HYCM

HYCM is a retail forex and CFD broker registered in the United Kingdom. It was founded on 11 May 2022 and operates under the official domain hytrade.me. The broker is known for its multi-regulatory framework, holding licences from the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CYSEC), and the Cayman Islands Monetary Authority (CIMA). Its registered address is 18 King William Street, London, EC4N 7BP, United Kingdom.

The broker offers three account types: RAW, CLASSIC, and FIXED. The RAW account requires a minimum deposit of $200, while the CLASSIC and FIXED accounts each require $100. Maximum leverage is not specified in the available records. HYCM maintains a presence on major social media platforms including Facebook, Instagram, LinkedIn, Twitter/X, and YouTube.

HYCM is regulated by three different authorities across two continents. The FCA licence is categorized as Market Making (MM), indicating the broker can act as a market maker. The CYSEC licence is a Forex Execution License (STP), meaning it processes trades on a straight-through-processing basis. The CIMA licence is a Derivatives Trading License (EP), allowing the broker to offer exchange-traded products. These licences are registered in the United Kingdom, Cyprus, and the Cayman Islands respectively.

It is important to note that while the FCA is a tier-1 regulator, the CIMA is considered tier-3, and multi-jurisdictional setups can sometimes complicate client protection. The exact status of each licence (e.g., active, pending) is not detailed in the known facts. Traders should verify current licence status directly with the respective regulators.

HYCM provides three distinct account types to cater to different trading styles and capital levels. The RAW account, with a minimum deposit of $200, is likely designed for traders seeking tighter spreads or direct market access, though specific spread details are not available. The CLASSIC and FIXED accounts both require a minimum deposit of $100, making them more accessible for retail traders with smaller capital.

No information is available on the instruments offered, leverage levels, trading platforms, or funding methods. This lack of transparency in the known facts may be a concern for potential clients. The broker's social media channels may provide additional details, but independent verification remains limited.

FXCanary has assigned HYCM a Scam Risk Score of 85 out of 100, categorized as 'Severe'. This high score indicates significant potential risks for traders. The score is based on factors such as the recency of the broker's founding (2022), the combination of regulators with varying levels of oversight, and the absence of user reviews or extensive public information.

While the presence of an FCA licence is a positive sign, the severe risk score suggests that traders should exercise extreme caution. It is advisable to conduct thorough due diligence, verify all regulatory details, and consider the implications of trading with a broker that has limited independent track record.