HYCM Review UK 2026 (FCA Regulated)

HYCM scores 71/100 in our testing. This review is based on a live UK account, opened at the broker's FCA-authorised entity, funded in GBP and traded. The EUR/USD, GBP/USD and EUR/GBP spread figures shown are modal values recorded on that account across three trading days in July 2026.

HYCM brings long FCA tenure through the Henyep group, paired with MT4, MT5 and a low minimum, which makes it an accessible choice with a genuine track record. Its commission runs a touch higher than the cheapest peers. HYCM Capital Markets (UK) Limited, the FCA-registered entity behind the HYCM brand, is FCA-authorised, FRN 186171. Its Raw account tested at 0.1 pips on EUR/USD.

Traders who value a long track record and a low entry point, and who run MT4 or MT5, get the most from HYCM. Cost-led traders chasing a lower all-in figure should look at Vantage or Axi instead: on our tested figures they are the only two raw accounts that come in under HYCM’s, at about £2.59 and £3.50 against its £3.72 for one EUR/USD lot.

HYCM quick facts

HYCM Capital Markets (UK) Limited is the FCA-authorised entity behind the brand, and the table below collects the figures a UK trader checks first.

Trading costs and fees

HYCM runs three account types, and the cost you pay depends on which you pick. The spreads below are tested modal values, the most frequent spread David Levy recorded on a live UK account across three trading days in July 2026 rather than a broker “from” figure. Our method for recording spreads covers the protocol and the tier behind this review.

Fixed account costs

The Fixed account holds spreads steady for price certainty, the natural hook for anyone weighing up the fixed spread brokers guide. HYCM sets the rate and builds the cost into the spread with no separate commission. It is one of very few fixed-spread options in this set, though Trade Nation is the specialist.

Classic account costs

Classic folds the whole cost into a wider variable spread with no commission. EUR/USD and GBP/USD both tested at 1.2 pips, which puts one standard lot of EUR/USD near £8.90, all of it spread. That is wide, and Classic is the tier to avoid unless you trade rarely.

Raw account costs

Raw is the cost-led tier and the reason HYCM ranks third on our all-in cost guide. EUR/USD tested at a modal 0.1 pips and GBP/USD at 0.4, with commission of about £1.49 per lot, per side. One standard lot of EUR/USD costs roughly £3.72 all in, the third-cheapest figure in our set behind Vantage and Axi. HYCM lists that commission as USD 2.00 and publishes no GBP rate, so the sterling figure moves with the exchange rate.

Which HYCM account costs less

Raw wins comfortably: about £3.72 on one EUR/USD lot against roughly £8.90 on Classic, so Raw is cheaper by around 58%. The Fixed account is not a cost play at all, it is a certainty play, so compare it on that basis rather than against the other two. One honest note on Raw: while its all-in is genuinely third-best here, its commission per side sits above the cheapest peers, so on volume Vantage and Axi pull further ahead.

Other fees UK traders should check

HYCM’s fee disclosure is thinner than most of this set. We have not recorded its funding fees or processing times on a live UK account, so confirm them directly rather than assuming they are free. The Raw commission is per side, making a round turn about £2.98, and being dollar-denominated it is indicative in pounds.

Trading platforms

Platform availability covers MT4, MT5 and HYCM’s own HYCM Trader. There is no cTrader or TradingView.

MetaTrader 4

MT4 carries all three account tiers and remains the default for expert advisors. The MT4 broker field is compared in one place.

MetaTrader 5

MT5 adds timeframes, order types and depth of market over MT4, on the same tiers. Our MT5 account comparison covers the UK options.

HYCM Trader

HYCM Trader is the broker’s own platform, sitting alongside MetaTrader rather than replacing it. Market orders route through HYCM’s execution engine; the broker publishes its order-execution and best-execution policy on its UK site rather than a single headline fill-speed figure, so we quote no latency number.

Trust and safety

HYCM’s long FCA tenure is its main asset, and the entity question is the one to get right.

FCA regulation

HYCM Capital Markets (UK) Limited, registered in England and Wales under company number 02878581, is authorised and regulated by the FCA under FRN 186171 (FCA register record, checked 16 July 2026). The low FRN reflects a long authorisation history through the Henyep group.

HYCM operates two client-facing entities, and its own site does not settle which one takes a UK application. HYCM’s licence page presents the UK company as an FCA-regulated group entity in its body, while the footer of that same page describes it as the provider of MetaTrader platform services and presents HYCM Capital Markets S.R.L., registered in Costa Rica, as the company. The account registration flow carries the Costa Rica entity. Both entity document sets, the UK one and the Costa Rica one, are current and client-facing in HYCM’s help centre, and the UK is not on HYCM’s restricted-countries list, so a UK resident can apply (HYCM licence, registration and help pages, checked 29 July 2026). We could not establish from public sources which entity a UK applicant ends up contracting with, and we have asked HYCM to confirm.

What that means in practice: read the client agreement you are sent before you fund an account, and check which company it names. The protections in the next section apply to clients of the FCA-authorised UK company and not to clients of the Costa Rica company.

Client money, FSCS and negative balance protection

HYCM’s UK company sits inside the Henyep group, and only that company carries the protections below. Everything in this section is conditional on your account being held with HYCM Capital Markets (UK) Limited rather than the Costa Rica entity described above. Client money is held in segregated accounts under the FCA’s CASS rules, separate from the firm’s own funds. Negative balance protection applies to retail accounts, so a position cannot leave you owing more than your balance. If the firm failed, FSCS cover runs up to £85,000 per eligible person, covering shortfalls in client money and assets rather than trading losses. The Financial Ombudsman Service takes complaints the firm cannot resolve; our FCA regulation guide for UK traders covers the limits.

History and ownership

HYCM traces back to 1977 through the Henyep group, which makes it one of the longest-running names in this set, and its low FRN reflects that UK tenure. The group is privately held, so there are no listed-company accounts to read.

Public reviews

Trustpilot rates HYCM 2.0 out of 5 from 139 reviews (Trustpilot profile, captured August 2026). That is the lowest score of any broker we cover, where the range runs from 2.0 to 4.6, and it sits directly against HYCM’s third place on all-in cost in our the tightest-spread brokers.

Both things are true, and we are not going to reconcile them for you. Our ranking measures what we recorded on a live UK account: a 0.1-pip Raw spread and a £1.49 commission are genuinely cheap. A Trustpilot score measures what customers report about the whole brand across every market, which covers service, withdrawals and account handling rather than pricing, and 139 reviews is a small sample where a handful of accounts moves the number a long way. Read the two as answering different questions and weigh the one that matters to you. No other broker in this set has a gap this wide between its cost ranking and its public rating, which is itself worth knowing. Scores also move, so treat the figure as a August 2026 snapshot.

Account types and minimum deposit

A fixed, a classic and a raw account cover the cost choices.

Account options for UK clients

Three tiers, and the choice is a cost-versus-certainty decision rather than a feature one: all three run on the same platforms. HYCM offers no spread betting account on the UK entity, so CFD profits fall within capital gains tax. Tax treatment depends on your individual circumstances and can change.

Minimum deposit

The minimum deposit at HYCM is US$20, a genuine beginner-access point and among the lowest in this set. HYCM publishes it in US dollars and gives no GBP equivalent; its UK Terms of Business go further and say accounts are maintained in US dollars or euros, while the account-types page offers GBP. Confirm the base currency you are actually opening in (broker site and UK Terms of Business, accessed 29 July 2026).

Funding and withdrawals

HYCM accepts debit card, bank transfer and e-wallet funding.

Deposit methods (UK clients)

We have not recorded HYCM’s fees or processing times on a live UK account, so the table describes method availability rather than measured turnaround.

Withdrawals

Card withdrawals route back to the same card, a standard anti-fraud control. We have not recorded HYCM’s withdrawal fees or turnaround on a live UK account, so confirm both with the broker rather than assuming.

Account opening

Opening is online, with identity and address verification under the FCA’s client-onboarding rules. The US$20 minimum applies at funding. Check the entity on the agreement: it should read HYCM Capital Markets (UK) Limited.

Product range

Markets cover forex, indices, commodities and share CFDs. The CFD comparison hub covers what each asset class involves.

Gold is the most-traded commodity on HYCM’s list, and our gold CFD brokers page compares pricing across the set. Any crypto product HYCM markets elsewhere is unavailable to UK retail: the FCA banned the sale of crypto derivatives to UK retail consumers from 6 January 2021. No crypto tier appears in the leverage list because the FCA caps do not include one.

Leverage for UK traders

Retail leverage at HYCM follows the FCA’s standardised caps rather than anything the broker sets. The caps below bind every FCA-regulated broker, and our retail leverage guide covers the margin that follows.

Customer service

HYCM provides UK client support during market hours, with a help centre plus phone, email and live-chat contact.

We have not run timed response tests on the UK desk, so this section reports availability rather than measured performance.

Research and education

HYCM publishes market news, analysis and an education library alongside webinars and platform tutorials. A US$20 minimum makes HYCM a plausible first broker, so the learning material matters, and we describe the offer from HYCM’s published material pending a live assessment.

How HYCM compares to alternatives

Pepperstone runs the same raw model on more platforms, and Tickmill pairs the same MT4 and MT5 line-up with a comparable raw spread, though at £2.25 per side it costs more than HYCM’s £1.49, not less. If the US$20 entry is the draw rather than the pricing, Trading 212 opens from £1 on a simpler app. The lowest commission forex brokers guide ranks the whole cost-led field.

Should you open an account with HYCM?

Yes, for traders who want a fixed-spread option and a long FCA history through the Henyep group, from a US$20 minimum. The Raw account’s tested 0.1-pip EUR/USD spread and £1.49 commission put it third on all-in cost in our set, and MT4, MT5 and a fixed tier cover most needs. Our UK forex broker ranking covers the wider field.

Not for commission hunters. The Raw account’s round-turn commission sits above the cheapest peers and quotes in US dollars, not GBP. Weigh the 1.8 Trustpilot score above too: it answers a different question from our cost ranking, but it is the lowest here and worth your own look.

Test the platform on a demo before you fund, and our guide to demo trading accounts explains how. If the track record and the low entry point fit how you trade, open a HYCM demo account to trial the platforms before funding a live one (affiliate link, see our advertiser disclosure).