FAQ

  • GETTING STARTED
  • GENERAL
  • ACCOUNTS
  • PAYMENT
  • COMPLAINTS AND COMPLIANCE

What products can I trade with HYCM?

HYCM allows our clients to gain exposure to multiple capital markets, thus allowing investors to develop a diverse portfolio from a single integrated account. Click here for a comprehensive product offering.

How do I open a live account?

The procedure to open a live account is very easy. Just follow the 3 basic steps of the Account Opening Procedure and you will be able to start trading within 5 minutes. Click here to view the 3 basic steps.

What types of accounts are available?

HYCM offers 3 types of accounts based on your trading experience: Micro, Standard, VIP. Click here to view the Account Comparison Chart

Which account type is right for me?

You will need to make this decision based on your knowledge/experience of trading CFD and/or Forex products.

How do I fund my account?

HYCM offers you multiple methods to fund your account. Click here to view all payment methods, select the desired payment method and fund your account. HYCM is very transparent in our account funding and withdrawal processes.

How do I withdraw funds from my account?

HYCM prides itself in transparent and efficient fund withdrawal policies. These procedures can be completed online and are designed with your security in mind. Your funds will be transferred back to the original source you used to fund your account. In some cases we cannot refund the excess profits back to the original source you used to fund your account, we will transfer the funds to your identified bank account. This account should be in the same name as the account maintained with HYCM. All you need to do is to click on Withdraw funds and enter the amount you wish to withdraw from your account.

Is trading with HYCM secure?

The HYCM trading platform is designed to meet the rigorous security standards of international financial and banking institutions. Throughout our 30 years of operation, the Group has always put client’s information security as first priority.

HYCM has implemented state-of-the-art technology and detailed processes to handle key areas such as user authorization, data protection, and network communication.

HYCM trading platform enables our clients to trade with total comfort and security. All connections and data communication between the trading client and our servers are encrypted and secured with dynamically generated 128-bit keys, the standard for banking operations. All personal and account information on our website are also encrypted by using VeriSign issued 128-bit-SSL certificates.

Do I need to provide any documents?

Due to regulatory requirements, HYCM is required to receive certain Know Your Customer (KYC) documents for a few important reasons, namely:

  • To prevent fraudulent trading

  • To ascertain the source of the client’s funds in order to prevent money laundering

  • To ensure the client understands the risks involved with this type of investment

  • To safeguard clients security

The following documents are all required to be sent within 7 days of account opening. Failure to do so will result in your trading account being suspended.

  1. Copy of passport or National ID card

    1. Proof of address

    2. a) Bank statement

    3. b) utility bill issued within the last 3 months

  2. If you deposited by credit card a photocopy of the front of the card is required

We provide you with many ways to submit your documents.  You can send these documents by email to [email protected], fax them to + 44 - 207 - 657 - 3075, upload by computer, or through your mobile device.  Please state your username or account number on all future correspondences with us.  For complete directions on the different documentation submission methods please login to your account and you will be directed to the My Profile page. Click here.

Are my funds safe with HYCM?

HYCM is regulated by the Financial Conduct Authority (FCA) and is required to work within strict accounting and risk management frameworks under regular FCA scrutiny. All capital not being used for margin purposes will be fully segregated into a special client account which is kept separate from HYCM company funds. Your funds will not be used to pay back creditors in the event of our company’s bankruptcy.

Will I need to download any software before I start trading?

Our innovative HYCM WebTrader platform does not require to be downloaded in order to use it. You can access it from any computer connected to the Internet. If you want to use HYCM MT4 then you will need to download the HYCM MT4 program.

How soon can I start trading?

You can start trading within five minutes. All you need to complete your account registration, fund you account via credit card and you will be able to start trading right away.

What is Margin?

Margin is essentially collateral for a position. It allows traders to take on leveraged positions with a fraction of the equity necessary to fund the trade.

What is leverage?

Leverage allows greater potential return (and also losses) to the investor than otherwise would have been available. Leverage in HYCM ranges from 100:1 up to 1:300, depending on the account type and the products that you are trading with.

How do I place a trade?

To place a trade on the webtrader you first select the product you wish to trade, then you select the size of the trade size. Finally you click BUY (or SELL) and confirm.

How can I view and manage my live trades and positions?

In the bottom portion of the webtrader you will see your Open Positions. From here you can monitor your trades’ performance, amend trades and close trades as you wish.

Does HYCM charge commission?

There are no commissions or hidden costs. Our transparent platform allows users to know the charges per trade.

Am I allowed to hedge on the platform?

Yes Hedging is permitted by HYCM.

Do you guarantee stop loss orders?

For the cost of additional spread, you can select to have Guaranteed Stop/Loss on your trades when using the HYCM WebTrader.

What are Stop and Limit orders?

As well as opening a position at the current market price, you can also place an order to buy or sell if the market reaches a certain level, designated by you, higher or lower than the current market price. These are known as pending orders and there are 2 types, limit and stop. A limit order is an order placed to fill at a level better than the current market. For example if GOLD is trading $1400/oz. you can place a limit order to buy gold at $1350. If the market reaches the level you have selected, the limit order will ‘fill’ and the system will automatically open a new buy position at that level. A stop order, by contrast, is an order placed to fill at a level worse than the market. To use the same example, GOLD is trading at $1000/oz. and you may place a stop order to buy gold if it reaches $1080/oz. Again, if the level is reached the system will automatically open a new buy position at that level. For sell positions, limit orders are set above the market price, and stop orders are set below the market price.

What happens to my position overnight?

For any rolling spot contract HYCM will deduct or credit an overnight interest fee. These fees depend on current interest rates, trade size and the open price of the trade. For a specific calculation please see Interest Rate Calculator on the products page. Interest fees only apply to non-Islamic accounts on spot positions. Islamic accounts are free of overnight fees for the first 14 days a position is open and is then charged at a standard storage fee of $3 per full contract per night.

How can I view my trading history?

Trading History is visible on the HYCM Webtrader or on your HYCM MT4 download platform. Additionally, you can go to the Statements section in the Client Portal.

How are swaps calculated?

The calculation is as follows: Interest rate (%) x Contract value (contract value is equal to daily close price multiplied by contract size) / 360 = Overnight finance fee.

What trading tools does HYCM offer?

HYCM has developed many innovative trading tools and market information. Located directly on the trading platform, these tools allow clients to better understand products, analyse trends, simulate the market, and more. For further information please click here.

What are your spreads?

To get all the information on HYCM spreads, please refer to our Products Information page. Please note that HYCM reserves the right to increase or decrease spreads with very short or no notice depending on the market conditions

What are the margin requirements to place a trade?

To get full information for HYCM Margin requirements please refer to the Products Information page.

Can I have more than one account?

We are not limiting you from having more than one account however for better handling of your trading activities, we suggest using 1 account.

Can somebody else trade on my account?

Yes, only after you have completed a Power of Attorney form stating who can trade on your account. You will be solely responsible for any transactions on your account. Please contact your Customer Service Representative to provide you with the necessary form.

I forgot my log in details, what should I do?

Please contact your Account Manager to arrange for your details to be reset and sent to the email address with which you registered. If you have forgotten your password you can reset this yourself by going to the log in screen then clicking on Forget your password?. This will divert you to a new screen in which you can submit your user name and email address and a new password will be sent to you within minutes. If you wish to reset your password please log in as usual. Once you are logged in using the quick links on the left hand side of the screen choose the option for My Profile. Here you will be able to update any changes in your information as well as be able to reset your password.

How can I edit my account’s profile?

In order to change your account details, once you are logged in, you need to click on the “My Profile” section in the client portal, where you can update your user details as you wish.

How do I get account statements?

In the Client Portal you can go to the Statements section, select the date range and you will be provided an account statement.

Can I apply from outside the UK?

HYCM accepts clients internationally so you can apply for an account even if you are from outside the UK. However, due to various regulatory reasons HYCM is not available for US residents and residents of a few other countries.

Can I recommend a friend?

In HYCM we encourage customers to refer a friend to trade with us; therefore we offer you a reward for every friend you refer to us. Click here to view our Refer A Friend reward program.

What methods of payment are there for depositing and withdrawing funds on HYCM?

HYCM accepts the following payment methods:

  • Webmoney

  • Skrill

  • Wire Transfer

  • Credit/Debit cards

Which credit or debit cards do you accept?

Most of the commonly used debit and credit cards from across the globe can be used to deposit funds to HYCM. We accept payments through Visa and MasterCard.

Why do withdrawals take up to 10 days when my deposits are instantaneous?

To ensure the security of your funds and to be sure that all funds are returned safely there are many security checks that need to be completed before processing a withdrawal. Although HYCM processes your withdrawal request within 1 business day, your bank can take 4-8 working days to credit the funds onto your card statement. This is standard practice for most banks.

Can I withdraw all profit back to my credit or debit card?

HYCM will only process the sum of your original deposit back to your credit card. All other transactions will have to be returned to your bank account. As such you must have a completed funds withdrawal form sent to us to process these transactions.

Can I unregister my card?

If you do not wish to use a card you do not have to but HYCM must keep documents of all cards used for regulatory purposes. Professionals handle all details with the utmost confidentiality.

I hold 2 Accounts with HYCM can I transfer money from one account to the other?

HYCM does allow you to transfer money from one account to another. To do so, Go to the Trading accounts section of the Client Profile and follow the Inter Account Transfer process, choose the 2 accounts and the amount and the transfer will be processed.

Can I register more than one card to my account?

You are allowed to register as many cards as you like to your HYCM account. However each and every card will be required to have a photocopy of the card and all card details sent to your account manager to be able to be used.

My transaction has been declined. Why?

There could be several reasons as to why your payment failed.

  • Firstly you need to ensure that all information has been correctly entered into the system.

  • Your card may have expired.

  • There are no funds remaining on the card.

  • Your card has come up on a security check as being lost or stolen.

  • We do not accept your card type (please try another method).

My transaction was declined what is my next step?

If your transaction has been declined please contact your account manager immediately or come onto the Live Person chat where our customer service representatives will assist you in funding your account. It is important to remember not to keep attempting to deposit if your card has failed, as this will trigger security alerts that could block your card.

Can I cancel a withdrawal?

You have the ability to cancel your withdrawal within 24 hours since you first requesting your withdrawal. Amount will be credited back to your account within 48 hours.

Will my details be safe?

HYCM is a fully regulated company and guarantees that any documents sent will not be passed on to any third party and will only be handled by professionals in keeping with the privacy agreement set out in the customer agreement you have consented to at the time of registering.

HYCM is a secure site adopting a 128-bit encryption key for all client details and transactions. We are partnered with VeriSign for added client security. All client transactions and details are handled with the utmost confidentiality.

Can I use a friend’s card to fund my account? Can I withdraw onto another person’s card?

Both of the above are not acceptable with HYCM. We do not accept any third party transfers when depositing or withdrawing from your account. All third party payments will be rejected and not processed.

What happens if the card I use has been lost or cancelled during the process of depositing or withdrawing?

All credit card deposits are instantaneous and as such your account will be funded regardless of the fact you lost the card or cancelled your card after the deposit. However if your card has been lost or cancelled during a withdrawal process you will need to contact your bank to resolve this. HYCM will still process the withdrawal (unless it has been cancelled within 24 hours) to your bank account.

What do I do if I have duplicated a payment or have made a payment by mistake?

If you have accidentally duplicated a payment please contact your account manager and request for a withdrawal. Please be aware that this will be processed as a standard withdrawal and will take up to 10 days to be processed. If you have accidentally made a payment to HYCM that you did not wish to you will need to make a withdrawal as you would normally.

Do I have to pay tax on my profit?

All tax arrangements are your concern. If you have any doubts regarding your tax status we recommend you seek independent advice.