Does anyone have experience with HYCM broker? | Forex Factory

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Does anyone have experience with HYCM broker?

  • #1
  • First Post: Edited 11:04am Apr 3, 2019 10:15am | Edited 11:04am
I have been with them for less than two weeks and made one successful withdraw. However they closed my account today without any prior notice or explanation after closure. I have noticed many negative reviews of them on FPA that they did same to others.

Basically what I am thinking is that they do not keep profitable traders. All my trades were profitable and I was good enough to bring up my balance to 4 figures from 3 figure deposit.

What do you think about them? any suggestion of good brokers that accept Canadian clients? I am tired of researching them as I noticed all have bad reviews.
Happy Trading!!!
  • #2
  • Apr 4, 2019 8:07am Apr 4, 2019 8:07am
Quoting FX_buddy
....Basically what I am thinking is that they do not keep profitable traders. All my trades were profitable and I was good enough to bring up my balance to 4 figures from 3 figure deposit. What do you think about them?...
Yes. Very common tactic. It seems now whenever a "winner" is detected, accounts will be locked, profits cancelled, and (usually) the original deposit is returned. What in the world convinces people to open accounts with these random bucket shops?


Quoting FX_buddy
....any suggestion of good brokers that accept Canadian clients? I am tired of researching them as I noticed all have bad reviews.
Global Prime Au still accepts Canadian clients; several former IC Markets clients that were Canadian residents were able to move there without any issues.

They just recently opened a live chat on Discord; can talk to other traders or GP staff anytime. Obviously the Au daytime hours are the most staffed, but they do have 24 hour support for live trading-related issues.
  • #3
  • Apr 7, 2019 9:04am Apr 7, 2019 9:04am
Quote
Global Prime Au still accepts Canadian clients; several former IC Markets clients that were Canadian residents were able to move there without any issues. They just recently opened a live chat on Discord; can talk to other traders or GP staff anytime. Obviously the Au daytime hours are the most staffed, but they do have 24 hour support for live trading-related issues.


What about DukasCopy? Seems like a decent broker and has good review about them on FF.
Happy Trading!!!
  • #4
  • Apr 7, 2019 5:50pm Apr 7, 2019 5:50pm
Quoting FX_buddy
{quote} What about DukasCopy? Seems like a decent broker and has good review about them on FF.
Any real Swiss broker (regulated by Swiss FINMA, not some offshore entity with the word "Swiss" in their ads) should be able to give you good service. Dukas is pretty solid, and even as a non-client you can get free tick data to assist in testing your strategies. I think they can even setup a bank guarantee situation where you can keep your funds "segregated" in your Swiss bank account (or possibly a non-Swiss bank), and then still trade with it. But the minimum is 100k in the bank for that.

I think they finally got MT4 (after years of only offering jForex platform). You can inquire with them about this. They really held out about integrating mt4 and then caved. Likely one of those "if you can't beat them, join them"
  • #5
  • Apr 7, 2019 10:34pm Apr 7, 2019 10:34pm
Quoting forevermaat
{quote} Any real Swiss broker (regulated by Swiss FINMA, not some offshore entity with the word "Swiss" in their ads) should be able to give you good service. Dukas is pretty solid, and even as a non-client you can get free tick data to assist in testing your strategies. I think they can even setup a bank guarantee situation where you can keep your funds "segregated" in your Swiss bank account (or possibly a...
I thought the same. I already registered with them and got verified my account. Thanks for the advice and info!
Happy Trading!!!
  • #6
  • Edited 5:39am Apr 8, 2019 5:18am | Edited 5:39am
Quoting FX_buddy
{quote} I thought the same. I already registered with them and got verified my account. Thanks for the advice and info!
If you don't mind, what country are you a resident under (when you opened the account)? Did they have any problems with dual nationality (if you had more than one listed)?

Whatever you can summarize here about the process would be wonderful.

did they offer 1:200 leverage on mt4 account?
  • #7
  • Apr 8, 2019 7:09am Apr 8, 2019 7:09am
Quoting forevermaat
{quote} If you don't mind, what country are you a resident under (when you opened the account)? Did they have any problems with dual nationality (if you had more than one listed)? Whatever you can summarize here about the process would be wonderful. did they offer 1:200 leverage on mt4 account?
I live in Canada and do not think dual citizenship would be a problem. Well you can choose one nationality and send documents of that country also the banking details from same country.

Process is different than other brokers. You have to download their app and they will make an video call to take photos of you and your passport or any ID that you are going to use for verification. That's the quickest way to get the approval if not you can send documents by email but takes time to get approved.

You can not use onesame account for Jforex and MT4 platforms. You have to decide which platform you want to use (Jforex or MT4) and they do open the account according to that. If you open two accounts for both platform then you can transfer funds internally between both accounts and it takes 1 business day to process.

They do offer 1:200 leverage for Jforex and 1:100 for MT4. Beware that they do reduce leverage to 1:30 or 1:60 prior to market closure on weekends on Jforex but MT4 leverage does not change.

Hope it helps.
Happy Trading!!!
  • #8
  • Apr 8, 2019 2:04pm Apr 8, 2019 2:04pm
you can try tickmill ?
If you dont mind, can you explain little bit about your trading style of entry and exit.
  • #9
  • Apr 8, 2019 2:18pm Apr 8, 2019 2:18pm
Quoting burfi
you can try tickmill ? If you dont mind, can you explain little bit about your trading style of entry and exit.
Well I am okay with Dukascopy now, I have read many good review about them in FF.

I am a day trader and I always buy low and sell high. I don't trade small lots, I always trade 1 lot in MT4 but its high risky style if your account is small. However somehow it always worked for me.
Happy Trading!!!
  • #10
  • Last Post: Aug 5, 2019 12:44pm Aug 5, 2019 12:44pm
Quoting FX_buddy
{quote} Well I am okay with Dukascopy now, I have read many good review about them in FF. I am a day trader and I always buy low and sell high. I don't trade small lots, I always trade 1 lot in MT4 but its high risky style if your account is small. However somehow it always worked for me.
Im in the proces of choosing another good broker. Im in same sitaution as you are. Wondering which one you chose at the end for your day trading?
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