HYCM Ghana - HYCM Broker Review 2024

Being over 40 years in the financial market has proven HYCM broker's strong reputation as a trustworthy and transparent online trading service. They have won over 20 global awards, such as the Best Forex Broker Asia 2021 from InvestinGoal and the Best Mobile Trading App 2021 from Forex Expo.

HYCM stands for Henyep Capital Market, a part of the Henyep Group which owns 5 global offices. HYCM Broker has served clients from more than 140 countries around the world since 1977 and processed 25,000 orders per day. This broker has been regulated by FCA of UK since 1998 and has maintained their license for more than 20 years. Currently, HYCM Broker is regulated by four prominent regulatory bodies: FCA of UK, CySEC of Cyprus, CIMA of Cayman Island, and DFSA of Dubai.

At HYCM Ghana, traders can trade in 6 asset classes and over 300 instruments (Forex, stocks, indices, cryptocurrencies, commodities, and ETFs). All trades are executed instantly with an average time of 12 ms.

At HYCM Ghana, there are Fixed, Classic, and Raw accounts which have different spread types. The lowest spreads are offered floating starting from 1.2 pips. The maximum leverage available is 1:500 in MT4 and MT5 trading platforms with low to no commission. All strategies are allowed.

To provide better trading experiences for their clients, HYCM Ghana's website is available in 14 languages. They also offer 24/5 customer support via phone call, live chat, email, and social media. There are also personal account managers ready to help traders. In addition, HYCM Ghana holds webinars, workshops, and seminars to educate more traders. Various tools can also be accessed by traders to help their trades, including trading calculators and an economic calendar.

Account types offered by HYCM Ghana

HYCM Ghana has provided three different account types to match every trading style and all levels of experience, including novice, professional, or corporate traders. There are 5 available base currencies: USD, EUR, AED, GBP, and RUB.

All trades are executed instantly within 12 milliseconds on average. These three accounts accept all strategies, including hedging.

Fixed

Minimum Deposit: $100
Leverage: 1:500
Minimum trade size: 0.01 lots
Spread Type: Fixed, from 1.5 pips
Commission: No
Account Currency: USD, EUR, AED, GBP, RUB

👉 Open Fixed

Classic

Minimum Deposit: $100
Leverage: 1:500
Minimum trade size: 0.01 lots
Spread Type: Floating, from 1.2 pips
Commission: No
Account Currency: USD, EUR, AED, GBP, RUB

👉 Open Classic

Raw

Minimum Deposit: $200
Leverage: 1:500
Minimum trade size: 0.01 lots
Spread Type: Raw, from 0.2 pips
Commission: Yes, 4 USD per round traded
Account Currency: USD, EUR, AED, GBP, RUB

👉 Open Raw

1. Fixed Account

As the name suggests, this account type offers fixed spreads starting from 1.5 pips. To use this account, traders only need to deposit a minimum of 100 USD, and they will be able to benefit from maximum leverage of 1:500 and a minimum trading volume of 0.01 lots with no commission. All trading activities can be done via MT4 and MT5 platforms. Unfortunately, the Fixed account does not offer EA service.

2. Classic Account

This account type is suitable for experienced traders who prefer floating spreads with no commission. By making a minimum deposit of 100 USD, traders will be able to trade with spreads as low as 1.2 pips, leverage as high as 1:500, and a minimum trading volume of 0.01 lots in MT4 and MT5 platforms. Expert Advisor service is available should they need one.

3. Raw Account

The last account type offers raw spreads starting from 0.1 pips. The minimum deposit is a bit higher than the other two accounts, which is 200 USD. There is also a commission of 4 USD for each round traded. In the Raw account, traders can make use of maximum leverage of 1:500 and a minimum trading volume of 0.01 lots, as well as the EA service.

Traders who are not yet ready to join real trading can always open a Demo account. They can practice trading using virtual money up to 50,000 USD, and this account will be active for 14 days. All trading conditions are the same as a real live account.

Furthermore, there is a special account type for VIP and corporate clients who actively trade in larger volumes. The VIP account offers a dedicated account manager, comprehensive market analytics, and better spreads for Fixed accounts.

If traders are not sure which account type is most suitable for them, they can try to answer some questions on HYCM Ghana's website, and this company will help you choose one based on your needs and risks of appetite.

How to deposit and withdraw funds at HYCM Ghana

Traders can deposit and withdraw funds via multiple methods offered by HYCM broker, including credit cards, international bank transfers, and e-wallets.

Fund deposits and withdrawals via bank wire transfers are available with a minimum amount of 250 USD and 300 USD, respectively. Fund deposits require 1-7 working days, whereas withdrawals require 1-5 working days. This method is available in USD, EUR, GBP, and AED.
Traders can use credit cards, such as VISA and Mastercards, to deposit and withdraw a minimum of 20 USD within 1 hour of lead time. The available currencies are USD, EUR, GBP, RUB, AED, and CAD.

Below are some e-wallets offered along with the minimum amount and lead time required:

Webmoney (USD, EUR) à minimum deposit: 20 USD, lead time: 1 hour; minimum withdrawal: 20 USD, lead time: 1 hour
Neteller (USD, EUR) à minimum deposit: 20 USD, lead time: 1 hour; minimum withdrawal: 20 USD, lead time: 1 hour
Skrill (USD, EUR) à minimum deposit: 20 USD, lead time: 1 hour; minimum withdrawal: 20 USD, lead time: 1 hour
PerfectMoney (USD, EUR) à minimum deposit: 20 USD, lead time: 1 hour; withdraw minimum withdrawal: 20 USD, lead time: 1 hour
Bitcoin (BTC) à minimum deposit: 30 USD, lead time: 3 hours; withdraw minimum withdrawal: 30 USD, lead time: 3 hours

There is no additional fee from HYCM Ghana for both deposit and withdrawal. However, banks or other payment providers may deduct a commission. For withdrawal over 5,000 USD to Skrill or Neteller, there will be a 1% processing fee. In addition, for withdrawal above 300 USD, banks may charge a processing fee.

Similar to other reputational brokers, HYCM Ghana does not accept any third party transfers. Therefore, make sure that the registered name on the account is the same as the name on the payment methods to avoid any delay in your trading.

Is HYCM Ghana reliable and safe?

HYCM Broker has a solid reputation with more than 40 years of experience by providing transparent and fair trading practices.

HYCM Limited is registered in Saint Vincent and the Grenadines. This brokerage company is regulated by several prominent authorities:

Financial Conduct Authority (FCA): under the name of Henyep Capital Markets (UK) Limited
Cyprus Securities and Exchange Commission (CySEC): under the name of HYCM (Europe) Ltd
Dubai Financial Services Authority (DFSA): under the name of Henyep Capital Markets (DIFC) Limited
Cayman Islands Monetary Authority (CIMA): under the name of HYCM Ltd

This multi-regulated broker is also compliant with MiFID. They separate their clients' funds from the company's operational funds and keep their clients’ funds in tier-1 banks.

To ensure that HYCM Ghana follows the international industry standards, they are required to work within strict accounting and risk management frameworks, as well as submit financial reports and showcase its capital adequacy. In addition, HYCM Ghana is audited annually by independent external auditors.

Clients do not have to worry about the safety of their funds since HYCM Ghana provides negative balance protection. This broker is also a part of the Financial Services Compensation Scheme (FSCS) and the Investors Compensation Fund (ICF) so traders will get compensation in case of unsolved disputes.

Furthermore, this company uses VeriSign to issue 128-bit-SSL certificates as well as encrypt all connections and data communications securely with dynamically generated 128-bit keys to protect their traders’ personal and account information.

Types of spreads in HYCM Ghana

Spreads at HYCM Ghana are offered differently based on the account types.

The Fixed account offers fixed spreads from 1.5 pips, while the Classic account offers variable spreads from 1.2 pips. Both accounts charge no commission.

On the other hand, the Raw account spreads start from 0.1 pips with a commission fee of 4 USD per round.

Below are the current minimum spreads counted in pips for some common currency pairs:

Trading platforms offered by HYCM Ghana

All trading transactions at HYCM Ghana can be accessed via the two most popular platforms: MetaTrader 4 and MetaTrader 5 via desktop and mobile (iOS and Android).

With cutting-edge technology, MT4 offers various important features for traders, including 9 timeframes, 23 analytical objects, 4 types of pending orders, 3 types of order executions, and 30 technical indicators for 24/5 trading. EA is also available on this platform.

As a multi-functional and multi-asset platform, MT5 offers more comprehensive features than MT4, including 21 timeframes, 6 types of pending orders, 4 types of order executions, an integrated economic calendar, as well as advanced technical and fundamental analyses. This electronic trading platform is also compatible with automated trading applications, such as trading robots and EAs.

HYCM Ghana - HYCM Broker Review 2024

Account types offered by HYCM Ghana

How to deposit and withdraw funds at HYCM Ghana

Is HYCM Ghana reliable and safe?

Types of spreads in HYCM Ghana

Trading platforms offered by HYCM Ghana

Key advantages of trading with HYCM Ghana