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Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.
In the fast-paced world of forex trading, choosing the right broker is crucial. FxPro and HYCM are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between FxPro and HYCM across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated FxPro and HYCM, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, HYCM earned a higher trust rating than FxPro.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that HYCM has overall lower trading costs than FxPro.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both FxPro and HYCM offer copy trading.
A broader range of CFD instruments provides more trading opportunities. FxPro offers a greater variety of instruments compared to HYCM:
For those interested in trading cryptocurrencies, FxPro offers 30 cryptocurrencies, while HYCM offers 30 cryptocurrencies. Therefore, FxPro is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that neither FxPro nor HYCM charges a withdrawal fee. Overall, FxPro has better deposit and withdrawal processes than HYCM.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
FxPro has better educational support than HYCM. Both FxPro and HYCM offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that HYCM offers better research analysis than FxPro and that both FxPro and HYCM offer frequent webinars.
Founded in 2006, FxPro is an well-regulated broker offering traders a secure trading environment, competitive pricing, and a broad choice of platforms.
FxPro offers four CFD accounts (MT4 Standard, MT4 Raw+, MT5 Standard, and cTrader). All accounts feature fast execution and access to over 2,100 CFDs across multiple asset classes. Platform choice includes MetaTrader 4, MetaTrader 5, cTrader, and the FxPro Edge web and mobile app.
FxPro allows hedging, scalping, and algorithmic trading on all platforms except its own. FxPro also offers a number of trading tools, including free access to Trading Central, a number of calculators, and a VPS service at an additional cost, which is in line with what is offered at other brokerages.
A market maker broker, HYCM is a subsidiary of the Henyep Group, which has been involved in asset trading for over 40 years, giving potential clients an additional level of confidence in using this broker. Its various companies are regulated by the FCA in the United Kingdom, CySEC in Europe, and the DFSA in Dubai. HYCM offers trading on more than 300 instruments, including Forex, commodities, stocks, ETFs, indices, and over 21 cryptocurrencies, a broader range than is typically seen at other brokers.
HYCM offers three live accounts which are suitable for beginners and more experienced traders. The commission-free Fixed and Classic accounts have a low minimum deposit requirement of only 100 USD, but spreads that start at 1.8 pips and 1.2 pips (EUR/USD) respectively, which is wider than other brokers. However, most traders will be interested in HYCM’s low cost Raw Account, with spreads starting at 0.2 pips on the EUR/USD in exchange for a commission of only 4 USD (round turn) and a reasonable deposit requirement of 200 USD.
Support is offered for both MT4 and MT5 alongside a comprehensive market education suite that is beneficial for traders of all experience levels. However, HYCM’s analysis materials are limited, forcing traders to seek market news elsewhere.
For more detailed reviews, please read our comprehensive assessments of FxPro and HYCM.
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Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
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