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Earning money requires hard work and dedication. It takes an entire life to save this amount for future security and seconds to lose this amount. One wrong decision can ruin things. Choosing a broker is similar to this. A wrong step can put your hard-earned money at risk. One such broker offering poor service and paying with sentiments of investors is HYCM. We will discuss things in detail in the unbiased review provided below.
HYCM Review 2021: Think twice before investing
The firm started its operation in the financial market in 1977. Though one of the oldest financial service providers, the firm has failed to upgrade its services concerning the contemporary world needs. The tradable assets offered for trading are also limited.
It is hard to find the official website of the broker. Moreover, when you open the website, you will find that numerous useless files are downloading automatically. It continues even after multiple visits. It seems that the website is collecting the data. Thus, it irritates traders, blocks all the ways to receive information and clarifies some scam. There is nothing wrong in saying that it is one of the worst brokers concerning the official website.
It is an illegal act, and traders or users should file a complaint against HYCM. Even any low-quality brokerage firm will not have such a pathetic method. So, think twice before investing. Your sensitive information, along with money, can be at risk.
Is HYCM Scam or safe?
The behaviour of the broker’s website alone reflects that the firm is not safe. We do not require any registration or licence number to declare this fact. The unnecessary downloads irritate traders, and they do not stop after multiple visits. It seems like a malicious practice to steal the information of the user. Staying away will not help alone; you also need to file a complaint against such illegal activities.
Irrelevant data on the website
It looks like the website of the broker is not updated. Though the firm is operating in the market since 1977, it has not taken any initiative to update information. For example, the website says that it has been 20 years of UK regulation, but this is 22 or 23 years in reality.
The website of the broker is overloaded with many irrelevant data leaving some important ones. Also, there are certain build-up numbers, and there is no fack to back this data.
Tradable markets and assets
The range of assets and markets available with the firm are limited and fails in expanding the trader’s portfolio. Hence, pushing his/her towards risk.
Leverage beyond the permissible limit
The brokerage firm offers leverage up to 1:500 on trade. This limit is far beyond the one fixed by some legitimate financial bodies. For example, the European Union has set this limit to 1:300. The firm which offers margin beyond this is considered as unsafe and untrustworthy for trading.
HYCM falls in this category. Also, working on high margin is risky. Many traders lose money due to this reason because the margin is a double-ended sword; it magnifies losses along with gains.
High spreads and commission
The broker asks for high and variable spreads. Also, it keeps on changing while executing a trade. The broker has mentioned that it does not charge a commission on trade, but the reality is it charges a commission of $4 on raw account plus spreads.
Along with this, there are multiple hidden fees associated with the trader. Thus, the overall fees and commission structure directly impact the profit size and sometimes irritates traders. Moreover, traders have the right to know about all the fees charged before opening a trading account. It is illegal to hide any amount.
Time-consuming deposit and withdrawal
The process of deposit and withdrawal with the broker is time-consuming. The deposit with other brokerage firms are instant, but with HYCM, it takes several days. Same is the case with withdrawal you are required to fill a withdrawal form, and then it takes three to five days for a withdrawal request to proceed.
Also, the brokers offer some limited options for deposit and withdrawal of funds. These offered methods are also not global. There is no information about the cash accepted for the same on the official website. Moreover, the broker charges a relatively high withdrawal fee on trade.
Poor customer support service
The customer support service of the broker is the worst ever. They have only provided a live chat option in the name of customer support. It also remains offline most of the time and offers irrelevant answers for the queries as operated by a robot. Thus, the broker has completely blocked all the ways through which traders can put up queries.
The most stupid and major problem in this section is that when traders click help centre icon, it directs them to an entirely different page not containing any information about the contract details. Instead, it presents education and FAQ. It seems like the broker is intentionally doing these things with traders as it is operating for 44 years, and there is no way that broker has not paid heed to this major stupid issue. It again haunts traders and looks like a scam.
Trading platforms
The broker is clearly playing with the sentiments and money of traders. It has offered different platforms for trading but has opted for the cheapest package of the same. From the front, it shows that they have advanced trading platforms. But when we look inside, we find that these cheapest packages lack basic many vital functions. It is just a way to attract traders and high fees in the name of globally-renowned platforms. The broker has fallen to the lowest and cheapest level of profit maximisation.
Limited educational and research tools
The educational and research tools offered by the firm are limited and also not up to the mark. Educational resources fail in delivering all financial concepts efficiently. Also, the research tools are not updated and do not provide precise results.
The Bottom Line
Each activity of HYCM is suspicious, and we do not require any regulatory certificate or licence number to declare that firm is a scam. It offers limited and outdated trading services at extremely high trading charges. The website of the broker has crossed all levels of deceiving and illegal practices. It is no way safe investing your money with such a broker which only aims at profit maximisation by misleading and cheating traders. It is always better to look for other good options over such firms.
You can go with reliable, renowned and safe firms such as Global TradeATF, PrimeFin, 101investing, ROinvesting, Brokereo. They are well-regulated and render services in each corner of the world at an affordable range.
Frequently asked questions
Does trading charges of HYCM do justice to the features offered?
No, the high trading charges of the broker fails in meeting the trading objectives of the brokers.
Is HYCM legitimate?
No, the firm is entirely a risky venture to invest with.
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