There are brokers; then there are bad brokers, then there are scam brokers. HYCM has created a new category for us. Disgustingly scam brokers. Such brokers are a threat to the traders, these brokers shall not be entertained, and there has to be a solid questioning authority for brokers like HYCM so that an example is set and no one has the audacity to be a scam broker to such an extent. If something at all, HYCM is a pathetic excuse for a broker.
HYCM has restricted access to its education and research material, has restricted access to tradable assets and the market. The broker makes sure that only the elite class of traders, who are mostly responsible for huge liquidity movements, can trade with itself. Such brokers cannot be tolerated and should be eradicated immediately.
HYCM: Scam or safe?
The broker is a complete scam as we see it. HYCM provides insufficient information about almost everything it endorses. It provides a pathetic excuse of educational material that a trader can use, and on the top of it, it goes to the extent of asking spreads and commissions both in a single trade. The broker should not be trusted by anyone, as brokers pose a threat to the trading society.
Education and research material:
The eduction and research material provided by the broker is a hoax and supports no trader at all. The trading strategies button is nothing but images plainly pasted onto the page. The broker takes no responsibility in teaching its customer what it is actually is to trade in the market. None of the links works and almost all of them are fake. The broker has made a jump here, from a doubtful scam to a confirmed scam broker.
HYCM: Account types
The broker offers a raw account of a classic account and a raw spread account. The commission on one of the accounts is four dollars per round. That means that the broker charges four dollars on each trade that is placed.
Apart from this, the broker adversities a live account and a VIP account for which, none link or any information is provided by it.
The broker claims that the accounts are safe and does not give any information on the minimum account requirement and the leverages that it offers. Our usual guess is that the broker asks for leverage that enables a trader to the market that he has minimal experience. The broker forces forex trading onto its customers by continuously advertising it. Forex is a volatile market, and the trader will lose if he does not possess the proper knowledge.
The broker shoves the use of MT4 to its users, even though MT5, the updated version of the same platform, is already rolled out in the market. HYCM also makes sure that the user gets stuck with an older version bound to lag and make inefficient trades. Such versions of the trading platforms are of no use when updated ones are rolled out in the market.
HYCM goes to the extent of mentioning that the platform MT5 is available, but still, the user has to work with MT4.
HYCM claims to offer a diversified range of tradable products but limits them to less than six. Apart from this, the leverage offered on each asset is different and isolates several EU restrictions simultaneously. The broker also claims to offer trading in cryptocurrencies but again, restricts cryptocurrencies to a mere few, while there are more than 900 cryptocurrencies already in the market. The minimum spreads for Exchange Traded Funds is so much that it is far from minimum. The spreads are also kept variable because the broker moves them at its own will, usually when the market is most volatile.
Spreads and commissions:
The broker asks for very high, and un-natural spreads that cannot be paid by any of the novice brokers. When there are commissioned trades in the picture, the broker earns a lot since each trade has a linked commission that the broker takes away. This commission comes out of the profits a trader makes if he makes any since the broker is a complete scam.
Nevertheless, traders like day traders frown upon this practice because their profits are based on the number of trades they make, not the number of profits they are exposed to. Since each trade is commissioned, the broker takes a little profit each time a trader marks a successful trade.
The broker claims to be regulated by more than three regulatory authorities but does not prove the statement. The broker also fails to provide any proof about the offshore regulations it must have. It restricts the users of specific countries to make trades through its services. The UK residents or the USA are thought of as successful traders, and by barring them from trading, the broker clearly indicates that it wants people who don’t know anything or know very little about trading.
HYCM is a complete scam and will remain like that no mate through what window we look at.
The broker is a complete scam as we see it. High leverage, little information and unnecessary use of spreads and commissions make it completely unsuitable for any of the traders. It doesn’t matter that the trader is a novice or experienced; the broker is not good or anyone. We recommend our traders to move their financials elsewhere before its too late.
The brokers like HFTrading, PrimeFIn and Global Trade ATF have been in the market for a very long time and have made a good name out of themselves. These brokers are seen as protectors to the traders as they give a lot of additional security features. These brokers are completely secure and legitimate.