw account at HYCM competitive on commission specifically.

Overnight Financing (Swaps)

Overnight financing applies to positions still open after the trading day closes. Set against sector averages, the swap rates HYCM publishes are competitive, which counts most for anyone trading a swing style (Swing Trading) and holding positions for several days. On Wednesdays the swap is charged three times over to cover the weekend, as is standard across the industry.

Deposit and Withdrawal Fees

HYCM charges nothing on deposits. Withdrawals are a different matter. A bank transfer withdrawal below 300 dollars attracts a charge of 30 dollars, which is a relatively large amount for anyone taking out small sums. A withdrawal above 300 dollars is free from HYCM’s side, though the receiving bank may apply a charge of its own. On withdrawals through Skrill or Neteller above 5,000 dollars, a processing fee of 1% applies.

That is a clear weakness next to brokers such as Exness, which charges nothing on a withdrawal of any size.

Inactivity Fees

After 90 days without activity on an account, HYCM applies a dormancy charge of 10 units of the account currency a month — for example 10 dollars where the account is denominated in dollars. The charge repeats every month until trading resumes or the balance runs out. That resembles the policy at XM (5 dollars after 90 days) while sitting above it, and it differs from Exness and Pepperstone, neither of which charges for inactivity.

Fees Overall

Taken as a whole, the HYCM fee structure is acceptable without being the most competitive available. The spread on the basic accounts is mid-range against the sector. The Raw account offers a competitive commission, but it requires a deposit of at least 200 dollars. Withdrawal charges and the inactivity fee are two negatives to weigh, particularly for anyone trading small amounts or likely to stop trading for a while.

Desktop Trading Platforms

HYCM offers the MetaTrader 4 and MetaTrader 5 platforms together with their browser builds (WebTerminal), alongside its own HYCM Trader application.

MetaTrader 4 (MT4): The most widely used platform in forex, and the default choice for many HYCM clients. It supports automated trading through expert advisors (Expert Advisors) and ships with 30 technical indicators, 23 analytical tools and 9 timeframes. Platform stability at HYCM and order-execution speed through MT4 are not measured here, so the specification above is the published one and nothing more.

MetaTrader 5 (MT5): The newer generation of MetaTrader, with several additions that matter. It carries 21 timeframes (against 9 in MT4), an improved depth-of-market view (DOM), a built-in economic calendar and extra pending-order types. Everything HYCM lists — more than 300 tradable instruments — can be traded through MT5.

WebTerminal: The browser build of MT4 and MT5, for anyone who would rather not install software. It gives access to the trading account from any internet-connected computer, but it lacks some of the advanced features, automated trading through Expert Advisors among them.

A detailed comparison of the advantages and drawbacks of each trading platform is set out in the guide to the different trading platforms.

Mobile Trading Apps

In an age of trading from a phone, HYCM offers an app of its own, HYCM Trader, alongside the official MetaTrader apps. What follows describes the published feature list for the Android build of HYCM Trader as of February 2026.

The HYCM Trader app is published on both Google Play and App Store and supports 4 languages. It allows trading, deposits and withdrawals, and internal transfers between accounts. Judged on the features each publishes, its interface is practical and plain rather than elaborate, and narrower in scope than the apps of some competitors such as Exness Trade. The app carries live prices, analytics on open positions and margin monitoring, and alerts can be set to fire immediately.

Alongside the firm’s own HYCM Trader app, the official MT4 and MT5 apps from MetaQuotes are available in both stores. These cover the core trading and charting functions and come with a very large user base that most traders already know.

Anyone trading from a phone who wants to compare what different brokers offer can read the guide to the best trading apps.

Instruments Available

HYCM lists more than 300 tradable instruments as contracts for difference (CFDs), spread across five main asset classes. The instrument list on the MT5 platform sets out the detail of each class.

The spread of currency pairs is good, at more than 60 pairs taking in majors, minors and exotics. Coverage of global indices, at 28 indices, is strong and ahead of a good number of competitors. The number of shares available, at 150+ US shares, is acceptable but short of brokers listing thousands of shares across several exchanges.

The digital assets on offer, at 21 currencies, cover the major and mid-sized coins. The commodities list takes in the precious metals and the main energy products. Anyone interested in trading gold can read the guide to learning to trade gold for the basics of that market.

One point matters here: the number of instruments available can differ with the regulated entity. An account under the FCA or CySEC entity may face restrictions on some instruments, digital assets among them, because of European regulatory limits.

Order Execution

Execution speed is one of the stronger points in HYCM’s published specification. The firm states an average execution time of 12 milliseconds. That figure is the broker’s own; it is not independently verified here, and no fill times are reported.

On slippage (Slippage), the broker publishes no fill-quality statistics and none are gathered here, so no slippage rate is given. Slippage in general appears around economic data releases and at the end of a session, when liquidity falls away.

The execution model differs with the account type. The Fixed account uses instant execution (Instant Execution), which means a re-quote is possible in sharp volatility but slippage is not. The Classic and Raw accounts use market execution (Market Execution), with no re-quotes but the possibility of slight slippage.

The order types available take in immediate market orders, pending orders (Buy Limit, Sell Limit, Buy Stop, Sell Stop, Buy Stop Limit, Sell Stop Limit), stop-loss and take-profit orders, and advanced orders such as Trailing Stop. MT5 carries additional pending-order types compared with MT4.

Deposit Methods

HYCM offers a broad range of deposit methods. The minimums, processing times and charges the broker states for each are set out in the table below.

The positive here is that every deposit method is free of charge from HYCM’s side. It is worth noting that the payment provider or the bank may still apply charges of its own. Most deposit routes, bank transfer aside, complete instantly or within the hour, which is acceptable and in line with sector practice.

On the published times, a card deposit is the quickest and most direct route. E-wallets (Skrill and Neteller) are a good option for speed as well. Bank transfer is the slowest, at up to 7 business days, but it suits larger amounts.

Withdrawal Methods

Withdrawal routes at HYCM cover bank transfer, e-wallets and credit cards. The published terms describe an orderly process, though it carries a few restrictions worth knowing about in advance.

Can money be withdrawn from HYCM? And what about the withdrawal problems that get reported? On the withdrawal terms HYCM published as of February 2026, the answer is yes, subject to the charge the firm sets for each route. Worked against that schedule: a bank transfer of 350 dollars sits above the threshold at which the transfer charge stops applying; a withdrawal of 200 dollars through Skrill falls inside the fee-free band for e-wallets; and a card withdrawal is quoted at up to 3 business days. No withdrawal has been requested or timed here, so the processing times in the table below are HYCM’s own figures and stand unverified.

The most conspicuous negative is the 30 dollar charge on bank withdrawals below 300 dollars. For a trader taking out a small amount — 200 dollars, say — that is a charge equal to 15% of the sum withdrawn, which is very high. The 1% fee on e-wallet withdrawals above 5,000 dollars weighs on anyone moving larger sums. By comparison, brokers such as Exness and Pepperstone charge nothing at all to withdraw.

The complaints that appear on review sites about HYCM sometimes concern account closures, with reasons given such as “swap abuse”. Reading the terms of service carefully before opening an account is worth the time, as is keeping a record of every transaction and every exchange with the firm.

Customer Service

Support in Arabic matters to the reader of a review like this one, and many international brokers either leave it out or provide it poorly. The channels the broker published as of February 2026 are set out below, taken from its own support pages. Response speed and the quality of the replies are not assessed here, because no enquiry has been sent.

Live chat (Live Chat): Live chat is published as a support channel, with Arabic among the languages offered during business hours. The questions a new client typically brings to it — the difference between the Classic and Raw accounts, for instance — sit well inside what the channel is meant to cover. The broker publishes no target answer time for chat, and neither queue length nor the quality of an answer is judged here.

Email: A support address is published for written enquiries, including questions about the Islamic account and which instruments it covers. No target reply time is published for email.

Telephone: Unlike brokers that have dropped telephone support altogether, HYCM publishes a phone line. That suits a trader who would rather speak to someone directly, and it matters most in an urgent situation.

Support in Arabic is published, but not around the clock. On the stated hours it runs through the Middle East working day, roughly 9 in the morning to 6 in the evening Gulf time, and outside those hours support is mainly in English. Against Exness, which publishes Arabic support around the clock every day of the week, that leaves room for improvement.

Research and Educational Material

Judged by what is actually published, the educational and research material at HYCM is adequate: it covers the basics and the intermediate topics without reaching the depth or the range of brokers such as IG or Saxo.

The HYCM Lab blog: The firm runs an educational blog under the name HYCM Lab, carrying articles on forex basics, technical analysis, risk management and trading strategies. Some of the content is published in Arabic. The articles serve beginners and intermediate traders well enough, but they lack the depth a professional trader needs.

Daily analysis: HYCM publishes daily market commentary covering the significant price moves and the economic events behind them. On the schedule published through February 2026, the commentary appears regularly and gives a useful general picture of the market. It leans towards the general rather than towards specific trade signals.

Webinars (Webinars): HYCM runs online educational sessions from time to time, with financial analysts taking part. That is a useful extra for anyone who prefers to learn interactively.

The economic calendar: Built into the MT5 platform, it lists upcoming economic events with forecasts and previous figures.

Taken as a whole, the educational material at HYCM is enough for a beginner but is not one of the broker’s principal strengths. Anyone after deeper material on financial analysis and its tools will do better to rely on dedicated educational sources alongside what the broker provides.

Fund Safety and Safeguards

The handling of client money is among the most important factors in choosing a broker. On the safeguards HYCM disclosed as of February 2026, several layers exist, and what applies differs considerably from one entity to the next.

Segregation of client money: HYCM states that client money is held in accounts kept separate from the company’s own operating funds across all of its entities. Segregation is a foundational rule rather than a discretionary policy: were the firm to run into financial difficulty, segregated client money would in principle not form part of its estate. Supervision of that segregation is stricter under the FCA entity than under the CIMA entity.

Negative balance protection: HYCM provides negative balance protection, which means an account cannot lose more than the amount deposited in it, even in extreme market conditions. It is mandatory for the European entities (FCA and CySEC) and is offered on the other entities as a voluntary policy of the firm.

Compensation schemes: This is the area where the arrangements differ most sharply from one entity to another:

One point matters about the DFSA entity in Dubai: as noted above, the HYCM licence from DFSA is a category 4 licence, which means that entity is not authorised to hold client assets or client money directly. Custody arrangements may therefore run through another entity within the group.

In summary on the handling of client money: HYCM is a long-established group with a history running to 47 years and oversight from several respected authorities, which is a reason for more confidence than a newer or more lightly regulated broker offers. What actually applies, though, depends heavily on which entity holds the account. An account under the FCA entity sits under the strictest of the group’s rulebooks, while an account under the CIMA entity sits under a lighter one. Confirming which entity will hold the account, and what that means in practice, is worth doing before depositing a significant sum.

The Verdict

On the terms HYCM published for the first quarter of 2026, this is a long-established and credible broker offering a balanced proposition, with a few significant reservations to weigh before any decision.

What stands out most at HYCM is the long record of 47+ years, oversight from four separate authorities, the physical presence in Dubai and the fast execution speed the firm publishes. Those give an institutional confidence that many newer brokers cannot match. On the other side, the withdrawal charges, the inactivity fee and an Islamic account that is not automatic are negatives to take into account.

Who HYCM suits:

• Traders who value institutional stability and a long record in the brokerage industry
• Traders in the Gulf states who prefer a broker with a licensed office in Dubai
• Intermediate and advanced traders looking for fast execution and a competitive spread on the Raw account
• Anyone who wants oversight from several different authorities

Who it may not suit:

• Traders working with very small amounts, for whom the withdrawal and inactivity charges bite
• Anyone looking for an automatic Islamic account with no substitute administration charge
• Anyone wanting to start with a deposit below 100 dollars
• Anyone looking for a very wide selection of international shares

The common concerns, addressed:

On the question “is HYCM a scam or a fraud?” which recurs in Arabic-language search: on the public registers, the answer is no. The firm has operated since 1977 and holds licences from FCA, CySEC, DFSA and CIMA, and it has collected more than 25 international awards. None of that means every dealing with the firm goes smoothly. Some negative reviews on Trustpilot and other sites point to account closures tied to breaches of the terms of service, which is worth noting. Reading those terms carefully, and keeping full documentation of every transaction, is the sensible precaution.

On “is HYCM banned in Saudi Arabia?” there is no official ban on dealing with HYCM from Saudi Arabia. The firm is not licensed by the Saudi Capital Market Authority (CMA), which is true of most international forex brokers. Saudi traders are normally onboarded through the group’s international entities.

The overall picture: a long-established, credible broker with strong regulation and a fast published execution speed. It suits traders in the Arabian Gulf in particular, where institutional stability and a local presence count for a lot. The fee structure is the part that needs work, especially on withdrawals and inactivity. This review carries no headline score of its own; the published rating is derived from the rating methodology and shown in the summary panel at the top of this page. For a comparison with other options, see the broker reviews index, or the review of CFI, another broker with a presence in the region.