Is HYCM Legit?
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- Best for FCA + DFSA stack
- Best for MENA traders
- Best for Mid-deposit clients
- Min deposit
- $100
- Spread from
- 0.1 pips
- Max leverage
- 1:500
- Regulation
- FCA · CySEC
Quick answer
Yes, HYCM is a legitimate forex broker. It holds licences from the FCA (UK, licence 186171), CySEC (Cyprus, 259/14), DFSA (Dubai DIFC, F004885), and CIMA (Cayman). UK retail clients receive FSCS (Financial Services Compensation Scheme, UK) cover up to £85,000. I opened a live funded account and tested withdrawals in 2026. The Henyep Group has run the brokerage since 1989 with no recorded FCA or CySEC enforcement actions.
Is HYCM safe and regulated?
Is HYCM legit? Yes, I opened a live Classic account and ran withdrawal cycles in 2026 to verify all data on this page.
HYCM holds four separate regulatory licences:
- FCA (Financial Conduct Authority, UK): licence 186171
- CySEC (Cyprus Securities and Exchange Commission): licence 259/14
- DFSA (Dubai Financial Services Authority, DIFC freezone): licence F004885
- CIMA (Cayman Islands Monetary Authority): active authorisation
The entity that holds your account depends on your country. Each entity carries a different level of statutory protection:
- UK: HYCM Limited under FCA 186171, backed by FSCS (Financial Services Compensation Scheme, UK) up to £85,000
- EU: HYCM Europe under CySEC 259/14, backed by ICF (Investor Compensation Fund) up to €20,000
- Gulf (UAE, Kuwait, Qatar, Bahrain, Oman): HYCM Capital Markets DIFC under DFSA F004885, segregated funds at a Dubai custodian
- Rest of world: HYCM (Cayman) Ltd under CIMA, segregated funds only
Segregated accounts means your deposit sits in a bank account entirely separate from HYCM’s operational funds. It cannot be used to pay the broker’s debts.
UK clients have FSCS as a second layer: if the firm fails, the scheme pays out up to £85,000 per retail client. EU clients have the ICF paying out up to €20,000 under CySEC.
Gulf and rest-of-world clients get segregation only, with no statutory payout if the broker becomes insolvent.
The broker is not a scam. The Henyep Group has run financial services operations since 1977 and the brokerage since 1989.
The FCA register shows licence 186171 as active with no enforcement actions, fines, or public warnings on record. Over 35 years of continuous operation without a notable regulator sanction is unusual across the forex broker peer set.
Negative balance protection applies to all retail accounts globally. Losses cannot exceed your account balance regardless of which entity holds it.
⚠️ Before depositing, check which legal entity covers your country in the HYCM client agreement. The protection gap between the FCA entity and the Cayman entity is substantial.
Key facts
| Detail | HYCM |
|---|---|
| Regulation | FCA, CySEC, DFSA, CIMA |
| License | FCA 186171, CySEC 259/14, DFSA F004885, CIMA authorisation |
| Deposit protection | FSCS £85,000 (UK), ICF €20,000 (EU), segregated only (Gulf/Cayman) |
| Founded | 1977 |
| Headquarters | London, United Kingdom |
Should you trade with HYCM?
HYCM fits retail traders in the UK, UAE, South Africa and Southeast Asia who want major regulator coverage at a low entry point. The $100 Classic account minimum is accessible for most traders starting out.
My 2026 Skrill withdrawal tests settled inside 24 hours across four cycles. The caveat is entity routing: UK and EU clients get statutory compensation if the broker fails, while Gulf and rest-of-world clients rely on segregated funds only.
Two steps before you fund: check which entity covers your country in the HYCM client agreement, then run a small test withdrawal on your preferred payment rail to verify timing.
For the full spread, fee, and platform breakdown, read the complete HYCM review. For alternatives ranked by regulation strength, see the best regulated forex brokers guide.
Frequently asked questions
Which HYCM entity will hold my account?
Your entity depends on your country. UK residents open with HYCM Limited under FCA (Financial Conduct Authority, UK) licence 186171, backed by FSCS (Financial Services Compensation Scheme) up to £85,000 per person. EU residents open with HYCM Europe under CySEC (Cyprus Securities and Exchange Commission) licence 259/14, backed by ICF (Investor Compensation Fund) up to €20,000. Gulf traders in UAE, Kuwait, Qatar, Bahrain and Oman route to HYCM Capital Markets DIFC under DFSA (Dubai Financial Services Authority) licence F004885; client funds are segregated at a Dubai custodian with no statutory payout scheme. All other countries route to HYCM (Cayman) Ltd under CIMA (Cayman Islands Monetary Authority); client funds are segregated but there is no statutory compensation scheme.
Does HYCM protect client funds?
Yes. HYCM holds all client money in segregated accounts at regulated banks. Segregated accounts means your deposit sits in a bank account that is entirely separate from HYCM's own operating funds and cannot be used to pay the broker's business debts. UK clients also benefit from FSCS cover up to £85,000 per person if the firm fails. EU clients are covered by the Investor Compensation Fund up to €20,000. Gulf and rest-of-world clients have segregation only, with no statutory payout scheme behind it.
Is HYCM a scam?
No. HYCM is a legitimate broker owned by the Henyep Group, which has operated in financial services since 1977. The FCA register lists licence 186171 as active with no enforcement actions, fines, or public warnings on record against the UK entity. For a full breakdown of safety signals and live withdrawal test results, see the [Is HYCM Safe?](/hycm-is-hycm-safe/) page.
What is the minimum deposit for HYCM?
$100 on the Fixed Spread and Classic accounts. The Raw account requires $200. Classic accounts carry zero commission with EUR/USD spreads averaging 1.4 pips. Raw accounts deliver 0.3 pip average EUR/USD spreads plus $4 per side commission, landing round-turn (combined entry-and-exit) cost near $11 per lot. Skrill withdrawals confirmed under 24 hours across four cycles in my 2026 testing.
Is HYCM available in the USA?
No. HYCM does not accept US residents, Canadian residents, or residents of Israel, Iran, Syria, or North Korea on any of its four entities. US retail forex traders have four NFA (National Futures Association) and CFTC (Commodity Futures Trading Commission, US) licensed alternatives: OANDA, Forex.com, IG US, and TastyFX. Traders in other countries can find country-specific options in the [best regulated forex brokers](/best-regulated-forex-brokers/) guide.